Path Solutions has signed a strategic agreement that provides software Shariah compliant letters of credit (L/Cs) and guarantees with Sudanese Egyptian Bank (SEB).

Under the agreement, the specialist Islamic finance software house will also provide a range of Islamic financial solutions and services aimed at boosting the bank's operational capabilities and growth potential.

Trade focus

Originally established to facilitate trade between Egypt and Sudan, Khartoum based SEB initially offered only Islamic trade finance services.

Now, as well as trade services including L/Cs and guarantees, the bank now provides local and foreign currency deposits, cheque collection and clearance, inward and outward transfers and ATM cards. The Path software will assist with all of these things.

More investment

Egyptian investment company, Citadel Capital last year sold its entire 66.12 per cent stake in SEB to the Islamic Solidarity Bank of Sudan for US$22 million.

The bank's new parent company is expected to invest in expanding SEB's activities still further.

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