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Path Solutions is No. 1 Best Selling Islamic Software Provider Worldwide for 5th Year

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Path Solutions, a global leader in Islamic banking software solutions and services, today announced that it has maintained its 1st place position in the IBS Islamic Core Banking Systems Sales League Table 2014, with Swiss-based Temenos and Lebanon-based BML Istisharat securing second and third positions in the list.

The list which combines new name wins during the previous year was published by IBS Journal on June 3rd, 2014.

Furthermore, IBS stated in a recent article entitled “Analysis: IBS Islamic Sales League Table 2014” that “When it comes to Islamic core banking systems to underpin the sector, there is one mainstream specialist Path Solutions”.

The IBS Islamic Core Banking Systems Sales League Table is an international ranking of Sharia-compliant core banking systems sales that comprises over 30 of the major banking system suppliers including pure Islamic vendors.

It evaluates their strengths, weaknesses, various systems and verifies their user lists to form an unbiased picture of the merits of each supplier and its new name wins.

“This marks Path Solutions’ fifth appearance as No. 1 Best Selling Islamic Software Provider Worldwide on IBS’s prestigious list”, said Rosie Kmeid, VP Global Corporate Communications & Marketing at Path Solutions.

“We go above and beyond to fully identify and meet the changing needs of our clients and to continually innovate our service offerings. During 2013, Path Solutions signed 10 new name wins for the provision of its leading Islamic core banking systems. Today, we are present in 33 countries, three continents, and we have a client base of over 100 clients that are forward-thinking Islamic banks, Islamic financial institutions or Islamic subsidiaries to whom our Sharia-compliant solutions are driving immediate results”, she concluded.

Path Solutions’ references include the following Islamic banks: Sterling Bank, Nigeria; Burj Bank Limited, Pakistan; Bank Sohar, Oman; National Bank of Kenya, Kenya; Banque Al Muamelat Assahiha (BMS), Mauritania; Financial Investment Bank (FIBA), Sudan and Bank Muscat – Meethaq, Oman.

Founded in 1992 and building on over 20 years of experience, Path Solutions is well positioned to be the trusted IT partner of forward-thinking Islamic banks willing to capitalize on best-of-breed technologies.

The company goes a step beyond traditional software vendors by delivering Islamic solutions designed to mitigate Sharia risk, optimize output and minimize costs, and which can be easily extended to support geographical and business expansion.

Path Solutions has been on something of a winning streak, earning numerous industry accolades for its Islamic banking software solutions and services in 2014 including recognitions by World Finance Magazine, Global Banking & Finance Review, and winner for the 2014 Beacon of ICT (BoICT) Awards in the ‘Islamic Banking Application of the Year’ category.


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E-Financial

CBN Investigates 55 Companies over Forex Infractions

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Amidst sustained pressures on Nigeria’s official foreign exchange resources, the Central Bank of Nigeria (CBN), has opened investigations into foreign exchange transactions of 55 companies and individuals.

The apex bank linked them to foreign exchange deals outside the official Investors & Exporters (I&E) window.

CBN Investigates 55 Companies over Forex Infractions

Mr. Godwin Emefiele, CBN governor

The I&E window was created by the CBN as the legitimate platform for buying and selling of foreign currencies.

Some of the major corporate organisations in the list include Stallion Nigeria Limited, a conglomerate involved in several sectors of the Nigerian economy.

The list also includes Nigeria’s leading electronic payment company, Interswitch Nigeria Limited, as well as a leading global shipping line, CMA CGM Nigeria Shipping Limited.

Other big names in the list include Petro-Afrique Energy Services Limited, Steel Force Far East Limited, Auto Petroleum Company Limited, Cavendish Mechanicals Limited, Aquashield Oil & Marine Limited, Haitch & Elf Integrated Services Limited, Fenog Nigeria Limited, and Promasidor Nigeria Limited.


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FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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