News
Path
Solutions will be publishing its Press Releases online; There
are no intentions to publish printed copies so far. Current and
future customers should expect to read the latest news about PATH
only online. Press releases will be updated periodically to reflect
the changes that are happening in the company to the public. The
first issue is already available online:
ARCHIVE
2005
Path Solutions has participated in WIBC 2005
Path
Solutions has participated in WIBC 2005, December 11,
12 as a Flagship exhibitor. This year's event was open
with the prestigious Governors Table session, titled Regulation
& Business: Creating a Framework for Islamic Banking
& Finance to thrive at the Gulf International Convention
Centre in the Kingdom of Bahrain. More than 500 participants
from 31 countries attended the 12th World Islamic Banking
Conference (WIBC).
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Path participated as a diamond sponsor in AAOIFI
Path
participated as a diamond sponsor at the 5th Sharia Conference
of (AAOIFI) the Accounting and Auditing organization for
Islamic Financial institutions held in Bahrain on 19th -
20th Nov 2005. Path is fully committed to Islamic Banking
and has been a member of the AAOIFI since February 2001.
All Path products are fully AAOIFI and IAS compliant.
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International Marathon 2005
For the second year Path members participated in the Beirut
International Marathon. 66 different nationalities
took part and 20,000 runners participated on Sunday, November
13, 2005 . 15 members from path gathered and joined the
Marathon. Congratulations to all the finishers. |
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Path
organizes lunch on the occasion of Eid el Fitr
On the occasion of Eid El Fitr, Path Solutions
organized a lunch, to gather round all members and congratulate
them on the Eid and on their efforts.The event took place
in Jbeil, at Dar El Azrak Restaurant, on Saturday 5th of
November 2005. We thank all members for attending and we
promise them more coming up events. |
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Ramallah - Arab Islamic Bank (AIB) announced today that its third
quarter net profits reached a new high, growing by 228% over 2004
net profits, and reaching USD2.2 million.
Total assets including restricted investment accounts
rose by 16.3% reaching USD209.3 million, while total deposits
registered 9.42% growth over 2004 results, reaching USD122 million
compared to USD111.5 million, and with the addition of the restricted
investment accounts, the balance reaches USD166.3 million compared
to USD147 million by 2004 year end, achieving growth of 13.13%
so far this year. Financing portfolio grew by 24% to USD86.1 million
as of 30 September 2005.
Mr.
Walid Fakhouri, Chairman and CEO of AIB, said: "The continued
growth the bank is witnessing reinforces its position in the Palestinian
financial sector. This is demonstrated by the healthy growth rate
we have witnessed in assets, deposits and our investments portfolio".
Mr.
Fakhouri said: "This achievement reflects the high level
of confidence our customers and shareholders have in the bank.
We continue to prove that our plans and strategies for future
growth are succeeding. As a leading Islamic bank in the region,
we have a clear vision that inspires us, along with the continued
support we receive from our stakeholders".
The
bank invested heavily in the latest technology over the period,
in order to deliver superior service levels to customers. This
has helped to differentiate the bank from its competition in the
Palestinian market.
AIB
also recently opened a new branch in the American University campus
in Jenin and is planning to set up new branches as part of its
strategy to expand and provide its services to all sectors of
the society.
Asian Islamic banking & finance summit, Malaysia ( 2005 )
Path participated in the 2nd annual Asian Islamic banking &
finance summit that took place in Malaysia in September 2005.
The summit reflected the growing and the changing market of Islamic
banking and finance within South East Asia and globaly. Mr. Naji
Moukadam discussed the Islamic finance features and about how
banks maintain competitive advantage. Mr. Moukadam also enlightened
the role of IT and its impact on Islamic banking. CLICK
to Download
PDF
Boubyan
selects Path
Kuwait’s emerging Islamic bank and Path Solutions, a global
provider of software solutions to the banking industry have recently
signed an agreement to help Boubyan Bank reinforce its core banking,
branches, treasury, investment, corporate & consumer banking
and fund management implementation. The contract was signed on
August 16, 2005.
iMAL
Solution will provide Boubyan Bank with a complete set of products
to support the bank’s operational requirements.
Speaking on this engagement, the Chairman and MD of Boubyan Bank,
Mr. Yacob Yousef al Muzaini said: ‘We sought a partner with
a long track record of implementing software solutions that work
well with the structure of our business. iMAL Solution
is one that fits the bill. Our major concern is to solve complex
challenges by improving throughput and reducing operational costs,
with an application that is Basel II compliant’.
