The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) carried out a rigorous process of testing the compliance of iMAL Islamic financial software and issued a certificate to confirm its compliance with AAOIFI’s Shari’ah and Financial Accounting standards.
Mr. Omar Mustafa Ansari, Secretary General, AAOIFI, commented on the occassion, ‘AAOIFI, by virtue of its mission and role in the preparation of Shari’ah and financial accounting standards for the global Islamic finance industry, fully welcomes and appreciates the initiative undertaken by Path Solutions to submit its iMAL Islamic financial software for compliance testing with AAOIFI standards. This certification will boost regulator, investor, and public confidence in the operations and product set of any financial institution seeking Shari’ah compliance upon deployment of the software.”
Mr. Mohammed Kateeb, Group Chairman & CEO, Path Solutions, said, “It has been always identified that strengthening the standards in Islamic finance is one of the most important areas that the industry needs to work on, and because we have always recognized the critical role that AAOIFI plays in setting these standards and strengthening the industry as a whole, we are excited about this AAOIFI certification of iMAL which reemphasizes our position as a leader in Shari’ah-compliant information technology.” Kateeb stated, “Such conformance assessment allowed for reviewing and qualifying iMAL to serve multiple jurisdictions from a Shari’ah compliance perspective. Earning the globally recognized AAOIFI certification offers financial institutions running iMAL more certainty and confidence about their operations’ compliance with Shari’ah requirements.”