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  CSR & SUSTAINABILITY  































 
At Path Solutions, we believe that corporate social responsibility is about making a tangible contribution that improves our community members’ lives, forges economic prosperity and fulfills the socioeconomic needs of the communities in which we exist and operate. While valuing today the many accomplishments achieved, we vow to pursue in our mission and achieve so many more in the years to come.

Environmental Responsibilities

Path Solutions is committed to a clean and green environment and encourages all its subsidiaries to be environmentally responsible.

Paper Usage:
Our technological platform enables that our communication be in electronic form. We estimate that the reduction in paper usage cuts costs significantly within the entire group and saves trees. Moreover, a statement shown at the end of our email disclaimers encourages staff members and third parties not to print emails unless necessary, in order to protect our planet.

Energy:
Our advanced electronic platform eliminates the need for staff to travel to attend meetings, by enabling the group to conduct WebEx meetings across all its subsidiaries. By saving energy, we see this as a positive contribution to the protection of our environment.

People

Our people are the most important asset of Path Solutions. This is how we differentiate ourselves from our competitors.

Our Value Proposition:
The Path Solutions brand positioning is essentially about people’s perception; We, as an organization, offer our employees a complete IT career with domain expertise in Islamic and conventional banking.

Diversity and Equal Opportunity:
People from diverse backgrounds and geographies have joined us in pursuit of a common vision. We pride ourselves in promoting a diverse and dynamic work environment with over 20 nationalities represented in the company. We command an equal opportunity approach for all, regardless of race, color, origin, religion, gender, age, marital status or disability.

Mentor Programs:
Our mentor programs foster supportive relationships that help develop skills, behavior, and insights to enable the employee to attain his KPIs and goals.

Internship Programs:
We consider that internships are a win-win practice. We open doors for students, who would gain in return an insider’s view to the professional world, while still assisting our staff in the different areas by providing them advanced trainings.

Health and Work/Life Balance:
Our health care programme focuses on the total wellness of our employees, through the provision of full medical coverage and opportunities to pursue a healthy lifestyle within the community, in addition to a proper prioritizing between work (career and ambition) and lifestyle (family and leisure).

A Smoke-Free Environment:
We care about the health and well-being of our team. This is why we have a smoke-free work environment given that cigarette smoke is a threat to smokers and passive smokers alike. This non-smoking policy is strictly enforced by branch heads.

Supporting Sports:
Path Solutions has a long-standing commitment to supporting sports. Our employees can often be found rising to a sporting challenge or taking part in international tournaments representing the company. Fostering a team spirit and providing a chance to swap work for leisure are major motivations behind our diverse sporting activities.

Honoring Best Performers:
We encourage talent and want our team to feel motivated. Path Solutions recognizes the performance of its employees and honors star employees based on their performance throughout the year.

Adhering to International Standards

Path Solutions adheres to a number of international and industry standards. Our multi-award winning core banking platform is AAOIFI-compliant and Deloitte-endorsed. Besides, all of our business lines are ISO 9001:2015 and ISO 27001:2013 certified, and we are a CMMI Level 3 certified company.

Corporate Governance

We know that corporate governance is vital for our performance and the creation of an optimal operational environment. To this end, the Board at Path Solutions fulfills its duties and exercises its authority through several committees including the Audit Committee.

This ensures that our system of corporate governance builds the foundations of responsible and performance-oriented management and control, which focus on sustainable value creation as well as local and foreign expansion. For added efficiency, our corporate governance system has four key elements:
• Good relationships with shareholders
• Effective cooperation between the management and Board of Directors
• A system of performance-related compensation
• Transparent and timely reporting.

Business Sustainability

Financial Inclusion and Poverty Alleviation:

Islamic microfinance is a new component within Islamic finance, whereby Islamic banks provide financing to financially excluded individuals taking into account Islamic values.

Two of the biggest real economic problems currently faced by the whole world, particularly by Muslim countries, are poverty and financial exclusion.

Poverty is a multidimensional problem that has various root causes. It is considered a vicious whirlpool which can swallow the economic prosperity of a whole nation, and deprive it from any economic growth and development whatsoever. Due to this fact, poverty alleviation has been entrenched within the main objectives of the economic policy of many Muslim countries.

According to MuslimPopulation.com (2016), the global population is around 7.3 billion, out of which 2.08 billion are Muslims. Muslims make up a total of 28.49% of the world’s population. There are 57 OIC member countries which are home to a majority of the Muslim population. Approximately, half of the poor populations of the world live in those countries. That is why most of those countries are considered as either developing or underdeveloped countries with high rates of poverty and unemployment.

Moreover, there are two billion people, or 38% of adults in the world, that do not use formal financial services according to Global Findex (2014 data) and 73% poor people are unbanked because of costs, travel distances and the often-burdensome requirements involved in opening a financial account. Their ranks include more than half of adults in the poorest and 40% of households in developing countries.

Being financially excluded is linked to income level: The richest 20% of adults in developing countries are more than twice as likely to have a formal account as the poorest 20%. Yet, while the poor don't have the same access to financial products as wealthier individuals, their need for financial services may be even greater. Researches showed that access to the savings products cannot only boost saving amounts but also help empower women, increase productive investment and consumption, raise productivity and incomes, and increase expenditures on preventive health.

