ICD selects iMAL as its preferred platform for global network expansion

Notes and media contacts

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.

Path Solutions retains its commitment in contributing to the empowerment of the Islamic banking and finance industry in the New Economy, through its Headquarters in Kuwait City, its Research and Development centre in Beirut, its support offices in Manama, London and Kuala Lumpur, while maintaining a presence through partner companies in other locations around the globe.

About The Islamic Corporation for the Development of the Private Sector:

The Islamic Corporation for the Development of the Private Sector ("ICD") is a multilateral organization, part of the Islamic Development Bank ("IDB") Group. ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Sharia through private sector development. ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects. Projects are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. ICD operations complement the activities of the IDB.

ICD has an authorized capital of $1bn, and subscribed capital of $500m. The capital of ICD is allocated as follows: 50% for IDB, 30% for member countries and 20% for public financial institutions of member countries.

Currently, the shareholders of ICD are IDB, 45 Islamic countries (extending from Senegal in the West to Indonesia in the East) and 5 financial institutions.