Commenting
on this partnership, Mr. Yacob Yousef al Muzaini added: ‘We
were looking for the most experienced and well-established software
companies in the region, that is specialized in the delivery of
solutions in the field of Islamic banking and investments. With
Path Solutions’ iMAL, our bank can adopt a highly efficient
portfolio approach to core banking with advanced capabilities
that enable flexible, personalized, end-to-end control of customers
transactions processes’.
Nazzem Yaghmour joined us as EVP Business Development, in
August 2005
Mr. Yaghmour comes with a wealth of banking and technical
experience. Prior to joining us he held several senior positions
with market leaders of banking software packages providers
such as Misys, FNS (Financial Network Services of Australia)
and Temenos Middle East. He started his career as the IT
Manager at Arab Bank Plc, United Arab Emirates and then
decided to join Misys as a consultant and progressed within
the company to become the Regional General Manager for the
Middle East and North Africa. Nazzem holds a MSc in Computer
Engineering (with distinction) and speaks Russian and English
in addition to his mother tongue Arabic. We welcome Mr.
Nazzem on board and we wish him the best of luck.
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AAOIFI Certificate awarded to Path on 27 July 2005
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was appreciated for its contribution towards the progress
of Accounting and Auditing Organization for Islamic Financial
Institutions (AAOIFI). |
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Amar Bank, Kuwait, selected Path
Amar Finance and Leasing Company-Kuwait selected Path Solutions
for its complete core, treasury and investment banking system.
The agreement was signed on July 9, 2005 in Kuwait.
The selection of Path Solutions after being short-listed by Amar
Finance and Leasing Company is a further recognition of Path Solutions
strategic choice of focus on the specialized needs of the global
financial services industry. The decision to sign this agreement
was based on the two companies’ complementary capabilities.
Path Solutions offers extensive experience and expertise in the
Islamic finance industry, while Amar Finance and Leasing Company
is an emerging Islamic investment firm in the region.
“Our
association with Path Solutions will not only support our expansion
in the region but will further attract foreign investments in
the real estate development projects in Kuwait, to both Islamic
and conventional investors who are keen to participate in a Shariah
compliant investment opportunities”, said Mr. Hamed Mohamed
al-Saad, Managing Director of Amar.
According to Mr. al-Saad: “Path provided Amar with a solution-
iMAL, that is designed to meet the requirements of the Islamic
finance sector by offering its unique skill in helping his organization
access advanced IT technology with minimum security risks”.
“Vendors who are performing well today, have a clear vision
of market direction, and are actively building competencies to
sustain their leadership position in the market.”
"Path’s iMAL Solution provides a modern decision-making
platform with a clear line of sight to turn data assets into actionable
information enabling faster, more informed decisions that positively
impact our organization”, explained Mr. al-Saad.
Kuwait Finance House Bahrain- has gone live in Phase 1, on July
5th using Path Solutions software
Kuwait Finance House Bahrain (KFH Bahrain B.S.C) -announced
that it has gone live using Path Solutions software iMAL,
for its Bahrain branch. The modules in process are Assets, DirectInvest,
Accounting, IslamicInvest, Islamic Profit Calculation, Report
Designer and Others...
The First phase was successfully completed and met the client’s
expectations after a dedicated work done from both parts. This
achievement is another success made by Path and another accomplishment
that makes Path’s name reliable.
KFH signs contract with Kuwait-based software partner Path Solutions(May
1, 2005)
Kuwait Finance House signed a contract to procure and
operate a new system for its investment sector with Path Solutions.
The new system enables clients to monitor their money and transactions
in funds and portfolios via the internet and mobile phones.
Deputy
Assistant General Manager- KFH, Anwar Mohammed Al-Bader said:
“This contract would also improve services in remittances
and currency exchange. Signing the contact attests of the bank’s
intentions of international expansion and venturing into foreign
markets to offer unique solutions that are both feasible and in
line with the restraints of Islamic Shariah”.
For
Path Solutions, Kuwait-based vendor of integrated Islamic banking
software, Board Chairman Ahmed El Sager stated: “A big financial
institution like Kuwait Finance House procuring this system gives
a considerable strategic push forward in the company’s Middle
East growth. The company’s strategy – he pointed out-
is to offer uniquely-tailored solutions. The new system would
thus enable KFH to cut costs, increase efficiency, improve services
and hike productivity all within a Shariah-compatible framework.
