Al Jazeera Islamic selects Path Solutions as its strategic IT partner

Path Solutions announced that Al Jazeera Islamic Co. of Qatar has selected iMAL, Path's advanced and award-winning solution, to further enhance its quality service and support its expansion plans.

Qatar: Saturday, November 22 - 2008 at 09:46
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Path Solutions was chosen following a tough competition with all known IT vendors. Al Jazeera saw in iMAL a robust, true Islamic banking solution capable of supporting its continued success and growth plans.

Commenting on the signing, Mr. Khursheed Hassan, Chief Executive Officer of Al Jazeera Islamic Co. said:

'Our need to further improve the quality of our services prompted us to review several IT solutions available in the market. We knew that we needed one that could be implemented quickly with smooth integration into any environment, whilst providing the functionality that will allow us to achieve our business goals. iMAL Enterprise Solution fulfilled all these criteria and we are starting the implementation soon.'

Path Solutions' EVP Business Development, Nazzem Yaghmour explained: 'iMAL continues to rapidly evolve to meet wider segment of the Islamic finance world. The largest Islamic banks and Islamic finance companies have found iMAL technology to be the right vehicle for their needs. We are very proud to have Al Jazeera Islamic Co. as another strategic partner to further enhance its technological capabilities in a booming Qatari market'.

iMAL will be implemented at Al Jazeera Islamic Co. replacing its current in-house built system. Path Solutions' implementation team will work closely with Al Jazeera professionals to ensure a successful implementation.

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About Path Solutions:

Path Solutions is the 1st Banking Software Solutions' Provider to be certified by AAOIFI. It offers a wide range of AAOIFI and IAS compliant integrated solutions covering Core Banking, Customer Universal Services, Investment and Private Equity, Treasury, Funds Management and Securities Trading system in the GCC and Global Capital Markets. Services include Project Management and Business Consulting addressing the whole spectrum of the global finance industry and in specific the Islamic finance industry. Founded in 1992, Path Solutions is headquartered in Kuwait, with a Research & Development centre in Lebanon and support offices in Bahrain, London and Kuala Lumpur.

About Al Jazeera Islamic Co. :

Al Jazeera Islamic Co. was founded in 1989 as a subsidiary of Qatar Islamic Bank, Doha, Qatar. It is one of the leading companies specialised in the provision of Islamic consumer financial products targeting Retail Consumers and SME; two sectors showing exponential growth in Qatar. The other current major shareholders of Al Jazeera Islamic Co. are Qatar National Bank (DSM: QNBK), Awqaf, General Authority for Minors Affairs, Qatar Insurance Co. (DSM: QATI) and Global Investment House (KWSE: GLOBAL) along with some other investors.

Posted by Husam Odiabat
Saturday, November 22 - 2008 at 09:46 UAE local time (GMT+4)

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