AAOIFI grants compatibility of compliance certificate to iMAL Islamic financial software of Path Solutions

AAOIFI grants compatibility of compliance certificate to iMAL Islamic financial software of Path Solutions
07.01.2020 10:17 am

AAOIFI grants compatibility of compliance certificate to iMAL Islamic financial software of Path Solutions

Islamic Finance , Financial

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.”

Related News

Path Solutions top IBS Islamic Sales League Table 2020

Path Solutions, a global banking software provider, was announced by IBS Intelligence as the leader in the Islamic... Read more »

ICS Financial Systems named as Best Islamic Banking & Finance Technology Provider at 2020 Islamic Finance Awards

The latest edition of World Finance magazine is out now and has confirmed ICS Financial Systems (ICSFS) as Best Islamic... Read more »

Al Baraka Bank Sudan transforms into an intelligent bank with iMAL*BI

Path Solutions, the market-leading provider of Sharia-compliant digital solutions to the financial services... Read more »

ADIB is the first Islamic Bank to use Blockchain technology for trade distribution

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has become the first Islamic bank to successfully execute trade finance distribution transactions using... Read more »

Africa and Gulf Bank selects Path Solutions for strategic Islamic core banking implementation

In line with its new vision to fuel innovation, Africa and Gulf Bank (“AGB”) in Sudan has signed an agreement with Path... Read more »

Path Solutions selected as a strategic technology solutions partner of MyBank Limited Somalia

Path Solutions announced today that it had signed up MyBank Ltd., its second banking client for iMAL in Somalia, and indicated a... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel