Soneri Mustaqeem signs an agreement with Path Solutions on iMAL Sharia-Compliant Profit Calculation System
June 9, 2021 – Path Solutions, a global Islamic fintech house and Soneri Mustaqeem, an Islamic Banking Division of Soneri Bank Limited, announce the selection of iMAL Sharia-compliant Profit Calculation System to ensure industry’s best practices for Sharia compliance. By integrating iMAL with Temenos T24 core banking platform, this new Pool Management System will help Soneri Mustaqeen emerge as a modern data-driven Islamic banking division, enhancing governance, accountability and transparency in its daily Islamic financial operations.
Mohammed Kateeb, the Group Chairman & CEO of Path Solutions said, “It is my pleasure to welcome Soneri Mustaqeem to the growing family of banks providing Sharia-compliant Islamic financial solutions in Pakistan powered by the industry’s leading iMAL suite. This modern Islamic solution enables the bank to manage multi-currency and segment pools coupled with highly customizable data-driven models for deeper visibility into the risk-return profile of the banking portfolios. This extensive automation across business processes will enable the bank to drive operational excellence while enhancing customer experience”. Kateeb further added, “The solution will be implemented on-site, using our Professional Services team in Pakistan, and Support will be provided via our local Support team as well”.
Muhtashim Ahmad Ashai, President & CEO of Soneri Bank Limited commented, “Soneri Mustaqeem, established in 2004, is aiming to support comprehensive economic development in the Islamic banking sector of Pakistan through ethical, inclusive and convenient Sharia-compliant financial solutions. Our mission and growth strategy in the coming years, in an increasingly competitive environment determined the need for a solution built from the ground up based on Sharia rules and duly certified by a recognised industry standard-setting body for its enforceable and globally accepted governance and accounting standards. This partnership will create an edge for our Islamic Banking Division, Soneri Mustaqeem to operate in a more Sharia-compliant manner and comply with the State Bank of Pakistan’s regulations”.