Midclear was on a quest to find a comprehensive solution that would be able to sustain its diverse operational requirements in the administration of mutual funds, multi family funds, SPVs while ensuring that the acquired solution will support Midclear's future offerings and overall growth plan.
Midclear's Chairman Fouad El Khoury commented, "We are very pleased and furthermore confident in our choice, having undertaken a thorough selection process and many proof of concepts, that only lead to the conclusion that Path Solutions constitutes the ideal partner on more than one level. Its business and technical expertise, as well as its task force of over 600 IT specialists, where 300 of them are located in the Center of Research and Development in Beirut, make it indisputable. iMAL developed by Path Solutions responds specifically to the needs of our different banking activities, thanks to its broad functional coverage. iMAL will enable us to offer a complete innovative and integrated range of services to our different customers, whether banks, custodians or broker/dealers."
Apart from insuring the efficient exchange of information between the managers of mutual funds and Midclear, Midclear will also use iMAL for transforming and routing transactions.
Midclear builds, manages, and operates a central securities depository, central registrar and clearing and settlement of Lebanese securities in an efficient and cost effective manner, which benefits the interests of the securities and financial industry in Lebanon.
"Partnering with Midclear marks a significant step for us in consolidating our position in the Lebanese market. It is as well a great testament to Path Solutions' cutting-edge technologies, project management capability and key contribution to the global banking sector," stated Naji Moukadam, President of Path Solutions. "We operate on a global scale but pride ourselves on local knowledge and know-how. We are confident that our iMAL solution will significantly reduce Midclear operating costs. Moreover, our highly functional state-of-the-art software system will allow them to remain at the forefront of technological innovation."
Browse
related articles
Midclear Lebanon selects iMAL
- Lebanon: Saturday, January 02 - 2010 at 14:35
- PRESS RELEASE
Related content
Midclear S.A.L., the custodian and clearing Center of financial instruments for Lebanon and the Middle East, selects Path Solutions, a multi-award winner global provider of banking software and the first IT firm certified by AAOIFI, as its key technology partner.
Article Options
Log in to request more information from Path Solutions
Posted by Siba Sami AmmariSaturday, January 02 - 2010 at 14:35 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Notes and Media Contacts »
About Path Solutions:
Founded in 1992, Path Solutions (www.path-solutions.com) is a dedicated software house, specialized in the provision of integrated solutions and services to the financial marketplace. Path offers a comprehensive range of software products and consulting services that address the whole spectrum of the global finance industry and in specific the Islamic finance 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, Indonesia, Sudan and KSA.
About Midclear:
Midclear S.A.L. (www.midclear.com.lb) is a Lebanese joint stock company with a capital of 2.8 Billion LBP, established and governed by the provisions of the Lebanese Commercial Code and other regulations in force in the Lebanese Republic. Midclear was appointed Central Depository for Lebanon by Law No 139 of October 1999, and Central Registrar for all Lebanese banks shares, by Law No 308 of April 2001.
Midclear's Members are:
- The Central Bank of Lebanon.
- Local and Foreign Banks.
- Local and Foreign Financial Institutions.
- Foreign Central Securities Depository and Clearing Houses.
- Issuers.
- Mutual Funds.
Midclear was established to address a variety of operational and risk issues related to the safekeeping and settlement of financial instruments in general. Its main functions include:
- Safekeeping of securities for participants.
- Immobilization of physical securities.
- Book-entry clearing and settlement of transactions in a secure and cost effective environment.
- Accurate, timely and cost effective means of collecting, distributing and accounting for dividend and interest payments.
- Maintaining shareholders registers: By Law No 308 of April 3rd 2001, Midclear was appointed Central Registrar for all Lebanese banks shares.
- Administering Mutual Funds.
- Official numbering agency for Lebanon (ANNA member).
Founded in 1992, Path Solutions (www.path-solutions.com) is a dedicated software house, specialized in the provision of integrated solutions and services to the financial marketplace. Path offers a comprehensive range of software products and consulting services that address the whole spectrum of the global finance industry and in specific the Islamic finance 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, Indonesia, Sudan and KSA.
About Midclear:
Midclear S.A.L. (www.midclear.com.lb) is a Lebanese joint stock company with a capital of 2.8 Billion LBP, established and governed by the provisions of the Lebanese Commercial Code and other regulations in force in the Lebanese Republic. Midclear was appointed Central Depository for Lebanon by Law No 139 of October 1999, and Central Registrar for all Lebanese banks shares, by Law No 308 of April 2001.
Midclear's Members are:
- The Central Bank of Lebanon.
- Local and Foreign Banks.
- Local and Foreign Financial Institutions.
- Foreign Central Securities Depository and Clearing Houses.
- Issuers.
- Mutual Funds.
Midclear was established to address a variety of operational and risk issues related to the safekeeping and settlement of financial instruments in general. Its main functions include:
- Safekeeping of securities for participants.
- Immobilization of physical securities.
- Book-entry clearing and settlement of transactions in a secure and cost effective environment.
- Accurate, timely and cost effective means of collecting, distributing and accounting for dividend and interest payments.
- Maintaining shareholders registers: By Law No 308 of April 3rd 2001, Midclear was appointed Central Registrar for all Lebanese banks shares.
- Administering Mutual Funds.
- Official numbering agency for Lebanon (ANNA member).
Disclaimer »
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