Staff would be trained on the system and technical support and
maintenance”, he noted.
Muthanna Investment Company– First Multi-market online trading
system from Path Solutions to go live at Muthanna – Kuwait
March 14, 2005- Al Muthanna
Investment Company has chosen Path Solutions’ iMAL system
for its core banking and e-trading operations.
The modules contracted for by MIC-Kuwait are part of iMAL system
which fully covers the following operations: Islamic financing
products, portfolio management, Funds management, Private equity
placements and Rentals management, KSE trading systems and e-trading
in addition to HR and Payroll, and reporting tools. This comprehensive
partnership offers operators a more powerful and seamless way
of managing information flows and boosts profits. The major contribution
is e-trade, a technically advanced module that facilitates the
effective manipulation of data extracted from the Trading Floors,
data and analysis provided by the brokers. iMAL*e-Trading1.3.
Solution is the most innovative and revolutionary online platform,
to trade Islamic and non-Islamic filtered securities, with several
features.
Commenting
on this partnership, Mr. Abdul Aziz Al Marzook, Senior Vice President-
Muthanna Investment Company, said that: ‘Our association
with Path Solutions will not only support our portfolio management
operations, it will provide us with a very powerful e-Trade tool
that MIC is really looking forward to, and will give MIC a competitive
edge in the market”.
“iMAL*e-Trading1.3. is going to be used to facilitate the
connection between buyers and sellers and to automate the process
of negotiation in context of auction scenarios. Users may decide
to participate in multiple auctions at the same time”, said
Mr. Ahmed El Sager, Chairman of Path Solutions.
“We needed to ensure that our customers are satisfied with
iMAL*e-Trading1.3 Solution, since our offerings are focused on
market needs. The knowledge of these markets helps to provide
customers with a solution that is quick to implement, easy to
use and maintain, and provides tangible benefits”, he added.
About
Muthanna Investment Company KSSC
Muthanna
Investment Company is a fully owned subsidiary of Kuwait Finance
House. It conducts its business in accordance with the Islamic
Shariah; MIC products include wealth management, brokerage, Islamic
financing services. It also deals in conventional and Islamic
funds, including debt funds, money market funds, real estate funds,
venture capital funds, etc.
Being an Islamic investment company; MIC provides innovative Sharia-based
commercial leasing services. Its activities include project financing,
venture capital, private/public placement, advisory & distribution
services for asset managers & financial intermediaries.
Path
Solutions extends its reach to South East Asia
Today Path Solutions announced signing a deal with Amana Investment
Bank Ltd in Sri Lanka for the supply of its Islamic Core Banking
Solution to support the bank in its expansion plans into the Islamic
Retail, Commercial Banking and Consumer Finance arena.
“Over
the past several months, we’ve worked closely with some
of our key customers around the world to demonstrate the value
that iMAL Solution can bring to Islamic Investment,” said
Mr Nazzem Yaghmour, Executive Vice President, Business Development
at Path Solutions. “Our customers can testify to the value
of a complete and modularized software product that is easy to
use, easy to deploy, and easy to configure to meet the unique
needs of their business”.
“We, at Path Solutions, have built our success on a proactive
approach to client care. Amana Investment Ltd researched a lot
for a specific solution, while some solutions had attractive features,
they weren’t very customizable. We had to propose iMAL because
it was capable of being easily customized to fit their exact needs
both today and in the future.”
“As we operate in many countries and for cultural reasons
there are slightly different business approaches in each country,
this is why it’s essential to have a flexible tool like
iMAL to maintain core process workflows, and deliver new levels
of value to our clients”, explained Mr Yaghmour.
“We
looked for a new state-of-art true Islamic Banking solution to
support our expansion plans and desire to provide enhanced services
to our clients. We found that iMAL Solution would be the most
suitable due to its rich functionality and flexibility to be adapted
to our local requirements. It is built on an open platform and
can support our expected high volumes of business. To differentiate
ourselves from the competition, we had to look for a solution
that would enable us to provide quality services that surpass
the services provided not only by other Islamic institution but
also by conventional banks” explained Mr. Faisal Salieh,
Managing Director of Amana Investments Bank Ltd.
