News


Haydrian International and Path Solutions Join Forces

December 27, 2006 - Haydrian continuing its product portfolio by adding a solution to satisfy the demands
in the growing banking sector: Islamic Banking

Path Solutions, a proven leader in the provision of Islamic and Investment software solutions to banks and financial institutions, and Haydrian Corporation, a global provider of Anti-Money Laundering (AML) analytics, risk management and reporting technologies, announced earlier this month their decision to form a partnership for the provision of mutual services and products. Haydrian will broaden its product portfolio by reselling Path’s famed iMAL, an integrated suite of services reflecting an extensive range of Islamic business practices, and Path will resell Haydrian’s AML solution XM3, as well as the integration of XM3’s AML detection model into their Core Banking solution.

This new partnership with a forward thinking company like Path Solutions is key for Haydrian; “By expanding our product portfolio, we are now able to offer more first tier products to our customers and meet the growing demand for compliance and banking solutions in the Middle East, Gulf and North-African Markets. Partnering with Path is the perfect opportunity to grow another important alliance in the region. Together we can offer banks and financial institutions a one-stop shopping when it comes to their banking and compliance needs,” said Johnny Harb, General Chairman for Haydrian MENA.

Haydrian’s XM3 is a world-class, first tier AML monitoring and compliance solution designed by subject matter experts in the areas of AML detection, risk management, human behavior modeling, pattern recognition and information technology. Haydrian XM3 is designed to deliver a comprehensive and robust AML solution that integrates seamlessly with financial institutions’ operational systems and provides both batch and real time AML monitoring, proactive detection, and user-friendly reporting capabilities across a full spectrum of financial activities. XM3 is designed to be fast, reliable, secure, easy to deploy and reusable on any platform.

Path Solutions next-generation enterprise technology, iMAL, is a high-performance, high-speed,high-bandwidth, point-to-point solution. It provides a flexible, scalable modular architecture for all applications.iMAL is being designed from scratch to enable a powerful and service-oriented banking infrastructure without restrictions and with minimum disruption to banking operations. It is an Islamic competitive advantage-providing a large portfolio of products and services to support all functions within an organization.

“As a part of Path Solutions, we can expand our reach and capabilities to the financial marketplace with a much broader set of solutions,” said Naji Moukadam, Path Solutions President. “Banks searching for an end-to-end solution that can deliver large-scale operations and in specific Business Intelligence performances will need to look no further. The combination of Path Solutions deep expertise with Haydrian’s Compliance is a powerful union that can give clients a deeper pool of resources for both prevention and risk management", Moukadam concluded.

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2006 World Islamic Banking Conference held in Bahrain - sponsored by Path Solutions

December 22, 2006 - The World Islamic Banking Conference (WIBC), the world's largest platform committed to improving the performance of the Islamic financial industry has took place on 10 and 11 December 2006 at the Gulf International Convention Centre in Manama. The conference aimed at providing an invaluable learning environment for anyone addressing Shariah interpretation issues and key success factors in an increasingly competitive and maturing market. The WIBC event was sponsored, among others, by Path Solutions. Almost 300 people attended the conference sessions amid Shariah advisors and representatives of several Islamic financial institutions
For more details about the conference please see the conference website: www.megaevents.net/wibc

Path Solutions wins a rewarding contract with ABN AMRO – Pakistan

November 20, 2006 – Enterprise banking services provider Path Solutions today announced that ABN AMRO Pakistan has selected iMAL to support its banking operations in Pakistan.

The iMAL Solution was chosen by ABN AMRO after an extensive evaluation process over the course of several months. The solution will be implemented across all lines of the bank’s business in Karachi.

Emphasizing the need for ABN AMRO to differentiate itself from competitors, Mr. Humayun Jamshed, Head of Islamic Banking, ABN AMRO, said: “The core issues we are dealing with are servicing the expectations of our customers, cutting our operational costs, and out-pacing our competition in the marketplace. Implementing iMAL will help us meet these objectives.”

