The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed an agreement for core banking system implementation with Path Solutions, a global provider of Islamic banking software solutions.
Dr. Waleed Al-Wohaib, CEO of ITFC and Mr. Mohammed Kateeb, Group Chairman & CEO of Path Solutions signed the agreement on March 20, 2013 in ITFC headquarters, in the presence of high-level representatives from the IDB Group and Path Solutions.
The signed agreement aims to enhance ITFC’s business management capabilities for strategic decision-making, operational forecasting and planning, efficient resource allocation, and effective time and risk management.
ITFC is active in developing and diversifying Islamic finance solutions to advance trade among member countries, while Path Solutions is considered a pioneering IT solutions provider, with over 20 years of market experience using unrivalled software implementation expertise at forward-thinking Islamic banks and financial institutions.
Commenting on the signing, Dr. Al-Wohaib said, “This project comes in line with ITFC’s management aspiration to improve the core business capabilities in terms of reducing approval periods, improving efficiency and responsiveness for customers, and the automation of some main processes”. He added, “This project is strategically important in advancing the business partner relationships making ITFC a more responsive institution to satisfy its customers“.
Mr. Kateeb from Path Solutions added, “We are happy to win this core banking bid and very pleased to partner with a global player in Shariah-compliant trade finance like ITFC. In accordance with the signed agreement between our two companies, Path Solutions will ensure the continuous review and improvements of ITFC’s business processes that will result in the improvements in cost and quality of their products and services, hence increase the productivity and eliminate redundancy”.
It is worth mentioning that Path Solutions will cover main business areas of ITFC, namely trade finance, Islamic investment and syndicate finance, facility management, customer relationship management (CRM) and customer analysis and governance, risk and compliance.