Mohammed Kateeb, Path Solutions’ Group Chairman and CEO
By Ray Chickrie
Caribbean News Now contributor
KUWAIT CITY, Kuwait -- Suriname-based Trustbank is one step closer to open its doors to customers interested in Islamic banking products after it signed a new licensing deal with the Kuwait based Islamic software vendor, Path Solutions, to implement Islamic Banking and Investment System as its new core banking platform.
This is a major breakthrough for the Kuwaiti vendor, as it’s the company’s first Islamic core banking software deal in the Americas according to a press release from the Kuwaiti company last week.
Three IT vendors were shortlisted and invited to demo their solutions over the course of two weeks. They were Oracle FS, Temenos and Path Solutions, which ultimately won the deal based on Sharia compliance, product functionality and technological superiority.
“This is a significant core banking system deal and a key win for Path Solutions in this new region,” commented Mohammed Kateeb, Path Solutions’ group chairman and CEO. “Trustbank was one of the most sought-after deals by all vendors because of the importance of this new market. Our Sharia-based core banking system combined with comprehensive services we offer provide a truly differentiating proposition for the first Islamic bank in South America to empower it to achieve growth and gain market share.”
Kateeb continued, “We’ve been having tremendous success across the world”, confirming that Path Solutions remains the absolute world leader in Sharia-based software solutions and services.
“Being the first full-fledged Islamic bank in South America, Trustbank is committed to applying true Sharia-based technology to meet the needs of a diverse client base. Working with Path Solutions will help the bank to achieve these goals,” he said.
The new Islamic banking system will be implemented across Trustbank four branches in Suriname, Path Solutions said in a statement. The implementation of the new system is expected to start immediately and to be completed at the end of September 2017.
“We have announced the conversion of Trustbank to a full-fledged Islamic bank in 2016, and that involves the deployment of a new core banking platform in line with the Sharia guidelines. This project with Path Solutions is key to our strategy and future growth, as it will allow us to launch new Islamic banking products and services to meet the needs of our customers”, said Maureen Badjoeri, chief executive officer of Trustbank.
“The new Islamic core banking system is also expected to drive innovation, improve customer service through increased automation, harness the value of the data through analytics and reduce operating costs,” Badjoeri concluded.
Path Solutions was also chosen for its leadership position in the Islamic banking software market, including a well-established client base with a global reach and support network
In September 2016, Trustbank received approval in principle from the Central Bank of Suriname for the conversion of its operations to Islamic banking, with the aim to expand financing to small and medium enterprises and to connect the Caribbean and Latin American region with OIC member countries. The bank is being advised by the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB).
Trustbank is also in discussion with ICD to take a strategic stake in the bank following the transition, to become the first full-fledged Islamic bank in South America.