“We required a comprehensive solution with the flexibility to address the evolving requirements in the banking sector,” he added, “being equipped with a robust Islamic financing system will help a lot and most importantly,iMAL demonstrated the capability to manage all operational needs of a worldwide bank such as ABN AMRO.”

Commenting on the win, Mr. Nazzem Yaghmour, EVP Business Development, Path Solutions said: “We are no doubt pleased to have been short-listed by ABN AMRO and we will work closely with them to ensure that our solution runs smoothly within the bank’s entire IT infrastructure.”

“Path Solutions has moved from being just a business enabler to being a business driver. To be really competitive, banks need to think beyond just basic automation, and that is exactly what we have done at ABN AMRO,” Mr. Yaghmour concluded.

About ABN AMRO – Pakistan

ABN AMRO was established in 1948 and was the first foreign bank to be granted a license by the Government of Pakistan. With total assets of over PKR 66.5 Billion, equity of PKR 4.5 Billion, and deposits of almost PKR 52 Billion, ABN AMRO is placed and well positioned as one of the larger foreign banks in Pakistan. Over the last four years, ABN AMRO has significantly enhanced its profile in Pakistan, and is comfortably ranked amongst the top 3 foreign banks in the domestic market.
For more information about ABN AMRO Pakistan, please visit: www.abnamro.com.pk

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Path Solutions signs deal with Al Sham Bank of Syria to provide end to end solution

November 18, 2006: Newly launched Al Sham Bank of Syria has awarded a significant information technology contract to Path Solutions.

The contract will see Path Solutions implementing its Shariah-compliant iMAL enterprise solution, an on-line real-time system that allows the said bank full access to a complete Islamic-based banking scheme with various financing and leasing products.

“We are proud of partnering with Al Sham Bank”, said Ahmed Al Sager, Path Solutions Chairman. He clarified that the agreement insures providing the latest technologies solutions in credit financing and information processing such as gathering, retrieving and storing information which is one of the most significant method to communicate between the bank and its customers.

Implementing iMAL will allow more purposeful customer engagements through traditional channels such as branches.

According to Dr. Faisal El Khatib, Co-Founder of Al Sham Bank, “the bank’s management selected iMAL after an in-depth technical and business analysis”, reaffirming iMAL as the platform of choice for Islamic banks that aim to grow rapidly based on highly differentiated Shariah-conformed product offerings.

Naji Moukadam, President of Path Solutions commented: "Al Sham Bank is a very prestigious win for us, and we are confident that we will provide Al Sham Bank , the way we provided prominent banks in the region, such as Arcapita Bank, Kuwait Finance House, Gulf Finance House, Kuwait Real Estate Bank, Bank Muscat and others the competitive advantage to stay ahead of competition.”

Path Solutions views the opportunity in the Islamic Banking market with great seriousness and sees much business potential in taking iMAL to similar financial institutions in other parts of the world.

About Al Sham Bank - Syria

Al Sham Bank is a USD 100 million newly born Islamic Bank in Syria, including USD 50 million in paid up capital. A majority of 51 percent of the shares of the bank is owned by Syrian investors while 49 percent belong to Al Shall and other partners from the Gulf. These partners include the Investment Dar Company, from Kuwait and the Islamic Development Bank, based in Saudi Arabia.

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January 12, 2007 - In the highly competitive technology sector Path Solutions has won a prestigious award in recognition for its dedication in servicing the Islamic Finance industry. The Award of the Best Islamic Finance Technology has been conferred to Path Solutions by the Islamic Finance News, in the Best Islamic Banks Poll 2006 organized by Redmoney.
Islamic Finance News recognizes the top Islamic banks and firms that made the greatest impact on the Islamic finance industry during the past year.

A total of 30 awards are being presented for a range of Shariah compliant businesses covering several categories, such as Islamic Banks, Islamic Rating Agencies, Islamic Advisory firms and Takaful companies.

