Suriname-based Trustbank has selected Path Solutions, a Kuwait-based Islamic software provider, to deploy iMAL Islamic Banking & Investment System as its new core banking platform.

As part of the deal, Path Solutions will deploy its Islamic core banking system across the bank’s four branches in Suriname. The implementation of the system is expected to be completed by the end of September 2017.

Trustbank CEO Maureen Badjoeri said: “We have announced the conversion of Trustbank to a full-fledged Islamic bank in 2016, and that involves the deployment of a new core banking platform in line with the Sharia guidelines. This project with Path Solutions is key to our strategy and future growth, as it will allow us to launch new Islamic banking products and services to meet the needs of our customers.

“The new Islamic core banking system is also expected to drive innovation, improve customer service through increased automation, harness the value of the data through analytics and reduce operating costs.”

Path Solutions group chairman and CEO Mohammed Kateeb said: “Our Sharia-based core banking system combined with comprehensive services we offer provide a truly differentiating proposition for the first Islamic bank in South America to empower it to achieve growth and gain market share.

“Being the first full-fledged Islamic bank in South America, Trustbank is committed to applying true Sharia-based technology to meet the needs of a diverse client base."