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News
Syria to host the 5th Islamic Banks and Financial Institutions’ Conference
March 18, 2010 - Path Solutions participated as a Technology Sponsor in one of the busiest and most successful events which is the 5th Islamic Banks and Financial Institutions Conference held on March 15-16 at the Four Seasons Damascus.
The conference attended by key industry members highlighted the performance of the Islamic banking sector and identified success factors in the global market.
Path Solutions had the opportunity to listen to various viewpoints concerning the most important Islamic financing issues at present and to exhibit successfully its new product releases.
For more details, please go through: http://www.alsalam.co.sy/?d=22&id=153
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Path attends Islamic Finance Forum in Jordan
March 5, 2010 - Path Solutions closed out its participation at the First Islamic Finance & Investment Forum for the Middle East with great success. The forum which was organized in-cooperation with the Ministry of Finance, and the Central Bank of Jordan took place on March 2nd & 3rd at the King Hussein Bin Talal Convention Center in the Dead Sea.
In times of economic downturn, Path Solutions relied again on the industry’s key event and took advantage of the opportunity to listen to inspiring speeches, network with prospects and exhibit a range of new banking software products. http://www.ifif.jo/
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Path Solutions Maintains Leadership Position For Third Consecutive Year In IBS Sales League Table
March 3, 2010 – Path Solutions, the world’s leading provider of software solutions to the Islamic finance industry, today announced the company took top honors for the third consecutive year in IBS Sales League Table.
The IBS Sales League Table, which comprises the leading international core banking system suppliers, is released every year by IBS Intelligence, and is based on technology vendors’ number of new name deals completed in one year.
Unveiled yesterday, the 2010 Sales League Table confirms Path Solutions as the Best Selling Islamic Banking Software Provider in 2009. The analysis also confirms Path Solutions has the largest Islamic banking client base in the world with a stated 70 Islamic banks and financial institutions. In 2009, 13 new customers and 3 already existing ones selected Path Solutions’ iMAL, the first enterprise-wide AAOIFI-certified banking software solution. Some of these customers come from emerging markets such as Iraq, Libya and Hong Kong.
The system was also ranked number eight out of the universal core banking offerings in the 2009 Sales League Table, which lists banking software vendors across the globe.
Martin Whybrow, IBS Founder and Director said: “Path Solutions is a good benchmark of the overall health of the Islamic banking systems market, based on its specialist focus. It was a promising sign that it brought in another good set of deals, comparable to that of 2008. In a year when there was a down-turn for many suppliers, Path showed strong resilience. To a degree, those sales reflected the company’s continuing moves to become ever more international, in parallel with the evolution of Sharia banking as a whole”.
“We are very pleased with being the world Nb. 1 Islamic Banking Software Provider, holding this position for the third consecutive year”, commented Mohammed Kateeb, Chairman and CEO of Path Solutions. “Our ranking is further confirmation of our strong performance and growing market share. We’ve already got off to a solid start in 2010 with some significant deals in the pipeline. We will keep on developing industry-specific offerings and continue to implement our focused growth strategy to maintain forward momentum”, Kateeb said.
Founded in 1992, Path Solutions provides a wide range of AAOIFI and IAS compliant integrated software solutions covering Core Banking, Customer Universal Services, Investment and Private Equity, Treasury, Funds Management and Securities Trading system in the GCC and Global Capital Markets.
Path Solutions retains its commitment in contributing to the empowerment of the Islamic finance industry through its Headquarters in Kuwait City, its Research and Development centre in Beirut, its support offices in Manama, Riyadh, Khartoum, Nairobi, Jakarta, Kuala Lumpur and London, while maintaining a presence through partner companies in other locations around the globe. www.path-solutions.com
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Path Solutions’ remarkable visit to Kazakhstan
February 2, 2010 – With the objective of attracting foreign Muslim investors to Kazakhstan, the “Islamic Finance Forum 2010” organized by Akyl-Kenes Consulting was held on 25 and 26 January in Astana under the sponsorship and support of Path Solutions.
The forum was devoted to the issues of Islamic financing in the country and highlighted recommendations to the government and institutions of the Republic of Kazakhstan in order to facilitate a rewarding climate for Islamic investors and create a legal framework to promote attraction of capital.
Representatives of the Kazakh Ministries, Regional Financial Center of Almaty (RFCA) and heads of a range of Islamic financial institutions as well as local banks took part in the forum and showed interest in Path Solutions’ enterprise-wide software solutions.
For more details: http://www.kazforum.info/index_files/Page355.htm
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IIFF - Path's sponsored event
January 22, 2010 – Path Solutions said in a press statement that it has silver-sponsored the 18th International Islamic Finance Forum (IIFF) which occurred this year in London on 18-21 January.
The event comes at a crucial time as the industry seeks direction for the way ahead in a new economic era. IIFF addressed the challenges and opportunities presented by the new global financial era and the increasingly important role of Islamic finance in Europe specifically.
For more details, go to http://ww2.iirme.com/iiff/
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Liquidity Management House goes for Path Solutions’ Islamic banking software
January 20, 2010 – Path Solutions, the global banking software firm, today announced that Liquidity Management House (“LMH”), a Kuwait Finance House wholly owned investment company has selected iMAL to help accommodate its expanding business in the region and achieve its ambitions.
The iMAL comprehensive banking suite was chosen by LMH because of its market-proven track record, flexibility and ability to respond rapidly to business needs. According to the agreement, Path solutions will implement an industry-leading solution with end-to-end applications addressing customer service management, assets and Sukuk or Islamic fixed-income securities management, trade finance, open account and cash management functions.
“Path Solutions has a vast amount of knowledge and expertise in Islamic finance, with AAOIFI-certified solutions from the front-office through to the back-office, which will enable us to add real value to our customers and continue to be an innovator in the market”, said Emad Al-Monayea, Chairman and Managing Director of LMH.
Headquartered in the State of Kuwait, Liquidity Management House for Investment K.S.C.C (“Liquidity House”) was established in December 2007 and commenced its operations in September 2008. It was launched with a paid up capital of Kuwaiti Dinars 100 Million (approx US$ 360 Million).
LMH’s objective is to be a principal player in the international Sukuk market and the Sharia-compliant structured finance arena. It seeks to deliver exceptional values to its clients, shareholders and the industry through focused and shared values driven by its parent entity Kuwait Finance House.
“Our reputation is built on excellence performance with the emphasis on quality and customer satisfaction”, said Naji Moukadam, President of Path Solutions. “We are proud to say that our business contracts are surpassing those of our competitors by a huge margin. LMH joins a fast-growing list of trusted partners. We will work closely with LMH team to ensure that the project implementation meets the tight launch deadline of just 5 months from project go-ahead”.
iMAL will be implemented at the company’s head office in Kuwait. The system will enable LMH to have a centralized database with the capacity to reduce the transaction cost and time to a great extent. It will offer immense scope for improvement on the customer relationship front with enhanced value-added services.
For more info, please go to: www.path-solutions.com and www.liquidityhouse.com
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Path Solutions named Best Islamic Technology Provider by REDmoney for the second year in a row
January 15, 2010 - Path Solutions, a Kuwait-based provider of Islamic banking software solutions, has been adjudged as the Best Islamic Technology Provider in the 2009 Islamic Finance News Poll conducted by REDmoney. The poll confirms the leadership status for Path Solutions in the information technology systems for Islamic banking.
Commenting on the win, Naji Moukadam, President of Path Solutions said, “We are honored to be named for the second year in a row Best Islamic Technology Provider. This recognition certainly acknowledges our market position and contribution in the field and will help us consolidate our presence further. We would like to offer a special thank you to our growing list of customers for their continuous support and loyalty and to our teams in the different countries who are the heroes within our organization. We reiterate our commitment to providing best-of-breed AAOIFI-certified software solutions and services of the highest quality and value to our customers”.
Winners of the Islamic Finance News Poll will receive the prestigious awards at two special Awards Ceremonies: The first will take place on the evening of the 25th February 2010 at the Mandarin Oriental Hotel in Kuala Lumpur, followed by another at the Grand Hyatt Dubai on the 8th March 2010.
The Islamic Finance News Awards Polls are the most transparent, definitive and competitive awards in Islamic finance. They are based on a unique poll which is the true reflector of the global Islamic financial markets. The fifth annual Islamic Finance News Poll results are in after 2,657 votes were cast over a month-long period.
Path Solutions is a worldwide provider of technology solutions and consulting services addressing the whole spectrum of the global finance industry and in specific the Islamic finance industry.
Path Solutions is dedicated to the satisfaction of its clients and employs leading edge technologies while guaranteeing reliable performance and levels of excellence in the quality and efficiency of its services.
Path Solutions’ achievements and contributions to the Islamic finance industry have earned it numerous awards over the years and reinforced its position as the world’s leading IT firm.
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Midclear Lebanon selects iMAL
December 22, 2009 – Midclear S.A.L., the Custodian and Clearing Center of financial instruments for Lebanon and the Middle East selects Path Solutions -a multi-award winner global provider of banking software and the first IT firm certified by AAOIFI- as its key technology partner.
Midclear was on a quest to find a comprehensive solution that would be able to sustain its diverse operational requirements in the administration of mutual funds, multi family funds, SPVs while ensuring that the acquired solution will support Midclear’s future offerings and overall growth plan.
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Midclear’s Chairman Fouad El Khoury commented: “We are very pleased and furthermore confident in our choice, having undertaken a thorough selection process and many proof of concepts, that only lead to the conclusion that Path Solutions constitutes the ideal partner on more than one level. Its business and technical expertise, as well as its task force of over 600 IT specialists, where 300 of them are located in the Center of Research and Development in Beirut, make it indisputable. iMAL developed by Path Solutions responds specifically to the needs of our different banking activities, thanks to its broad functional coverage. iMAL will enable us to offer a complete innovative and integrated range of services to our different customers, whether banks, custodians or broker/dealers”.
Apart from insuring the efficient exchange of information between the managers of mutual funds and Midclear, Midclear will also use iMAL for transforming and routing transactions.
Midclear builds, manages, and operates a central securities depository, central registrar and clearing and settlement of Lebanese securities in an efficient and cost effective manner, which benefits the interests of the securities and financial industry in Lebanon.
“Partnering with Midclear marks a significant step for us in consolidating our position in the Lebanese market. It is as well a great testament to Path Solutions’ cutting-edge technologies, project management capability and key contribution to the global banking sector”, stated Naji Moukadam, President of Path Solutions. “We operate on a global scale but pride ourselves on local knowledge and know-how. We are confident that our iMAL solution will significantly reduce Midclear operating costs. Moreover, our highly functional state-of-the-art software system will allow them to remain at the forefront of technological innovation”.
About Midclear
Midclear S.A.L. (www.midclear.com.lb) is a Lebanese joint stock company with a capital of 2.8 Billion LBP, established and governed by the provisions of the Lebanese Commercial Code and other regulations in force in the Lebanese Republic. Midclear was appointed Central Depository for Lebanon by Law No 139 of October 1999, and Central Registrar for all Lebanese banks shares, by Law No 308 of April 2001.
Midclear’s Members are:
* The Central Bank of Lebanon
* Local and Foreign Banks
* Local and Foreign Financial Institutions
* Foreign Central Securities Depository and Clearing Houses
* Issuers
* Mutual Funds.
Midclear was established to address a variety of operational and risk issues related to the safekeeping and settlement of financial instruments in general. Its main functions include:
- Safekeeping of securities for participants
- Immobilization of physical securities
- Book-entry clearing and settlement of transactions in a secure and cost effective environment
- Accurate, timely and cost effective means of collecting, distributing and accounting for dividend and interest payments
- Maintaining shareholders registers: By Law No 308 of April 3rd 2001, Midclear was appointed Central Registrar for all Lebanese banks shares
- Administering Mutual Funds
Official numbering agency for Lebanon (ANNA member).
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Path Solutions takes part in AAOIFI - World Bank Annual Conference
December 20, 2009 – Path Solutions participated as a Silver Sponsor of this year World Bank conference on Islamic Banking and Finance organized by the Accounting and Auditing Organization for Islamic Financial Institutions.
The event was held on December 14 and 15 in Manama under the patronage of the Central Bank of Bahrain. It included several topics such as Tawarruq transactions, Sukuk instruments, Derivatives and other developments in the Islamic finance sector. Discussions were led by several eminent members of the AAOIFI Sharia Board.
Further details are available on: http://www.aaoifi.com/Upcomingconf.html |
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Path endorses the IIIème Forum Français de la Finance Islamique
December 10, 2009 – Gilles Saint Marc, Chairman of the Paris Europlace Islamic Finance Commission addressed the audience of the 3rd Annual French Conference on Islamic Finance, on the topic "Legal and regulatory developments in Islamic finance".
The forum which was held on December 9 at the Club d'Iena - Maison des Arts et Métiers in Paris, was organized by Les Echos Conférences and sponsored by Path Solutions and attended by over 200 VIP delegates.
For further details, please check www.forumfrancais-financeislamique.com |
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Path endorses Bahrain’s WIBC
December 9, 2009 – The World Islamic Banking Conference (WIBC) has become an iconic brand internationally recognized as the largest and most significant gathering of Islamic banking and finance leaders anywhere in the world.
The 16th Annual WIBC was held on the 6th, 7th & 8th of December 2009 in Bahrain where Path, a long-time supporter of the event, was the Silver Sponsor.
Key decision makers and other industry experts visited Path Solutions’ booth to find out more on the latest technological innovations for Islamic banking.
More info on: http://www.megaevents.net/islamic_banking/home.html |
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Path Solutions empowers Islamic banking operations at Al Baraka Bank Syria
December 7, 2009 - Path Solutions, a leading provider of information technology solutions to the Islamic financial services industry, today announced that Al Baraka Bank Syria has selected Path’s Islamic banking solution to meet the growing industry demand.
Both Al Baraka Bank Algeria and Al Baraka Bank Sudan are currently using Path Solutions’
iMAL system. With the establishment of Al Baraka Bank Syria, the bank has recognized new opportunities to play a catalyzing role in the country, providing innovative and pioneering Islamic banking products to its diverse clientele.
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“The partnership with Path Solutions is an opportunity to be the dynamic leader in providing a wide range of innovative Sharia-compliant products to the Syrian community”, said Mamoun Darkazally, General Manager of Al Baraka Bank Syria. “The system will contribute towards our objectives of effective and efficient Islamic banking operations”, Darkazally concluded.
Al Baraka Bank Syria is a banking unit of Al Baraka Banking Group, a leading international Islamic bank that offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Sharia. The authorized capital of ABG is US$1.5 billion, while the total equity amounts to about US$1.52 billion.
Al Baraka Bank Syria is the 4th Islamic bank in Syria to run on iMAL. The bank joins a growing list of Islamic financial institutions that have adopted Path Solutions’ iMAL, an enterprise-wide solution developed from scratch to address all Islamic banking requirements.
“We are very pleased that Al Baraka Bank Syria has selected iMAL solution, after Al Baraka Bank Sudan and Algeria”, commented Naji Moukadam, President of Path Solutions. “This proves that banks eager to achieve competitive advantage and optimum customer focus and responsiveness go for Path Solutions’ unique iMAL system. We believe that the capabilities of our technologies are unrivalled”.
Al Baraka Bank Syria is fully committed to ensuring it is using pure Islamic banking software. The decision of the bank to deploy iMAL is further validation of Path Solutions’ mission to be the IT provider of choice for Islamic financial institutions worldwide |
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SWIFT and Path Solutions partner to create messaging system standard for Islamic banking products
November 13, 2009 – Path Solutions, the global provider of Islamic banking software, announced today that it has signed an agreement with SWIFT, a worldwide provider of secure financial messaging services, aimed at the development of cutting-edge new standard messages for Islamic products to constantly meet industry needs.
SWIFT’s first step as into the Islamic finance world will be demonstrated by the automation of Treasury Murabaha messages. This will result in replacing the current paper driven process used across the industry with ISO message standards.
SWIFT has held several discussions with its customers such as banks, brokers, application vendors, Islamic finance industry organisations and Shariah scholars based in the United Kingdom, Middle East and Malaysia and many confirmed that ISO 15022 messages for use in Murabaha transactions will meet their needs. The Pilot phase is underway with banks based in the UK, the Middle East and Malaysia.
Commenting on the joint agreement, Patrik Neutjens, Head of Partner Management, SWIFT, says: “SWIFT is pleased to welcome Path Solutions into our Partner Program. Path is a key vendor in the Islamic finance industry, and together we can work towards standardizing and automating processes such as the Treasury Murabaha, thereby helping to reduce cost and risk associated with manual processing”.
Path Solutions is the first software provider contacted by SWIFT because of its deep knowledge and industry-leading expertise. Path Solutions’ flagship product iMAL is the first and only banking software to be recognized and officially certified by AAOIFI. Moreover, iMAL is built and developed from scratch to address specifically all Islamic banking requirements. It is an end to end solution running through a single version across all countries.
“We are delighted to collaborate with SWIFT on creating pioneering messages that will serve the special nature of the Islamic finance community”, says Naji Moukadam, President of Path Solutions. “This partnership will create a powerful value proposition for our customers, enabling us to deliver flexible and cost effective Islamic banking solutions”.
Once the pilot phase is achieved and its progress monitored, Path Solutions will be among the first to implement the new Islamic messaging system standard, allowing its clients to benefit as always from truly revolutionary products and upgrades to the Islamic financial marketplace.
About SWIFT
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect over 8,500 banking organisations, securities institutions and corporate customers in more than 200 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest. |
Path Solutions’ delegation attends Fleming Gulf’s Retail Banking Africa in Cairo
November 10, 2009 – Under the theme “Building Africa’s most Lucrative Retail Bank”, Path Solutions joined as a supporting sponsor of the prestigious Retail Banking Africa Conference held on November 2-4 in one of Africa’s promising financial market that is Cairo. The conference brought together over 100 high-profile bankers from the different countries’ leading retail banks aspiring to cash in on the opportunity to expand their networks into Egypt emerging market and to check on the latest technological advances in the domain.
Further details are available on: http://www.fleminggulf.com/conferences/Retail-Banking-Africa-2009 |
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Significant success in Malaysia’s KLIFF for Path Solutions
November 9, 2009 - Path Solutions sponsored and participated in Asia’s largest Islamic finance forum (KLIFF) held on November 2-5 in KL .
The Kuala Lumpur Islamic Financial Forum is into the 6th year which, since inception in 2004, was attended by local, regional as well as international speakers and delegates specialising in Islamic banking and finance. The event was graced by the Prime Minister of Malaysia, Datuk Seri Najib Tun Razak who, in his address, said that Islamic finance was a strategic vital element in the world's recovery from a financial crisis that has shaken both finances and faith in banking institutions .
For more info, please visit: www.kliff2009.com |
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Path Solutions was the Silver Sponsor of Kuwait 3rd Fiqh Conference
November 6, 2009 – As reported by KUNA, the first session debates of Kuwait’s 3rd Fiqh Conference for Islamic Finance Institutions were predominated with the issue of insolvency provisions of the bankruptcy of financial institutions. On its second day, the conference attendees discussed issues that concern the Islamic finance industry during the global financial crisis.
Issam Al-Enizi, a financial expert stressed on the importance of presenting an integrated model that shows the world that Islamic banking is very flexible and able to overcome any obstacles and that the global financial crisis was a magnifier to those financial institutions to re-calculate their ways of investments and to seek better opportunities in the future. |
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As usual, Path Solutions’ booth drew intense attention from expert visitors inquiring about the latest Islamic banking software. Finally, the conference was to wrap up with success its meetings later on Wednesday 4 November. www.shura.com.kw |
Path Solutions promotes Pakistan’s largest Islamic banking conference
November 3, 2009 - With more than 22 worldwide known speakers, Pakistan’s largest conference of its kind was held on November the 2nd at Islamabad Convention Centre. The “Third International Conference & Exhibition on Islamic Banking and Takaful” organized by AlHuda Centre of Islamic Banking & Economics and sponsored by Path Solutions, consisted of 8 sessions that covered topics on Islamic Banking, Islamic Insurance (Takaful), Sukuk, Islamic Funds, Islamic Microfinance and other related subject of Islamic Finance. The conference was also annexed with two days workshop on Takaful and Islamic Micro Finance held at NIBAF – State Bank of Pakistan, Islamabad. http://www.alhudacibe.com/3wle/ |
Path Solutions’ first visit to Malta
October 20, 2009 -The Malta Institute of Management has organized an international event under the title “Islamic Finance in a European Financial Services Framework”. It started on 12 October followed by a series of workshops leading up to October 16. The whole program was sponsored by Path Solutions as a major contributor among others. As customary, Path is keen to always support and demonstrate its expertise and business know-how in the Islamic finance industry and contribute to the growth of the sector. This event was held in Malta specifically to highlight Malta’s potential as a centre for Islamic finance in Europe. |
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Leading Paris-based Hiram Finance to partner with Path Solutions
October 19, 2009 - Hiram Finance, a leading Paris-based consulting firm within the financial services sector and Path Solutions, the worldwide provider of conventional and Islamic banking software today announced that they have signed a partnership agreement aimed at advancing an end-to-end solution to cover the needs of the fastest growing retail, investment banking and asset management segments in Europe and North Africa.
This partnership intervenes at a moment where strategic changes are being witnessed in the French financial sector, the amendment to Article 2011 of the French Civil Code relating to the formation of trusts paving the way for an imminent Sukuk market take off and the facilitation of Islamic finance products under the country’s financial inclusion policy. “Path Solutions is a major player that has gained worldwide recognition for its technology development initiatives to the financial sector”, said Hadi Farah, General Manager of Hiram Finance. “We are pleased to be joining forces with them. This agreement will pave the way for a two-way cooperation meant at leveraging our domain expertise across an extensive European network”. The rapprochement between Hiram Finance and Path Solutions aims to offer a comprehensive banking solution tailored to the specific needs of the French and the Francophone North African and Sub-Saharan African markets. Naji Moukadam, President of Path Solutions commented: “Hiram Finance is well established in the French market and has been providing various services to the global investment sector. Since we are planning to further strengthen our position in Europe and expand through France, we consider it crucial to increase our engagement and efforts with a truly global solution along with unmatched consulting, training and mentoring services”. |
Path Solutions participated in Dubai WRIBC
October 17, 2009 - While the Islamic finance sector continues to grow at a phenomenal pace, there is increasing pressure on financial institutions to cope with competitive pressures and deliver on market expectations. The theme for Dubai 2009 World Retail Islamic Banking Conference addressed these challenges of driving growth against a backdrop of an increasingly competitive market. On October 12-14, Path Solutions exhibited its latest banking technology products at Dubai most attended learning platform where Islamic banking experts and practitioners discussed challenges facing the industry despite the first encouraging signs of economic recovery.
http://www.fleminggulf.com/conferences/financial/islamic/islamicretail?partner=vendor2#key_top
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Path Solutions announces first customer in Iraq
October 16, 2009 - Path Solutions, a leading global provider of AAOIFI-certified banking software, today announced that Cihan Bank, one of the most progressive financial institutions in Erbil, has signed an agreement according to which Path Solutions would be executing the complete IT project for Cihan, the first privately owned bank in Kurdistan, Iraq.
Path Solutions will deploy several modules of the iMAL banking suite that will run on IBM (Xeon) servers. These modules include, among others, Customer Service Management, Islamic Invest, Islamic Treasury, Islamic Profit Calculation, Trade Finance, Financial Template Reports and SWIFT. |
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Speaking on the occasion, Dr. Nawzad Bajger, Vice Chairman of Cihan Bank said, “We are making this move to support our future growth plans. The project will facilitate single view of our customers across the enterprise, improve our speed to market with innovative Islamic products and will enable sales growth and enhanced customer service”.
Dr. Bajger further explained, “This is a strategic partnership for our institution.
iMAL solution is consistent with Cihan’s focused strategy of investing in the bank’s future, particularly through the continued IT upgrading”.
Cihan Bank has acquired iMAL, a functionally rich, scalable, modularized and fully-integrated Islamic banking system to attain top notch industry standards that are continuing to evolve within the Islamic financial services industry.
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“We are happy to be associated with this win. iMAL’s proven technology and processes will deliver business value to our new partner, Cihan Bank”, said Naji Moukadam, President of Path Solutions. “As a product iMAL can provide the advantage that Islamic banks in today’s competitive market need. It is AAOIFI-certified with high flexibility and proven implementation methodology. This will help Cihan Bank comply with country specific requirements as well as eliminate costs associated with manual processing and finally deliver an unparalleled service to its customers”, Moukadam concluded.
About Cihan Bank
Cihan Bank Co. for Islamic Investment & Finance (Private Joint Stock Co.) is headquartered in Erbil, Iraq. The bank aims to offer unique banking services on the basis of the Islamic Code or Sharia to its customers from government, enterprises, companies and individuals in the new Iraq including Kurdistan regional governorates.
Cihan Bank (www.cihanbank.com) engages in banking, commercial, financial and investment activities. It is also involved in housing, industrial, commercial, agricultural and tourism projects as it is a bank that operates on the concept and basis of Islamic sharing in investment, profit, leasing, speculation, manufacturing, agricultural cultivation and all other activities that conform to the concept.
The bank also practices the following activities:
- Current accounts in ID & foreign currencies
- Investment saving accounts ID & foreign currencies
- Joined investment & sharing the deposit
- Letters of credit and accepting collection bills
- Issuing of bank guarantees
- Payment orders
- Internal and external money transferring
- Providing loans for social and humanitarian purposes.
Cihan Bank is part of one ofthe largest groups in Iraq, Cihan Group which consists of 15 companies situated in three countries: Turkey, Iraq and UAE, dealing in automotive, media, foodstuff, general trading, financial services, education, petroleum services and construction. |
Amwal Credit Union signs major deal with Path Solutions
October 15, 2009 - Path Solutions continues its impressive growth by announcing the signing of yet another license and services agreements with the first Islamic Credit Union in the world located in Hong Kong. The contracts were signed by the Amwal Credit Union Chairman of the Board and President Lord Edwin E. Hitti and Mr. Naji Moukadam, President of Path Solutions.
The decision by Amwal Credit Union to select Path Solutions iMAL came after several months of detailed evaluation of multiple well-known IT vendors before going ahead with Path Solutions.
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“We are delighted to welcome Amwal Credit Union, the first Sharia-compliant cooperative financial institution in Hong Kong to our expanding list of users. Amwal Credit Union firmly believes in the importance of providing financial services in accordance with the tenets of Sharia adapting to the needs of the Asian customers”, said Nazzem Yaghmour, EVP Business Development at Path Solutions. He further added, “This agreement will enable Amwal to launch innovative Islamic products and services with minimum time-to-market, be very efficient and reduce costs”.
Path will implement its iMAL Core Banking Solution, the only solution in the world till today that is formally AAOIFI-certified covering all aspects of the Islamic banking operations which will bring significant benefits to Amwal Credit Union.
“Path Solutions has been at the forefront of providing and implementing a world-class Sharia-compliant banking solution for many years”, said Lord Edwin E. Hitti. “We are confident that iMAL will help us to launch new Islamic products in Hong Kong and comprehensively meet the demands and interests of our communities throughout the Greater China region”.
Established on May 27, 2009 and registered under the Credit Unions Ordinance Chapter 119, Laws of Hong Kong SAR, Amwal Credit Union is located in one of the major financial centers in the world and offers cutting edge financial products that meet the criterion of Sharia compliance, in addition to providing attractive risk adjusted returns over the medium and long terms.
“We are very proud to have been awarded the contract by Amwal Credit Union, the first licensed Islamic cooperative financial institution in Hong Kong, and the sole Sharia-compliant credit union within the Greater China region”, commented Rosie Kmeid, Head of Corporate Communications at Path Solutions. “We are confident that iMAL will provide a comprehensive range of financing options and will bring real benefits to the institution in the years ahead”.
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Already over 68 leading Islamic financial institutions worldwide are using iMAL solution for Customer Service Management, Islamic Treasury, Branch Automation, Retail Banking, Investment Banking and Internet Banking among others.
Credit Unions are very popular in North America, Europe, Australia, Central and South East Asian countries. Great synergy has been perceived between Credit Unions and Islamic banking in view of the nature of Islamic banking in particular and from the ethical point of view.
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Path Solutions exhibiting at the Islamic Finance Summit in Paris
October 13, 2009 - Path Solutions has participated in the 3rd Edition of the Islamic Finance Summit organized by The Economist on October 7, at the Cercle de l’Union Interalliée in Paris.
The Summit brought together leading Islamic bankers and scholars to analyze the industry’s growth potential, its response to the global slowdown and advise on the key opportunities. French Minister of Economy, Ms. Christine Lagarde mentioned in her speech that France has made strides on creating the right kind of legal framework to draw Sharia-compliant financing but more such work is needed.
For more info: http://guest.cvent.com/EVENTS/Info/Agenda.aspx?e=e0dcc684-3900-4344-8c4d-7ccd7b49866a |
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Path Solutions’ delegates to attend Paris Euromoney’s Conference
October 2, 2009 – Representatives of Path Solutions, the Bronze Sponsor of the event, Rosie Kmeid and Fadi Gedeon were to attend the Islamic Finance Paris Conference held on 29 & 30 September at Hotel Le Bristol, Paris.
Also present at the conference were Christine Lagarde, France’s Minister of Economy and Finance, Christian Noyer, Governor of the Banque de France, and Edith Cresson, Former French Minister who spoke about their vision to establish a business environment to promote Islamic financial services and debated the real benefits Islamic finance will bring to France’s economy.
http://www.euromoneyseminars.com/EventDetails/14346/990/Islamic-Finance-Paris-Conference.html
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Path Solutions wins key banking account in Sudan where BOK selects iMAL
August 24, 2009 – Path Solutions, the worldwide provider of Islamic banking software and Bank of Khartoum (BOK), one of the largest banks in Sudan announced today that BOK has selected iMAL Islamic banking solution to support their Retail, Commercial, Treasury and Investment banking activities in Sudan. The agreement was signed on May 31, 2009.
Bank of Khartoum will implement all of iMAL modules including Core Banking, Facility Management, Islamic Treasury, Islamic Profit Calculation, front-end Delivery Channels and Trade Finance on Oracle platform. “Bank of Khartoum is a very significant partner in Sudan. The bank is highly respected amongst the Sudanese banks. BOK is known for its history, professionalism and size in the country. It has conducted an in-depth evaluation of a number of software vendors over a five-month period and came to the conclusion that Path Solutions, with its proven strong track record and excellent reference sites in the country and abroad would be an excellent fit to support the bank business expansion plans”, stated Nazzem Yaghmour, EVP Business Development of Path Solutions. He added: “The Sudanese market is very significant for Path with five banks namely Al Baraka Bank, National Bank of Abu Dhabi, United Capital Bank and Arab Sudanese Bank, chose to work with us. Our commitment to the Sudanese market is reaffirmed with our decision to open a Support Centre in Khartoum very soon”. Fadi Salim Al Faqih, General Manager of BOK commented, “The system selection criteria was based not only on technology but also on Sharia rules conformity, compliance with all applicable banking laws, best-of-breed functionality, integration, security and support”. Al Faqih added: “The flexibility of the chosen system was impressive and gave us the confidence that it would successfully handle BOK current and future requirements. Information Technology is a key element in our innovative business approach and the partnership with Path Solutions is a big step in that direction. Our entire team now looks forward to a successful completion of the implementation project and the realization of our business goals”. About Bank of Khartoum Bank of Khartoum (BOK) with 17 branches in the capital and 33 branches nationwide has the widest branch network in Sudan. Historical Background 1913: Established as the Anglo-Egyptian Bank during the Anglo-British rule. 1925: Renamed to Barclays Bank for Overseas Properties and Territories. 1954: Renamed to Barclays Bank. 1970: Nationalized and became State Bank for Foreign Trade. 1975: Renamed to Bank of Khartoum. 1983: Merged with The People's Cooperative Bank (Bank Misr). 1993: Merged with both the Unity Bank (Othman Bank) and the National Export and Import Bank. 2002: Changed to private limited company under the name Bank of Khartoum. 2005: Dubai Islamic Bank (Strategic Partner) became the major shareholder with 60% of Governmental shares in Bank of Khartoum. 2008: Emirates Sudan Bank merged into Bank of Khartoum.
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Path supports the 1st Islamic Finance Forum in Hong Kong
August 22, 2009 - Path Solutions was the Exclusive Sponsor of the Islamic Finance Forum that took place on 19 - 20 August in Wanchai.
Hong Kong Islamic Finance Forum tackled several issues among them, the regulatory framework and tax legislation for Islamic financial markets and tax treatment for Islamic finance products, the legal status of Sukuk and the way to establish Hong Kong as an Islamic finance capital to open a new gateway between the Middle East and Greater China.
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| http://www.lexisnexis.com.hk/conference/events/cloasia/events/09/HK_Islamic%20Finance%20Forum/Main.html |
For the 3rd consecutive year, Path Solutions assumes full sponsorship of IIBI Workshop
August 20, 2009 – Both, Fadi Yazbeck, Senior Manager and Elie Gemayel, Executive Manager at Path Solutions attended the IIBI Three-day Residential Workshop on "Structuring Innovative Islamic Financial Products” at Clare College, University of Cambridge.
The immediate objective of this workshop was to fill the human resource skill gap in the Islamic financial services industry and enhance the competency of personnel serving in this sector.
Through an understanding of concepts and practical experiences, attendees were given the opportunity to apply the knowledge acquired to financial situations they are likely to meet at work dealing with clients seeking Sharia-compliant products and services.
For more details, please click on: www.islamic-banking.com
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Jakarta’s Seminar on Islamic IT organized by Path Solutions
July 28, 2009 - Path Solutions arranged in Jakarta, Indonesia a successful one-day Seminar on Islamic banking technologies.
At the seminar, Path Solutions emphasized its latest software products demonstrating the company’s expertise and leading position in South East Asia’s Islamic banking field.
The event, which was co-organized by ICDIF-LPPI, was attended by top bankers from Jakarta and the region where they had the opportunity to exchange ideas on further developing the Islamic banking industry.
For more info: http://www.lppi.or.id/lppi.en/l2_frame.php
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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/ |
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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.
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“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.
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Rohana Abdul Munim, General Manager of Path Solutions – Malaysia Branch 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”. Munim 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/
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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,
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“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
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Path
Solutions participated in Syria’s 4th Islamic finance
conference
June
3, 2009 - Under the slogan of ‘Islamic Banking ...
Investment Opportunities and Competition Challenges’,
the 4th Islamic Banks and Financial Institutions Conference
was held in Damascus on 1&2 of June. The event drew
more than 500 delegates from Syria, Lebanon, Jordan, Turkey,
Iraq and Iran.
The 2-day conference, designed to provide a platform through
which the Islamic finance industry can address pertinent
issues and promote a harmonization of global Sharia-compliant
practices, highlighted the performance of Islamic banking
industry and identified success factors in the global
market.
Click the link for further details: http://www.alsalam.co.sy/?d=22&id=140
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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 sponsors AAOIFI annual Sharia conference
May
20, 2009 - Path Solutions sponsored AAOIFI’s latest
Sharia conference that took place in Sheraton Manama.
The
conference, led by distinguished and prominent Sharia
scholars and industry representatives included topics
on international non-Sharia law being used as governing
law for Islamic finance, the application of systematic
monetization (Tawarruq) and reverse Murabaha and the risk
shifting mechanisms in Islamic finance. |
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As
an international standards setter, the AAOIFI’s principles
are now implemented in the Kingdom of Bahrain, Dubai International
Financial Centre, Jordan, Lebanon, Qatar, Sudan and Syria,
while in Australia, Indonesia, Malaysia, Pakistan, Kingdom
of Saudi Arabia and South Africa, guidelines have been issued
based on AAOIFI’s standards and pronouncements.
For more info: http://www.aaoifi.com/Upcomingconf.html |
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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. |
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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/ |
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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/
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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.
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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.
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“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
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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/ |
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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
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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.
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”.
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“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
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