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News
Path Solutions bags Capital Issues Year 2008 Award
December
28, 2008 - Path Solutions has been adjudged the Best IT
Solutions Development Firm for the Year 2008 by Lebanon-based
Capital Issues of Data & Investment Consult group.
The
Awards Gala Ceremony which was hosted by H.E. Mr. Ziad
Baroud, Lebanese Minister of Interior and Municipalities,
was held at the Crowne Plaza – Beirut on December
23, 2008 with top leaders in the economic and financial
industries in attendance.
The
Capital Issues Yearly Award is decided on the basis of
innovative technologies and quantitative achievements
made by selected organizations during the previous year.
It was handed over to Dourria Mehyo, VP Product Strategy
who represented Path Solutions at the ceremony. |
e-Support Service Portal
November
25, 2008 – In
its strive for excellence in support services, Path Solutions
is launching its e-Support Service Portal to enable its clients
to log and follow-up on their technical requests on-line.
The
e-Support Service Portal offers customized information that
our clients can access any time by their authorized staff. The
technical requests are immediately received by our dedicated
professionals, evaluated and worked upon as per their adequate
service level.
The
e-Support service is designed to streamline and facilitate the
communication and cooperation for quick technical queries resolution
with our customers.
This
service will start rolling out at our customers’ sites
starting December 1st, 2008.
Khalijia
Invest selects Path Solutions’ iMAL
November
20, 2008 – Path Solutions, a global leader in the provision
of IT solutions for the banking industry and Khalijia Invest,
one of the foremost Saudi investment companies today announced
that Path is to provide its award-winning solution iMAL to Khalijia
Invest so it can manage its clients’ portfolios and investments
more effectively.
Khalijia Invest is a new customer
for Path Solutions and it is expected that Path will implement
state-of-the-art technologies to enhance the company’s
operational performance, automate its business processes and
sustain and develop its image as a customer-centered one.
Hamoud O. Al Rumayan, Khalijia
Invest General Manager said: “Khalijia Invest is keen
to apply best practices and superior services for customer satisfaction.
Moving closer to our customers reiterates our commitment to
service excellence and world-class operational standards. We
are confident that with iMAL, Khalijia Invest will insure highly
efficient operations and hence can maximize profitability, improve
customer service, and reduce costs”.
The iMAL implementation at Khalijia
Invest will cover all business modules required for investment
operations. It will also include the integration with Aswaq
as well as interfacing with Reuters.
Nazzem
Yaghmour, EVP Business Development at Path Solutions commented:
“Path has received awards on a consistent basis for its
technical expertise and business know-how in the global finance
industry. We are pleased to bring in knowledge and value to
Khalijia Invest”.
About
Khalijia Invest
Registered in Riyadh, Khalijia
Invest (KI) (www.khalijiainvest.com) is a full service investment
firm chaired by HH Prince Sultan Bin Mohammad Bin Saud Al Kabeer
and operated under the supervision of the Saudi Arabian Capital
Markets Authority (CMA). It is owned and operated by leading
Saudi Business Houses, the National Investments Company of Kuwait
(NIC), Gulf Bank of Kuwait and some influential bankers.
Khalijia Invest offers an array
of Islamic and conventional investment products and wealth management
services to corporations and high net worth individuals within
the Kingdom, GCC region and international financial markets.
Al
Jazeera Islamic Co. selects Path Solutions as its Strategic
IT Partner
November
17, 2008 – Path Solutions announced today that Al
Jazeera Islamic Co. of Qatar has selected iMAL, Path’s
advanced and award-winning solution, to further enhance
its quality service and support its expansion plans.
Path
Solutions was chosen following a tough competition with
all known IT vendors. Al Jazeera saw in iMAL a robust,
true Islamic banking solution capable of supporting its
continued success and growth plans.
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Commenting
on the signing, Mr. Khursheed Hassan, Chief Executive
Officer of Al Jazeera Islamic Co. said: “Our need
to further improve the quality of our services prompted
us to review several IT solutions available in the market.
We knew that we needed one that could be implemented quickly
with smooth integration into any environment, whilst providing
the functionality that will allow us to achieve our business
goals. iMAL Enterprise Solution fulfilled all these criteria
and we are starting the implementation soon”.
Path
Solutions’ EVP Business Development, Nazzem Yaghmour
explained: “iMAL continues to rapidly evolve to
meet wider segment of the Islamic finance world. The largest
Islamic banks and Islamic finance companies have found
iMAL technology to be the right vehicle for their needs.
We are very proud to have Al Jazeera Islamic Co. as another
strategic partner to further enhance its technological
capabilities in a booming Qatari market”.
iMAL
will be implemented at Al Jazeera Islamic Co. replacing
its current in-house built system. Path Solutions’
implementation team will work closely with Al Jazeera
professionals to ensure a successful implementation.
About
Al Jazeera Islamic Co.
Al
Jazeera Islamic Co. (www.aljazeera.com.qa) was founded
in 1989 as a subsidiary of Qatar Islamic Bank, Doha, Qatar.
It is one of the leading companies specialised in the
provision of Islamic consumer financial products targeting
Retail Consumers and SME; two sectors showing exponential
growth in Qatar. The other current major shareholders
of Al Jazeera Islamic Co. are Qatar National Bank (DSM:
QNBK), Awqaf, General Authority for Minors Affairs, Qatar
Insurance Co. (DSM: QATI) and Global Investment House
(KWSE: GLOBAL) along with some other investors. |
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Path
Solutions was the Gold Sponsor of the Sukuk World Summit
November 15, 2008 - Path Solutions has recently participated
as a Gold Sponsor of the Sukuk World Summit held in Dubai on
November 10-11. The Summit is considered the first event in
the Middle East concerned with Structuring, Issuing and Investing
in Sukuk.
The event, organized by IIRME, also covered during day-2 various
current issues related to the financial crisis affecting international
markets and the changes occurring in the Sharia-compliant marketplace,
i.e. how the industry is pursuing global unified standards.
For further
info, click on http://www.iirme.com/sukukworld/
AAOIFI
certifies Path Solutions' iMAL
November
13th, 2008 - Path Solutions marks yet another major milestone
in its rapid progress. For the 1st time in history, the
AAOIFI (Accounting and Auditing Organization for Islamic
Financial Institutions) has certified a universal banking
solutions’ firm. The certification ceremony took
place at the “AAOIFI and World Bank Annual Conference
on Islamic Banking and Finance”, on November 10th
in the Kingdom of Bahrain in the presence of H.E. Sh.
Ahmed bin Mohammed Al-Khalifa, Minister of Finance of
Bahrain, H.E. Rasheed Mohammed Al Maraj, Governor of the
Central Bank of Bahrain and eminent Sharia scholars and
senior representatives of the industry.
