Path Solutions Islamic Banking solutions - Enterprise Banking solutions - iMAL
Overview:
Path Solutions is a worldwide provider of Islamic and investment software solutions to the global finance industry, and specifically, the Islamic finance industry. It was the 1st banking software firm to be recognized and certified by the Accounting and Auditing Organization for Islamic Financial Institutions. The AAOIFI Certification covers all iMAL modules, business processes, contracts, Islamic accounting treatments, implications and behavior.
Path Solutions is headquartered in Kuwait, with a Research and Development centre in Beirut, and support offices in Manama, Riyadh, Karachi, Khartoum, Nairobi, Jakarta, Kuala Lumpur and London while maintaining a presence through partner companies in other locations around the
globe.
Path Solutions has increased its scope of activities significantly in recent years. They have been able to win deals with some of the world’s most prestigious banks to operate with iMAL, which is a testimony to their product and approach.
{Recognition}
For the third consecutive year, Path Solutions ranked Number 1 Best Selling Islamic Software Provider and 5th Universal Banking Solutions Provider in the IBS Sales league Table for 2009. In January 2010, Path Solutions was adjudged “Best Islamic Technology Provider” in the 2009 IFN Awards Poll conducted by Redmoney.
Gartner, a leading business analysis firm, has positioned Path Solutions in the Challengers Quadrant of its 2009 report the “Magic Quadrant for International Retail Core Banking”.
Product: iMAL
iMAL Islamic Banking & Investment System:
Path Solutions developed iMAL to be an Islamic banking competitive advantage. The system provides a broad range of products and services to various functions within the organization. iMAL is based entirely on the Sharia guidelines for the purposes of trade related to Morabaha, Modaraba, Ijara, Istisnah, Salam, project financing, real estate and others.
iMAL is a Sharia-compliant product rich in opportunities for increasing revenue; it enables a 360° view which enhances customer service and increases cross selling opportunities. In addition, iMAL helps financial institutions implement a flexible, cost-efficient infrastructure with instant access to accurate, up-to-the minute financial updating in order to make informed operational and strategic decisions at a moment’s notice. This comprehensive approach can produce a higher Return on Investment (ROI) to clients.
iMAL also helps improve purchasing, budgeting, invoicing, forecasting and inventory management to further increase productivity and business profitability (powerful bank reporting, cash flow management, easy reconciliation). The system also generates multiple reports in the following categories: Bills of Materials, General Ledger, Inventory Control, Multidimensional Analysis, Multicurrency Management, Receivables Management and more. Positive changes have been included, such as reducing the time for performing month-end closings, simplifying data entry and accelerating administrative processes, or ensuring that banking information is fully reliable.
Platform: open / any platform in a client server environment
Clients:
(IBS 2009 primarily universal banking | iMAL | Total Customers: 70 / New Signings in Yr: 13)
(IBS 2008 primarily universal banking | iMAL | Total Customers: 56 / New Signings in Yr: 11)
(IBS 2007 primarily universal banking | iMAL | Total Customers: 45 / New Signings in Yr: 14)
(IBS 2006 / iMAL - Total Customers 54 / Live Sites 82)
Some Clients:
ABN-AMRO Bank, Pakistan - Commercial Bank - Islamic Branches
Abu Dhabi National Islamic Finance Co, Abu Dhabi - Islamic Finance Company
Arab Islamic Bank, Palestine - Islamic Commercial Bank
ARCAPITA, Bahrain - Islamic Investment Bank
Ahli Bank Commercial Bank, Qatar - Islamic Branches
Ahli United Bank -Commercial Bank, Bahrain - Islamic Branches
Amana Investment Limited, Sri Lanka - Islamic Universal Bank
Amar Finance & Leasing, Kuwait - Investment Company
AlMal Investment Co, Kuwait - Investment Company
BankIslami, Pakistan - Islamic Commercial Bank
Bank Muscat, Saudi Arabia - Islamic Commercial Bank
Bank of London & the Middle East, UK - Islamic Investment Bank
Boubyan Bank, Kuwait - Islamic Universal Bank
Capital Management House, Bahrain - Islamic Investment Company
Cham Bank, Syria - Islamic Commercial Bank
Coast Investment & Development Co, Kuwait - Investment Company
European Finance House, UK - Islamic Investment Bank
Europe Arab Bank, UK - Islamic Investment Bank
First Community Bank, Kenya - Islamic Commercial Bank
First National Bank, Lebanon - Commercial Bank - Funds
Gatehouse Capital PLC, UK - Investment Bank
Gulf African Bank, Kenya - Islamic Commercial Bank
Gulf Finance House, Bahrain - Islamic Investment Bank
Islamic International Arab Bank, Jordan - Islamic Commercial Bank
Khaleeji Commercial Bank, Bahrain - Islamic Commercial Bank
Kuwait International Bank, Kuwait - Islamic Commercial Bank
Kuwait Finance House, Bahrain - Islamic Commercial Bank
Kuwait Finance House, Kuwait - Islamic Commercial Bank
Kuwait Finance House, Malaysia - Islamic Commercial Bank
Muthanna Investment Co, Kuwait - Islamic Investment Company
National Bank of Abu Dhabi, Sudan - Islamic & Commercial Bank
National Bank of Kuwait, Kuwait - Commercial Bank
National Investment Co, Kuwait - Investment Company
QINVEST, Qatar - Islamic Investment Bank
RHBIB, Malaysia - Islamic Commercial Bank
Syria International Islamic Bank, Syria - Islamic Commercial Bank
The International Investor, Kuwait - Islamic Investment Bank
United Bank Limited UBL, Pakistan - Commercial Bank - Islamic Branches
United International Bank, Bahrain - Islamic Investment Bank
Wafra International Investment, Kuwait - Investment Company
Contact:
Kuwait: P.O.Box 592 Safat 13006 Tel: +965 24824600 Fax: +965 24824500
Bahrain: P.O.Box 2568 Manama Tel: +973 17214072 Fax: +973 17214073
Lebanon: P.O.Box 15-5195 Beirut Tel: +961 1 697444 Fax: +961 1 696744
United Kingdom: First floor, 4 Lombard Street, EC3V 9HD, London
Tel: +44 (0) 207 190 2860 Fax: +44 (0) 207 190 2861
Malaysia: Level 45, Tower 2, Petronas Twin Towers, Kuala Lumpur City Centre, 50088 Kuala Lumpur Tel: +603 2163 4478 Fax: +603 2163 4479
Pakistan: First Floor, Bahria Complex III, MT Khan Road, Karachi 74000
Tel: +92 21 520 2925 Fax: +92 21 563 5388
Kingdom of Saudi Arabia: Almalaz Area, Street No 60,
New Real Estate Building Tower No 4, 8th Floor, Office No 8402 Riyadh
Tel: +966(0)1 474 0102. Fax: +966 (0)1 208 7994
Website URL: www.path-solutions.com
eMail: info@path-solutions.com
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