Double accolade for Islamic finance software specialist

In a ceremony held in Dubai Path Solutions was presented with the prestigious Sheikh Mohammed Bin Rashid Al Maktoum Award for its Global Continuing Contribution to Islamic finance in IT.

The award comes after Path Solutions had been ranked the world's number One dedicated Islamic banking system Vendor for 2005 in the influential International Banking Systems annual sales league table.

Islamic finance is very different from conventional finance but until recently institutions used conventional IT systems and tried to adapt them to the rules of Shari'a law. Path Solutions quickly saw a gap in the market and following significant investments in software development is now the leading provider of bespoke Shari'a compliant products.

"It is a great privilege to receive this award", said Mr. Ahmed Al Sager, Chairman of Path Solutions.

"The IIF Forum acknowledges the industry's most performing Islamic software providers. Our technology is based on a pioneering, creative approach in innovating tailor-made software products to the Islamic finance industry. It includes a robust core banking system and an efficient risk management architecture, with features derived from Shari'a law, designed to expedite initiatives by streamlining processes, improving applications, reducing costs and enhancing existing workflows".

"Path, as a regional key player, will become increasingly valuable to clients all around the world and will continue to work hard to better serve the needs of its customers", he added.

The IIFF award celebrates excellence in Islamic Finance and recognizes significant contributions made to the most important developments in the Islamic Finance sector, and is particularly significant as it underscores the recent achievements of Path Solutions in advancing Islamic Finance technology.

Path Solutions has been commended on its unique iMAL solution, a tailor-made Shari'a compliant software solution which controls costs, streamlines tasks and is able to help financial institutions to generate higher return on investments for clients.

iMAL software is known worldwide for its excellent functionality. Featuring high performance capabilities it is a mature tool that facilitates the achievement of critical Islamic banking goals, positively impacting and dramatically enhancing the development of Islamic banking.

Path Solutions has proven a leader in the competitive Islamic finance industry. Its technology is based on a pioneering, creative approach to developing tailor-made software products to the Islamic Finance Industry, that are in full compliance with IAS and AAOIFI standards.

The Islamic finance industry is currently managing more than half a trillion dollars (US$) worldwide. Estimates put the number of Islamic banks operating worldwide as more than 300 with a combined market capitalization of more than US$ 13 billion, with global assets estimated at more than US$ 265 billion and financial investments of more than US$ 400 billion. Islamic bank deposits stand at more than US$ 202 billion.

The independent judging panel for the awards was made up of Shari'a scholars, consultants and specialists in the Islamic financial sector included Dr Monzer Khaf, Sheikh Yusuf Talal DeLorenzo, Dr Daud Bakar, Michael Gassner and Rushdi Siddiqui.