Path Solutions and Maldives Islamic Bank Pvt. Ltd. announced that MIB, the first Islamic bank to be set up in Maldives, has selected Path Solutions’ iMAL for its core banking solution to infuse innovation and accelerate growth. By virtue of this agreement, Path Solutions shall roll out its sophisticated iMAL suite including Islamic Invest, Trade Finance, SWIFT, and reporting modules.

MIB is a collaboration between the Islamic Corporation for the Development of the Private Sector - the private sector arm of the Islamic Development Bank - with 70% interest and the Government of Maldives which holds the remaining 30%. It received a banking licence to conduct Islamic banking business from the Maldives Monetary Authority in August 2010…………………………………….Full Press Release: Source