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

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 »

Al Wifaq International Islamic Bank Selects ICS BANKS ISLAMIC from ICSFS to Maximise its Financial Efficiency

Al Wifaq International Islamic Bank for Investment and Finance, a newly established bank in Iraq, has selected the most holistic Islamic banking software; ICS BANKS ISLAMIC... Read more »

Path Solutions adjudged Best Technology Solution Provider to African Interest-Free Banking and Takaful award winner

Path Solutions, a world leader in Sharia-compliant information technology solutions and services, is proud to announce recognition as ‘Best Technology Solution Provider to... Read more »

Group Chairman & CEO of Path Solutions ranked among the Top 50 Global Leaders of the Islamic Economy

Mohammed Kateeb, the Group Chairman & CEO of Path Solutions has been listed by ISLAMICA 500 as one of the world’s Top 50 distinguished personalities who have made a major... Read more »

National Bank of Yemen Selects ICS BANKS Digital Banking from ICSFS to Drive its Digital Transformation

National Bank of Yemen (NBY), one of the largest commercial banks and a prominent contributor to the... 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