Few, if any, financial software companies can claim leadership positioning in the Islamic finance segment.
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Path Solutions participated in IBSI Islamic Sales League Table 2020 report for new name deals signed between 1st January 2019 and 31st December 2019. In this report, Path Solutions has maintained its top position as Number One Best Selling Islamic Banking Software Provider Worldwide for the eighth consecutive year, eleven times in total. The company also featured first in the Islamic Banking category in IBSI Leadership Club 2020.
On another note, Path Solutions has been selected as the World’s 4th Best Selling Primary Universal Banking System Provider for the fifth consecutive year in IBSI Global SLT 2020. The company has beaten major international IT vendors from around the world and solidified its position among global winners at the top of the pile.
These two accolades cement the company’s leadership in the financial software business and confirm the strength of its pioneering solution portfolio.
In December 2020, Path Solutions has been named the winner of the ‘Best Islamic Banking Implementation’ category following its successful implementation of iMAL at Al Baraka Banking Group in IBSI Global FinTech Innovation Awards 2020. The company is also the winner of the 2020 IBSI Global FinTech Innovation Awards for ‘Most Innovative Analytics Deployment’ of iMAL*BI at Al Baraka Bank Sudan.
The awards programme, administered by IBS Intelligence and refereed by the firm’s prominent analysts and consultants, evaluates the top global providers of financial technology including new and established players. A stringent one-month long evaluation process determined the winners from across the globe who provided genuine, measurable, and future-enabling change to financial institutions globally.
Path Solutions was selected after a thorough due diligence process for enabling financial institutions to increase agility and efficiency, unlock insights and deliver business innovation by transforming their technology landscape.
Path Solutions has been listed by Vittorio D’Orazio, Research Director at Gartner, as a Representative Vendor in Gartner’s July 2016 Market Guide for Islamic Core Banking Systems providing an in-depth, insightful market analysis to bankers worldwide.
Banks aiming for growth in the Islamic banking sector need dedicated Islamic core banking systems with Sharia-compliant capabilities. Vendor offerings have now matured to the point that they offer true differentiation via adaptation to the Sharia board, business functions and Islamic localization. In this guide, Gartner has profiled 19 Islamic banking systems providers. If you have access to gartner.com, the direct link to the research document is: http://www.gartner.com/document/3365841
(Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose).
Path Solutions has participated in Forrester’s Vendor Landscape: Islamic Banking Platforms by Jost Hoppermann, Vice President – Principal Analyst, Banking Applications & Architecture. The report published on 8 July 2016, looks at 14 Islamic banking platform vendors and their off-the-shelf solutions and highlights key differences and similarities between them, to help application development and delivery teams identify suitable Islamic banking platforms. This report is now live on the Forrester website.
Path Solutions featured in Oliver Wyman – Celent’s The Modern Core Banking System EMEA Version 2019 report, in which the company was described as follows: Path Solutions’ iMAL contains all the functionality needed to support a core platform in multiple geographies, but with its roots in the Middle East excels in Islamic finance.
Path Solutions has been profiled in Celent’s Big Leagues Table 2012: Global Core Banking Sales Ranking report, published on March 2012. The research note stated that:
1 – Islamic banking is one of the largest growing sectors in the financial industry, and being a pure player in the Islamic banking domain has been an advantage for Path Solutions.
2 – Path Solutions had natural success in the Middle East, as local providers with focus on the Islamic banking solutions.
3 – Path Solutions has had successful implementations of its iMAL system in the African and Asian markets.
For more information on the report, please click here.
Islamic Finance news
If there is any immovable victor in this poll, it is Path Solutions. The Islamic finance tech giant is crowned the Best Islamic Technology Provider for the 13th year running, a testament to the firm’s unquestionable dominance in the space. Its victory is backed by an impressive year comprising numerous high profile new contracts particularly in the African region: Somalia’s Amana Bank and MyBank; Sudan’s Al Baraka Bank, Africa and Gulf Bank as well as Al Khaleej Bank; and Morocco’s Bank Assafa.
The year 2020 is also momentous for Path Solutions as it marked the start of its intelligent digital initiative roadmap with the unveiling of two new platforms: Path Digital and Path Intelligence, bolstering its open banking and core banking offerings. It is also worth noting that the technology category witnessed a stunning shakeup in second and third rankings this year. 2019’s first runner-up International Turnkey Systems and second runner-up Oracle FSS were both pushed out of the top rankings this year, supplanted by Silverlake Axis which came in second with HeiTech Padu third.
To view IFN Service Providers Poll 2020 winners, go to: https://www.islamicfinancenews.com/ifn-service-providers-poll-2020-asserting-dominance-amid-tempestuous-times.html
No.1 Best Selling Islamic Banking Software Provider Worldwide for the eighth consecutive year, eleven times in total in IBSI Islamic Sales League 2020.
First IT service provider for the Islamic banking industry in regulatory compliance and technology flexibility.
Top player as far as Islamic banking is concerned.
Leading solution on the market with extensive out-of-the-box business process and compliance support for the full range of Islamic financial products.
A pure player in the domain of Islamic banking.
Most robust Islamic banking capabilities in the industry.
A major industry player with global reach. Reference clients applauded its ability to deliver rich functionality in the highly-regulated Islamic banking environment.