RFP News

Al Baraka Bank Algeria, a subsidiary of Al Baraka Banking Group (ABG), and Path Solutions, a global leader in the provision of software solutions to the Islamic financial services industry announced the successful implementation and go live of iMAL Islamic banking solution at the bank headquarters in Algiers. The entire implementation, which replaced the bank’s legacy core banking system, was completed with no disruption to business operations.

With the objective of becoming future-ready and driving its ambitious expansion plans, Al Baraka Bank Algeria decided to replace its existing core banking system, while ensuring that the new solution integrates seamlessly with multiple other systems within the bank. Some of the key requirements the bank was looking for included a client centric view enabled by a centralized platform, resulting in significant improvement in service levels and customer experience and optimized business processes for higher efficiency and productivity.

Al Baraka Bank Algeria is the first and largest French user of Path Solutions’ iMAL in the North African French speaking countries. This strategic go live will add tremendous value to Path Solutions’ significant penetration in the region.

Al Baraka Algeria go live has been the result of a lengthy and complex project delivery work involving major implementation and customization tasks. The scope of work has covered the following areas: Retail Banking, Corporate Banking, Trade Finance operations, Accounting & Financial Control, delivery channels such as branches and ATMs, SWIFT transfers and interfacing with the Central Bank.

Additionally, the following interfaces have been delivered as part of the scope:

· Tele-compensation - Integration with the CPI system (online clearing)

· CDI import and export

· ATM offline and ATM online; Integration with SATIM

· RTGS

· Integration with CCP (Algeria Post)

· CDR (Centrale des Risques).

Furthermore, the project team has migrated 6 years of historical data in addition to the outstanding Islamic deals since the bank’s inception. Al Baraka Algeria has a big volume of historical data and daily transactions with more than 1,752,238 historical JVs (from July 2011 to June 2012) and 139,000 outstanding Islamic financing deals.

“We are very pleased to have realized a successful go live” commented Mohamed Rami, Assistant General Manager & Project Director, Al Baraka Bank Algeria. “We take this opportunity to thank Path Solutions’ business and technical consultants for their considerable efforts to bring this project to completion. Their team has worked in harmony and in total synchronization with our banking experts, which allowed the project to progress under conditions that are more than acceptable”.

Mr. Rami pointed out saying, “iMAL Islamic banking system is focused on client-centricity with accurate retrieval of client information; moreover, the system facilitates the audit and control of the

different banking operations. It also works in an online real time mode by connecting all branches simultaneously. This functionality complies with the Algerian and internationally recognized banking standards as well as auditing best practices guaranteeing an accurate processing of customers’ transactions. Whilst iMAL enables the development of a smart branch network growth strategy, Al Baraka Bank Algeria is working hard on its branch expansion in the Southern and Western regions of the country, with the aim to grow its network from 25 to 31 branches nationwide by end of July”.

Alain Abou Khalil, SVP Professional Services, Path Solutions said, “At Path, we believe in accelerating innovation to our clients. With this technology-led transformation journey, we expect Al Baraka Bank Algeria to derive significant benefits in terms of both growth and operational efficiencies. Technology plays a key role in banking innovation and we are committed to collaborate with progressive banks like Al Baraka, to set new benchmarks for excellence in the banking industry”.

And he added, “The region continues to be a key focus area for Path Solutions and we look forward to working closely with the bank to complete the remaining phases as they expand their foothold in North Africa”.

With Al Baraka Bank Syria and Sudan live, Al Baraka Bank Algeria is the third user of Al Baraka Banking Group to be live on iMAL. The Group is a Bahrain Joint Stock Company listed on Bahrain and NASDAQ Dubai stock exchanges. It is a leading international Islamic bank that offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Sharia. The authorized capital of ABG is US$1.5 billion.