Kuwait – Path Solutions , the global leader in Islamic banking technologies for the Islamic financial services sector, today announced that its iMAL Islamic banking and investment system has successfully completed AAOIFI compliance engagement on the scope of the review (as per the International Standard on Related Services 4400 applicable to Agreed-Upon Procedures). The work has been conducted by Deloitte, a world-renowned professional services firm in audit, consulting, financial and Sharia advisory, enterprise risk and tax services. Following a rigorous, phased approach project that entailed examination sessions with unprecedented collaboration between Path Solutions ‘ Product Strategy team and Deloitte’s Islamic Finance and Sharia professionals, the Deloitte Islamic Finance Knowledge Center has reported no exceptions on the compliance of iMAL Islamic core banking system with Sharia principles, and the Sharia and accounting standards issued by AAOIFI.As such, Deloitte results of the related work show that Path Solutions ‘ iMAL, Islamic business processes (procedures and workflows), contracts and related accounting entries are in compliance with the provisions of Islamic Sharia, and this increases the confidence of Islamic banks and financial institutions in adopting the company’s multi-award winning Islamic software solutions.
Commenting on the software compliance review, Path Solutions ‘ Group Chairman & CEO, Mohammed Kateeb said ” Path Solutions is very keen on strict compliance with Sharia and industry standards in the development of its Islamic banking applications, which reflects the eagerness and interest of our clients and prospects worldwide in adopting our genuinely Sharia-compliant software solutions”. And he added, “This global review of compliance from Deloitte further strengthens our position and places us years ahead of our competitors who are simply unable to launch such pioneering initiatives, which represent an important high value addition to the constant strategic initiatives undertaken by Path Solutions . We consider it a great responsibility to provide our clients with truly Sharia-compliant software solutions and services, and strive to ensure this by meeting the soundest industry standards”.Path Solutions has hired the services of Deloitte’s prominent Sharia experts and professionals in the area of Islamic finance and industry standards, with a specialized knowledge in Islamic banking practices around the world. The Deloitte Islamic Finance Knowledge Center represents a Center of Excellence and a one-stop shop for Thought Leadership in Islamic finance.
About iMAL
iMAL is an industry-proven and trusted Islamic core banking system specifically built from the ground up to support Sharia banking operations. The system is truly geared to address country and region-specific Islamic banking requirements. Moreover, the flexibility and intuitive design of iMAL enables Islamic financial institutions to quickly launch competitive Sharia-compliant products and services while reducing IT dependency and cost.
Originally published on www.zawya.com