Islamic microfinance commits itself to social responsibility; particularly the real economic problems faced by society and attempts to solve them in an efficient manner. This type of financial intermediation for the poor has become a critical tool in tackling poverty and aiding development through building the capacity for poor people to enjoy greater self-sufficiency and sustainability by granting them access to financial services.

Microfinance institutions are in the front of bodies aiming to eradicate poverty by providing financial services to the unbanked people of the world. In order to better serve their customers’ needs and reach out to a greater number of people, microfinance institutions aim to offer an ever broader range of products and services that increasingly rely on new technologies.

For that reason, Path Solutions has committed to be at the forefront of developing a technology-enabled Islamic financial services sector to foster financial inclusion mainly for millions of Muslims who lack access to financial services.

To pursue the company’s vision, Path Solutions’ Group Chairman & CEO, Mohammed Kateeb joined the Board of Trustees of the Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank Group (IsDB) based in Jeddah, Saudi Arabia, responsible for leading the development and sustenance of a dynamic and comprehensive Islamic financial services industry in supporting socio-economic development, building financial stability and alleviating poverty.

With the aim to collaborate with IsDB in providing access to the unbanked, Path Solutions has developed iSHRAQ*Microfinance, a comprehensive microfinance solution that facilitates banking services to the unbanked population, a significant progression toward financial inclusion.

The system helps microfinance institutions and banks of all sizes to respond to a number of challenges such as limited financial means, cost of reaching the unbanked, lack of scalability and some administrative challenges.

Our iSHRAQ*Microfinance solution provides microfinance institutions with world-class banking capabilities, which can be exploited in the cloud on a SaaS basis, provides a modern, agile and highly scalable system, as well as a single platform for distribution across all digital and assisted channels, along with powerful business analytics.

Our solution delivers high security, efficiency, resilience and cost savings for financial institutions, assisting them to develop loan programs to finance small projects, training and education and offers unparalleled value and opportunities for growth.

The key characteristics of iSHRAQ*Microfinance:
• Increased customer margin with easy integration to alternate channels
• Seamless integration with a bank’s core banking solution
• Extensive outreach
• Low operational costs, by design
• Focus on compliance and fraud prevention
• Proven and standardized technology
• Easy integration to alternate channels; customers can access financial services at their convenience.

On the other hand, Path Solutions has a skilled team comprising of certified Islamic finance experts with IT backgrounds enabling its clients to benefit from world-class industry knowledge and expertise, helping Islamic banks and microfinance institutions transform into high-performance entities by taking part in the digital revolution, maintaining industry compliance, ensuring quality, and streamlining processes while cutting costs.

Indeed, the most effective way to significantly expand poor people’s access to financial services is through digital channels, knowing that digital banking offers great promise for better serving the poor. According to the most recent Global Findex, the world’s most comprehensive database on financial inclusion published in 2015, the rate of unbanked adults is highest in the Middle East and North Africa; as four out of every five adults do not have an account at a financial institution, followed by Sub-Saharan Africa and South Asia, and this is due to limited education and poor infrastructure.

Therefore, mobile banking has become increasingly synonymous with financial inclusion because digital banking services allow the poor to process payments and transfers using even simple feature phones.

Mobile banking is thus a powerful way to deliver services to the billions of people worldwide who have a cell phone but no easy access to banks. It has a number of advantages over traditional banking methods because it breaks down geographical constraints, offering as well other advantages such as immediacy, security and efficiency. Its power is in transforming the economics of service delivery, especially by reducing the costs of financial transactions, seeing as the most cost-effective and economically efficient method of providing financial services to a wide segment of the population.

Our iMAL*2Mobile solution enables financial institutions the delivery of digital financial services, allowing their registered users to benefit from the convenience of banking from home, or remote areas.

In addition, Path Solutions is an AAOIFI member since February 2001 and is the first banking software firm of its kind to be certified by AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions). Path Solutions has sought the AAOIFI certification for its end-to-end core banking platform in 2008, to ensure its compliance with the Islamic law. The system supports Islamic financial instruments via a highly parametrized framework enabling creation of different flavors, new products and product mix along with their behavior, financial implication, workflow, documentation and specifics.

In 2014, following a rigorous and phased approach project that entailed examination sessions with unprecedented collaboration between Path Solutions and Deloitte’s Islamic finance and Sharia professionals, the Deloitte Islamic Finance Knowledge Center has reported no exceptions on the compliance of the company’s Islamic core banking platform with Sharia principles, and the accounting standards issued by AAOIFI.

Therefore, all our software solutions adhere to the Islamic law and are in full compliance with IAS (International Accounting Standards). The whole set of services is based on the Sharia guidelines for the purpose of financing related to Murabaha, Mudaraba, Ijara, Istisnaa, Salam, project financing, real estate and others.

In 2016, Path Solutions has joined CIBAFI - the General Council for Islamic Banks and Financial Institutions, as a member. This membership serves as an excellent opportunity for collaboration with the renowned institution to advance the development of the Islamic finance industry and to benchmark and further ensure conformity of the company’s Islamic software suite and services with the Islamic Sharia.

The company also adheres to the guidelines of IFSB (Islamic Financial Services Board), an international standard-setting body, in its engagement to ensure the soundness and stability of the Islamic financial services industry.

Since its inception in 1992, Path Solutions pioneered new-generation, dedicated and built from the ground up Sharia-compliant banking technologies to cover Islamic finance vertically; thus celebrating over 25 years of leadership experience in the Islamic financial software industry.

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