The
certificate was handed to Path Solutions by H.E. Sh. Ebrahim
Bin Khalifa Al Khalifa, The Chairman of the Board of Trustees
of AAOIFI and Minister of Housing and Dr. Mohamad Nedal
Al Chaar, the Secretary General of AAOIFI.
AAOIFI
ascertained Path Solutions, the leading provider of software
solutions to the Islamic finance industry and its iMAL
flagship software to be fully compliant with its standards
and Sharia rules and principles.
“The
AAOIFI Certification covers the iMAL modules, business
processes, contracts, Islamic accounting principles, implications
and behavior” said Dr. Mohamad Nedal Al Chaar, AAOIFI's
Secretary General, who added: “iMAL has been thoroughly
reviewed and has proven it truly deserves to be certified”.
Path
Solutions' President, Naji Moukadam commented: “Becoming
the 1st banking software solutions' provider to be certified
by AAOIFI is a quantum leap for both the information technology
industry and Path Solutions. As the pioneer in automating
Islamic finance, Path in line with its corporate strategy,
is fully committed to providing the Islamic finance institutions
with true Islamic software solutions developed in compliance
with the Sharia rules with no work around. Our partners
using iMAL software now have the assurance of having licensed
a true Islamic finance solution”.
Path
Solutions’ focus and primary objective is to always
enhance its products and services; as AAOIFI scholars
evolve and find new interpretations in the different Sharia
rules and principles so will Path’s commitment in
developing new products and services to support a new
era in Islamic finance.
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Path
Solutions, thriving in Algeria
November 6, 2008 - The sponsorship
was part of Path’s strategic aim of building links
with the Algerian banking community.
Organized by Isla-Invest, Le Forum Algérien de
la Finance Islamique held on the 4th of November in
Alger focused mainly on the perspectives of the Islamic
finance in Algeria and the challenges that Islamic finance
will encounter in this North-African country.
Ben Terdeyet, Founder and CEO of Isla-Invest welcomed
Path Solutions’ initiative to sponsor this event
and said: “We highly appreciate Path’s commitment
towards this forum. Such a move highlights how Path
is keen to explore business opportunities in the region
which will help raise its profile internationally”.
http://www.forumalgerienfinanceislamique.com |
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Path
Solutions endorsed Qatar’s 3rd Annual WIIFC
October
30, 2008 - Chaired by HE Yousef Hussain Kamal, Minister of Economy
& Finance of The State of Qatar and Chairman of Qatar Financial
Centre Authority, the 3rd Annual World Islamic Infrastructure
Finance Conference -sponsored by Path Solutions- was held at
Doha Intercontinental on Tuesday October 28.
At
WIIFC, topics such as product innovation and the next generation
of Islamic finance software solutions were discussed in detail
by the panel of financial and IT experts from across the globe.
http://www.megaevents.net/wiifc
Path
Solutions is this year Award-Winner at Capital Issues Financial
Ceremony
October
29, 2008 - The Markets Arabia Symposium – 3rd Edition
was followed by a high-level award ceremony. Among the honorees,
Path Solutions was the recipient of the Capital Issues Financial
Award for the category of Best Banking Software Firm.
Path
Solutions also participated as a Technology Sponsor of the symposium
which was organized in Beirut on October 28, 2008 and tackled
the recent global financial and economic crisis and social impact
for the sake of shaping special practical programs and mechanisms
to enhance and activate new banking regulations.
High
level panelists have discussed the impact of the credit crunch
on global growth and how will the six Gulf Cooperation Council
States speed up economic integration to face the global financial
crisis sparked by the collapse of US banks. Topics such as the
implications for the world economy and the policy options and
the role of the World Bank have also been covered.
WWW.MARKETSARABIA.COM
The Abu Dhabi Premier
Banking & Wealth Management Summit
October 29, 2008 – Path
Solutions was identified as the Financial Solutions Associate
of the Premier Banking & Wealth Management Summit held in
Abu Dhabi on October 26.
This one-day Summit which brought together
bankers, insurers, money managers, independent financial advisors
and industry analysts has tackled complex issues in global private
banking.
Additional
info can be found on the following link: www.itp.net/events/wm08/
Elaf
Bank and Path Solutions Sign Strategic Partnership Agreement
October
24, 2008 – Elaf, a leading Bahrain-based, wholesale
Islamic bank announced today that it has signed a strategic
partnership agreement with Path Solutions where the latter
will implement iMAL, the world’s leading modular
and fully integrated banking software at Elaf headquarters
in the Kingdom of Bahrain.
The implementation at Elaf will cover Portfolio Management
& Sukuk Trading, Direct Investments, Islamic Treasury,
Financial and MIS Reporting, Central Bank Reporting, SWIFT
Messaging and CRM which handles the following functions:
Clients’ Positions, Trading Movements and Orders’
Management. |
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Dr.
Jamil Jaroudi, CEO of Elaf, said: “We have reviewed
several core banking systems currently being provided
in the financial services sector. Based on the life cycle
of Elaf and the IT needs of an investment bank offering
financial products in the Shari’a compliant space,
we have identified Path Solutions as the IT provider of
choice for our current needs, in order to achieve our
business goals”. Dr. Jaroudi added: “Our search
was for a complete enterprise solution with a rapid deployment
methodology to keep pace with the dynamic banking environment.
iMAL offers the right mix of modules and customization
options, while Path Solutions has promised an exceptional
after sale service presence too. These criteria have simplified
our choice and we look forward to working with Path Solutions
to enable our clients take full advantage of our banking
products”.
“We are happy to be selected by Elaf to install
iMAL’s latest version”, stated Mr. Nazzem
Yaghmour, Path Solutions’ EVP Business Development.
“They have evaluated several leading technology
solutions and finally chose iMAL system from Path for
its ability to support the bank's crucial objectives on
client-centricity, growth and time-to-market for business
related changes”.
iMAL is expected to help Elaf provide a diversified range
of high quality Islamic banking products to its customers
with far greater speed, accuracy and integrity. Furthermore,
it will assist the bank in taking advantage of new market
opportunities, thus accomplishing challenging returns
in the shortest period.
About
Elaf Bank
Elaf
Bank is a Bahrain-based, Islamic, wholesale bank regulated
by the Central Bank of Bahrain and operating with an investment
banking license (“Elaf” or the “Bank”).
Elaf was established in June 2007 with a paid-in capital
of USD 200 million and an authorized capital of USD 500
million.
Elaf
offers a range of investment banking services to corporate
clients, institutional investors, and high net worth individuals
encompassing advisory services focused on the debt &
equity capital markets, as well as asset management services.