The solution will cover Islamic Investments, Trade Finance, Treasury,
Accounting, Customer Services Management and SWIFT requirements.
Founded in 1992, Path Solutions is a market leader in the provision
of integrated, Islamic Core Banking and Investment software
KFH chooses iMAL for TREASURY, FUND-MANAGEMENT
and INVESTMENT BANKING
Kuwait Finance House (KFH Kuwait)-announced that it has
selected Path Solutions as technology partner for its
Treasury, Fund Management and Investment Banking operations.
Mr Anwer M. Al Bader, Deputy Assistant General Manager,
Investment Sector, KFH, and Mr. Ahmed Y. Al-Sager, Chairman,
Path Solutions signed the technology partnership contract
on the 5th of April 2005 at the KFH Head Office in Kuwait,
in the presence of senior officials from the Bank and
from Path Solutions.
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Waleed Al Hasawi, Assistant General Manager, Information
Technology Sector, KFH said, "The decision to partner
with Path Solutions comes at a time when KFH is actively
accelerating its expansion plans, where technology is a
key to success. Due to PATH's in-depth understanding of
Islamic banking we found that Path iMAL Investment Solution
was the best-suited system to meet our Islamic functionality
and operations.
Mr.
Abdulnaser A. Al Subaih, Supporting Operations Manager,
KFH said, ''We are a major financial institution operating
in a very competitive field, and we are striving to offer
our clients the best services possible, therefore, we have
to take advantage of the latest available solutions and
technology to achieve our goals.
“We
selected Path after thorough study of our needs and all
available options, we went through an extensive process
and evaluated a number of software solutions available in
the market before selecting Path Solutions’iMAL
system”, added Mr. Al Subaih.
Path
solutions’ suite of applications is implemented in
leading Islamic Banks including ARCAPITA (First Islamic
Investment Bank), Arab Islamic Bank, Gulf Finance House,
The International Investor and has a strong middle-eastern
customer base.
Mr.
Ahmed Y Al-Sager, Chairman of Path Solutions said: “The
selection of iMAL by KFH is a
further recognition of Path’s strategic choice of
focus on the specialized needs of the Islamic finance Industry”.
Mr.
Naji Moukadam, Executive Vice President Path Solutions said:
"We consider joining KFH as a technology partner as
a major step in achieving our strategic growth in the Middle
East as KFH is not simply one of the largest Islamic banking
institutions in the world but also a leader in innovation”.
Mr.
Jacob Zachariah, Senior Vice President Path Solutions said:
“iMAL will allow KFH to
reduce cost, improve efficiency and customer service in
a much more productive way without compromising on quality
and business results”.
The
agreement between Kuwait Finance House and Path Solutions
covers professional on-site implementation as well as staff
training, software maintenance and ongoing support. Professional
on-site Requirements Analysis has already commenced at the
KFH Head Office in Kuwait and iMAL
will be up and running by July 2005. Mr. Mohammad Arif Shaikh,
KFH Business Consultant and Mr. Jacob Zachariah, Path Solutions
Senior Vice President are the Project Managers for the iMAL
system implementation. |
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KUWAIT FINANCE HOUSE (KFH) Selects Leading Islamic Banking
Software Solutions Provider - PATH SOLUTIONS - as IT Partner
for Its Bahrain Branch
Kuwait Finance House (KFH)- announced that it has
appointed leading Kuwait based vendor of integrated Islamic
banking software, Path Solutions, as its new technology
partner, for its Bahrain branch.
Path, one of the Islamic industry’s most reputable
and leading software provider has reached with KFH an agreement
which will enable them to enhance their business and technology
Service practice.
The Agreement is still on process and will includes : Assets,
DirectInvest, Accounting, IslamicInvest, Islamic Profit
Calculation, Report Designer and Others..
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Path
Solutions has signed with Al Muthanna as IT Partner for
its core banking and e-trading
Al Muthanna has selected Path after thorough study
of their needs and all available options.
Path solutions partnership with Al Muthanna will include
Treasury, Investment, fund Management in addition to other
business areas covered such as corporate banking, HR and
Payroll, and Admin operations. This comprehensive partnership
offers operators a more powerful and seamless way of managing
information flows and to boost profits.
Path
Promised to reduce cost, improve efficiency and customer
service in a much more productive way without compromising
on quality and business results.
