Kuwait-based Path Solutions, an international core banking system provider for Islamic banks and financial institutions, has announced it has received the GoodAccredited Standard for the seventh consecutive year.
The GoodAccredited Standard is awarded each year to solutions and services that meet a high quality standard. Commenting on the accreditation, Mohammed Kateeb, Group Chairman & CEO of Path Solutions, said, “We are thrilled to have achieved the GoodAcredited Standard for the seventh year in a row, as the only Arab company to feature on this prestigious list since 2011. With 100% focus on the Islamic finance sector, particularly retail and investment banks and microfinance institutions, we have invested deeply in the iMAL suite spanning digital and Omnichannel solutions, portfolio and fund management, and trade finance solutions. iMAL plays a large part in the bank’s future growth, enabling it to improve its operational efficiency and, together with an integrated architecture and cutting-edge technology, demonstrates its value as a trusted core banking system to support the strategic alignment of goals as well as innovation and increasing market share”.
The world’s leading Islamic banking system designed for the new banking landscape - iMAL supports various Islamic instruments while offering the following features:
• Compliance with Sharia and IAS
• 360-degree customer view
• Complete transaction lifecycle support
• Innovation and development of new Islamic products
• Fully parameterized and flexible profit calculation to manage multiple pools and products
• Enterprise-wide information relating to regulatory reporting and risk management
• Multi-currency, multi-branch enabled accounting backbone
• Support for Islamic accounting and complete traceability for audit
• Single-layer integration for all data-sources and service repositories
• Platform flexibility, unmatched scalability and cost efficiency.
This announcement follows Path Solutions’ double-award win at ACQ5 Global Awards 2017 for ‘Core Banking System Provider of the Year - Islamic Finance’, while its cutting-edge iSHRAQ*Microfinance was selected as ‘Sharia-Compliant Microfinance Solution of the Year’ for the third year running.
The GoodAccredited Standard is organized by Systems in the City, a single source of reference for UK-based regulated companies researching computer services, data feeds and third party clearing. Systems in the City is maintained by Goodacre, the leading specialist consultancy firm operating within the financial services sector.
Path Solutions is now nominated for the Systems in the City Awards which will be announced during a Recognition & Celebration Luncheon at the Merchant Taylors Hall on Thursday 13th July.