Kuwaiti tech pioneer honors its past as it charts its future
Path Solutions, a global provider of mission-critical, cutting-edge Sharia-compliant financial software solutions, turns 25 years old, thus celebrating its pioneering role in creating a new ground-breaking industry.
“2017 marks the 25th Anniversary of Path Solutions. This celebration is to honor our rich past, certainly one we are very proud of, as we pioneered a new era of Sharia-compliant software systems; we commemorate our great present as the undisputed leader in this segment; and we are very excited about the next 25 years of technology innovation and uniqueness”, commented Mohammed Kateeb, Group Chairman & CEO of Path Solutions. “We take pride in the many important milestones we have achieved during our journey, that have sparked the continuous growth of the global Islamic finance industry through technological innovations. Moving into a new chapter, we embark on what promises to be another exciting 25 years marked by unprecedented innovation and agility, by reinventing ourselves in an ever-evolving Islamic financial market where technology changes the world”.
Path Solutions was founded in 1992. From its origins as a regional software provider, Path Solutions has grown into a global provider of next-generation software solutions and services to the Islamic financial services industry, serving the world’s leading Islamic financial institutions and now, the company is focused on leveraging its core strengths to position itself for the next phase of growth.
“We are so appreciative to our valued clients we have had the privilege of serving over the last quarter of a century. It has been an absolute pleasure and honor working with the best Islamic financial institutions in the world to establish new standards in the Islamic financial services industry”, remarked Mohammed Kateeb. “Furthermore, I want to express my gratitude to our incredible team at Path who has played such a critical role in our success. There have been several key milestones in the last 25 years, and I want to seize the opportunity to acknowledge and sincerely thank those who made these accomplishments possible. Looking ahead, we will continue to pioneer innovative Sharia-compliant software solutions, with the objective of revolutionizing the future of the Islamic finance industry”, Kateeb added.
Path Solutions is the first software provider to develop from the ground up a full suite of software solutions based on the Sharia guidelines. Following the establishment of Path Solutions, the Islamic finance industry has flourished and matured into an important niche sector. Benefiting from first-mover advantage, the company enjoys today strong presence across the Middle East, GCC, Africa, Asia Pacific, South America and United Kingdom with over 100 forward-thinking Islamic financial institutions using its cutting-edge software solutions, strengthening its position as the undisputed leader in the Islamic financial services marketplace.
Lately, Path Solutions extended its lead over competitors in the Islamic finance segment, winning several landmark deals in new geographies such as Dar Assafaa, the new Islamic banking unit of Attijariwafa Bank - a leading bank in Morocco with a presence in 24 countries and with over 7 million customers, Wifak Bank in Tunisia, and Trustbank - the first full-fledged Islamic bank in South America.
Path Solutions raised its outlook for 2017, and Kateeb said the company’s sales pipeline for new licensing deals into 2017 remains strong.
Path Solutions is top of the IBS Islamic Sales League Table since 2008, ten-time winner of IFN Service Providers Poll for ‘Best Islamic Technology Provider’, and winner for the 5th year of the ‘Most Outstanding IT Company for Islamic Finance’ category in KLIFF Islamic Finance Awards.
Path Solutions is engaged in the development and implementation of software solutions and services to address the growing needs of the Islamic finance sector. The company’s services include strategic consultancy, project management, system integration, data migration, version upgrades, training and support for its innovative suite of software solutions. Covering the needs of the Retail, Corporate, Wholesale, Investment, Islamic and Microfinance segments, Path Solutions provides modular and fully integrated software solutions in accordance with the Sharia.
Path Solutions’ success can be attributed to its multi-award winning Islamic core banking system iMAL that serves and supports the world’s leading Islamic financial institutions across the globe. Another flagship product of Path Solutions is iSHRAQ, a web-based solution built using Microsoft .NET platform for Financing & Investment SMEs. The company provides cloud-ready and on premise software solutions with a robust set of capabilities to help Islamic financial institutions enhance their most distinctive operations.
Path Solutions helps its clients to manage all of their front-office and back-office software needs, cut costs, meet Sharia and regulatory requirements, exceed their customer expectations, fend off competition and increase their market share. The company’s multilingual team combines deep technical expertise with industry know-how to provide a market-leading array of professional services.
Path Solutions is headquartered in Kuwait City, with world-class R&D centers in Beirut, Cairo, and Kerala and support offices in Dubai, Karachi, Khartoum, Kuala Lumpur, London, Manama and Riyadh, while maintaining a presence through partner companies in other locations around the globe.