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Al Baraka Bank Lebanon kicks off core banking revamp

Aug 02

Al Baraka Bank Lebanon kicks off core banking revamp

Al Baraka Bank Lebanon, part of the Al Baraka Banking Group (ABG), is embarking on a core banking system conversion.

The bank focuses on Islamic financial services and has seven branches in Lebanon. It is a long-standing user of Misys’ (now Finastra) Equation core system.

As reported last year, Bahrain-based ABG signed to implement the iMAL core banking system from Path Solutions at four of its 15 international subsidiaries. These comprise Algeria, Sudan, Syria and Morocco.

ABG has a number of Islamic banking systems across its operations, Equation (as mentioned above), Banxware from Future Applied Computer Technology (FACT) and Autobanker from Autosoft Dynamics among them.

In 2017, Adnan Ahmed Yousif, president and CEO of ABG, said iMAL was “at the heart of the group’s technology-driven transformation strategy”.

In the latest chapter, FinTech Futures understands that Al Baraka Bank Lebanon is, too, implementing iMAL.

Ahmed Albalooshi, ABG’s CIO, says the revamp has kicked off and a system replacement is “one of the most difficult projects that a bank can undertake”.

FinTech Futures believes that iMAL will probably eventually be rolled out across the group.

Al Baraka Bank Lebanon was founded in 1992 and operated under a commercial banking licence until 2004 when an Islamic banking law was instituted and the bank obtained an Islamic banking licence. Its activities comprise retail and commercial banking.