Path Solutions is proud to be a partner of choice for Sohar Islamic – Bank Sohar’s Islamic banking window in the Sultanate of Oman, having implemented and recently upgraded iMAL*E-Banking and iMAL*MobileBanking solutions for them to provide innovative Internet and Mobile Banking services to their customers.
Sohar Islamic’s selection of iMAL*E-Banking and iMAL*MobileBanking solutions from Path Solutions has been in view of the integrated superior capabilities of these platforms. Features of the iMAL solution provided to Sohar Islamic include multi-country, multi-entity, multi-lingual and multi-currency capabilities, which enable the Islamic window to further its digital banking functionality to the next level. iMAL supports the institution to meet its overall objectives of expanding its customer base, lowering service costs, and significantly reducing back office processes and overall operational overheads.
The implementation of the iMAL*E-Banking platform was smoothly executed to meet Sohar Islamic’s go-to-market requirements back in year 2015 without compromising on usability or security. The solution has now been live for over 3 years, and customers of Sohar Islamic can access and manage their accounts from anywhere at any time. The platform provides users with other convenient E-Banking services such as balance inquiry, account statement, utility bill payments, electronic fund transfers, pay order/demand draft requests, chequebook requests and others.
Mohammed Kateeb, Group Chairman & CEO of Path Solutions said: “Mobile is becoming the industry standard E-Banking channel, and financial institutions are racing to empower their customers with advanced banking functionality using their digital devices. Oman is a country with high mobile penetration, thus it’s vital for Sohar Islamic to offer the type of secure services that its customers are demanding. We are excited to be part of this digital transformation. Today, customers of Sohar Islamic will have the possibility to securely use Mobile Banking anywhere, anytime. They can make any type of payment from their digital devices, check credit card transactions or communicate with their bank. Powered by iMAL as a core banking platform, Sohar Islamic is able to provide best-in-class E-Channels such as Mobile and Internet Banking to all its customers with the convenience of anytime, anywhere banking.”
iMAL*MobileBanking incorporates next-generation features designed to simplify and enhance Sohar Islamic’s Mobile Banking customer experience. Available in both; English and Arabic, the user-friendly platform and interface features advanced and secure capabilities through a multi-layered security infrastructure, an easy navigation and a streamlined look and feel, and covers a wide range of services at one’s fingertips. Customers of the Islamic window can manage mobile top-ups and self-register for the service, as well as access their investment portfolios from their devices.
Commenting on the ongoing partnership, Mujahid Said Daud Al Zadjaly, Deputy General Manager – IT & Alternate Channels at Bank Sohar said: “We continue to build on the existing relationship with Path Solutions with the past implementations and the ongoing upgrades. The platforms have proven to be a great success for Sohar Islamic – our Islamic Banking Window, at the time of launch as well as with the consistent upgrades that we are adopting. All functionalities of the platform have been tested very systematically from both parties, and we have experienced intensive and extensive support throughout the various phases of the project from the iMAL team which has shown great professionalism and efficiency; all of which has contributed to the overall success of the project.”
Established in 2013 under Bank Sohar SAOG following the introduction of the Islamic Banking Framework by the Central Bank of Oman in December 2012, Sohar Islamic today provides a growing number of Shari’a-compliant solutions for the retail and corporate sectors in Oman, in addition to handling Sukuk investments. It operates with strict ethics that observe a complete segregation of funds under the watch of an eminent Shari’a Supervisory Board, employing world-class Islamic banking software as deemed compliant with the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Bank Sohar, its conventional parent bank, started operating in Oman in 2007 and quickly grew to become partner of choice for many corporate and retail customers as a result of its robust portfolio of products and services. In keeping up with local and global developments, Bank Sohar is going through a transformation focused on digitization and customer centricity, which will put the bank as a leader not only in Oman but in the region.