News



Path Solutions wins key banking account in Sudan where BOK selects iMAL

United Capital Bank signs an agreement with Path Solutions to replace its core banking system

July 21, 2009 – United Capital Bank (UCB), an Islamic bank situated in Sudan, has signed an agreement with Path Solutions, a dedicated software house, to revamp the bank’s core banking system.

UCB management had evaluated several international banking software solutions and chose Path for its AAOIFI-certified software, technical expertise and prestigious user base in Sudan.

“We had to ensure that UCB could not only maintain its position in the Sudanese market, but also keep ahead of the competition and this means we’ve got to upgrade our systems to continue to offer the excellent service that our customers expect”, explained Kamal Elzubeir, CEO and GM of UCB. “We were looking for ways to capitalize on technology to sustain our lead. With Path Solutions’ pure Sharia-compliant software, we will be well equipped to handle the challenges of tomorrow”. Elzubeir confirmed that iMAL will cover the entire bank’s requirements, i.e. provide full STP from front-to-back, automate work processes, centralize operation management and more than that, it will ultimately help to improve customer services.

Naji Moukadam, President of Path Solutions commented, “We are pleased to have been chosen ahead of the competition for our understanding of UCB’s business and objectives. This signing is another strategic milestone for Path Solutions as it reaffirms our market dominance in Sudan. We look forward to working alongside the team at UCB to ensure that the bank is able to quickly expand, offering new Islamic banking products to its customers without disrupting normal business”.

iMAL will enable the bank to realize its strategy to become “the bank of the future”, combining a local presence with the advantages of offering Sharia-compliant banking services.

About United Capital Bank

United Capital Bank (UCB) was established in August 2005 under Sudan’s 1925 Company’s Act with a license from Central Bank of Sudan to perform all banking activities. Its paid-up capital amounts Sudanese Pound SDG 240 million (about US$ 120 million).The bank’s shares are listed in Khartoum Stock Exchange and are owned by Sudanese, Kuwaiti, Lebanese, and Egyptian individuals and institutions. Major shareholders include Aref Group - Kuwait, Fransabank - Lebanon and Boubyan Bank - Kuwait.

United Capital Bank became operational in August 2006, as an Islamic corporate bank. The bank provides financing for major projects in Sudan in addition to general working capital requirements to prime corporate and government entities under the various Sharia-compliant modes of financing such as Modaraba, Mosharaka, Mourabaha, Ijarah, Istisnaa, etc.

UCB provides Islamic commercial banking services including deposits, loans, and investment banking services including corporate finance and investment advisory on mergers and acquisitions, initial public offering and underwriting; asset management services; brokerage services on the Khartoum Stock exchange; direct investment in various sectors, all in accordance with Islamic principles.



Path Solutions concludes participation at the 2009 London Sukuk Summit

July 5, 2009 – Path Solutions exhibited its latest Islamic banking technologies at the Second Annual London Sukuk Summit held on July 2 & 3, under the theme “Gearing Up for UK Sukuk Originations”. The summit endorsed by the UK Treasury, UK Trade & Investment (UKTI), City of London Corporation and the London Stock Exchange with the aim of capitalizing on new UK legislation designed to open up Shariah-compliant capital markets was successful in achieving its immediate objectives. Prominent speakers, scholars, and proven experts in their respective fields from a number of countries were attending. Following the opening day of the event, an award ceremony was held at the Royal Horseguards Hotel in Whitehall in honor of a host of regulators and bankers who have contributed much to the Islamic banking and finance movement over the last decades. For more info: http://www.sukuksummit.com/

SIIB to launch innovative Islamic banking products using iMAL

June 30, 2009 - Syria International Islamic Bank has launched new Islamic banking products aimed at the various customer segments. With this launch, SIIB will become the first bank in Syria to offer an innovative range of Sharia-compliant banking services.

For the initial launch, SIIB has introduced four new products: Ijara, Musharaka Moutanakissa (Diminishing Musharaka), Qard Al Hassan and manufacturing contracts (Istisna). SIIB intends to extend the range of its Islamic banking products in the near future in line with local business customers’ requirements.

“Demand on Islamic financial products has increased recently in Syria. We believe we are launching them at the right time”, explained SIIB IT Manager, Firas Shrourou. “We are confident that we can provide our customers with a range of Sharia-compliant products and services, equivalent to those available in any conventional bank and competitively priced”, Shrourou said.

With iMAL parameterization capability, SIIB has been able to successfully launch a comprehensive range of consumer banking products and services through a country-wide network of 9 branches and over 23 self-service terminals, thus maximizing its ROI.

“At SIIB, we aim to usefully extend the range of financial service products available in the Syrian market to complement the existing products offered by other local banks”, Shrourou remarked. “We offer innovative Sharia-compliant products designed to meet the needs of customers seeking for fair, transparent and equitable banking services”.

For individuals, SIIB range of products includes Financing as well as depository products such as Savings, Current Accounts, Time Deposits and Wakala Deposits i.e. Unrestricted Investments.

Alain Abou Khalil, VP Professional Services at Path Solutions said: “We are delighted that SIIB is leading the growth of Islamic banking in Syria. Eventually, this will lead to the creation of a competitive environment in the Syrian financial market. We are confident that this will open up channels for the launch of a new range of Islamic financial instruments in Syria to service the needs of an ever growing and diverse population”.

Al Jazeera Islamic Co. in Qatar goes live with Path Solutions’ iMAL

June 30, 2009 – Path Solutions, the market leader in the delivery of AAOIFI-certified software solutions to the Islamic finance industry, today announced that Al Jazeera Islamic Co., one of the leading Qatar-based companies specialized in the provision of Islamic consumer financial products to Retail Consumers and SME, has gone live with iMAL Enterprise Banking Solution.

According to Khursheed Hassan, CEO Al Jazeera Islamic Co., this implementation represents not only the relevance of iMAL to the local market, but also its ability to cater for Al Jazeera growth plans. Khursheed said, “Today we can take advantage of the improved workflows and rapid deployment of new products enabled by iMAL to help increase our competitive advantage and market share in Qatar. iMAL offers integrated and comprehensive information on the institution and its customers at all times including a single customer view, and a single view of the enterprise including risk and profitability. It incorporates industry best practices, enabling quick implementation and fast ROI”.

Raghu Iyer, Path Solutions’ Bahrain Branch Manager, commented: “At Path, we deliver a complete business solution that matches country-specific requirements, establishes best banking practices and helps financial institutions optimize their business operations with quick and measurable benefits, and be ready to scale properly to support their growth plans. Al Jazeera Islamic Co. is ready now to expand its customer base without expanding its costs or operational risk”.

He further added: “Our professional services team worked closely with Al Jazeera implementation team to bring the project in on budget and ahead of schedule. The early delivery of this implementation is further evidence of the success of iMAL solution. I am confident that this project will help us establish a long-standing relationship with Al Jazeera Islamic Co.”.

As an internationally established and proven software, iMAL is instrumental in helping financial institutions introduce global standards into their businesses.

