Maisarah Islamic Banking Services of BankDhofar has upgraded its core banking platform to the latest version of Path Solutions’ iMAL open banking platform.

The upgrade will allow Maisarah to meet its customers’ requirements as it expands its business. The bank’s specific IT needs were implemented to the latest version of iMAL.

With the new version of iMAL, the bank intends to bring the latest technology to its customers for optimising the level of value creation.

Maisarah Islamic Banking Services chief operations officer Ismail Jama said: “The upgrade of our core system to iMAL R14.1 will ensure providing seamless services to our customers through our digital channels.”

Maisarah is the Islamic window of BankDhofar and provides a range of Sharia-compliant products and financial solutions in corporate banking, retail banking, investment banking and treasury.

Path Solutions’ iMAL is a new generation of Islamic banking and investment system that seesk to address the in-depth business functionality and the technology in one integrated front, middle and back office system.

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iMAL is being designed and developed from scratch on the basis and principles of Sharia, to allow a service-oriented banking infrastructure without restrictions and with minimum disruption to banking operations.

Path Solutions group chairman & CEO Mohammed Kateeb said: “iMAL R14.1 will empower our clients to be future-ready, given the rapid digital disruption we are experiencing. The result is a dynamic ecosystem of innovation that will drive growth and customer satisfaction.

“We look forward to continuing to work with our clients all over the world to modernize their platforms and bring real-time and fully digital banking services to their customers.”