Global Islamic financial software firm, Path Solutions, has upgraded the core banking platform of Jaiz Bank to facilitate innovation that would meet evolving customers’ needs as Nigeria’s pioneer non-interest lender seeks expansion into new markets.
The specific IT requirements of Jaiz Bank were evaluated by the Kuwait-headquartered Path Solutions and adapted them to the latest iMAL R14.1 version.
Given this upgrade, Jaiz Bank now has the capacity to deploy latest technology to better value creation for customers.
According to the lender’s managing director, Hassan Usman, Jaiz Bank will continue to scale in line with its growth strategy and stay ahead of industry as it continues expanding into new segments.
“We are pleased with the successful upgrade to iMAL R14.1 on Oracle in a smooth and timely manner,” Usman said, adding that the result from the verification of all channels and surround systems was satisfactory.
The bank’s chief noted that with the new sharia-complaint core banking platform, customers will benefit from the best practices and enhanced features Path Solutions has invested since the last implementation.
On his part the Group Chairman of Path Solutions, Mohammed Kateeb, noted that collaboration is key to surviving in a dynamic and competitive environment, saying engagement in strategic partnership has helped the global software solution provider identify customers’ expectation that will enhance their daily processes and interactions.
“Investing 30 percent in research and development will retain our leadership status in Islamic financial software solution. The result will be a dynamic ecosystem of innovation that will drive growth and customer satisfaction,” Kateeb said.
Path Solutions has been aggressive in promoting Islamic finance industry globally, through maintaining presence by partnering companies in other locations. It has research & development centers in London, Cairo, Dubai and Riyadh and four others.
Despite the paucity of non-interest banking liquidity instruments, Jaiz Bank saw profit hit a four-year of N815.6 million mid-year 2019, driven by surge in proceeds from investment activities.
The lender is on course to deliver half-year profit in excess of N1 billion if it maintains tempo going forward.
A further dive into Jaiz’s earnings report showed that the lender paid N1.19 billion as profit to investment account holders to bring its share as an equity investor to N4.55 billion, doubling that of last year.
The lender within six months through June 2019 invested almost N18 billion in a 7-year Federal Government Sukuk with 15.74 percent return.
Jaiz Bank, established 16 years ago, has expressed commitment to support small and medium-sized businesses amid sluggish recovery of Nigerian economy.
Israel Odubola