The bank’s primary focus is to originate, structure,
and offer financial products that will strengthen the
current state of the primary and secondary market for
Sukuk. Furthermore, Elaf intends to carve itself a niche
by actively participating in the equity and Islamic financing
capital market as a market maker for Sukuk in the primary
and secondary capital markets.
Elaf
Bank’s shareholders base includes the AREF Investment
Group largely owned by Kuwait Finance House, the International
Leasing & Investment Company, the Kuwait Investment
Company largely owned by the Kuwait Investment Authority
(the investment arm of the Kuwaiti government), Qatar
Islamic Bank, and the Islamic Corporation for the Development
of the private sector, a member of the Islamic Development
Bank Group.
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Path Solutions participated
in NY Islamic Finance World Summit
October 24, 2008 - Path Solutions
was the Technology Partner of the Islamic Finance World Summit
which occurred on October 20 - 22 in New York, USA.
The
Summit provided attendees with in-depth insights on the latest
challenges facing the industry such as U.S. taxation and regulatory
hurdles and risks in the Islamic financial markets and dealt
with a new era of opportunities of investing in Sharia-compliant
alternative assets.
For
further info, click on http://www.iqpc.com/ShowEvent
Path
Solutions at the Rise of Islamic Banking and Ethical Investments
Conference
October
17, 2008 - Path Solutions was the official IT Sponsor for the
Rise of Islamic Banking and Ethical Investments Conference that
took place on October 14 at Thomson Reuters Building, Canary
Wharf, London.
With
the ambition for Britain to become the global gateway to Islamic
finance and trade, and with a supportive legal and regulatory
system, London stands as one of the most competitive financial
centres in the world and an ideal place for Muslim investors.
In
collaboration with the Institute of Islamic Banking & Insurance
(IIBI), the Dow Jones and the Wall Street Journal, this one
day conference offered a platform for top-level industry players
to meet and discuss the most pressing industry topics.
For
more information, visit www.efinancialnewsevents.com/events/281/
Path Solutions embedded Turkey Forum on Islamic Finance
October
16, 2008 – Furthering the commitment to the Islamic finance
community at large, Path was determined to be the Silver Sponsor
of this year’s International Islamic Finance Forum held
on October 13 &14 in Istanbul, Turkey.
A highly diverse and distinguished faculty of speakers from
all over the world took part in this 2-day event which provided
an important opportunity for different themes to be addressed.
For more
info, visit http://www.iirme.com/iiff/
UIB
Go-Live: Another successful implementation by Path Solutions
October
14, 2008 – Path Solutions, the pioneer in providing high
quality Shari’a-compliant solutions to the financial marketplace,
today announced the successful implementation of iMAL solution
provided by Path at United International Bank B.S.C. (UIB),
a Bahrain-based investment bank.
UIB selected iMAL solution based on its ability to increase
the operational efficiency through its proven best business
practices and its ability to support the bank's growth strategy.
UIB is live with iMAL’s latest version release which is
one month old.
“iMAL is strategically placed”, said Abdulla Janahi,
UIB’s General Manager and Acting CEO. And he added, “in
addition to its strong capability to support Shari’a-compliant
private equity investment banking and its capacity to meet current
and future requirements in that space, we have chosen Path Solutions
for its professional approach and its very clear working methodology.
They have demonstrated that they have the knowledge, expertise,
and management skills to drive the project through to completion.
We are confident that Path will assist us in our future growth.”
“We
are extremely proud to be trusted by UIB for this important
project”, commented Naji Moukadam, President of Path Solutions.
“We believe that we have solid understanding of the bank’s
operational needs as well as its business challenges, the key
to successfully implementing a new solution”.
Headquartered
in the Kingdom of Bahrain, UIB delivers investment banking products
and services in strict adherence to Shari’a rules and
principles. UIB operations spread over a number of key investment
lines such as Direct Investments including Private Equity &
Corporate Investments, Asset Based Investments and very select
Real Estate Investment opportunities.
Tadhamon
International Islamic Bank signs historic software agreement
with Path Solutions
October 9,
2008 – Path Solutions, the leader in delivering cutting
edge banking software solutions, and Tadhamon International
Islamic Bank (TIIB), headquartered in Yemen, today signed a
comprehensive agreement to implement iMAL Solution across the
bank entire network in Yemen and Syria.
Tadhamon International Islamic Bank was established initially
under the name of Yemen Islamic Bank for Investment and Development
and later on was renamed to TIIB to reflect its business expansion
ambitions. The objective of the bank is to offer banking services
in conformity with the precepts of Islamic Sharia through its
main branch in Sana’a and 23 branches all over the Republic
of Yemen.
“We
are very pleased to partner with Path Solutions. Path Solutions
is at the forefront of banking technology, given the number
of achievements accomplished recently. This agreement forms
a key part of our strategy to improve the services we offer
to our customers”, said Haj. Abduljabbar Hayel Said, TIIB
Chairman. “The solution will enable TIIB to grow and effectively
compete with larger banks while delivering innovative range
of Islamic products to market”. And he added: “We
have very ambitious plans to expand our operations locally and
internationally. We see in Path Solutions the right technology
partner we can rely on to achieve our goals”.
Path Solutions, headquartered in Kuwait, is a leading provider
of highly parametric, enterprise banking solutions to the Islamic
financial services industry worldwide.
Path’s iMAL system covers Core Banking, Customer Service
Management, Investment Banking, Treasury, Funds Management and
Trading in Global Capital Markets.
Path Solutions offers project management, consulting services
and outsourcing that address the whole spectrum of the global
finance industry and in specific the Islamic finance industry.
Nazzem Yaghmour, Path Solutions’ EVP Business Development
commented: “This deal is strategically important to Path.
TIIB has managed to position itself as one of the leading financial
players in Yemen’s banking sector and abroad. They have
gone through a very comprehensive selection and professional
due diligence exercise to select a Core banking system that
can help them realize their business expansion plans. We are
proud to be their selected technology partner. We are committed
to providing TIIB with the best possible user experience and
technology know-how”.
QINVEST
Goes Live on Path Solutions’ iMAL in record-breaking implementation
October
8, 2008 – Path Solutions has just announced that QINVEST,
a prominent Qatari shareholding company and the first investment
bank of its kind in Qatar, is now live on Path Solutions’
iMAL banking system.
Implemented in less a period of three months, the iMAL system
will streamline QINVEST financial and functional operations,
which will lead to an enriched customer service.
Commenting on the announcement, Pierre Georges, IT Program Director
at QINVEST said that “The iMAL implementation has been
a great success and we are very pleased that the system was
implemented on time and within budget. Our biggest challenge
has been to keep pace with a fast growing financial services
industry. It is critically important for us to be able to sustain
exceptionally high market growth; hence the need for an appropriate
banking solution with high reliability and performance requirements
like iMAL was a priority”.