Module's
brief iMAL*Treasury is s a system
that handles all Islamic treasury transactions for the bank,
its mutual funds and on behalf of its customers. It enables
treasury solutions, where as, you can streamline global
treasury operations, and make smarter decision about your
cash liquidity placements.
Due to the proper management and the automation processes,
you’ll be able to have a complete view of your exposure
as well as an accurate assessment of your current and clients’
positions, thus providing an effective analysis of your
financial performance and giving you more control over managing
your cash, their maturity and related mismatch.
The system caters for all Islamic treasury instruments such
as: Placement, Borrowing, Forex, exchange of deposit, Mudharaba,
Murabaha & Reverse Murabaha transactions.
iMAL* IslamicInvest caters for
corporate and retail Islamic investment and financing, and
in specific bank, mutual funds and customer restricted and
unrestricted investment. The system handles operations from
front office to back office along with related reporting
at different levels like maturity and investment analysis.
The system is highly parameterizable, and handles all instruments,
such as: Murabaha, Mudaraba, Ijara, Istisnah, Salam, etc…
Using iMAL*IslamicInvest transactions
can be processed for the bank, bank customers and managed
funds. The System generates automatically the required accounting
entries and all related confirmations.
iMAL*DirectInvest
Fully caters for Direct investments; Where each deal represents
many companies of different types and roles, such as: Syndication
companies (Synco), Permanent voting companies (PV), Permanent
non-voting companies (PNV), Holding companies (HolCo), and
Operating companies (OpCo), etc. Data entry is done at a
macro level, thus minimizing time and error. The system
handles all kind of investments, such as investment placements,
Self-Lending, REITS. etc.
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KREB
has selected Path Solutions as a Partner vendor for its
banking operations mainly Assets and Islamic Investment
modules
The selection of Path by KREB is a further recognition
of Path’s strategic choice of focus on the specialized
needs of the Islamic finance Industry. The decision to
sign this agreement was based on the two companies' complementary
capabilities. Path Solutions offers extensive experience
and expertise in the Islamic Finance Industry, while KREB
is a leading bank in the region.
'iMal
will allow KREB 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
The agreement between KREB and Path Solutions covers Assets,
Islamic Invest, Swift, Integration Manager and Others
Furthermore,
the strength of both the companies’ relationship
will help to accelerate growth and build new relationships
with customers looking to take advantage of the new technology.
Module's
Brief iMAL*Assets is a comprehensive
asset, portfolio and fund management system that caters
for all industry standard Securities and related operations,
such as: shares, options, bonds, warrants, futures, certificates
of deposits, treasury, bills etc. It empowers the bank
and investment companies to manage the institution related
Assets, Funds and Portfolios along with the customer’s
related investments (whether they are of a custody type
of portfolios, managed by the client or managed by the
bank itself). The system operates in a central mode, where
whenever any transaction is processed in the main company
for any fund, the system will automatically process the
relevant entry in the fund book.
Apart from handling all types of transactions, the system
computes various types of expenses and incomes such as
Management fee, Custody fee, Incentive fee, etc.
Moreover, the system handles Margin trading, collateral
management, and custodian management. The system offers
all kind of reports and charts with drill down facility,
such as, Performance analysis, Customer valuation, Statements,
Positions, Cost-to-Cost and Mark-to-Market reports, What-if
analysis. etc.
iMAL*IslamicInvest
caters for corporate and retail Islamic investment and
financing, and in specific bank, mutual funds and customer
restricted and unrestricted investment. The system handles
operations from front office to back office along with
related reporting at different levels like maturity and
investment analysis. The system is highly parameterizable,
and handles all instruments, such as: Murabaha, Mudaraba,
Ijara, Istisnah, Salam, etc… Using iMAL*IslamicInvest
transactions can be processed for the bank, bank customers
and managed funds. The System generates automatically
the required accounting entries and all related confirmations.
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AAOIFI Conference, Bahrain
Path participated as a silver sponsor in the AAOIFI
conference that was held on the 6 & 7 February 2005.
The conference provided a stimulating and effective environment
for the dissemination and discussion of current information
relating to regulatory issues and accounting, governance
and banking practices in the Islamic financial services
industry. The Goal of Path was to have an active role in
accelerating the development of Islamic financial services
and enhancing the profile of Islamic finance globally.
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Copyright © 2003 - 2010 Path Solutions
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