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ARCHIVE 2003- 2004
GFH initiates development of new Islamic risk management
system with Path Solutions, Kuwait
November 23 - 2004, GFH initiates development of new
Islamic risk management system with Path Solutions, Kuwait
The Bahrain-based Gulf Finance House B.S.C.(GFH), one of the leading
providers of Islamic investment services, today announced that
it has initiated in a joint agreement with Path Solutions, the
development of a cutting-edge Islamic risk management system,
which will help the bank regularly monitor and assess the risk
sensitivity of its investment portfolio and meet regulatory compliance
requirements effectively.
Announcing the path-breaking initiative during the Middle East
Financial Technology & Conference (MEFTEC), senior GFH officials
said that the risk management solution will be developed jointly
with the bank's technology partner, the Kuwait-based vendor of
integrated Islamic software, Path Solutions. GFH's core banking
system runs on iMAL, which is the industry-leading integrated
Islamic banking software from Path Solutions.
Commenting
on the imperative of having adequate risk management tools in
an age of increasing market complexity and regulatory requirements,
Mr. Esam Janahi, Chief Executive Officer, GFH said: 'By developing
a risk management system that caters to a Sharia'h-compliant banking
regime, we believe we are taking a pioneering step. It is becoming
increasingly imperative that Islamic financial institutions put
in place risk management systems that address the unique characteristics
of the industry.'
'What
we are looking at in the new risk management system is a whole
host of advanced and integrated features. We expect the system
to have the capability not only to address compliance and regulatory
requirements but also to help us in creating value for our shareholders
and investors by efficient management of our on and off balance
sheet risks,' he said.
He
added that innovation was an integral part of the business philosophy
of GFH and the move to develop a customized risk management system
was another testimony to this.
Speaking
on the new risk management system, Mr. Silvan Varghese, the Head
of Risk Management of GFH said: 'The risk characteristics of Islamic
banks are unique. Apart from exposure to the risks that are faced
by conventional banks, Islamic banks face additional risks as
a result of the Sharia'h-compliant nature of their business. What
we intend to do is to use current techniques available and customize
them to meet requirements of Islamic Banks in general and GFH
in particular.'
He
said GFH will be developing the risk management system on iMAL
platform which currently has a data warehouse and Business Intelligence
(BI) module which meet some of GFH's reporting and monitoring
requirements. 'We plan to work with regulatory agencies and other
monitoring bodies to develop the new risk management system as
a standard- bearer for the industry as a whole,' Mr. Varghese
said.
Among
a host of features, the new risk management system will have a
facility management and monitoring system, collateral and document
management system, internal rating methodologies for investments
& credit, measurement and monitoring system for balance sheet
risks and modules for economic capital allocation, Value at Risk
(VAR) and Earning at Risk (EAR), stress analysis etc. The system
will also meet reporting requirements under Basel II.
Commenting on the partnership to develop the risk management system,
Mr. Naji Moukadam, Executive Vice President (Development), Path
Solutions, said: 'We are extremely proud to be asked to develop
a pioneering, industry-leading risk management system that serves
the special nature of the Islamic finance and banking industry.
Islamic finance and banking in general is waking up to risk management
and we are confident that the new tool we will develop jointly
with GFH will be a first-of-its-kind in the industry.'
Beirut International Marathon
Thousands of people of all ages and nationalities
gathered in Beirut's central district on Sunday, October the 10th,
2004, for the second annual Beirut International Marathon.
Headed by the Lebanese President Emile Lahoud, who announced the
start of the marathon, runners kicked off on the beats of the
marathon's official anthem and the release of hundreds of balloons
in the clear morning sky.
Whether they were running to win, to help a cause or simply for
fun, participants drew a cheerful image of Lebanon, as they outlined
a massive wave of colors while running through the curving track
around the Lebanese capital toward the finish line at Martyrs'
Square.
Termium
ICT Lebanon (21 - 26 September 2004)
The 11th edition of the Levant's IT exhibition with the
collaboration of PCATermium ICT Lebanon is the Levant’s
largest international IT trade fair. The Termium continued
the trend of growth and success as the show increased
substantially in size. More than 100 local, regional and
international market leaders participated in what was
a major access point between the world's IT industry and
the growing regional market. More visitors participated
than ever before. 37,749 visitors, including 13,000 registered
professionals from various fields of activity witnessed
the industry's latest product developments and made important
connections along the way.