Raghu
S. Iyer, Project Director at Path Solutions commented: “We
are delighted with the implementation of iMAL at QINVEST. In
the present competitive environment, more and more financial
institutions are seeking fully integrated and yet modularized
software solutions like iMAL, which can be implemented quickly
and effectively without any risk and which can deliver a high
return on investment within a short period”.
Headquartered
in Doha, State of Qatar, QINVEST was licensed in April 2007
with an authorized capital of US$1 billion and is the largest
financial establishment to start operations in Qatar Financial
Centre (QFC). QINVEST specializes in local and international
Sharia-compliant investment banking opportunities through modular
and innovative Islamic solutions, which positively impact the
investment record of Islamic banking at local and global levels.
Path
Solutions is handed KLIFF's Award for Quality, Performance and
Innovation in Islamic Finance
November
21, 2008 - The award was presented on November 18 at the
Gala Dinner held in conjunction with Kuala Lumpur International
Islamic Finance Forum in Malaysia.It
was handed over to Path Solutions’ Malaysia General
Manager Rohana Abdul Munim by the Honorary Tan Sri Nor
Mohamed Yakcop, Minister of Finance II Malaysia in the
presence of more than 1200 delegates from Malaysia and
around the world.
“Because of our commitment to excellence, there
is no doubt Path will keep on receiving accolades and
industry recognition”, said Naji Moukadam, President
of Path Solutions. “We will continue to invest heavily
in, and develop some of the industry's most advanced technology
which will lead to bottom-line benefits to ours customers”.
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Path
Solutions' achievements and contributions to the Islamic finance
industry have earned it numerous awards over the years and reinforced
its position as one of the world’s leading technology
firms.
Path
Solutions reinforces its position as a worldwide software provider
August
29, 2008 - Path Solutions, the leading Sharia-compliant software
provider was the Technology Sponsor of the Islamic Finance &
Investment World Conference, held on August 26 & 27 in Sandton,
Johannesburg and which debated the future of Islamic Finance
in Southern Africa.
During
a series of speed networking and interactive round table discussions,
the conference panelists identified growth in Islamic Investment
markets and explored the latest strategies in wealth management,
securitization and Islamic derivatives.
For
more info log in to: http://www.terrapinn.com/2008/ifza
IIB
and Path Solutions announce strategic IT agreement
August 19,
2008 - International Investment Bank (IIB), a globally focused
Islamic investment bank based in the Kingdom of Bahrain, and
Path Solutions, a leading provider of banking software solutions,
today announced that IIB will implement iMAL Enterprise Banking
Solution.
IIB has signed software license and implementation agreements
with Path Solutions and plans to start the implementation by
September 15th 2008. It is adopting iMAL, the system of choice
for numerous leading financial institutions, for their entire
banking operations.
Commenting on the signing, Said Itani, Head of IT at IIB said:
“The Board required us to acquire the Sharia-compliant
banking solution in the market that most closely matches IIB’s
requirements. The selection was rigorous and aimed to fully
automate all key business processes and to significantly enhance
management information, thereby further increasing our competitive
edge”. He added: “We are confident that with the
implementation of iMAL and the support of Path Solutions, IIB
will be able to improve operational efficiency, asset management,
risk management and client service”.
Path Solutions has a proven-track record in the implementation
of Islamic banking software. The company is consolidating its
dominant position in the Gulf region and beyond. With a footprint
across 4 continents, Path has been acknowledged on different
occasions through winning a series of awards for its continuous
contribution to Islamic finance in IT.
Nazzem
Yaghmour, Path Solutions’ EVP Business Development, said:
“Operating with state-of-the-art IT system is at the forefront
of IIB’s business strategy”. He added: “'We
look forward to a productive partnership with a prestigious
institution like IIB, which will further enhance our profile
in the region as the leader in Islamic banking solutions. With
iMAL, IIB can rest assured that our best-in-class Sharia-compliant
banking system will deliver an outstanding return on investment.”
About International Investment Bank
International
Investment Bank B.S.C. (c) (IIB) was incorporated in Bahrain
in October 2003 as an Islamic investment bank, with an authorized
capital of $200m and a paid up capital of $43m. In December
2007, IIB concluded a combined rights issue and private placement
offering that has increased the issued share capital to $110m
and total shareholders' equity to over $200m. The bank's shareholders
are high net worth individuals, business houses and institutions
from the GCC states. IIB undertakes two core business activities
- private equity and real estate - and aims to offer its clients
an internationally diversified range of investments generated
through its network of strategic partnerships. It has been involved
in investments worth more than $2.4bn since its inception. For
more information on IIB, visit www.iib-bahrain.com
Naji
Moukadam, Guest Speaker at the 2008 Mauritius Summit
August
17, 2008 - Path Solutions was the sole Technology Partner of
the “Sharia-compliant Finance Summit” which was
held in Mauritius on 12-14 August.
During its two-day sessions, the event covered various issues
related to the implementation details of Governance, Wealth
Management, Retail Finance as well as Sovereign Wealth Fund
& Corporate Banking.
Also
Naji Moukadam, Path Solutions’ President spoke about the
Sharia-compliant solutions to support the growing Islamic banking
industry in Africa.
World-class
Sharia-compliant finance practitioners from the US, UK, South
Africa, UAE, Singapore and Malaysia were present to further
boost the capability of Mauritius and the African region to
compete in the global Sharia-compliant finance arena.
For
more details, check www.teamsynthesis.com/sfsmauritius2008
Path Solutions, Exclusive
Sponsor of 2008 Cambridge Workshop
August
14, 2008 - Path Solutions has once again shown its ongoing commitment
and support to the Islamic finance industry by sponsoring the
2nd Annual 3-Day Residential Workshop that was held at Clare
College, University of Cambridge in England on 8-10 August 2008.
Organized
by the Institute of Islamic Banking and Insurance, the workshop
is widely regarded as the premier program in Europe that provides
participants with an opportunity to exchange knowledge on technical
innovations driving the industry forward, and on the legal issues
in structuring Sharia-compliant finance products.
For
further information, click on: www.islamic-banking.com
Path Solutions displays its offerings
at WIBC Europe
July 10,
2008 - Speakers and delegates of the 1st Annual World Islamic
Banking Conference - Euro WIBC that was launched in London
on the 8th of July were more confident that the basic frameworks
and market conditions are now coming into place and hence
would enable the rapid expansion of the Islamic banking industry
in the UK.
In the
concluding session, they all agreed to debate these points
further in the upcoming WIBC Bahrain.
As a Strategic
Silver Partner of WIBC, Path Solutions has showcased its fully-integrated
and modular products’ suite specifically tailored to
the Islamic banking sector.
