Interview with Jacob Zachariah Karuvelil, Executive Vice-President – Global Professional Services & Global Support at Path Solutions
March 16, 2016: To know more about the latest version of iMAL Islamic Banking System, implementation and ongoing support, IFM spoke with industry veteran Jacob Zachariah Karuvelil, Executive Vice-President – Global Professional Services & Global Support at Path Solutions, the leading Islamic banking software provider.
| Jacob has more than 28 years of extensive hands-on experience in IT, Islamic Banking, Finance, Audit, Organisation Development, Operations, Professional Services and Global Support. He is an integral part of the company and has played a key role in its development. In addition to his current role, Jacob oversees the overall direction and management of the Corporate Academy, i.e. providing end-to-end services to all Path Solutions’ clients worldwide.
What is iMAL Java? It is a new web-based solution developed by Path Solutions, thus increasing the breadth and depth of value-added solutions and services the company offers to its esteemed clients. Java is a modern language and it’s constantly patched for any security flaws. This is a critical point where security is a main concern in banking business. iMAL Java application has a modern design that makes it more comfortable to use, and offers modern user interface features, such as quick search, multiple tabs, and screen widgets that offer quick access to several services, where updates and upgrades are all set easily. In addition to scalability, reliability and high availability, the solution is easy to publish on the cloud. |
Jacob Zachariah Karuvelil, Executive Vice-President – Global Professional Services & Global Support at Path Solutions |
Can you describe its functionalities?
In addition to its rich business functionalities, our latest iMAL Java release incorporates new features such as:
– Online Help which provides help for any given field the cursor is pointed to. Possibility to collapse and/or expand sections (areas).
– Customisation of screens based on client preference: Mandatory fields, hide or show fields, amend the field.
– With 360-degree view, users can check customer positions and what is related to them in just one screen.
– A sophisticated Report Designer that enables users to create their own reports and update existing ones, based on their business model.
Which banks have gone live with iMAL Java?
Arab Gambian Islamic Bank (AGIB) in Gambia went live on iMAL Java release recently. AGIB started its operations in January 1997. It is the first and only Islamic bank in Gambia serving its customers according to Islamic Sharia principles, values and practices across several branches. This milestone is both significant and strategic because Path Solutions has expanded further in West Africa (in addition to Senegal, Guinea, Niger and Nigeria).
iMAL implementation at AGIB was completed in six months of exquisite determination and hard work, covered business areas like automation for all branches, Islamic profit calculation, retail and corporate Islamic financing, trade financing, provisioning, Islamic treasury operations, central bank reporting, SWIFT and RTGS interfaces, clearing interface and data migration from a legacy system.
Our dedicated and expert Professional Services team, who spent long hours and many week-ends to tackle challenges and overcome all obstacles, was able to accomplish the project on time and within budget.
The collaboration, dedication and patience shown by all concerned during project implementation have been really remarkable and this has greatly contributed to this triumph. We hope to fulfil AGIB’s technology needs as their preferred Islamic IT partner helping the bank to achieve its vision and mission, making AGIB the Number 1 bank in Gambia.
Any iMAL Java upgrade projects on the horizon?
Currently, several projects’ upgrades are in the pipeline. Some of the projects are Gulf African Bank (GAB) in Kenya, Al Baraka Sudan, etc. The projects are running smoothly and we are getting good feedback about the new features from our clients. GAB is expected to go live by the end of March 2016 and Al Baraka Sudan by May 2016.
Our Global Support team is handling the ongoing support of all iMAL clients. They are also responsible for the new iMAL version upgrade.
How do you define customer satisfaction?
Achieving and sustaining customer satisfaction is the most important aspect behind the success of any business. Islamic banks must provide excellent services and support to their customers. Each Islamic bank should focus more on improving customer experience and growing customer satisfaction level. A solid and stable software system is one of the most important aspects in growing customer satisfaction. A strategic IT partner is key to success.
Finally, as a banking expert, how do you evaluate the last financial crisis?
I would like to share the story of the eagle with your readers. The eagle has the longest life span among birds. It can live up to 70 years. But to reach this stage, the eagle must make a hard decision. In its 40s, its long and flexible talons (claws) can no longer grab prey. Its long and sharp beak becomes bent. Its aged heavy wings, due to thick feathers, get stuck to its chest and make it difficult to fly. The eagle is left with only two options: Die or go through a painful process of change which lasts 150 days. The process requires the eagle to fly to a mountain top and sits in its nest. There, it knocks its beak against a rock until it plucks it out. After plucking it out, the eagle will wait for a new beak to grow. Then, it will pluck out its talons. And after five months, the eagle takes its famous flight of rebirth and lives for another 30 years.
Often, in order to survive, we have to start a process of change. We sometimes need to get rid of some old memories, habits and past traditions. Only through freedom from past burdens can we take advantage of the present. If each and every one of us and our organisations can do what the eagle is doing, we can overcome any crisis. This is the ultimate lesson all of us have to learn.