Path Solutions, a global provider of Sharia-compliant financial software and services, today announced that Siraj Finance PJSC, a leading Islamic finance company based in Abu Dhabi, UAE has signed a new agreement for the implementation of iMAL that includes comprehensive Sharia-compliant financial applications.
Siraj Finance is a fresh entity owned by Trizac Holding, which has a leading presence in Oil & Gas, Power, IT & Telecom, Healthcare, Manufacturing, Transport and Logistics business segments in the UAE. Siraj was previously owned by Waha Capital when they signed for the implementation of International Turnkey Systems (ITS) ETHIX solution. Prior to the new launch, Siraj ran a detailed selection process considering a number of IT vendors before selecting Path Solutions to replace ITS.
Shankar Rama Subramaniam, Director of Siraj Finance stated, “Siraj values compliance in the first place in order to ensure our modern financial products and services adhere to the Islamic law as requested by our customers. As a fast growing financial company, we were looking for a leading, state-of-the-art Islamic solution to strengthen our position and to leverage market growth. Hence, we are pleased to confirm our partnership with Path Solutions for the implementation of the award-winning Islamic solution iMAL that is fully compliant with the principles of Sharia to meet our customers’ various Islamic financial needs. We are confident that iMAL will offer us a stable and reliable platform to support our future growth”.
Siraj Finance has chosen to deploy iMAL*CSM, Accounting, Islamic Invest, Facility Management, Islamic Treasury, Trade Finance, Profit Calculation System, Credit Bureau Interface, SWIFT, CDG-ATM Broker, Electronic Cheque Clearing, Provisioning, Report Designer, Reporter, Processing, and SADS modules.
“Working with the leader in Islamic software services has further strengthened our confidence in the future project delivery, supported by Path Solutions’ proven world-class implementation methodology”, Subramaniam concluded.
Vice President Global Sales at Path Solutions, Fadi Gedeon, commented, “Path Solutions was chosen for its well-known reputation worldwide, its professionalism, consistent track record and positive feedback from existing clients. We hope that the agreement will be the beginning of a long lasting strategic partnership with Siraj Finance”.
Siraj Finance is one of the financial institutions to be licensed by the Central Bank of the UAE. The company will offer a comprehensive range of Sharia-compliant products and services, including consumer and mortgage finance, investments, and asset management.