For more
details, visit: http://www.megaevents.net/eurowibc2008/main.php
Unbeaten presence for Path Solutions
at Malaysia’s Euromoney Summit
June
26, 2008 - Rohana Abdul Munim, Path Solutions’ Malaysia
Branch General Manager today highlighted the benefits of the
company’s successful participation in the 5th Annual Islamic
Finance Asia Summit, which concluded on June 24 in Kuala Lumpur.
During
the two-day event, senior executives from different Islamic
financial institutions debated the most pressing issues in the
region.
Path
Solutions plans to participate as a Major Sponsor in a range
of further high-level Islamic Finance conferences later this
year.
For
further details on the Summit, check www.euromoneyseminars.com
Path
Solutions Appointed as Trusted Vendor by Kuwait Finance House
(Malaysia) Berhad
Kuala
Lumpur, June 24, 2008 - Kuwait Finance House Malaysia
Berhad, a wholly-owned subsidiary of Kuwait Finance House
has appointed Path Solutions to be its trusted and key
IT partner for the supply of its Treasury solution needs.
iMAL*IslamicTreasury will enable the Treasury Division
of KFHMB to benefit from its Straight Through Processing
feature, requiring minimal human intervention, thus eliminating
the manual processes involved in day-to-day operations
and reporting. |
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Following
the kick-off meeting which was held earlier last month and where
the project teams agreed to work closely over the next five
months in order to ensure delivery of the project by October
2008, a signing ceremony was held in Kuala Lumpur to commemorate
the awarding of the contract to Path Solutions.
Dato’
K. Salman Younis, Managing Director of KFHMB, commented, “The
project will provide a platform to implement a fully-automated
end-to-end processing treasury system for KFHMB. We have, within
a short span of three years, rolled out various treasury products
and established our presence in the local and international
treasury markets.”
KFHMB
Treasury Division undertakes a wide array of Treasury related
activities such as foreign exchange and money market activities,
Sukuk investments and trading and dealing in hedging products
such as the FX Promissory contract-i, Ijarah Rental Swap and
Cross Currency Ijarah Rental Swap.
“KFHMB
Treasury has been very busy undertaking a growing number of
increasingly sophisticated products and transactions. This is
in response to customer demand. It has become imperative for
us to have a robust system that will not only enable our treasury
team to efficiently cater to a growing number of transactions
but also respond more efficiently in volatile and uncertain
markets,” added Dato’ K. Salman Younis.
On
the same occasion, Mr. Naji Moukadam, President of Path Solutions
affirmed, “We are delighted to partner with KFHMB for
this strategic project. We are confident that our partnership
will go a long way to meet KFHMB’s strategic business
needs. Our solution will offer truly differentiating benefits
to KFHMB to achieve its long-term objectives.”
Mr.
Moukadam added, “Once again iMAL has reinforced its leadership
and superior value proposition to large banks around the world.”
Path
Solutions has implemented projects at KFH - Kuwait and KFH -
Bahrain. This is the first time Path Solutions will facilitate
the up-skill of KFHMB. KFHMB can also expect from Path Solutions’
team to bring in knowledge and expertise in the global finance
industry (both investment and commercial), latest technologies
and continuous evolvement on how to implement these technologies
and adapt them to today’s banking industry.
About
Kuwait Finance House
Incorporated
in the State of Kuwait in 1977, Kuwait Finance House K.S.C.
(KFH) is listed on Kuwait Stock Exchange. A market leader in
the Islamic banking industry in Kuwait, KFH is engaged in providing
Islamic banking services, including consumer banking, real estate
financing, lease financing, trade finance, direct investments
and portfolio investing, all of which are conducted in strict
compliance with Islamic law. KFH has been accorded an upper
medium grade (high creditworthiness) investment credit rating
of 'A2' by Moody's Investors Service, as well as 'A+' by Standard
& Poor's and Capital Intelligence.
Kuwait Finance House (Malaysia) Berhad (KFHMB) is a wholly-owned
subsidiary of KFH and is the regional headquarters for KFH in
the Asia Pacific region. KFHMB commenced operations on 8 August
2005 and its paid-up capital has since been increased to US$300
million, inclusive of U$100 million in Tier II capital. As a
licensed Islamic bank, KFHMB provides cutting-edge Shariah-based
financial solutions in corporate & investment banking and
commercial, retail & consumer banking. The Rating Agency
of Malaysia last year has assigned respective long and short
term general ratings of 'AA2' and 'P1' to KFHMB. For more information
please visit www.kfh.com.my
Path Solutions appoints Mohammed Kateeb as Chairman
June
13, 2008 - Path Solutions, the leader in the provision
of high quality integrated Sharia-compliant software solutions
to the Islamic banking industry, today announces the appointment
of Mr. Mohammed Kateeb as Path Solutions' Chairman.
In his leadership role at Path Solutions, Mr. Kateeb -who
has been serving on the Board of Path Solutions since
2004- will spearhead the development of Path Solutions’
large portfolio of products. He will also focus his efforts
on leading Path's strategy in continuing to expand into
new markets, thus bringing additional value to the entire
firm. |
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Mr.
Kateeb selection for this important and critical role
is based on his breadth of experience in building businesses,
teams and identifying and capitalizing on market opportunities
for over 22 years in the USA, UK and the Middle East.
He specifically brings with him a wide experience in IT
and he is known for being results-driven, dynamic and
highly entrepreneurial.
“We
felt the firm was ready for a new leader who would take
Path to its next phase of growth”, says Mr. Ahmad
El Sager, Path Solutions Ex-Chairman. "We think the
company will benefit from someone with his extensive experience
in IT and in managing multinational corporations. After
16 years of growing with the company, it is bittersweet
to hand it off, but I will continue to be the Director
of the Board and continue to provide full support to our
employees and customers”.
Mr. Kateeb comments: "It is an exciting opportunity
to be able to lead Path Solutions and I am honored to
carry on the tradition that Ahmad has built over the past
16 years”. And he notes, “I look forward to
working closely with our customers in the years ahead.
It is key for Path Solutions to leverage its reputation
in the delivery of quality Islamic banking solutions that
provide strategic benefits and a competitive advantage
to our customers”.
Mr. Kateeb most recently served as the Managing Director
of Microsoft Middle East. He has spent 11 years in Microsoft
of which 6 in the USA. Mr. Kateeb was the Founder and
CEO of InnoKAT "Innovation Knowledge and Advanced
Technology" System Integrator. He is currently the
CEO of Kuwait Cable Vision as well as being the Vice Chairman
of Jareed Telecommunication and Technologies. |
First Community Bank goes live powered by Path Solutions’
iMAL
June 12, 2008 – Path Solutions, the leader in the provision
of high quality integrated Sharia-compliant software solutions
to the world’s Islamic banking industry today announced
that First Community Bank (FCB) Kenya has gone live using iMAL
Islamic Banking & Investment System, only 4 months after
the project kick off date.
