Path Solutions wins 'Best Islamic Finance Technology Award'

The Islamic Business & Finance Awards 2007 have been designed to recognize and reward excellence throughout the global Islamic finance community. They honor Islamic financial institutions from around the world and emphasize the importance and increasing attraction of Islamic finance.

Winners of the award were decided by the readers of Islamic Business & Finance Magazine who have completed casting their votes for contestants from a shortlist created by a judging panel of rating and consulting firms and were judged with greater transparency by their peers based on their performance over the last twelve months.

"We're obviously very pleased to be selected by the readers of Islamic Business & Finance Magazine for this highly exclusive award", noted Ahmad Al Sager, Chairman of Path Solutions. "It is an honor to be recognized for efforts and achievements and the value we have added to Islamic banking. Over the past year, we have invested heavily in our Sharia-compliant software and we have consistently demonstrated our ability to deliver low-risk, cost effective implementations in record time, as we are committed to offer our customers significant business advantages and maximum ROI."

Mr. Al Sager added:

"This is an exciting phase in Path Solutions' growth. Having carved a niche for ourselves in the Islamic banking domain, we will strengthen our footprint in the Gulf, Middle East, UK, South East Asia and Africa. Islamic financial products are fast becoming the favorites of the global banking industry, and we have the most cutting-edge and cost-effective solution in the IT market, a robust and proven solution that has been implemented so far in over 40 major financial institutions."

And he concluded: "In our business, we know only one direction—forward. More precisely, we have got some exciting plans for the coming years which I cannot share in huge detail yet, but will include further developing of innovative products, and we are looking forward to even more collaboration to create greater customer satisfaction."

The Islamic Business & Finance Awards were launched in 2005 in response to the phenomenal growth of the Islamic finance industry, currently estimated at $500bn in value. They are currently the recognized industry awards across the globe with multiple award categories.

Commenting on the victory, Naji Moukadam, Path Solutions' President said: "We are thrilled to have won one more prestigious contest. It is with no doubt a point of pride for us to be the finalist in the "Islamic Finance Technology" category. We feel it is an investment that has yielded rich returns. Hopefully we are taking a step towards a brighter future."

Islamic Business & Finance Awards 2007 were presented to winners of the different categories in the presence of Arab and foreign dignitaries and senior representatives of major Islamic financial institutions.