Latin America News Q1 2018

24 LATIN AMERICA NEWS / Q1 2018 , Banking Firm Meeting Needs for Islamic Banking in Latin America TrustbankAmanahuses iMALIslamic corebankingplatformtopowerSuriname’sfirst Islamicbank. iMALenablesbanks converting to Islamic toprovidecustomerswithan enriching, transparent andmodernbankingexperience. Path Solutions, a leading global Islamic core banking software, consulting and services organization, announced today that Trustbank Suriname, now Trustbank Amanah, has gone live on iMAL Islamic core banking platform with the successful transition of the bank from conventional to Islamic banking business model, a major milestone in the South American banking system as large banks in South America are tipped to tap into growing Sharia-compliant demand. Path Solutions is a global core banking system provider that delivers real results to Islamic banks and Islamic financial institutions. The company offers a consulting- led, integrated portfolio of software solutions under the brand name of iMAL. With a global client base operating in over 39 countries, Path Solutions develops state-of-the-art Sharia-compliant software solutions to enable Islamic financial institutions meet the complex demands of their customers, keep up with disruptive entrants and the ever-increasing regulations. The firm stands out for its established track record of fail-proof implementations, a critical factor in core banking deployment. The company’s flagship platform iMAL can help Islamic financial institutions develop a customer-centric business model, simplify operations, increase innovation and manage risk and compliance effectively. Comprising loans, deposits, asset products, trade finance, treasury, digital channels and risk and compliance components to meet varied client needs, it is a solution of choice for more than 130 forward-thinking Islamic banks worldwide. To help differentiate itself as the first Islamic bank in Suriname, Trustbank Amanah selected the dynamic iMAL after an extensive review of global core banking system vendors. “It’s a significant landmark not just for Trustbank Amanah, but for the banking industry in South America”, commented Mohammed Kateeb, Path Solutions’ Group Chairman & CEO. “The successful deployment of iMAL at Trustbank and its transformation into a full-fledged Islamic bank is testimony to the commitment from both Trustbank and Path Solutions to make this happen. We are proud to witness the first iMALGo Live in South America, and proud to be the preferred IT partner of Trustbank Suriname in their strategic initiative”. Founded on August 30, 1989, Trustbank is a private bank with expertise in the areas of savings, loans, investments and asset management. Trustbank has opted at a strategic level for a new business model to enrich the banking landscape in Suriname, the Caribbean and Latin America. The bank embarked on the conversion last year. Today, Trustbank Amanah offers pioneering Islamic banking products which can serve as an incentive for economic development and diversification, obviously differentiating itself from the competition and expanding its product range. This strategic transformation initiative is foundational to Trustbank Amanah’s objectives in supporting Sharia compliance, as well as highly personalized customer service. Commenting on the Go Live, Maureen Badjoeri, Trustbank Amanah CEO, said, “Path Solutions’ experience in banking platform conversion has been demonstrated extensively throughout the globe. Their extensive track record of successful implementations, and their focus and flexibility in ensuring that each and every project is a success is unparalleled. Aproject of such complexity was executed in a record breaking timeframe by the joint team. We are proud of what we have achieved. From now onwards, iMALwill enable us to provide innovative retail banking services and products in conformity with Islamic law. It will also drive digital transformation, greatly enhancing customer experience, increasing efficiency and transparency of our banking operations”. Looking to the future, Trustbank Amanah will not only perform Islamic banking in Suriname, but also aims to become the financial hub in the Caribbean and Latin America.