FCB is Kenya’s first fully fledged Islamic bank. The bank
was granted an approval to pioneer Islamic banking in the country
by the Central Bank of Kenya in May 2007. The bank then chose
Path Solutions’ iMAL System after extensive and competitive
vendor selection process that included other major global solutions’
providers.
By deploying iMAL, FCB will provide premium Sharia compliant
Retail, Commercial services and Investment banking solutions
to meet the diverse needs of its clientele.
Hassan Muhammud,
Head of Business Technology & Project Manager at FCB said:
“It was important to select a partner that shares our
bank’s grand vision on Islamic finance. Indeed, Path Solutions
understood our business model, are adaptive and flexible in
perceiving Kenya’s dynamic financial requirements –
with special attention to Shariah principles and compliance”.
And he added: “We are proud to have chosen the right technology
solution not only to cater for our current business requirements
but also to support us in the fast dynamic growing Islamic finance
industry. Last but not least, we thank Allah for this achievement
as we usher a new era in Kenyan banking with the birth of FCB.
Verily, this success is an enormous blessing to everyone in
the East African region”.
Commenting on the Go Live, Raida Hafez, Path Solutions’
Project Director said: “The whole implementation process
went extremely well, largely because of the quality and commitment
of both teams”.
Path Solutions in the spotlight at MEFX 2008
June
4, 2008 – In an effort to consolidate its position in
the finance industry, Path Solutions concluded a significant
role in the Middle East International Banking, Financial Technology
and Services Exhibition and Conference which was held at Dubai
International Convention and Exhibition Centre from 1-3 June
2008.
Presented
by DIFC, MEFX is the only event focusing on banking products,
financial technology and professional services for the financial
services industry.
At
MEFX, Path Solutions showcased its cutting edge technology solutions
designed to meet the growing needs of the rapidly expanding
regional banking and finance industry. It has also conveyed
its expertise through presentations conducted during private
briefings.
http://www.mefxevent.com/default_en_gb.aspx
Path
Solutions on visit to Turkey
May
30, 2008 – Path Solutions participated in Leaders in Islamic
Finance Conference which took place in Istanbul, Turkey starting
the 26 of May.
In
addition to Path, a prestigious blend of technology providers
assumed their part in the event, presenting their products and
recent achievements.
Path
Solutions’ presence in Istanbul was to demonstrate its
commitment to the global Islamic finance industry.
For
more info, click on http://www.iqpc.com/ShowEvent.aspx?id=48798
Path
in Bahrain for AAOIFI 7th Annual Sharia Conference
May
29, 2008 – The widely-renowned provider of software solutions
to the Islamic banking industry, Path Solutions participated
as a Gold Sponsor of AAOIFI 2008 Sharia Conference.
Commenting
on their participation, Rosie Kmeid, Head of Corporate Communications
& Marketing at Path said: “Our presence at AAOIFI
reflects our long lasting commitment to availing our latest
innovations and focused expertise to the Islamic financial world
while playing an active role in shaping the future of a technology-driven
era of financial services”.
The
conference, which was held on 27 & 28 of May in Bahrain,
dealt with pertinent issues related to the application of Sharia
for the international Islamic banking and finance industry.
The discussions were led by esteemed members of AAOIFI Sharia
Board.
For
details, please follow the link: http://www.aaoifi.com/Upcomingconf.html
Path Solutions took part in NY 2nd Annual Islamic Finance
World
May
23, 2008 – On May 21 & 22, Path Solutions was
present in New York to showcase its latest IT innovations
in the city that plays host one more time to North America
Islamic Finance World Conference.
The
2nd annual conference and exhibition provided a good opportunity
for Path to share its knowledge on banking software solutions
with its prospects.
It was also an opportunity to gain insight on leading
banks accessing the North American Islamic financial market
and meet with the pioneers of North American Islamic finance.
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more details, check http://www.terrapinn.com/2008/ifwna/ |
Path
Solutions at the 5th IFSB Summit
May
16, 2008 – Under the Royal Patronage of Her Majesty Queen
Rania Al-Abdullah and with the support of Path Solutions as
a Bronze Sponsor, the 5th IFSB Summit has opened its sessions
on May 12, in Amman - Jordan.
During
the Summit, distinguished panellists discussed several issues
such as the regional integration of Islamic financial markets,
including Islamic capital markets and the promotion and the
catalytic role of governments as well as the impact of globalisation
on Islamic financial services.
All
info related to the 5th IFSB Summit can be found on: http://www.ifsbamman2008.com/index.htm
Islamic
International Arab Bank goes live with iMAL powering expansion
across its entire network
April
28, 2008 – Path Solutions and Islamic International Arab
Bank officially announce the successful Go Live of iMAL implementation
spanning16 different locations in Jordan.
Specifically
in this deployment, Path Solutions implemented iMAL as the primary
Core banking solution across IIAB entire network. The deployment
also included alternative distribution channels like ATMs, POS,
IVR & SMS services along with the integration with the Electronic
Clearing Cheques and others which give the bank a consolidated
view of all interactions while providing convenience to its
customers through greater transaction touch points in addition
to Consumer Financing, Corporate Financing and full Retail services.
Nihad
Maraqa, IIAB Head of Operations’ division commented on
this success saying: "With the new Core banking system,
IIAB will be able to grow and expand its operations to stay
ahead of the market, meeting all international standards and
requirements. On this occasion, I would like to thank all teams
for their great efforts and their will to complete and launch
the second phase of this project”.
Commenting
on the implementation process, Bassam Elayyan, Head of IT and
the Project Manager at IIAB said: "Due to the essential
need to update and deploy the latest technology in order to
align the business need with the technical line, we have decided
to consider iMAL which would improve our performance and enhance
the services we provide to our customers”.
Mr. Elayyan also added that having a solid Core banking system
will enable IIAB to introduce new delivery channels that meet
customers’ demands and achieve IIAB top management strategy
as one of the leaders in Islamic banking.
Mr. Elayyan was also quoted saying: “We are delighted
that our technical and business team along with Path Solutions’
team have completed this project and went live successfully".
IIAB
underpinned by iMAL solution now provides its customers with
a greater range of Sharia-compliant products and services, powered
by a new platform designed to enhance reporting capabilities
and improve productivity and global decision making.
Alain
Abou Khalil, Project Director at Path Solutions stated:”Our
technical and business consultants have remarkably collaborated
with IIAB team and spent great efforts towards the success of
this milestone. We look forward to continuing to work closely
alongside IIAB as they expand their business rapidly and stay
ahead of the market”.
