iMAL System to be adopted by Kurdistan International Bank For Investment and Development, Iraq

Notes and media contacts

About Path Solutions:
Kuwait-based Path Solutions is a worldwide provider of Islamic and investment software solutions for the global finance industry and in specific the Islamic finance industry.

Path Solutions' portfolio of offerings comprises iMAL, a complete banking suite for retail, consumer, corporate, investment and internet banking. The AAOIFI-certified iMAL solution enables banks and financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk in accordance with the rules of Sharia.

Path Solutions has been ranked the world's No. 1 Best Selling Islamic Banking Software for three consecutive years, 2007, 2008 and 2009, by the UK-based International Banking Systems (IBS).

Headquartered in Kuwait City, the company has its R&D centre in Beirut, and a number of support offices in Manama, Riyadh, Dubai, Karachi, Cairo, Khartoum, Nairobi, Singapore, Jakarta, Kuala Lumpur and London.


About Kurdistan International Bank For Investment & Development:
The Kurdistan International Bank For Investment & Development (KIB) is the biggest bank in the Kurdistan region and one of the most successful Islamic private banks in Iraq. KIB was established in 2005 as a private sector joint-stock company by a group of prominent Iraqi businessmen including well known bankers and financers along with the participation of five major Iraqi private banks.

KIB has its Head Office located in Erbil and branches are held in Erbil, Baghdad, Sulaimaniya and Dohuk. In addition, further 14 bureaus are serving KIB clients in Iraqi Kurdistan. Moreover, representative offices are being considered in the Gulf region, in addition to the already existing office in Dubai, UAE.

KIB provides its customers with a wide range of Deposits, Saving Accounts, Letters of Credit, Letters of Guarantee, Foreign Exchange Services, Rapid Money Transfer through Western Union net, participation in capital of local and foreign companies and all kinds of Islamic banking products and services, reaching out to consumers' individuals, business finance, corporate & investment among them:

Murabaha (Profit Sharing)
Musharakah (Joint Ventures)
Mudarabah (Financing)
Ijara (Renting)
Istisnaa (Industrial Financing)
Assets and Liquidity Management.