“We are delighted to have received this award, which is a demonstration of International recognition of our pioneering work being undertaken in the area of Islamic Finance”, said Nazzem Yaghmour, EVP – Business Development, Path Solutions. "The rapid growth we have experienced, highlighted by this recognition, is a testament to the wide adoption of our technology, the dedication of our employees and the strength of our international partners", he added.

Path Solutions, the leader and fastest-growing provider of modularized and fully integrated software solutions to the Islamic financial institutions offers a broad array of services including consulting and project management, system implementation, training and support.

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United Bank Limited signs licensing pact with Path Solutions

January 10, 2007 – Path Solutions, the global provider of enterprise applications for the financial services industry, today announced that United Bank Limited (UBL) has selected Path Solutions famed iMAL for its Islamic banking operations in Pakistan.

The agreement stipulates the implementation of iMAL – Path’s pure product for Islamic banking practices at UBL Ameen. iMAL will be the core-banking platform for the said business, powering its Islamic retail, corporate and investment banking operations.
“From the very beginning, we wanted a proven technology partner who could look after our needs and I am confident that the implementation of Path Solutions’ iMAL will lead UBL Ameen to achieve customer service excellence while providing total Islamic-based banking products,” pointed out Mr. Hussain Mazhar, Group Head, UBL Ameen, United Bank Ltd.

Path Solutions iMAL Islamic Banking Suite has been specifically designed for Islamic financial institutions and it is already used by many prominent banks in the Arab Peninsula since its launching in 1992. These include ABN AMRO Pakistan, Bank Muscat Riyadh, IIAB Jordan and Arab Islamic Bank Palestine.

“We are excited to be working with Path Solutions in this strategic and global initiative. Being the first to launch a product is not enough anymore, since products can be copied very fast. It is the customer service level which matters - and that's where technology comes to our rescue. iMAL has the ability to operate within the highly nuanced Islamic banking practices while integrating our bank with global banking norms. It will offer UBL Ameen a single customer view and provide automation across multiple delivery channels”, Mr. Mazhar added.

Speaking on the same occasion, Mr. Wissam Bushnak, EVP operations – Path Solutions, said: “Competition in the financial services sector has become intense, as banks compete with each other in providing better services and superior banking products to their discerning customers. In this complex and fast-changing environment, it is often the flexibility of banks to adapt to more customer friendly technologies that sets the competition apart. I must congratulate UBL Ameen -Islamic Banking for taking a significant step in that direction. Through our strategic partnership, we shall endeavor to serve and support them in particular and the Islamic banking community in general”.

About United Bank Limited

United Bank Limited (UBL) is one of Pakistan’s largest private sector banks with assets of over Rs.380 billion, a network of nearly 1,050 branches and over 2.8million customers. UBL also has 15 overseas branches in the Middle East and the US, as well as subsidiaries and rep offices in the Middle East and in Europe. With over 47 years of sound standing in Pakistan, UBL has earned for itself the distinction of being seen as a progressive customer-driven bank. For more information about UBL, please visit: www.ubl.com.pk

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Path Solutions eyes on the Swiss financial market November 15, 2006 - Path Solutions, a recognized market leader in the provision of Islamic and Investment software solutions for banks and financial institutions was pleased to sponsor and participate in the International Islamic Finance Forum held November 13-16 in Zurich, Switzerland.

The conference examined a wide range of Islamic financial issues, such as Islamic bonds, investment banking, wealth management and risk management.

With the Swiss tradition of hospitality, the participants felt very much welcomed and Switzerland once more confirmed its recognized leadership position as the Financial Centre for Wealth Management.

