Ethiopian Challenger Bank Seals Core Islamic Banking Deal With Path Solutionsby Fintechnews Africa 25 August 2021
Ethiopian challenger bank Hijra Bank has has awarded a core banking deal to Islamic banking provider Path Solutions, according to a recent announcement. The announcement comes after a “highly competitive bidding and selection process,” the statement said.
The partnership involves the implementation of Path Solutions’ core banking platform, which is certified by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
Through the partnership, Hijra Bank will gain access to a “flexible, scalable and highly customisable core banking platform” for individual and corporate customers in Ethiopia, according to Path Solutions Group Chairman and CEO Mohammed Kateeb.
Hijra Bank to launch Islamic banking services soon
Hijra Bank will be able to leverage the latest version of the iMAL platform by Path Solutions. iMAL is a digital Islamic core banking platform that offers an AAOIFI-certified suite. Its features include 24/7 banking, 360-degree customer view, and a unified user experience.
“Along the lines of our vision to be the most preferred interest-free bank in Ethiopia, we need to create a robust foundation to drive growth and to have the agility to innovate continuously, especially with the fast [evolution] of financial technology to remain relevant ahead of the competition.
Path Solutions understands the vital role of IT in our business to bring value, ensure convenience, functional and service quality and improve profitability. The company’s Islamic banking domain know-how and extensive international experience will allow our bank to launch unique interest-free banking products for the best market fit along with an outstanding customer experience,”
Dawit Kenno, Acting CEO of Hijra Bank, said.
The newly established Hijra Bank will begin to offer interest-free Islamic banking services for tech savvy customers looking for ethical, socially responsible, and Sharia-compliant banking.
The bank is one of only two Islamic banks in Ethiopia. The first, ZamZam Bank, received its banking license only last year.