iMAL Solution Delivers Competitive Edge to FEE Bank Malaysia June 26, 2009 - FEE Bank and Path Solutions today announced that the newly established FEE Bank branch in Malaysia would implement iMAL Conventional and Islamic Banking Solution. Under the deal, Path Solutions will undertake to deliver an integrated banking solution encompassing front-end delivery channels, financing management, accounting, treasury and trade finance, including database and IT infrastructure. Path will also provide in-depth business consulting services to support the bank’s growing ambitions. “We have gone through a rigorous selection process which focused on finding a world-class banking software package to support the bank’s crucial objectives on client-centricity, growth and time-to-market. We were also looking for a technology that would enable us to respond quickly and effectively to continually changing business dynamics” explained Dr. Ali Afzali, Chief Executive Officer of FEE Bank.
“We have evaluated several leading technology solutions and finally chose iMAL Enterprise Banking Solution as it offers a comprehensive solution addressing our both conventional and Islamic banking needs and proved to be functionally superior at every stage of the evaluation. Leveraging iMAL, the bank plans to create a differentiated customer experience through innovative products to support our aggressive growth plans. This contract marks a concrete step forward in the cooperation between FEE Bank and Path Solutions”, Dr. Afzali said.
Naji Moukadam, President of Path Solutions explained, “We are very pleased to be working with FEE Bank in setting up their IT infrastructure. FEE Bank has impressive growth plans. These include increasing its profitability by diversifying its product offerings as well as expanding its presence in other countries too. We look forward to helping FEE Bank achieve its strategic objectives of innovation and growth”. Moukadam added: “This partnership highlights iMAL powerful capabilities in fostering innovation, increasing productivity and meeting the diverse customer needs. It has proved its dominance in multi-country deployment for major banks throughout the world. As for Path, it is a breakthrough to have an Iranian bank on Path Solutions’ user list. FEE Bank is part of Bank Mellat Group, one of the largest commercial banks in the Islamic Republic of Iran, ranking amongst the top 1000 banks in the world”. iMAL is the AAOIFI-certified core banking software from Path Solutions. Apart from its scalability and tremendous STP flexibility, iMAL provides the agility to respond to business needs. iMAL has been designed to operate on the widest selection of technology platforms possible. It uses standard open technologies and also provides tools and techniques for adapting it to local environments. About First East Export Bank (P.L.C) Labuan (Company No. : LL0688) On 18th December 2008, the green light was given by the Government of Malaysia for FEE Bank to incorporate in Malaysia. Pursuant to that, we incorporated an offshore company in Labuan on 15th January 2009 under the Offshore Companies Act1990. We then obtained an offshore banking license from Labuan Offshore Financial Services Authority (LOFSA) on 16th February 2009. FEE Bank has started its activities in May 2009 and hopes to achieve increased business volume as well as increase in gross revenue by focusing on its competitive advantages, current customer base, and emerging value priced products.

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Path Solutions key sponsor for Islamic Finance & Investment World Africa June 12, 2009 - Path Solutions was one of the key sponsors for Islamic Finance & Investment World Africa held in Cape Town on June 9 & 10 organized by Terrapinn. The discussions of the conference mainly focused on the role of Islamic finance in the international economic system and the potential of Takaful, Sukuk, Islamic REITs, ETFs and private equity in the South African market. The conference ended with a lunch shared by key industry players who emphasized the importance of Islamic finance in the development of the financial industry in South Africa. For more info: http://www.terrapinn.com/2009/islamicza/

Path Solutions successfully implements iMAL at Elaf Bank

June 12, 2009 - Path Solutions, the world's leading provider of software solutions to the Islamic banking industry has announced that Elaf Bank had successfully deployed iMAL solution. Elaf has become the 10th bank in Bahrain whose technology is powered by iMAL the only AAOIFI-certified enterprise banking solution from Path.

The solution, which went live in a record 90 days, will enable the bank to embark on its ambitious business strategy aimed at aggressive growth and rapid differentiation as an Islamic investment bank.

“iMAL is a proven technology, we have been able to benefit from a fast and effective implementation. The commitment and dedication we received from Path Solutions’ team on the ground and their continued support made this achievable” said Dr. Jamil Jaroudi, CEO, Elaf Bank.

As to Yousif Janahi, Head Information Technology at Elaf, he commented, “Elaf is now empowered by iMAL to create a distinguished customer experience through innovative product offerings and a unified customer view for greater convenience”.
He further added, “What really differentiates Path Solutions is their impeccable implementation track record. Elaf Bank went live with iMAL on the 1st of April 2009, three months after the project kick-off. Thus, we were confident in their abilities to manage such a big project on time”.

“The quick deployment of iMAL at Elaf Bank is important as it demonstrates the quality of our implementation skills combined with our business know-how. Elaf Bank is fast becoming a large investment bank and we are happy to support them in their growth plans”, said Alain Abou Khalil, VP Professional Services – Path Solutions.

Path Solutions is a global player in the Islamic banking solutions’ arena, with a customer base spread across 20 countries. The company has a strong presence in the GCC, Middle-East, South East Asia, Africa and Europe.

About Elaf Bank

Elaf Bank is a closed shareholding company incorporated in the Kingdom of Bahrain and licensed by the Central Bank of Bahrain to operate as an Islamic wholesale (investment) bank.

Elaf Bank has an authorized capital of USD500 million and a paid up capital of USD200 million.

Elaf Bank encompasses the full spectrum of wholesale Islamic banking with an additional differentiating dimension geared towards developing the Sukuk secondary market and act as a market-maker.