Speakers such as Rushdi Siddiqui, Global Director, Dow Jones Islamic Indexes-USA, Maurice Baudet, Director General Association Suisse des Gérants de Fortune (ASG) and Nazzem Yaghmour, EVP Business Development, Path Solutions covered topics on Alternative forms to conventional banking and IT Integration - Operational requirements and systems. www.iiff.com

Path Solutions – Lebanon, Annual Awards Dinner - winners announced

	October 22, 2006 - Path Solutions annual awards dinner took place on October 20, 2006 at Karamna Restaurant in Downtown Beirut. The highlight of the evening was the announcement of the Best Employees of the Year 2006 of the following awards: • For Distinguished Attitude and Support during turbulent times: Solange Nassar and Joseph Merhej. • For their Sense of Responsibility and Commitment to achieve: Maguy Aoun, Issam Jebara and Ali Hossary. • For Resilience and Agility: Tarik Ariss and Salam Slim. • And for Loyalty and Dedication: Mohammed Temsah. Naji Moukadam, Path Solutions President congratulated each of the recipients.

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Successful WIIF Conference & Expo 2006 in Doha completed

October 9, 2006 – The World Islamic Infrastructure Finance Conference today announced the successful completion of its sessions held under the theme of “Conventional & Islamic institutions working together to deliver large-scale infrastructure projects”.

“We’re extremely pleased with the results of the 2006 WIIF Conference,” said Nazzem Yaghmour, EVP Business Development at Path Solutions. “The conference program was very well attended. Experts came from around the globe to examine the latest products and solutions and to hear about emerging trends in the Islamic Finance industry. The exhibit hall was crowded, and the media coverage was also tremendous”.

The Inaugural Address at the Opening Ceremony was delivered by H.E. Youssef Hussain Kamal, Minister of Finance of the State of Qatar & Chairman of the Qatar Financial Centre Authority.

Distinguished faculty of speakers & panelists have engaged a stimulating debate on major issues such as the huge market growth in Islamically structured transactions to meet the financing requirements of infrastructure projects.

For more information on the event, visit: www.megaevents.net/wiifc

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Kuwait-based software provider Path Solutions signs contract with Capital Management House-Bahrain

September 19, 2006 - Path Solutions, a leading provider of software solutions to the banking industry today announced a strategic partnership with Capital Management House – Bahrain for the supply of iMAL Solution to help CMH reinforce its Core Banking, Treasury, Investment, Private Equity and Fund Management implementation.

iMAL Solution will provide CMH with a complete set of products to support the bank’s operational requirements.

The contract has been signed on September 18, 2006 in Beirut – Lebanon.

On completion, and under this partnership, Path Solutions will help with the upskilling of CMH, with emphasis on Shariah compliant asset management, fund management, private equity, new issue underwriting, as well as providing capital market operations and financial and investment advisory services.

About Capital Management House

Capital Management House (CMH), a newly-licensed Islamic investment firm with a global focus, is incorporated in Bahrain as an Islamic investment company. The firm, which has a paid up capital of US$47.7 million, has been established by prominent institutions and business groups from Bahrain and the region.

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Path Solutions was among the participants in the 4th Annual Islamic Funds World Conference

September 11, 2006 - The conference that was held recently in Dubai proved to be a resounding success. Both exhibitors and visitors were extremely upbeat about the results. From the 3rd till the 6th of September 2006, Path Solutions was there to emphasize its determination to take part in Dubai's development process and contribute to its growth, considering the matchless economic and financial stability that Dubai enjoys along with its fast-growing Islamic wealth management industry. The 2006 Funds World Conference drew a lot of professionals from across the Gulf region and provided the ideal platform for debate.

Path Solutions provides extensive package of integrated software solutions specially designed for Islamic banks and investment companies to foster their competitiveness in the global market.

For more information on the event, please visit www.fundsmanagementworld.com

Path Solutions participation in the 3rd Annual Asian Islamic Banking & Finance Summit in Kuala Lumpur was a grand success September 10, 2006 - The inaugural Path Solutions 2006 exhibition held in conjunction with the 3rd Annual Asian Islamic Banking & Finance Summit ended a successful two-day run at the Mandarin Oriental – Kuala Lumpur.

Rapid development of the financial infrastructure in the region, coupled with the emergence of Shariah compliant products has meant that software-related industries are experiencing an unprecedented surge in growth.
The 3rd Annual Asian Islamic Banking & Finance Summit was organized to tap into that potential and put leading industry players and suppliers in touch with their target markets in the South East, Far East regions and the Indian subcontinent.

