Path Solutions announces first customer in Iraq

Notes and media contacts

About Path Solutions:
Founded in 1992, Path Solutions is a dedicated software house, specialized in the provision of Sharia-compliant solutions to the Islamic banking industry.

Path Solutions' flagship product iMAL is an enterprise-wide AAOIFI-certified solution that covers all aspects related to banking; whether commercial, retail, corporate or investment banks. iMAL is modular and yet fully integrated, multi-lingual, multi-company, multi-currency, flexible, and scalable, and has high ability in parameterization and customization.

Path Solutions is headquartered in Kuwait, with a Research & Development centre in Lebanon and support offices in Bahrain, Pakistan, UK, Malaysia and KSA.


About Cihan Bank:
Cihan Bank Co. for Islamic Investment & Finance (Private Joint Stock Co.) is headquartered in Erbil, Iraq. The bank aims to offer unique banking services on the basis of the Islamic Code or Sharia to its customers from government, enterprises, companies and individuals in the new Iraq including Kurdistan regional governorates.

Cihan Bank (www.cihanbank.com) engages in banking, commercial, financial and investment activities. It is also involved in housing, industrial, commercial, agricultural and tourism projects as it is a bank that operates on the concept and basis of Islamic sharing in investment, profit, leasing, speculation, manufacturing, agricultural cultivation and all other activities that conform to the concept.


The bank also practices the following activities:
· Current accounts in ID & foreign currencies

· Investment saving accounts ID & foreign currencies

· Joined investment & sharing the deposit

· Letters of credit and accepting collection bills

· Issuing of bank guarantees

· Payment orders

· Internal and external money transferring

· Providing loans for social and humanitarian purposes.

Cihan Bank is part of one of the largest groups in Iraq, Cihan Group which consists of 15 companies situated in three countries: Turkey, Iraq and UAE, dealing in automotive, media, foodstuff, general trading, financial services, education, petroleum services and construction.