Elaf Bank offers the following range of investment banking products to corporates, financial institutions, and high net worth individuals, in:
- Debt & Equity Capital Markets Advisory
- Asset Management
- Private Equity
- Real Estate.

Pakistan Center of Excellence and landmark for Path Solutions

June 8, 2009 – Pakistan, famed for hosting among its people the most talented resources in the Islamic Finance and Information Communication Technology sectors, is an ideal environment to develop Islamic banking. “Pakistan has shown high commitment and dedication to Islamic finance; our market studies show that the annual growth of Islamic banks in Pakistan will double by 2013; thus Pakistan became the first choice in Path’s expansion plan”, commented Naji Moukadam, Path Solutions’ President, during the office inauguration reception that took place in Karachi on May 6th, 2009. “We are not only opening a support office in Karachi to serve our existing clients, but rather a new resource hub that will cater to all our clients in South Asia, the Middle East and Europe”.

“We have great faith in the Pakistani level of expertise in both information technology and Islamic banking and finance”; he then added: “our aim is to boost the service level for the banks in Pakistan, assist our banks whether local or international in the product engineering through our business analysts and subject matter experts, innovate solutions and tools to match the new market trends, promote diversity and innovation in products and services”.
Path Solutions has 16 years of market experience using unrivalled software implementation expertise at forward-thinking banks and financial institutions. Path Solutions’ strong market share is testament to its ability to maintain technology advantage. The company is now present in 17 countries around the world and plans to shortly add Central and Eastern Europe to its network.

Path Solutions boosts Turkey IFN 2009 Roadshow June 6, 2009 – On June 4, Path Solutions participated in the Islamic Finance News Roadshow held for the first time in Istanbul, Turkey. At the prestigious event, Path Solutions showcased its entire banking software offerings. On display were Path’s offerings for Islamic banks, capital market, mutual funds and investment companies. The event focused on new markets which are currently underdeveloped in the Islamic finance world. It has also examined latest developments in Islamic finance in Turkey as compared to other regional centers. For more info: http://www.islamicfinanceevents.com/turkey_agenda.php

Path Solutions participated in Syria’s 4th Islamic finance conference

The WIFCMC patronaged by Path Solutions

May 28, 2009 - Path Solutions participated in the 5th Annual World Islamic Funds & Capital Markets Conference, held on the 25th & 26th of May in Bahrain. In parallel with its role as a Silver Sponsor, Path has exhibited iMAL complete range of products and solutions at the event. This conference was the most crucial gathering in its 5-year history as the leaders in the global Sharia-compliant investments industry met to plot a new growth path in the context of the global economic crisis, which continues to take its toll across all markets and asset classes. For Islamic investment specialists, it was a high-level opportunity to engage the market leaders and determine how the market has shifted and how growth can be sustained. See more details here: http://www.megaevents.net/islamic_funds/

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Path Solutions to ink Core Banking Solution deal with Wahda Bank

May 21, 2009 - Path Solutions, provider of core banking system iMAL and Wahda Bank of Libya signed contract for the deployment of core banking system in order to support the bank full activities of Retail, Corporate and Islamic banking. iMAL, will help expand all banking services provided by Wahda Bank.

Speaking on the occasion of signing the agreement with Path Solutions, Antoine Sreih, Chairman, Wahda Bank, said: “We are happy to continue partnering with Path Solutions in this strategic initiative. Our decision to implement iMAL has been influenced by our old relationship with Path as we have previously implemented iMAL at EAB London and Path’s reputation as a successful and committed software house in providing true Islamic software solutions. We view this partnership as a key component of our overall business strategy. We are confident that with iMAL, we will be able to launch new products to our customers with reduced time-to-market, become more efficient in our operations and decrease our costs”.

iMAL is an Islamic competitive banking suite providing a broad range of products to various functions within the organization including Core Banking, Investment, Treasury, Funds Management, Trade Finance, Fixed Assets, Profit Calculation, CIF and Risk Management. iMAL is a centralized, multi-lingual, multi-currency solution that delivers unparalleled value to banks. It is also scalable and customer-centric and addresses Retail, Corporate and Investment banking requirements.

Naji Moukadam, President of Path Solutions stated: “We are delighted to partner with Wahda Bank as their preferred IT partner. This win will enable us to further consolidate our leadership position as the core banking provider of choice for forward-looking banks in North Africa, a key market focus for our banking solutions”.

