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BOK International UAE Embraces iMAL Islamic Core Banking System

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Path Solutions, the market leading provider of Islamic financial software solutions and services, announced today that Bank of Khartoum Group signed a license to acquire the new ground-breaking version of iMAL Islamic core banking system for its newly established branch in the United Arab Emirates – BOK International UAE.

iMAL latest version offers an advanced and agile banking platform carrying many technical and functional refinements that would bridge the fintech gap.

With this further investment in Path Solutions, BOK Group will have the best solution available in the market to meet its international expansion plans.

The latest version of iMAL, which was selected over international competitors’ systems, will deliver competitive edge to BOK International UAE bringing real benefits to the bank’s customers – particularly in areas like Sharia and regulatory compliance, customer service management, Islamic investment, asset management, trade and project finance, and international money transfers.

BOK International UAE is a fully-owned subsidiary of Bank of Khartoum Group, the largest and most prestigious financial institution in Sudan. In August 2017, the bank was granted the final operational license by the Central Bank of the UAE after fulfilling all requirements of the initial provisional license that had been granted in April 2016, achieving a significant milestone in its strategy to provide a wide range of Sharia-based innovative products and services to retail and commercial customers in this new geography.

“iMAL supports the bank’s operations across Sudan and Kingdom of Bahrain, and we have achieved successful results with this solution, being in line with the principles of Sharia law. BOK International is a new entrant in the UAE market, and we strongly believe that iMAL, a truly world-class Sharia-based banking solution will bring us tangible benefits in the way we run our business in the UAE”, commented Fadi Al Faqih, Chief Executive Officer of BOK Group.

“We are confident that iMAL will give BOK International UAE a significant edge and sustained steady growth advantage over our competitors, in the same way it is empowering us in Sudan and Kingdom of Bahrain”.

In 2009, Path Solutions was able to deploy a cutting-edge turnkey solution covering all BOK Group expansion needs across its subsidiaries, and implement a centralized architecture to serve them on a single platform.

BOK Group is thus managing rapid international expansion with iMAL Islamic Banking & Investment System, with a strand of significant achievements.

In 2016, BOK achieved 25.72% return on equity, 3.14% return on assets with a balance sheet asset size of an equivalent of US $2.5 billion. Moreover, the bank achieved a (AA-) rating for the sixth consecutive year by Islamic International Rating Agency (IIRA) and is considered the only Sudanese bank that has been de-listed from OFAC SDN list since April 2011.

“We are excited to be a partner in this impressive international growth by BOK Group, because it is a loud testimonial to the value we are bringing”, said Mohammed Kateeb, the Group Chairman & CEO of Path Solutions.

“New age banking with all its regulatory challenges across different countries requires industry depth and knowledge of local markets, and an advanced core banking platform. A world-class technology is vital to achieving BOK International growth objectives in the UAE. iMAL has proven its excellence in Sharia compliance, security and risk management capabilities, and the flexibility to scale the business rapidly to meet future expansion plans”, Kateeb added.

BOK Group shareholders in the UAE are leading regional Islamic and financial institutions supported by Dubai Islamic Bank, Islamic Development Bank Jeddah, Abu Dhabi Islamic Bank along with many other prominent Sudanese and regional businessmen. The bank will pioneer and provide innovative Sharia-based banking products and services to the local community.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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