News
Path Solutions Completes Implementation of iMAL Islamic @ Hijra Bank
The newly formed interest-free Hijra Bank S.C. in Ethiopia has gone live successfully on iMAL Islamic core banking platform on September 4th, 2021, only one month after signing with Path Solutions, the only AAOIFI-certified financial technology firm.
Hijra Bank has benefited from accelerated project timelines which have massively reduced the cost of deployment. It is the first Ethiopian bank to implement the said platform.
Following the legislation of the interest-free banking proclamation, the National Bank of Ethiopia (NBE) has given the green light to Hijra Bank, the second full-fledged interest-free bank in the country to become operational in 2020.
At that time, Mukemil Bedru, the board Chairperson acknowledged the dearth of skilled personnel and the procurement of Sharia-based core banking technology as most core banking systems available in the market are not designed to accommodate Islamic banking.
“There are only a handful of companies providing core banking systems specifically designed as per the Sharia law”, he said. After a rigorous selection process, the bank finally selected iMAL from Path Solutions. A key factor in their decision to select next-generation iMAL is a combination of Sharia compliance, feature-rich functionality and affordability.
“We worked closely with Path Solutions’ agile and passionate team to go live in record time. We are proud to be partnering with them to reshape the Ethiopian banking landscape, and to working towards Hijra Bank’s vision to become the country’s leading interest-free bank”, Bedru commented.
“Our bank is now well positioned to leverage technology innovation to drive operational efficiencies and introduce new products and services to market quickly. Bringing the community interest-free banking products and services will have a positive contribution toward the country’s economy and the entire society”.
“Hijra Bank has set a very challenging task to go live within one calendar month from the start of the project, and we are pleased to announce that the bank has gone live successfully within exactly one month from kickoff.
The speed with which the bank has reached go live is testament to Hijra’s leadership team managing flowless execution, to our team’s know-how, capabilities and experience, and to the platform’s elasticity and flexibility, and it’s one of the main reasons why Hijra Bank chose iMAL as their Sharia-compliant software platform”, stated Mohammed Kateeb, Path Solutions’ Group Chairman & CEO.
“Hijra Bank is now empowered to not only realize its growth strategy in a cost-effective way, but also to bring cutting-edge interest-free banking services to the 25 million Muslims in the country”, he said.
Path Solutions has a worldwide reputation for robust, innovative interest-free banking software, fast implementations combined with extensive presence and commitment to the African continent. This partly remote implementation has enabled Hijra Bank to open its doors to customers in the shortest possible time of only one month.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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