Adding further, Moukadam said: “Due to ever increasing customer requirements, it is necessary for Wahda Bank to have an effective operating system in order to support the increasing number of transactions as well as the bank network expansion in the next few years. Path has offered solutions that best meet the current and future needs of Wahda Bank. We believe that, with this cooperation, we will help them achieve successfully their business targets”.

Wahda Bank is a Libyan Shareholding company, established under the law (153) dated 22/12/1970, with a paid capital of 108 million LYD. The Social Economic Development Fund owns 54.1 % of the stocks, the private sector owns 26.90 % and the Arab Bank (strategic partner) owns 19 %.
Wahda Bank is considered to be the leading bank in Libya in providing distinguished banking products and services through its 74 branches and agencies spread all over the country.

Path Solutions extends lead support to the 6th IFSB Summit May 10, 2009 - Path Solutions, the leading Kuwaiti software solutions provider has extended full support to the 6th Islamic Financial Services Board Summit which took place on the 7th and 8th of May in Singapore. The summit has primarily focused on the Islamic Financial Services Landscape, the Competitive Strategies of the Islamic Financial Services Industry and the Role of Non-Bank Financial Institutions in the Future of Islamic Finance. Path Solutions’ support to the summit stems from its commitment in contributing to the empowerment of the Islamic banking industry in the new economy, by providing customers with innovative products and services, using leading-edge technologies to meet or exceed their expectations. Click here for more: http://www.ifsbsingapore2009.com/ifsbsummit.asp

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Jakarta Islamic Finance Dialogue 2009

April 30, 2009 – The Jakarta Islamic Finance Dialogue 2009 was organized and fully sponsored by Path Solutions. The aim of this one-day seminar - which was held in Indonesia on April 16 - was to bring together the different Islamic banking players and industry experts in South East Asia to advance and provide knowledge, facilitate information exchange and share industry expertise, in addition to exploring the latest developments and growth of Sharia banking in Indonesia. The event started with an opening keynote speech by Mr. A. Riawan Amin (President of ASBISINDO – Association of Sharia Banking Indonesia), followed by a presentation done by Mr. Naji Moukadam (President of Path Solutions) on the experience of Technology Adoption by Islamic Financial Institutions in the Middle East & Europe.

Mr. Roslan Abdul Razak (Director – Training and Sharia Business Advisory, Islamic Banking and Finance Institute Malaysia) spoke about the Challenges Faced by Islamic Banks in Malaysia in Adopting a Truly Sharia-Compliant Banking System. Dr. Aznan Bin Hasan (Sharia Advisor) concluded with the Importance of Adopting a Truly Sharia-Compliant Islamic Banking System from Sharia Principle.

The seminar has successfully ended with a lively debate over lunch.

Path Solutions successfully participated as a Bronze Sponsor in IIFF Dubai

April 30, 2009 - Path Solutions co-hosted the International Islamic Finance Forum held under the esteemed patronage of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The forum opened its doors on April 26 for 4 consecutive days during which pioneering international Islamic finance practitioners have addressed the challenges and opportunities presented by the new global financial era and the increasingly important role of the Islamic finance industry. http://www.iiff.com/

Path Solutions wraps up a remarkable participation in Leaders in Islamic Finance 2009

April 23, 2009 – On 19-21 April, Path Solutions participated in Leaders in Islamic Finance Summit in Qatar as Silver and Booth Sponsor. As Qatar is becoming home to some of the largest Islamic financial institutions in the world and another pivotal centre for this sector within the GCC, prominent figures in the financial world gathered to discuss the main challenges currently facing the Islamic finance industry. Mr. Naji Moukadam, President of Path Solutions made a presentation in which he briefly covered the impact and benefits of emerging technologies on financial institutions following the global financial crisis. For more info click on http://www.iqpc.com/ShowEvent.aspx?id=154678

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Path, IT Sponsor of the Forum Africain de la Finance Islamique April 5, 2009 – The forum which was sponsored by Path Solutions was held on 1 & 2 April in Casablanca. More than 100 participants from several African states attended the forum which tackled a range of topics among them the impact of the financial crisis on the African continent, the role of Central Banks and regulatory authorities and risk management capabilities. More information here: http://www.forumafricainfinanceislamique.com/

Noor Islamic Finance Co. selects iMAL for Islamic Banking

March 12, 2009 – Kuwait-based banking software solutions provider Path Solutions said it has signed an agreement with Noor Islamic Finance Co. in Abu Dhabi for the provision of iMAL for their start-up operations.

