Thomson Reuters, provider of the industry’s most powerful tax and accounting technology for corporations, and Path Solutions, provider of intelligent software solutions to Islamic banks and financial institutions, have enhanced their existing partnership to provide the GCC’s financial services sector with an opportunity to introduce automation, efficiency and accuracy into tax workflows and core banking operations. 

By combining the power of Thomson Reuters ONESOURCE’s best-in-class indirect tax solution certified by the UAE Federal Tax Authority, and Path Solutions’ Sharia-compliant iMAL Islamic Core Banking Platform, this strategic partnership—unique in the GCC market—offers banks and financial institutions with the tools to provide innovative and frictionless financial services and achieve seamless VAT management and compliance supported by globally-trusted tax content.

iMAL gives its clients the technology to meet the soundest Sharia and regulatory requirements, and to scale their businesses while also delivering personalised customer experience.

Corporations in the banking and financial services sector now have an opportunity to solve their most pressing challenges, remain competitive in a fast-changing environment, minimize manual effort and risk, and bring their VAT processes in line with international best practice.

“This powerful technology partnership supports ongoing digital transformation across core banking and indirect tax operations. By leveraging Path Solutions’ Sharia-compliant core banking platform iMAL and Thomson Reuters’ globally trusted ONESOURCE tax engine and content, banks and financial institutions have a future-proof solution that is both system agnostic and easy to scale up as required. Organizations will therefore be well-positioned to navigate the GCC’s fast-changing financial and tax landscape, while optimizing their total cost of technology ownership going forwardm” explains Ramy Rayan, Senior Solution Consultant, Thomson Reuters. “Together, Thomson Reuters and Path Solutions look forward to building on this strategic partnership. We are evaluating further functionalities and we plan to continually expand the digital transformation capabilities we offer to the GCC’s financial services sector”.

“Thomson Reuters is excited about bringing the best of our market-leading ONESOURCE VAT solutions together with the market’s leading Islamic Core Banking Platform iMAL, to benefit our clients. We see great synergy between iMAL and ONESOURCE VAT Solutions, which accelerates our clients’ business efficiencies and optimises their VAT position,” adds Mark Freeman, Director of Corporate Sales MAR, Thomson Reuters.

“We are delighted to continue to expand our partnership with Thomson Reuters to deliver best-in-class service and value to our clients through our core banking platform iMAL. Our regional banking clients will benefit from the partnership with Thomson Reuters’ ONESOURCE as clients continue to look at ways to solve complex VAT challenges through automation and getting a more effective tax rate,” adds Mohammed Kateeb, Group Chairman and CEO at Path Solutions.