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Path Solutions beats international competition and ranks #1 in IBS Islamic Banking Sales League Table 2016

Path Solutions, the global Islamic software provider for the Islamic financial services industry is pleased to announce that it has won first overall position in the IBS Islamic Banking Sales League Table 2016, and thus beating fiercely the competition for the seventh year.

The annual IBS Islamic Sales League Table, compiled by IBS Intelligence is universally acknowledged as the barometer for Islamic core banking systems sales activity, comprising several leading banking system suppliers offering Sharia-compliant banking systems. The table is compiled each year from submissions from each IT vendor detailing the names of the financial institutions that have bought their Islamic systems during the year.

The Group Chairman & CEO of Path Solutions, Mohammed Kateeb commented, “We are very proud to be ranked by IBS Intelligence as the First Islamic Core Banking System Provider Worldwide for the seventh time. Although 2015 was another relatively tough year for the Islamic core banking systems market, challenged by heightened political and budgetary pressures and a more complex and intrusive regulatory environment, we remain the preferred choice for Islamic financial institutions selecting core banking systems that satisfy their business objectives”. And he continued, “The way Islamic financial institutions do business has significantly changed over the past few years due to technology advancements. Path Solutions has always been a pioneer in developing cutting-edge technology to serve Islamic financial institutions. Our Islamic core banking system has evolved over the last 25 years to include powerful core functionalities, market-leading digital channels for the most sophisticated banking requirements, in addition to the most advanced analytical tools that empower Islamic financial institutions to deeply understand and deliver best-in-banking experience to their customers”.

Path Solutions is set to continue to dominate the Islamic core banking systems market, as smaller rivals fall by the wayside, for Islamic financial institutions take a cautious approach to IT vendor selection in a fast growing and competitive Islamic finance market.

Path Solutions’ Islamic core banking system is built from the ground up around the Sharia guidelines and AAOIFI standards. As a preferred system for the Islamic banking community, it has been implemented at some of the world’s most sophisticated Islamic banks, Islamic banking windows as well as conventional banks converting into Islamic banking operations.

Path Solutions’ worldwide client references include the following Islamic banks: Summit Bank - Pakistan, Wifak Bank - Tunisia, Al Baraka Bank - Algeria, Ahli United Bank - Bahrain, Amana Bank - Sri Lanka, Arcapita - Bahrain, Bank Asya - Iraq, Bank Dhofar - Oman, Bank Muscat - Kuwait, Bank Nizwa - Oman, Bank of London & The Middle East - UK, Banque Islamique de Guinee - Guinea, Boubyan Bank - Kuwait, First Community Bank - Kenya, Gatehouse Bank - UK, Gulf African Bank - Kenya, International Islamic Trade Finance Corporation - KSA, Islamic Corporation for the Development of the Private Sector - KSA, Maldives Islamic Bank - Maldives, National Bank of Kenya - Kenya, Wahda Bank - Libya, Banque Islamique de Mauritanie - Mauritania, Banque Populaire de Mauritanie - Mauritania, Bank Al Muamelat Assahiha - Mauritania, Banque Islamique du Niger pour le Commerce et l'Investissement - Niger, Jaiz Bank Plc. - Nigeria, Banque Islamique du Senegal - Senegal, Al Baraka Bank - Sudan, Arab Sudanese Bank - Sudan, Bank of Khartoum - Sudan, National Bank of Abu Dhabi - Sudan, BankIslami - Pakistan, Financial Investment Bank (FIBA) - Sudan.