The significance of the deal is twofold: Noor Islamic Finance Co. - partially owned by Noor Capital PSC of Abu Dhabi and GulfCap of Dubai - has big plans to expand in the Middle East and Africa. And winning this deal reasserts Path Solutions’ position in automating Islamic finance companies. This is the third finance company for Path after Abu Dhabi National Islamic Finance Co. and Aljazeera Finance Co.

Baligh Bedewi, Vice President Technology & Treasury at Noor Islamic Finance Co. commented, “Path Solutions was selected due to its excellent implementation track record in the region. Moreover, its flagship product iMAL is the 1st banking software to be certified by AAOIFI. With iMAL fast-tracking processes and guaranteed compliance with Sharia, Noor Islamic Finance will be leading the way in delivering modern Islamic banking”.

Nazzem Yaghmour, EVP Business Development at Path Solutions, added, “Path is quickly capturing a leadership position in this particular market because our solution is flexible and can be customized to meet the unique requirements of Islamic banks and financial institutions worldwide. We are delighted to be working with Noor Islamic Finance on this project and we look forward to our continued partnership together”.

The solution is the latest version of the widely-implemented AAOIFI-certified banking solution from Path. It will help Noor Islamic Finance to gain competitive advantage by providing a broad range of innovative Islamic services to its customers.

Bank Muamalat chooses Path Solutions’ iMAL as its preferred solution for the future

March 11, 2009 – Path Solutions, the global software provider for the Islamic banking industry, today announced that Bank Muamalat Malaysia Berhad (BMMB) has selected Path’s Enterprise Islamic Banking solution to provide a centralized, front-to-back office core banking platform for its Islamic, Retail, Corporate and Investment banking operations. The historic agreement between BMMB and Path Solutions is the first of its kind and reflects the confidence BMMB has in the future of enterprise Islamic banking technologies. Path Solutions’ iMAL will be implemented and deployed at over 50 existing branches for BMMB in Malaysia. It is expected to go live by September 2010. In addition to iMAL Core Banking, BMMB will also deploy the Branch Automation, Deposit, Financing, Remittance, ATM and Card System, Assets & Portfolio Management, Trade Finance, Internet Banking, Business Intelligence and Regulatory Reporting modules.
The selection was made by BMMB following an exhaustive process involving all major solution providers. YBhg. Dato’ Haji Mohd Redza Shah Abdul Wahid, CEO of BMMB said: “Bank Muamalat is very selective about partnerships with strategic IT vendors. After an extensive review, we chose Path Solutions’ iMAL - a Sharia-compliant software certified by AAOIFI - capable of addressing the Islamic banking requirements for BMMB”. Founded in 1999, BMMB is the nation's second full-fledged Islamic bank offering innovative, quality and competitive financial products and services with strict adherence to Sharia principles with value creation at the very heart of its mission. BMMB currently operates 53 branches spread throughout Malaysia, and 1 offshore bank in Labuan. With the rise in demand for Islamic banking products, BMMB needed to launch a series of Islamic banking services to cater for its clients’ needs.
“We are delighted to expand our relationship and provide the first AAOIFI-certified solution that will serve all of BMMB banking requirements”, stated Naji Moukadam, President of Path Solutions. “Besides the continuous local support from Path, we are confident of the technology excellence and expertise BMMB will obtain using iMAL. This partnership will help to maintain and enhance its competitiveness in South East Asia market”. Mr. Moukadam added: “At Path, we are determined to lead by example within the markets in which we operate, by contributing to the empowerment of the Islamic finance industry through innovative and enterprise-wide solutions to exceed all expectations. Our partnership with BMMB rated as one of the largest pure Islamic banks in Malaysia and a key symbol in the Malaysian banking sector is another major step in consolidating iMAL as a brand of reference in South East Asia, enhancing further Path Solutions’ positioning and connection to the local banking market”. Over the past years, Path Solutions has withstood the test of time. It has evolved progressively into the Best Technology Provider for the Islamic finance industry as acknowledged by different rating agencies, and has since embarked on a course of mature, sound, and steady expansion to better serve its customers. Path Solutions’ Malaysia branch office acts as a service hub for Malaysia and South East Asia, which reduces the service reaction times for customers in the region to a minimum. About Bank Muamalat Malaysia Berhad Bank Muamalat helps Muslims manage their money in the modern world. The company, Malaysia's second full-fledged Islamic bank, offers a wide range of financial services in compliance with the Islamic law. It provides consumer and business lending, savings accounts, remittances, and investment services as well as trade financing, offshore banking and foreign exchange products. BMMB also helps Muslims meet their zakat (charitable giving) obligations by setting up accounts and providing calculators for that purpose. The bank was formed on October 1, 1999 from the Islamic banking components of the then Bank Bumiputra, Bank of Commerce Malaysia and BBMB Kewangan. DRB-HICOM Berhad now owns 70% while Khazanah Nasional owns 30%. www.muamalat.com.my