Acknowledging the extensive work provided by Path’s development,
support and ICT teams, Mitri Karam, Path’s Project Manager
said: “The combination of domain expertise and skills
in cutting edge technologies has enabled us to manage the probability
of all factors involved with this project and give true value-added
support to IIAB”.
Path Solutions’ delegation went to Massachusetts for the
Eighth Harvard University Forum on Islamic Finance
April
23, 2008 – Path Solutions’ delegates, Dourria Mehyo,
AVP Business Consulting and Rosie Kmeid, Head of Corporate Communications
& Marketing participated in the last Islamic Finance Project
of Harvard Law School that was held from April 18 till 20, 2008
in Cambridge, Massachusetts, with an aim of getting insights
on the latest developments in the global finance industry.
The theme of this year’s forum was “Innovation and
Authenticity.” Nobel Laureate Robert C. Merton, University
Professor at Harvard Business School, delivered the keynote
speech, which was followed by a highly intellectual debate involving
Sharia scholars, academics and industry professionals.
For more
info, please check http://ifp.law.harvard.edu
IIFF
2008 supported by Path Solutions
April
18, 2008 – For the 3rd consecutive year, Path Solutions
gold-sponsored the International Islamic Finance Forum held
under the patronage of HH Sheikh Mohammed Bin Rashid Al Maktoum,
Vice President and Prime Minister of the UAE and Ruler of Dubai.
The forum,
which took place between 13 and 17 April 2008 in Dubai, examined
the controversy over religious compliance in the Sukuk market
as well as the different interpretations of the AAOIFI guidelines.
For any
inquiry, please visit: www.iiff.com
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Second
Prestigious Recognition for Path Solutions by the IIFF
17
April 2008 – Path Solutions, the leader in the provision
of high quality Sharia-compliant integrated software solutions
to the Islamic banking industry is pleased to announce that
it has won the Award of the Best IT Solution Provider in the
Islamic Finance Industry for the year 2008.
It may be recalled that Path Solutions won for the first time
Sheikh Mohammed Bin Rashid Al Maktoum Award for its Global Continuing
Contribution to
Islamic Finance in IT at the 2006 IIFF.
The 12th International Islamic Finance Forum recently revealed
the recipients of its annual awards for Celebrating Excellence
in Islamic Finance in an exclusive Gala lunch, held on 14 April
2008 at Jumeirah Beach Hotel in Dubai.
Responding
to the news of the award, Naji Moukadam, President of Path Solutions
said: “We are proud to win this award for the second time
and receive recognition for our consistency in serving the Islamic
finance industry for the past 16 years. Our policy is to invest
substantially in our technologies through industry-focused Sharia-compliant
solutions that meet the unique needs of the market to keep ahead
of the competition”.
Path
Solutions offers a wide range of integrated solutions covering
the requirements of Islamic banks and investments companies
from Core Banking to Customer Services Management, and from
Islamic Treasury to Funds Management and Trading in GCC and
Global Capital Markets.
Over
the past 6 months, Path Solutions has won various prestigious
awards for its efforts in contributing significantly to the
Islamic financial sector.
Path
Solutions explores new horizons in North Africa
April
7, 2008 - The Moroccan city of Casablanca hosted on April
2 and 3 the 1st African Islamic Finance forum.
Sharia-compliant banking is a recent phenomenon in Africa,
discovered by most Muslim Africans only over the past
decade. Today, only 37 Islamic financial institutions
operate in Africa, serving a Muslim population of 412
million inhabitants.
The forum which targeted mainly banks and the private
sector offered prospects knowledge sessions on the opportunities
of Islamic finance, as well as the challenges for the
African continent. |
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Having
perceived the expansion of Islamic banking into new territories,
Path Solutions decided to participate as a Technology
Partner of the forum and give it support.
For more information, please click on: www.forumafricainfinanceislamique.com |
Path Solutions, an active participant
at the 3rd Islamic Banks and Financial Institutions Conference
in Syria
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March 15, 2008 - Under the Patronage of H.E. Dr. Adib
Mayaleh, Governor of Central Bank of Syria, the 3rd Islamic
Banks and Financial Institutions Conference was held this
month 10th -11th March at Four Seasons Hotel Damascus.
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Under
the slogan: “Islamic Banking and Financing between
Fact and Ambition”, the conference speakers discussed
several important topics, among them the supervisory role
of central banks and the role of accounting and Islamic
statutory standards in directing and organizing the work
of Islamic banking.
This conference comes shortly after launching the activities
of a number of Islamic financial institutions in Syria,
and it accompanies the increasing foreign banking investments
flow towards the new promising Syrian market. The convening
of this conference is an important factor in consolidating
and supporting Islamic banking and financing in the country.
Path
Solutions participated as a Technology Partner in the
event where it exhibited its latest Islamic software tools
to the members of the Islamic finance industry.
For
more info click on: http://www.alsalam.co.sy/?d=22&id=31 |
Path
Solutions exhibited its latest technological innovations at
the exclusive Euromoney Kuwait Conference
March
14, 2008 - Co-hosted by Kuwait Ministry of Finance, the Euromoney’s
conference was held for the first time in Kuwait at the Sheraton
Hotel on the 11th and 12th of March.
Following its long-time tradition, Path Solutions was present
in one of the most significant events on Islamic Finance in
the region.
The aim of the conference was to encourage interactive discussions
on the implications and opportunities in a fast growing economy
because of high market liquidity and to allow participants to
share their insights on current and developing trends of the
Kuwaiti financial services industry.
For
more details on the conference, please click on:
http://www.euromoneyconferences.com/events/event.asp?EventID=365&ElementID=1162
Path
Solutions scores very high in IBS Sales League Table 2008
3
March 2008 – Path Solutions, a renowned IT firm dedicated
to providing Islamic and Investment software solutions to the
banking industry today announced that IBS has placed Path Solutions’
iMAL first in its Sales League Table for 2007.
Path
Solutions’ iMAL has been ranked Number One Islamic Banking
Solution and the 4th Best Universal Banking Solution in the
world by International Banking Systems (IBS) UK, in its Annual
Sales League Table results for 2007, unveiled in London on February
28.
Moreover,
Path Solutions leads all other IT firms, in the Islamic banking
category, in terms of number of new wins for 2007, mainly start-up
Islamic banks in the United Kingdom, with a spread over Malaysia
and Africa.
IBS report states that Path Solutions had 14 new Islamic banking
wins in the past year alone, most of them are live sites today.
While Path Solutions is declared the biggest winner of the niche
suppliers and the leader in the Islamic banking systems space,
this ranking alone is evidence to its valuable contribution
to the Islamic banking industry by developing products to meet
the newly identified market demands.
Since
its inception, Path Solutions’ iMAL is the choice of over
45 major Islamic financial institutions across the Middle East,
Gulf, Africa, Europe and South East Asia, a unique distinction
in itself.
