Credit du Maroc (CDM), the Moroccan unit of French banking group Credit Agricole, has chosen Path Solutions’ iMAL core banking platform for its participative banking window.
The technology provider said that its core platform fit the bill for the bank’s requirement of participative activity with an Islamic core banking system.
The vendor said that it was selected for its experience and leadership in Islamic technologies following an international request for proposals.
The bank will opt for iMAL Islamic Banking & Investment System to offer Sharia-compliant banking products for its new participative activities, which are expected to be launched later this year.
CDM director of the participative window Abdelali Bennouna said: “We looked to partner with a core banking system provider who has delivered pure Sharia-compliant solutions for major Islamic banks and Path Solutions clearly stood out in this respect.”
Path Solutions group chairman and CEO Mohammed Kateeb added: “The strength of iMAL will allow CDM to be customer-centric and responsive to market changes, while maintaining full Sharia compliance.
“Through open architecture, advanced echannels and mobility, the system will allow CDM to provide services to its customers such as mini-statements of account, funds transfers, bill payments, portfolio management services, real-time stock quotes, and alerts on account activity.”