With the focus of the Islamic Finance industry increasingly on Malaysia, the summit attracted considerable interest from key industry leaders and major regional players.

Path Solutions aims at providing first-class integrated software solutions and services to keep pace with the evolving changes in the competitive and dynamic world of Islamic banking.

For more information on the event, please visit www.euromoneyseminars.com/aibf06

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Leading Islamic Banks Treasurers attend Path Solutions Users Group 2006 held in Lebanon

June 25, 2006 - Under the theme: ”Working Together for Better Treasury”, leading Islamic banks Treasurers gathered in Lebanon on June 16 - 17, 2006 to attend their first Islamic Treasury Users Group ‘ITUG’ organized by Path Solutions. ITUG members addressed major current and future challenges faced by Islamic banks, supporting the growth and betterment of Islamic Banking and discussing the related impact on IT.

For Path Solutions, the first community of Islamic Treasurers was set-up. Treasurers of other Islamic banks world wide are welcomed to join and participate in its activities in defining the future direction of Islamic Treasury instruments.

Commenting on the event, Mr. Naji Moukadam, President of Path Solutions said: “Demand for Islamic banking has grown exponentially over the last decade. Path Solutions, as a recognized firm in the provision of true Islamic Banking solutions, is committed to support the evolvement of Islamic Banking and therefore is taking the lead working closely with major Islamic Banks partners to deliver unparalleled modern technology software services that are secure and adhering to Shariah and regulatory requirements”.

“Innovation comes from the core community of experts”, he added. “Our ongoing commitment to the industry has reached a new level with our decision to adopt an open and transparent approach in assisting banks in their Islamic Treasury operations”, Mr. Moukadam concluded.

For further information, please contact: IT_Community@path-solutions.com

- ITUG Testimonials:
The concept itself of bringing the users together and face to face with the vendors is a very new and positive step. It shows the commitment Path Solutions has for the users in particular and to Islamic banking in general.

When I do an introspective analysis, I have to accept that the amount of thinking that we as users, and Path as developers put in during those 2 days and the dedication shown was excellent. It was in fact a unique opportunity in the cause of Islamic banking.

The service provided by the team and the personal care they showed is to be enshrined in golden letters.

Hats off to your team!! It was indeed an honor to be associated with such a nice team and makes me feel ready to contribute more towards the efforts you are doing.

May God bless you all and give prosperity to Path Solutions and its family.

Regards,

Jamal Jaffar

Boubyan Bank .

Thank you very much for your kind hospitality and the opportunity that I have got to share the fruitful ideas and knowledge. Please keep me updated regarding the views from other members.

I would like to thank you all for your warm hospitality. For me the program was not only about iMAL Blotter but it was about sharing knowledge. I have benefited a lot from your program especially from Mr. Naji who has an excellent way in presenting the subject and knowledge in different fields.

I would also like to take this opportunity to thank all Path Solutions team for their tremendous effort to provide the best in terms of hospitality and knowledge.

Kind regards to Mr. Naji, Mr. Wissam, Mr. Issa, Mr. Nazzem, and all Path Solutions team.

Alaa Shafie

ARCAPITA

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The program was excellent. We learned about new enhancements the user would like to find in the system. Myself and my colleague Moh’d Amin appreciated the efforts executed by Path Solutions team to empower a system specially made for the Islamic financial sector. This event was an opportunity to discuss directly with professional people that run the company.

Best Regards,

Mohammed Al Muqbel

GFH Bahrain

This is a thank-you letter to Path Solutions after returning from our recent orientation trip to Lebanon. In addition to the very pleasant and luxurious surroundings, the setup was well thought out and well planned.

As to meeting and getting to know other fellow users, it was a great opportunity to express our ideas and recommendations, and to view the latest in Path technology. It was definitely a meeting of mutual benefit to all, from both points of view as a user and production team member.