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Path
Solutions was present at Termium 2004. This event
is considered Lebanon's showcase of every Information Technology
related solution available in Lebanon. Path exposed it innovative
banking solutions eBIS*Anywhere, which is a tool that allows
you, your officers and your clients to access their data
anytime, anywhere, anyplace. For the 11th consecutive year
Termium 2004 featured a showcase of the very IT software,
hardware, services and solutions, E-commerce applications,
retail pos, CRM, ERP, mobile and business intelligence top
the very latest from the software sector at the prestigious
Beirut International Exhibition and Leisure Center (BIEL).
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The
Search for true Islamic Banking
We demand for Islamic banking on the increase, two Middle
East suppliers-Path and Fact- Look to be well positioned.
Tom Alford reports. |
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Gulf Finance House ('GFH') read
article  |
On
JULY, 19, 2004 GFH turned and signed with Path Solutions,
a specialist service and solutions provider for Islamic
financial institutions.
Gulf Finance House ('GFH') is at the cutting-edge of the
rapidly expanding international Islamic banking industry.
They aim to lead the Islamic investment banking industry
in the GCC, Middle East and North African countries. They
are dedicated to providing their clients with carefully
selected investment opportunities that balance risk with
reward. |
| This
agreement underscores the wide range of “iMAL”
applications.
Path Solutions’ iMal is one of the most sophisticated
banking systems available today:
· Completely integrated Core-banking system, facilitating
both ease of implementation and use for Investment.
· Strong integrated Islamic banking functionality.
· GFH will benefit from this agreement.
· Substantially improved customer service, allowing
GFH to be more responsive to customer needs
· Improved management controls.
· Effective Straight-through-processing (STP) for
front, middle and back-office systems
· Better internal information.
The
solutions offered by Path should always be a best of breed
in terms of technology and present exceptional features
at the level of the business functionality.
Looking to the future, Path is delighted to be able to implement
iMAL and work with GFH.
The Kuwait-based vendor of integrated Islamic banking
software Path Solutions was selected by Gulf Finance House
B.S.C. - a leading Bahrain-based Islamic investment bank,
as its new technology partner
JULY 19, 2004- The contract was signed at the GFH headquarters
in Manama by Dr. Fuad Al Omar, Chairman of GFH, and Ahmed
Al Sager, Chairman of Path Solutions.
GFH's CEO Essam Janahi said: "Technology is now a key
driver of growth in businesses across the world. The decision
to partner with Path Solutions comes at a time when GFH
is actively accelerating its expansion plans, within Bahrain,
as well as across the region and in key global markets.
We believe that Path Solutions' iMAL will enhance our ability
to serve our clients and help us improve and streamline
our operations," he added.
“Gulf Finance House went through an extensive process
and evaluated a number of software solutions available in
the market before selecting iMAL system” as Janahi
explained.
"Our final selection of iMAL for our technology platform
was specifically based on the fact that it offers an unmatched
integration of core banking features, with strong Islamic
banking functionality, which will help us in maintaining
edge in an increasingly competitive market-place, while
driving our long-term growth strategy of becoming a truly
global institution."
"Path Solutions has demonstrated an in-depth understanding
of Islamic investment banking, and this is reflected in
the functionality of the system. We found that iMAL solution
was the core banking system best suited to meet our Islamic
functionality and operational requirements." Peter
Panayiotou, Chief Operating Officer of Gulf Finance House
said.
According to Naji Moukadam, Executive Vice President (Development),
at Path Solutions: “We considered joining hands with
a leading institution like Gulf Finance House in a technology
partnership as a major milestone in Path’s strategic
growth in the Middle East”.
" iMAL will allow Gulf Finance House to reduce costs
and improve efficiency and use human capital in a much more
productive way without compromising on quality and business
results. Further the implementation process will be structured,
seamless and will have a minimum effect on the day-to-day
operations of the bank," Moukadam added.
The modules contracted during this operation are:
Accounting,CIF,NostroVostro,Assets,DirectInvest,IslamicInvest,IslamicTreasury,IslamicProfitCalc,
SADS, ReportDesigner, TemplateReports, IntegrationManager,
CSM and SWIFT.
Sybase Day, 5 May 2004, Paris
Path has participated and presented its Mobile banking in
“The Sybase day”, held in Paris in 5 May 2004,
“Le Forum de l’Asset Management” in conjunction
With DELOITTE. Where Sybase was Celebrating 20 years of
innovation, Sybase originated the “Unwired Enterprise”
concept, delivering its clients enterprise solutions for
databases, integration, applications and mobile infrastructure.
