Path Solutions, announced that Kuwait Finance House (“KFH”), Kuwait’s Islamic banking pioneer has successfully completed the upgrade of its fully automated STP Islamic Treasury solution to the new Path Solutions’ Java-based platform iMAL R14.1, as of 21st February.
KFH is considered a pioneer in the banking phenomenon known as Islamic finance or Sharia-compliant banking. It was established in the State of Kuwait in 1977 as the first bank operating in accordance with the Islamic Sharia, and today it is one of the foremost Islamic financial institutions in the world.
The successful Go Live signifies a pivotal point in KFH’s development. Built on an open architecture and developed in Java, the iMAL R14.1 allows the bank to take advantage of the digitalization, flexibility, reliability, scalability and portability that this new Islamic Treasury platform offers.
“KFH constantly invests to enhance its systems by implementing latest technology and innovative solutions to ensure we offer world-class products and services to our customers”, said KFH Acting Group CEO, Abdulwahab Al-Roshood.
Al-Roshood added, “We are happy to have completed the successful upgrade of our Islamic Treasury solution to iMAL R14.1 in a smooth and timely manner. With the new Sharia-compliant fully STP automated Islamic Treasury platform, our customers will benefit from the best practices and enhanced features that Path Solutions has invested in the software since our last implementation. Moreover, we will be able to continue to scale in line with our growth strategy and stay ahead of industry trends as we continue to expand into new segments”.
Mohammed Kateeb, Group Chairman & CEO, Path Solutions, commented, “Collaboration is vital in order to stay ahead of in an ever-changing financial landscape. By collaborating with our clients to help them identify key customer expectations that will enhance their daily processes and interactions, and investing around 30% in R&D, we ensure that we remain the industry leader in Islamic software solutions. iMAL R14.1 will empower KFH to be future-ready, given the rapid digital disruption that the segment is facing. The result is a dynamic ecosystem of innovation that will only drive incremental growth and customer satisfaction. We look forward to continuing to work with our long-standing partner KFH and our clients all over the world to modernize their platform and bring real-time and fully digital banking services to their customers”.
Meanwhile, Treasury GM – KFH Group, Ahmad Eissa Al-Sumait mentioned that the successful implementation and Go Live of the new Islamic Treasury solution that is fully automated with Reuters, Bloomberg and 360T at KFH Group will improve the performance of all treasury functions at the bank. “KFH can now offer a wider range of Islamic Treasury products and services based on specific requirements to its customers all over the world”.
He further expressed his gratitude and appreciation to Path Solutions and KFH teams for their dedication and great efforts in implementing the new system remotely due to COVID-19 lockdowns while ensuring a high quality and stable production environment. All channels and surround systems were verified and got satisfactory results.