AAOIFI certifies Path Solutions' iMAL

November 13th, 2008 - Path Solutions marks yet another major milestone in its rapid progress. For the 1st time in history, the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) has certified a universal banking solutions’ firm. The certification ceremony took place at the “AAOIFI and World Bank Annual Conference on Islamic Banking and Finance”, on November 10th in the Kingdom of Bahrain in the presence of H.E. Sh. Ahmed bin Mohammed Al-Khalifa, Minister of Finance of Bahrain, H.E. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain and eminent Sharia scholars and senior representatives of the industry.

The certificate was handed to Path Solutions by H.E. Sh. Ebrahim Bin Khalifa Al Khalifa, The Chairman of the Board of Trustees of AAOIFI and Minister of Housing and Dr. Mohamad Nedal Al Chaar, the Secretary General of AAOIFI.

AAOIFI ascertained Path Solutions, the leading provider of software solutions to the Islamic finance industry and its iMAL flagship software to be fully compliant with its standards and Sharia rules and principles.

“The AAOIFI Certification covers the iMAL modules, business processes, contracts, Islamic accounting principles, implications and behavior” said Dr. Mohamad Nedal Al Chaar, AAOIFI's Secretary General, who added: “iMAL has been thoroughly reviewed and has proven it truly deserves to be certified”.

Path Solutions' President, Naji Moukadam commented: “Becoming the 1st banking software solutions' provider to be certified by AAOIFI is a quantum leap for both the information technology industry and Path Solutions. As the pioneer in automating Islamic finance, Path in line with its corporate strategy, is fully committed to providing the Islamic finance institutions with true Islamic software solutions developed in compliance with the Sharia rules with no work around. Our partners using iMAL software now have the assurance of having licensed a true Islamic finance solution”.

Path Solutions’ focus and primary objective is to always enhance its products and services; as AAOIFI scholars evolve and find new interpretations in the different Sharia rules and principles so will Path’s commitment in developing new products and services to support a new era in Islamic finance.