Many thanks for the workshop, and looking forward to a long and successful relationship.
Regards,

Hussain Ali Abdul Haq

KFH Bahrain

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Path Solutions President, Naji Moukadam speaking on the role of IT in IIFF - Asia

June 16, 2006 - Path Solutions was the Gold Sponsor for the International Islamic Finance Forum held in Singapore between 12 and 15 June 2006. The event brought together investors, wealth managers and key players to identify new growth opportunities in Asia and to facilitate knowledge sharing on critical Islamic Finance related issues in a multi-billion dollar industry. IIFF-Asia focused on the differences between Conventional and Islamic Wealth Management, the innovations needed in Islamic Asset Management and on the current state of Islamic Accounting standards.

Path Solutions President, Mr. Naji Moukadam spoke at one of its interactive sessions on “The Implication of IT in Islamic Banking”. Mr. Moukadam addressed the audience on the role of IT and its immense potential in Islamic Finance to increase market share. According to him, “IT is now permeating every conceivable aspect of bank’s business and is often the tool of choice for improving Islamic product effectiveness and customer satisfaction to increase market share”. Commenting on the speech, Mr. Mohammed Shaheed Khan, Product Manager, Islamic Banking Division at ABN AMRO-Pakistan, said that “Path Solutions is doing a great job in providing banks and financial institutions with a cost effective Islamic IT solution for all their banking operations”. Click here for more on www.iiff.com

Path Solutions at the 8th AAOIFI Annual Conference on Islamic Banking and Finance in Manama

June 13, 2006 - The event held under the auspices of Bahrain Monetary Agency and attended by 300+ participants from major Islamic financial institutions took place immediately before the CIPA training.

The CIPA training or the Certified Islamic Professional Accountant program is designed to equip accountants involved or intending to be involved in the Islamic financial services industry with an esteemed professional qualification.

Path Solutions, as a major developer of software solutions to the complex financial industry was the gold sponsor of the event, and Path experts were among the registered in the CIPA program.One of this year AAOIFI conference key objectives was to establish and harmonize Shariah decrees in order to get a unified reporting disclosure for the various products and instruments of banking operations.For further information on AAOIFI, please go to: www.aaoifi.com

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Path Solutions commitment to Islamic Finance - exhibiting at the IFSB 2006 Summit in Beirut

May 19, 2006 - The IFSB Summit, themed “Aligning the Architecture of the Islamic Finance to the evolving Industry Needs”, held on May 17 and 18, 2006 in Beirut under the patronage of H.E. Fuad Siniora, Prime Minister of Lebanon, has brought together Central Banks’ Governors, distinguished global personalities and some 250 practitioners representing various international, regional and local institutions. Delegates at the two-day summit were in favor of implementing a uniform, industry-wide set of Islamic banking regulations, with a focus on strengthening the role of Islamic Finance in the world economic development. Once again, the exhibition proved to be very successful evidenced by the heavy attendance. Path Solutions who was the only software provider attending and sponsoring this event was the focus of attention by many of the delegates. Path Solutions specializes in the provision of high quality integrated software solutions to Islamic financial institutions. Together with high profile sponsors and media partners, this 3rd IFSB Summit has been positioned as the highest networking platform for Islamic financial experts and bankers. The Islamic Financial Services Board serves as an international standard setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. For more information on the 3rd Islamic Financial Services Board Summit, visit www.ifsblebanon.com

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Path Solutions sponsors the WIFC 2006– Bahrain

May 9, 2006 - The two-day conference held on May 7 and 8, 2006 in the Kingdom of Bahrain, attracted more than four hundred delegates from the Islamic finance industry worldwide and saw key debates, speeches and deliberations on the forces and instruments shaping and developing Islamic capital markets across its multiple territories.

Path Solutions EVP-Business Development, Mr. Nazzem Yaghmour who was present at the conference commented: “The World Islamic Funds Conference was an excellent event that brought together Shariah scholars and Islamic bankers to discuss challenging issues facing the industry. Path Solutions is very pleased to have participated as a Technology Partner in this event.”

