27.02.2017 09:04 amPath Solutions
The Islamic financial services industry is expanding and experiencing tremendous growth day by day that drives new challenges and trends. As an industry leader, Path Solutions offers Islamic financial institutions and microfinance companies cutting-edge software solutions that meet functional requirements in accordance with the Islamic principles of Sharia Law.
Path Solutions’ flagship iMAL Enterprise Islamic Banking & Investment System is a powerful core banking system explicitly built from the ground up to support Sharia banking operations. iMAL is rightly geared to address country and region-specific Islamic banking requirements.
iMAL provides a powerful and service-oriented banking infrastructure without constraints and with minimum disruption to banking operations. iMAL is the only 100% Islamic banking solution as certified by AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) in 2008.
All iMAL modules are based on the Islamic law and are in full compliance with IAS (International Accounting Standards). The system is built on the Sharia guidelines for the purpose of financing related to Murabaha, Mudaraba, Ijara, Istisnaa, Salam, project financing, real estate and others.
iMAL Enterprise Islamic Banking & Investment System is a trusted core banking system used by major Islamic banks across the globe. iMAL instantaneously meets the needs of Islamic banks based on a cutting-edge open and flexible architecture.
iMAL is ideal for high-end Islamic banking, investment and financing institutions that have an urgent demand for solutions with built-in Sharia-compliant workflows.
iMAL combines comprehensive business functionality with an advanced, secure, scalable and modular architecture proven to meet the market toughest challenges of today and tomorrow.
The following points illustrate iMAL’s key strengths and features:
iMAL enables Islamic financial institutions to achieve the following:
- Single integrated platform for all banking activities
- Flexibility to meet change and growth requirements
- Cost reduction by implementing STP
- Optimized business performance
One of the vital features of iMAL is flexibility in reporting. iMAL is based on Jasper Reports for web modules that provide variety of reports formats (HTML, PDF, WORD, EXCEL, TEXT, etc.). It is important to emphasize that reports are independent from iMAL modules and can be imported to iMAL easily via iMAL*Reporting modules. For Business Intelligence (BI) Microsoft Objects is used for advanced reports.
The pricing model of the solution is based on the modular capability available in iMAL core banking system. Correspondingly, each module is priced separately providing a flexible costing structure to accomplish the goals of financial institutions. Financial institutions can tap pricing options according to their preference: