iMAL completes annual certification renewal exercise with AAOIFI
Path Solutions successfully completes the annual AAOIFI compliance requirements of iMAL. The recertification process of iMAL demonstrates Path Solutions’ ongoing efforts to maintain compliance with existing and newly issued AAOIFI Sharia and financial accounting standards.
AAOIFI certification renewal also assures the public that the Islamic core banking system provider remains committed to adhering to the Sharia law, by staying current and abreast of changing industry regulations and environments.
iMAL Islamic Core Banking Platform facilitates and automates Sharia-compliant banking operations with multiple deployment models, including pure-play Islamic, Islamic windows, and coexisting Islamic and conventional banking. This comprehensive suite covers a wide range of Sharia-compliant Islamic financial modes including Murabaha, Mudaraba, Ijarah, Wa’ad, Musharaka, Wakala, Tawarruq, Qard-ul-Hassan, Jualah, Sukuk, Salam and Istisna’a.
“We are glad to complete the annual recertification of iMAL for the year 2021. iMAL from Path Solutions leverages both technology and Sharia compliance features for increased transparency and improved performance. The system’s Islamic business processes, contracts, lifecycle proceedings and related accounting entries have been assessed to be in compliance with AAOIFI’s Sharia and financial accounting standards”, commented Omar Mustafa Ansari, Secretary General of AAOIFI.
The powerful features of iMAL enable Islamic banks to extensively configure the lifecycle processing of financing transactions based on specific requirements. Given the strict prohibition of interest in Islamic finance, Islamic banks need to construct innovative financial products in order to comply with the Sharia law and follow Islamic financing principles.
“In a fast-paced, rapidly changing world, the most successful and sustainable source of competitive advantage is through uniqueness and innovation. Collaboration is key to unlocking continuous improvement and business elevation in a forward-thinking financial ecosystem. Our close collaboration with a global body for Islamic finance such as AAOIFI signifies that we are staying current with Sharia, Islamic accounting and auditing standards, and the unified industry practices as to the new iMAL platform during the last twelve months. Our flagship solution is fully compliant with Sharia principles and regulatory requirements such as Basel Committee standards and Anti-Money Laundering regulations, allowing Islamic banks to ensure corporate governance and reduce risks. We appreciate AAOIFI’s role in strengthening the Islamic finance sector and re-emphasize the value and significance of AAOIFI’s annual review and certification of our system”, said Mohammed Kateeb, Path Solutions’ Group Chairman & CEO.
iMAL is the leading AAOIFI-certified suite, confirming its compliance with AAOIFI’s Sharia and financial accounting standards. It has been architected out of years of experience and offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable Islamic solutions available in the market.