Effective participation for Path Solutions in Euromoney’s Islamic Finance Summit February 28, 2009 - Path Solutions participated as a Bronze Sponsor at Euromoney’s 9th Annual Islamic Finance Summit. The event which covered high level panel discussions on the credit crunch and its impact on the competitiveness of Islamic finance took place in London on February 24 - 25. The summit provided attendees with the opportunity to meet with senior decision-makers and leading market experts while also helping delegates establish new partnerships and execute business deals. For more information visit http://www.islamicfinancesummit.com/

Path Solutions joined this year’s MEFTEC

February 14, 2009 - Path Solutions was present at the world’s leading financial technology exhibition dedicated to high-growth markets. The Middle East Financial Technology Exhibition and Conference (MEFTEC) 2009 was held in a strategic partnership with the Central Bank of Bahrain and the Bahrain Exhibition & Convention Authority on the 10th -11th of February in Manama. The event attracted over 1000 visitors of the highest caliber and 150 IT and banking exhibitors from 40 countries. In a speech before the event, the Governor of the Central Bank of Bahrain, H.E. Rasheed M. Al Maraj, said that advances in technology bring many opportunities and benefits to the banking industry, but challenges too, as he urged businesses to better manage risk through the effective use of technology. For more info click www.meftec.com

Al Baraka Bank Sudan & Algeria go for iMAL

January 20, 2009 - Path Solutions, the 1st and only banking software provider to be certified by AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) announced today that it has signed a license agreement with Al Baraka Bank Sudan and Algeria (Members of Al Baraka Banking Group) under which Path will provide and implement iMAL solution at both sites.

The decision followed an extensive and rigorous evaluation process by Al Baraka management and the involvement of external consultants. This agreement will encompass the implementation of iMAL solution together with professional services, maintenance and ongoing support.

“The time we spent evaluating leading companies in the software industry was well worth the effort. This investment confirms Al Baraka commitment to implement the best technologies at the service of its clients”, said Taj A. I. Shanoon - Deputy GM at Al Baraka Sudan.

Al Baraka Bank continues to carry out major investments to maintain its technological advance through the acquisition of a new banking system. Accordingly, iMAL represents an integrated solution that has an advantageous system modularity which allows Al Baraka Bank to monitor and achieve its objectives as to conduct all banking and investment operations in accordance with the stipulations of Islamic Sharia as well as its growth strategy.

“We are delighted to have Al Baraka Bank commit to iMAL system, being the pioneer in introducing Islamic banking products in Sudan and Algeria and we look forward to many more years of a mutually successful relationship”, declared Naji Moukadam, President of Path Solutions. “With iMAL multi-lingual and multi-currency features, I believe that we are the perfect partner for Al Baraka as they expand across the globe”, he concluded.

iMAL user friendly, parametric, scalable and functionally rich banking software, addresses all of Al Baraka key requirements in Sudan and Algeria and is well aligned with the bank’s business and technology needs.

Ahmed Kireche, Assistant GM, Al Baraka Algeria commented: “This agreement is part of our strategy to cater equally to everyone in Algeria and continuously provide our Muslim customers with the best services. We look forward to the installation of iMAL to be able to offer our clients a wider variety of banking services”.

