Sterling Bank Selects Path Solutions’ iMAL Non-Interest Core Banking System

Sterling Bank, a full service commercial banking establishment in Nigeria, has selected Path Solutions’ iMAL to support the launch of its new Islamic (non-interest banking) window.

Path Solutions’ modular Islamic core banking system – iMAL will enable the bank to quickly introduce a diversified range of Islamic banking products and services and prepare its business for future growth. Sterling Bank has installed the system in its head office in Lagos and will install it gradually at some 170 branches across Nigeria to support a large number of customer accounts.

Dr. Basheer Oshodi, group head – Non-Interest Banking, Sterling Bank says: “We have always strived to invest in state-of-the-art technology to provide our customers with cutting edge banking products and services. Our decision to adopt a new core banking system for our new non-interest banking window is a significant step in this direction, as we firmly believe that a world-class technological infrastructure that could meet local regulatory and Sharia compliance requirements is integral to building customer confidence”.

Sterling Bank required a flexible and scalable system that could be integrated with ICS BANKS conventional banking solution and that could cover comprehensive areas such as Islamic Invest, Islamic Profit Calculation, Branch Automation and Administration, and SWIFT messaging.

 iMAL offers the broadest functional coverage and will be able to meet not just the bank’s commercial exigencies but also its implementation timescales. The system has gone live at the bank on 6th January 2014.

As part of the overall selection process, Sterling Bank engaged leading independent global technology consulting firms to perform market research and evaluate and advise on latest technology. During a rigorous three-month evaluation period, the bank considered several major IT providers with broad expertise in Islamic banking before signing the deal with Path Solutions. iMAL proved to be the solution of choice for a large number of Islamic financial institutions in Africa.

“We are delighted to have been chosen as the preferred Islamic technology partner for Sterling Bank. This contract reinforces our strategic commitment to the African continent and its potential which is key to our global growth strategy, and places us as the undisputed leader in this territory and in this segment”, said Mohammed Kateeb, Path Solutions’ group chairman & CEO.

“We are focused on delivering our clients a truly global Sharia-compliant banking solution and look forward to the challenge of providing Sterling Bank customers with a secure, convenient and advanced banking experience”.

Sterling Bank currently operates as a fully diversified bank. Last December, the bank has got final license from the Central Bank of Nigeria to start the promotion of its new Islamic window. With this latest signing, Sterling Bank would be the second bank in the country to go for Path Solutions’ iMAL enterprise Islamic banking and Investment system.