The conference also recognized corporate contributions to the development of the sectors and presented two awards for outstanding contribution to the development of capital markets and Islamic funds.

QMI Certificate re-issued to Path Solutions

March 31,2006 - Path Solutions has successfully completed QMI’s registration program, demonstrating one more time that its Quality Management System is in compliance with ISO 9001:2000. Being registered certifies Path Solutions, as having in place procedures to control processes to help insure standardization in delivering quality performance in manufacturing and services. Path Solutions fulfills the stringent requirements of ISO 9001:2000 for the following field of activities: Software Design, Development and Implementation. The certificate helps Path in implementing its quality system; communicating its policy, procedures and ensuring compliance.

Path Solutions honored at the 2006 International Islamic Finance Forum for its distinguished achievement and Global Continuing Contribution to Islamic Finance

Path Solutions has been credited for its revolutionary competitive advantage-providing iMAL solution, an Islamic-compliant rich in opportunities to empower banking and financial institutions. “We are extremely honored to be receiving this prestigious award,” stated Mr. Naji Moukadam, Path Solutions President. “Such recognition provides further validation that Path Solutions is continuing to provide best of breed software components to streamline the development of the Islamic banking sector by creating unparalleled Shariah-compliant new products through technologies that promise to exceed customer expectations”. “Path, as a regional key player, will become increasingly valuable to clients all around the world and will continue to work hard to better serve the needs of its customers”, he added.

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The International Islamic Finance Forum The International Islamic Finance Forum held in Dubai between 19 and 23 March 2006 was a unique and successful event to bring together diverse parties involved in the Islamic banking and investment industry. It included a public gathering to discuss financial issues, a meeting of the minds to exchange ideas, a time for communication and networking. This forum was gold-sponsored by Path Solutions, an Award Winner for its Global Contribution to Islamic Finance. Some 250 guests have attended the event. Guests made up of senior figures from the banking and financial community in the Middle-East along with the senior management of companies nominated for an award.

- PATH SOLUTIONS CELEBRATING WITH CLIENTS AND PARTNERS THE IIFF AWARD FOR PATH'S GLOBAL CONTRIBUTION TO ISLAMIC FINANCE IN IT ON A DINNER THAT TOOK PLACE AT JUMEIRAH BEACH HOTEL, DUBAI.

The Islamic International Arab Bank of Jordan adopts Path Solutions latest technology

March 9, 2006 – Path Solutions today announced that it has signed an agreement with Islamic International Arab Bank, a fully owned subsidiary of Arab Bank PLC, the largest bank in Jordan to globally cover their worldwide banking operations. The plan is to start in Jordan, then Qatar and then will move to other countries.

The Enterprise Islamic Banking Solution chosen by Islamic International Arab Bank is
iMAL and the modules contracted include between others: iMAL*Accounting, iMAL * Nostro Vostro, iMAL*CIF, iMAL*Islamic Invest, iMAL*Treasury, iMAL*Anywhere, iMAL*FAS, iMAL*BI.

‘The Islamic International Arab Bank’s decision to adopt Path Solutions technology reinforces strength of our industry through our market desire to deliver to our customers a wider and more flexible range of products, if we are to fully understand the dynamics of today’s growing need for a highly efficient portfolio approach. We appreciate Path Solutions commitment to investing in the continuous evolution of their iMAL solution. Our aim is to join the growing list of industry leading banking institutions in the Middle East region”, said Mr Nihad Maraqa, Deputy GM, Head of Operations Division at the Islamic International Arab Bank.

Mr Ahmed El Sager, Chairman of Path Solutions, said: ‘Our implementation staff is going to work very closely with the Islamic International Arab Bank to ensure a well-planned, smooth, and timely transition from their previous system to iMAL. Our solution provides tools and functionality for banks to react rapidly to the challenges of the ever-changing demands in heterogeneous environments, with faster deployment and reduced risk’.