Thanks to its robust and smart built-in capabilities, iMAL solution is set to boost Al Baraka’s productivity over the next years to achieve the bank business ambitions.

About Al Baraka Group

The Bahrain-based Albaraka Banking Group (ABG) offers Islamic investment banking and treasury services through 11 subsidiaries in Algeria, Bahrain, Egypt, Jordan, Lebanon, Pakistan, South Africa, Sudan, Tunisia and Turkey. ABG was established in 2002 as a holding company for the banking and financial firms affiliated with the Dallah Albaraka Group. The first group of institutions brought under its umbrella included nine Islamic banks in nine countries, while the tenth bank, Al Baraka Bank of Sudan was added in 2005. ABG acquired a license to operate a new subsidiary in Syria, in July 2007, with a capital of USD100 million. Al Baraka Bank of Syria will provide Sharia-compliant retail and commercial banking across the country.

ABG listed its shares on the Bahrain Stock Exchange and the Dubai International Financial Exchange in September 2006. It was the third largest company on the Bahrain Stock Exchange in terms of total assets, which stood at BHD2.87 billion (USD7.6 billion) as of December 2006. It was the second largest on the exchange based on total revenues, which stood at BHD269.59 (USD713.4 million) as of December 2006.

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ICD selects iMAL as its preferred platform for global network expansion ICD, iMAL ink agreement on IT project January 19, 2009 – Khaled Al-Aboodi, CEO & General Manager of ICD signed an agreement on December 21, 2008 with Naji Moukadam, President of Path Solutions, the leading provider of software solutions for the financial services industry. “Being the pioneers in Islamic finance”, said Al-Aboodi, “we wanted to make sure that we select a True Islamic Solution based on the Sharia rules and principles; iMAL was the choice”. Al-Aboodi added: “We chose iMAL because of its strong functionality. It will further enhance our customer services and ensure a smooth automation for our operational processes”.
“I am delighted with our performance during the last quarter. We have been able to win deals with some of the world most prestigious banks to run on iMAL, which is evidence of our product superiority and our undisputed market leadership”, said Naji Moukadam, President of Path Solutions. Moukadam added: “ICD is one of the leading players in the provision of equity and term financing to commercially viable projects. Choosing Path Solutions as the vendor for its new IT project is an enormous vote of confidence in our company and our product”. Path Solutions offers complete end-to-end solutions for the Islamic finance sector which will enable its clients to have a ‘one-stop shop’ for their overall needs. The AAOIFI-certified iMAL has achieved an unprecedented success by continuing to deliver superior performance, flexibility and ease-of-use. The Islamic Corporation for the Development of the Private Sector (“ICD”) is a multilateral organization, part of the Islamic Development Bank (“IDB”) Group. ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Sharia through private sector development. ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects. Projects are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. ICD operations complement the activities of the IDB. ICD has an authorized capital of USD 1 billion, and subscribed capital of USD 500 million. The capital of ICD is allocated as follows: 50% for IDB, 30% for member countries and 20% for public financial institutions of member countries. Currently, the shareholders of ICD are IDB, 45 Islamic countries (extending from Senegal in the West to Indonesia in the East) and 5 financial institutions

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Path Solutions captures top honors in Redmoney’s IFN Poll for 2008

January 10, 2009 – Path Solutions earned the finest accolade in the 2008 Islamic Finance News Poll conducted by Redmoney as the Best Technology Provider. “It is a great achievement and honour for Path to win this award for the second time. This award is in recognition of our hard work, commitment and delivery of the finest solutions to the Islamic banking sector”, said Naji Moukadam, President of Path Solutions. For 4 years Redmoney’s Best Banks Poll has been widely recognized as the industry’s benchmark and this year’s poll tallied almost 2,491 unique votes naturally cast by Islamic finance leading practitioners and participants. The 2008 Poll underscores the significant market presence and industry recognition Path Solutions has gained in the last few years. The prestigious award will be presented to Path at two special Gala Awards Dinners: A ceremony for IFN Asia readers will take place on the evening of 12th February at the Mandarin Oriental Hotel in Kuala Lumpur followed by another black tie dinner at the Grand Hyatt Dubai on 3rd of March 2009 for IFN Middle East readers. For more information on the Award Ceremonies, log on to www.redmoneygroup.com or www.islamicfinancenews.com