Path Solutions signs MoU with the International Islamic University of Malaysia

November 9, 2010 - Path Solutions, the leading provider of Islamic banking software solutions today announced that it has signed a Memorandum of Understanding with the International Islamic University of Malaysia to enable Islamic banking technology simulation for educational and training purposes.

Founded in 2004, the Institute of Islamic Banking and Finance at the International Islamic University of Malaysia is at the forefront of the Islamic banking industry and ranks amongst the most reputable educational institutions in the region. It is one of the prominent universities internationally devoted to providing education and research in Islamic Banking and Finance.

“This strategic collaboration with Path Solutions will significantly benefit the Institute of Islamic Banking and Finance with an Islamic banking system that will allow scholars to work on real simulations and practice the knowledge acquired from courses in Islamic Banking and Finance”, said Prof. Dato’ Dr. Mohd Azmi Omar, the University Dean . “I am confident that through our combined efforts, we can make an important step forward towards our common goals in taking Islamic banking to a new standard of excellence”.

Under this agreement, the institute will provide Path Solutions’ community of users with specialized trainings in Islamic Finance and other Sharia advisory services as to pave the way for common approaches to capture growth and increase competitiveness.

“This groundbreaking collaborative partnership between Path Solutions and the Institute of Islamic Banking and Finance at the International Islamic University of Malaysia reaffirms our commitment to developing and promoting Islamic finance in South East Asia and particularly in Malaysia by combining our efforts to share knowledge, innovations and best practices for the benefit of the Islamic banking community”, said Mohammed Kateeb, Chairman & CEO of Path Solutions. “It is a privilege to team up with the International Islamic University of Malaysia, who not only shares our vision, but also is in a leading position to help us deliver our growth potential”, Kateeb concluded.

About IIUM - Institute of Islamic Banking and Finance

The Institute of Islamic Banking and Finance (IIiBF) of the International Islamic University Malaysia ( www.iium.edu.my) was established in 2005 as one of the research and post graduate institutes of the university. The institute is unique as it brings together expertise from three different faculties, namely the Faculty of Economics and Managements Sciences, Faculty of Revealed Knowledge and Ahmad Ibrahim Faculty of Laws. Such a diverse resource promotes multi-dimensional expertise in the area of Islamic Banking and Finance. This enables the institute to conduct research, provide consultancy services and produce graduates who are able to understand issues from the Sharia, Legal, Economics, Finance and Management perspectives.

IIiBF is also unique in terms of expertise as its faculty members comprise of academicians, banking practitioners, Sharia advisors for local and international financial institutions, pioneers in Islamic banks in Malaysia and advisors for the Central Banks. Such rich expertise imbued with multi-disciplinary approach produces students equipped with both theoretical and practical knowledge of Islamic Banking and Finance. The institute’s mission is one of IIUM’s missions of developing balanced integrated personalities in all fields of knowledge. This is also in line with the aspiration of the country, Malaysia which has set 2020 as its vision of becoming a developed nation.

The institute offers highly acclaimed qualifications in Islamic banking and finance such as Ph.D, Masters, Postgraduate Diploma and Certificate. It also engages heavily in research, product development, consultancy and training, both locally and abroad. The IIiBF has signed MoUs with local and international institutions engaged in Islamic banking and finance industry. IIiBF is well-known for its mixture of local and international staff and students. Currently the students come from around sixty countries. They are mostly bilingual, enabling them to use both English and Arabic to enrich their knowledge. Coming from different backgrounds, they are indeed an added value to the institute as they rely on their experiences and expertise in banking and finance, which they bring from their respective countries.