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Path Solutions has been ranked the world's number One dedicated Islamic Banking System vendor for 2005 in the influential International Banking Systems Annual Sales League Table

March 4, 2006, Path Solutions announced that IBS, International Banking Systems, gave Top recognition to PATH SOLUTIONS by placing it first as BEST selling truly Islamic banking software vendor, and the 8th Worldwide in Retail System Vendors, in its annual Sales league Table. IBS Publishing is recognized to be the industry’s leading honor because it is determined solely by a worldwide annual survey of sales of banking solutions, including universal, corporate, Islamic, retail and private banking.

About iMAL, Islamic Banking and Investment System

iMAL is a new generation of comprehensive enterprise , Islamic banking and investment system addressing the in-depth business functionality and the state-of-art technology in a single highly integrated front, middle and back office system, to provide an effective Straight Through Processing-STP. iMAL is based completely on the Shariah guidelines and is in full compliance with the AAOIFI and IAS standards.

Establishing Singapore as an Islamic Financial Hub ( Conference and Exhibition)

Path Solutions is pleased to say that its latest Exhibition and Conference held in Singapore ( Establishing Singapore as an Islamic Financial Hub) on the 21st and 22nd of February 2006 proved to be very successful. The event explored Islamic Banking opportunities in Singapore to keep up with the increasing trend in the region, of funds being channeled from conventional to Islamic banking. During this event, Singapore Exchange (SGX) in partnership with FTSE Group launched the FTSE SGX Asia Shariah 100 Index. which is made up of 100 Shariah-compliant stocks, and will be used as a basis for the creation of financial products such as Exchange-Traded Funds and Over-the-counter trading instruments.

Our conference speaker in this event, Mr. Nazzem Yaghmour, Executive Vice-President, Business Development at Path Solutions, spoke about the benefits of introducing Islamic Banking and Finance products in Singapore by examining the advantages that Singapore has as an International Finance Centre in the Far East.
For more information on this event, visit: www.iqpc.com.sg

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Path Solutions participated in the MEFTEC 2006

Path Solutions participated in the Middle East Financial Technology Exhibition and Conference held between the 13th and the 15th of February 2006 in the Kingdom of Bahrain, under the auspices of the Bahrain Monetary Agency. Exhibiting in this prestigious trade show, the premier ICT event for the Middle East’s financial services industry, in partnership with the leading financial technology providers, came with the signing of two important deals with the Ahli United Bank of Bahrain, and the Islamic International Arab Bank in Jordan.

Ahli United Bank-Bahrain, Path Solutions goes J2EE

February 7, 2006 - Path Solutions, the leader in the banking software industry, today announced that Ahli United Bank-Bahrain has signed an agreement for the acquisition of a new version of iMAL Software Solution, starting from its subsidiary in Qatar. This confirmation marks the successful conclusion of negotiations done between the Ahli United Bank-Bahrain and Path Solutions Executives. It is expected that the deal will be completed in early september 2006. There will be 2 phases for the implementation, but Ahli United Bank will be ready to offer its services to the public at the end of the first phase. The agreement covers future upgrade to its first iMAL J2EE version, also provided by Path Solutions.

Ahli United Bank’s selection of Path Solutions iMAL system is ‘attributable to the advantages that it offers to its clients, including the ability to provide and quickly deploy fully integrated modules with exact fit to business requirements and operational cost efficiencies, said Mr Ahmed El Sager, Chairman of Path Solutions. ‘We are very appreciative of the confidence that Ahli United Bank has expressed in choosing to continue working with us. It is a mutual and beneficial long-term relationship’, Mr El Sager added.

‘It is a global deal covering our world wide operation. The plan is to start in Qatar and then move to other countries. The contract covers future upgrade to our existing iMAL J2EE version. Path Solutions is a very reliable partner and in our evaluation process we were impressed by its iMAL system, proven track-record and the expertise it was able to demonstrate’, said Mr Abdullah El Raeesi, Deputy Group CEO, Retail Banking, Ahli United Bank-Bahrain.
Path Solutions already has a strong presence in many of the Middle East principal financial sectors and this will provide opportunities for further expansion of existing operations, as well as the development of new markets.

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