Commenting
on the ranking, Naji Moukadam, President, Path solutions, said:
“We are glad for being awarded for the second time by
IBS as the best Islamic banking software vendor in the world.
We continually strive to maintain our growth and sustain our
position as a leading IT firm. At the time when Islamic banking
was still in its infancy, Path Solutions focused on designing
and developing integrated solutions to specifically address
the needs of the Islamic finance sector.”
Moukadam added: “On this occasion, I would like to thank
all our clients, new and old, for placing their faith and confidence
in us. We are also grateful to IBS for giving us the opportunity
to highlight our capabilities”.
The IBS Sales League Table is the industry's best-recognized
global sales listing. Its publishing house conducts annual survey
of sales of banking solutions in the area of Wholesale, Retail,
Corporate, Retail, Private and Islamic banking. This survey
is global in nature and includes the major banking software
solution providers. The IBS Sales League Table has high credibility
in the banking arena and gets wide and comprehensive coverage.
Path
Solutions participates at the largest Middle East event on financial
technology
February
15, 2008 – For the fourth consecutive year, Path Solutions
showcased its specialized banking and financial industry-related
products at the Middle East Financial Technology Exhibition
and Conference (MEFTEC), a yearly event focusing on the latest
trends in the financial technology world and targeting senior
bank executives and key decision makers from around the world.
“There
is perhaps no greater opportunity for us to present our high-quality
and tailor-made solutions to the financial industry”,
Path Solutions’ Head of Corporate Communications &
Marketing Rosie Kmeid said when commenting on Path’s participation
in MEFTEC. “We are witnessing a strong growth in the financial
services sector, and IT investments related to the financial
services industry made a record of $1.8 billion last year. Path
Solutions, as a major player in banking technology, is pleased
to take part in this particularly over-attended conference”,
she confirmed.
European
Finance House successfully launches London operations using
iMAL
System
| February
15, 2008 – Path Solutions is delighted to announce
that European Finance House Ltd (EFH), the new London-based
Islamic bank, has been authorized by the FSA and is now
fully operational, following its “soft” launch
in September 2007. EFH
selected Path Solutions’ iMAL as its core-banking
system: a proven Shari’a-compliant solution which
supports a comprehensive range of Islamic financial instruments
including Mudaraba, Murabaha, Salam, Istisna, Musharakah,
Tawarruq, Sukuk and Ijarah.
EFH will provide Shari’a compliant financial services
and solutions to corporate, institutional and high net
worth clients primarily in the UK, Continental Europe
and GCC markets, with a clear focus on investment banking.
During the first “proof-of-concept” phase,
David Potter, Chief Operating Officer at European Finance
House said: “So far, we have been pleased with the
functionality and performance of the system”.
“I would like to take this opportunity to thank
Path Solutions’ implementation team for their co-operation,
support and guidance to-date. I am confident that deployment
of the iMAL product suite will enhance EFH’s operational
efficiency, in line with our plans to increase productivity
whilst minimizing our costs”, Mr. Potter added.
The 15-year-old software firm - Path Solutions - has built
a reputation for a wide spectrum of solution offerings,
particularly for the Islamic finance industry. It has
a sound track record of past work with leading Islamic
and non-Islamic Commercial and Investment banks.
“Our team has extensive experience in project management,
strategic planning and consulting services” explained
Alain Abou Khalil, Project Director at Path Solutions.
“In addition, we have been involved in implementation
projects using renowned and acknowledged software implementation
methodologies”.
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Path
Solutions & Kuwait Finance House Announce the Successful
Closure of KFH Investment Project
January
29, 2008 – Path Solutions and Kuwait Finance House
today announced the successful completion of KFH-Kuwait
iMAL
Project which included the automation of the
operations in the Investment Sector.
On
this occasion, a dinner ceremony was held at Al Boom Restaurant,
Radisson SAS Kuwait in the presence of Kuwait Finance
House and Path Solutions top management and teams. |
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Following
the Post Project Assessment, Abdul Nasser Al Subaih, AGM Investment
Sector at KFH-Kuwait said: “It is the commitment and hard
work of the teams and their determination to see it through,
which has resulted in this excellent go live.
And
commenting on the solution implemented, Al Subaih said: “KFH’s
policy is to keep on investing in the most leading-edge technology
available in the market; hence iMAL has significantly exceeded
our expectations. It enables us to provide better services and
products to our customers, tune our operations and allow maximum
efficiency across the bank”.
Naji Moukadam, President of Path Solutions, explained that the
iMAL Project at KFH was one of Path’s strategic objectives
for 2007. The completion of the project on time is a credit
not only to Path’s onsite team who pulled out all stops
to ensure its spectacular success, but also to the great support
received from its teams in both Kuwait and Beirut offices.
Moukadam said: “I am happy to see that KFH is highly satisfied
with the outcome and we believe that this experience has increased
the confidence KFH has in us”. He added: “Our globally-proven
integrated, client-centric solutions are focused on quality
and based on years of research which allow our customers to
establish a foundation for best practices and business processes.
Today, KFH is able to offer its customers diversified Sharia-compliant
banking services”.
Referring to the implementation process, Sami Al Dakheel, Deputy
AGM IT noted that the integration in this project was a major
factor and iMAL has been successfully integrated with the existing
Core banking system, with Swift Alliance, SMS web services,
the Central Bank Reporting System and KFHonline.
“We
are delighted to have brought this mission into reality”,
commented Path Solutions’ Project Manager, Abed Hamandi.
“The realization of this project is certainly not a one-man
effort. Both teams have contributed in various ways towards
materializing it. I want to acknowledge their contributions
and I am so honored to have spearheaded this long-awaited implementation”.
Path
Solutions Announces the Launch of its Corporate Academy for
Training on
iMAL Modules
January
5, 2008 - These new and innovative series of programs
will help teach iMAL modules to Path’s new generation
of business consultants, sales professionals and software
engineers.
Path
Solutions’ Academy training bundle will also include
Software Technology such as: |
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· PowerBuilder, Appeon, J2EE
·
Development Tools (PL/SQL Developer, ASE ISQL…)
·
Database Skills
And
other courses related to the industry such as IAS and AAOIFI
Standards & Principles and Basel II Requirements.
Path
Solutions’ Academy will hold its inaugural course on Monday
4 February 2008. It is aimed at Junior Business Analysts who
are new to the Islamic Banking Industry to master the fundamentals.
In
the very near future advanced courses will be added to enable
senior staff to continue their professional development and
improve their knowledge of iMAL updated versions.
Path
Solutions’ commitment in providing innovative and high
quality software solutions is constantly reviewed to ensure
that it continues to meet the needs of the Islamic finance sector.
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