Al Baraka Bank Sudan and Algeria go for iMAL

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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.

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 Al Baraka Group
The Bahrain-based Albaraka Banking Group (ABG) offers Islamic investment banking and treasury services through 11 subsidiaries in Algeria, Bahrain, Egypt, Jordan, Lebanon, Pakistan, South Africa, Sudan, Tunisia and Turkey. ABG was established in 2002 as a holding company for the banking and financial firms affiliated with the Dallah Albaraka Group. The first group of institutions brought under its umbrella included nine Islamic banks in nine countries, while the tenth bank, Al Baraka Bank of Sudan was added in 2005. ABG acquired a license to operate a new subsidiary in Syria, in July 2007, with a capital of $100m. Al Baraka Bank of Syria will provide Sharia-compliant retail and commercial banking across the country.

ABG listed its shares on the Bahrain Stock Exchange and the Dubai International Financial Exchange in September 2006. It was the third largest company on the Bahrain Stock Exchange in terms of total assets, which stood at BHD2.87bn ($7.6bn) as of December 2006. It was the second largest on the exchange based on total revenues, which stood at BHD269.59 ($713.4m) as of December 2006.