Maalem Financing to implement a new Islamic core banking platform
Maalem Financing has signed an agreement with Path Solutions in which iMAL Islamic core banking platform will be rolled out progressively at the companys headquarters. Founded in 2009 and licensed by the Saudi Arabia Monetary Authority (SAMA), Maalem Financing is a non-banking finance company (NBFC) delivering Sharia-based finance services to individuals and SMEs in Saudi Arabia.
The company has reported brisk growth in its financing portfolio, consisting of a variety of Murabaha products receivables in the first quarters of 2017. The iMAL Islamic core banking platform will replace legacy system at Maalem Financing. The new Islamic platform will form a key part of Maalem Financings new strategy aiming to embrace the opportunities of technological advances to meet their customers current and future needs and expectations.
“Our selection of iMAL highlights our commitment to technology and innovation”, commented Dr. Saleh Al Sayari, CEO of Maalem Financing. “We invest in technology to deliver innovative solutions and convenience to our customers. Path Solutions offered the best match to what we want to do. The company possesses the right technology to fulfill our vision. iMAL will improve our ability to bring new Sharia-compliant products to market quickly and will also support our ambitious growth plans”.
“We are delighted to be working with Maalem Financing on this new project implementation in Riyadh. By selecting iMAL integrated, front-to-back platform, Maalem Financing puts itself in a position to differentiate its customer proposition in a highly competitive marketplace, with the ability to scale its business for growth. Our set of services has the capacity to accommodate their business and the all-important journey toward modernization as part of the companys focus on innovation and keeping abreast of developments in the field of information technology, to provide its customers with the opportunity to get instant customer fulfilment and comprehensive Sharia-based services," said Mohammed Kateeb, the Group Chairman & CEO of Path Solutions.