KUWAIT CITY, July 23, 2014 /PRNewswire/ --
London-based International Finance Magazine has conferred the "Best Islamic Finance Technology Provider 2013" award to Path Solutions for achieving excellence in offering Shariah compliant comprehensive technology solutions and services for meeting the needs of Islamic banks - both retail as well as investment banks.
IFM gave the award after a rigorous evaluation of 500 nominations across all categories by an internal research team and an external research agency. The International Finance Magazine has a readership across more than 200 countries across the world with more than 1 million average annual visitors.
"We are proud, humbled and thankful for this award," Path Solutions' Group Chairman & CEO Mohammed Kateeb said. "One more time, we celebrate our team's hard work. It shows what a great, talented team we have at Path Solutions. Our thanks go to the International Finance Magazine jury. We are truly proud of this award! It reassures us that we are on the right track with our innovative Islamic banking software solutions."
Originally incorporated as a Kuwaiti shareholding company in 1992, Path Solutions began to commercially rollout software in late 1996. From 2000 onwards, the company has launched three major product lines. These included iMAL, iWINDOW and iSHRAQ.
In May 2008, Path Solutions' software became the first software of its kind to be certified by the Accounting and Auditing Organization for Islamic Financial Institutions.
The company's iMAL Islamic Banking & Investment System is an enterprise-level web-enabled integrated system for the front, middle and back office, providing "straight through processing" (STP) functionality. It is based on the Sharia guidelines for the purposes of trade related to Murabaha, Mudarabah, Ijarah, Istisna, Bai Salam, project finance, real estate and others. iMAL is written using the latest web technology frameworks and supports both Sybase and Oracle databases.
iWINDOW is a solution for Islamic window operations of conventional banks. It offers conventional banks with Sharia compliant, fully efficient fund management, financing and investment solutions. It covers Customer Service Management (Retail & Corporate Banking), Financing Operations, Trade Finance Operations, and Financial Accounting and Reporting.
iSHRAQ is an advanced investment and financing management model for investment companies or investment department in any organization. The iSHRAQ suite consists of 7 modular products: iSHRAQ*Invest, iSHRAQ*Fund Management, iSHRAQ*Sukuk Management, iSHRAQ*Private Equity, iSHRAQ*Islamic Finance, iSHRAQ*Islamic Treasury and iSHRAQ*General Ledger.
In addition to providing innovative Islamic banking software solutions, the company's team possesses a unique ability and depth of experience in the following areas, consulting, project management, system implementation, training and support.
Path Solutions is headquartered in Kuwait, with world-class R&D centres in Lebanon, Egypt and India and support offices in Bahrain, Indonesia, KSA, Malaysia, Pakistan, Sudan, UAE and UK.
Speaking at the award-giving function, IFM's publisher Sunil Bhat said "The award reflects the excellence that Path Solutions has achieved in developing Shariah compliant technology solutions and services for the Islamic banking industry. We wish the company all the best and hope they will continue to win many more such awards in the future."
Headquartered in London, the IFM aims at providing information, analysis and insights for the global finance community. During the Annual 2013 IFM Awards, individuals and organizations across the world were rewarded for showing innovation and excellence in the global financial industry.
About Path Solutions
Path Solutions is a recognized market leader specialized in the provision of software solutions for the banking industry with a specialized coverage for Islamic Financing and Investment Banking. The company offers integrated solutions covering Core Banking, Customer Service Management, Investment Banking, Fund Management, Treasury and Trading in GCC and Global Capital Markets. The company's service offerings include project management and integration, strategic planning, consulting services and outsourcing that address the whole spectrum of the global finance industry and in specific the Islamic finance industry. All the company's business lines are certified as ISO 9001 compatible. www.path-solutions.com.
About International Finance Magazine
With its readership spread across more than 200 countries, London-based International Finance Magazine provides exclusive reports, analysis and commentary on banking, capital markets, wealth management, Islamic finance and technology.
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Phone: +44 (0) 208 123 9436
SOURCE International Finance Magazine