The International Islamic Trade Finance Corporation (ITFC) has signed an agreement to implement software from Path Solutions, an Islamic software provider.

The ITFC has opted to use a shariah-compliant software called iMAL from Path Solutions for the Islamic banking market. The software has multiple features including alerts and task management programmes, which will better enable ITFC support its customers.

Waleed Wohaib, ITFC’s CEO says: “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.”

Mohammed Kateeb, Path Solutions’ CEO says: “In accordance with the signed agreement between our two companies, Path Solutions will ensure the continuous review and improvements of ITFC’s business processes. This will result in improvements in cost and quality of their products and services, hence increase their productivity and eliminate redundancy.”

A Path Solutions’ spokesperson tells GTR that phase one of the software implementation will take approximately six months to be completed so should be ready to use by the end of the year.