For more information about Path mobile banking solution,
check eBIS*Anywhere
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Path participates in the MEFTEC 2004
The 1st Middle East Financial Technology Exhibition
and Conference (MEFTEC) 2004 concluded on a positive note
and a clear vote of confidence from the exhibitors, conference
participants and trade visitors.Due to the positive feedback
from exhibitors, conference delegates and trade visitors,
the organizers have announced the 2nd MEFTEC will be held
in February 2006, which would suit to the most of the future
participants because of budgeting and purchasing cycles
of the banking and financial industry.
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The expectation of the exhibitors has been fulfilled with a very
international audience from about 40 countries from around the
globe
Nearly
1,500 participants from all segments of the financial sector including
central banks, stock exchanges and insurance companies have been
registered during the three-day exhibition and conference with
over 60 per cent of the participants from abroad.
Path
was pleased with MEFTEC success and was glad with the response
received and would definitely like to participate in future editions
of the show.
The
path to Islamic Solutions
read article |
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Path
Solutions serves Islamic finance with unparalleled specialized
"from the ground up" information technology. |
Path
Solutions initiates development of new Islamic risk management
system with GFH one of the leading providers of Islamic
investment services, allowing the bank to frequently monitor
and assess the risk sensitivity of its investment portfolio
and meet compliance requirements effectively.
Mr Naji Moukadam said: 'Path is extremely proud to be
asked to develop a pioneering, industry-leading risk management
system that serves the special nature of the Islamic finance
and banking industry. Islamic finance and banking in general
is waking up to risk management and we are confident that
the new tool wewill develop jointly with GFH will be a
first-of-its-kind in the industry.'
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Sybase
TechWave user conference, 15-19 August 2004 Orlando, Florida,
USA
Path Solutions contributed in the Sybase TechWave user conference
event where developers, database administrators, IT managers,
sales professionals and executives from 40 countries around the
world met in Orlando from 15 till 19 of August for the annual
Sybase TechWave User Training and Solutions Conference. In this
20th year of innovation Sybase has released an unprecedented number
of new solutions aimed at deepening its core data management and
integration capabilities, and extending those to the edge of the
enterprise with market-leading mobile computing technologies;
Where Path Solutions disclosed its latest version of Mobile banking
and internet banking and spoke about its experience using the
latest Sybase technology tools. Moreover, Path spoke about migrating
its enterprise banking solution from client-server to the web
using Appeon. At the end of the sessions Path concluded by highlighting
that it extended its application with a multi-delivery channel
platform Information that can be collected from a mobile user
through Pocket PowerBuilder, Internet User through Enterprise
Portal & Appeon
First Islamic Investment Bank
Project Implementation at FIIB started on November 2001 with the
set up of a new chart of accounts for the bank and the transfer
of all the bank's and the managed companies historical transactions
(since the set up of the bank) to the iMAL modules. Subsequently,
module implementation was made on phased approach and major modifications
were made allowing the bank to swiftly and efficiently process
complicated direct placements deals into the system with the full
processing of the related clients' investments management, accounting
booking and reporting.
In
December 2003, a data warehousing project was implemented allowing
the bank to get meaningful reports and data presentation in many
ways for efficient reporting and decision making. In July 2004,
an integration project with e-sale (a Lotus Notes based module)
will be implemented allowing the fetching of data from the iMAL
system to FIIB e-sales system for enhancing the marketing operations
and customer satisfaction.
A new version of iMAL*Anywhere
has been released on September 12,2003 allowing the users to process
all kinds of transactions at the level of their pocket PCs, anytime,
anywhere and anyplace.
Banking
on the go read
article  |
Anywhere:
a mobile banking solution was implemented successfully at
First Islamic Investment Bank in July 2003.
iMAL*Anywhere
allows business to happen in real time enabling the access
of information around the clock. Customers are getting their
positions online, on real time basis, with drilldown facilities.
Thanks to a new solution from Path Solutions and Sybase,
relationship officers at First Islamic Investment Bank are
among the first in the region to be able to see across client
positions and to process transactions while on the road. |
Arab Islamic Bank
The implementation at the Arab Islamic Bank started in
July 2003. The implementation covered all the work aspects of
the bank. The major milestone in the implementation is the iMAL*Retail
module which allows the bank to provide efficient customer service
at the teller level in addition to the centralization of the operations
of the bank and control over the branches' operations.
Copyright © 2003 - 2010 Path Solutions
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