Path Solutions has announced that it is in the process of recertifying its multi-award winning Islamic core banking system – iMAL by a leading Sharia supervisory body.
The re-examination process which has already started will imply a yearly review by world-renowned Sharia scholars to ensure the authenticity of iMAL new modules and version upgrades and that compliance with the principles and precepts of Sharia is maintained from application conceptualization and development to the additional functionalities and enhancements included in the new releases.
Path Solutions’ iMAL is a powerful core banking system specifically built from the ground up to support Sharia banking operations. It is truly geared to address region-specific Islamic banking requirements.
Moreover, the flexibility and intuitive design of iMAL enables financial institutions to quickly launch competitive Sharia-compliant products and services while reducing IT dependency and cost.
“It is our aim to anticipate the rapidly changing needs of our clients and to develop new services to meet those needs”, commented Mohammed Kateeb, group chairman & CEO of Path Solutions.
“We, at Path Solutions have an uncompromising determination to continue to be compliant with all international Islamic finance standard setting bodies. We believe that our continued success depends upon unswerving adherence to Islamic banking principles. Unlike other core banking systems, Path Solutions’ iMAL is built from scratch around AAOIFI guidelines and standards, and is determined to be concordant with the Islamic finance directives. In this regard, Path Solutions is seeking to obtain a premium and global certificate of compliance from a very respectable Sharia regulatory and audit body in the industry, ultimately maintaining its leadership position in the Islamic financial marketplace by constantly racking up achievements”, he concluded.
Path Solutions prides itself on having pioneered many of the industry initiatives and practices that have become a standard and a benchmark in the Islamic banking industry. The company is well known for its continuing contribution to Islamic finance in IT.