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Kuwait Head Office

United Arab Shipping Company Bldg.Block 6, Bldg. 3, 1st Floor, Airport St.

Kingdom of Bahrain Office

Office 21, 2nd Floor, Bldg. 20, Bahrain Tower Block 305, Road No. 385, Al Khalifa Avenue

Malaysia Office

Suite #112, Pavilion, C-GF-08 Jalan Puteri 7/13, Bandar Puteri Puchong

United Arab Emirates Office

Unit No. R29-38Reef Tower, Jumeirah Lake TowersCluster O
487232 Dubai

UK Office

Ground Floor23 Austin Friars

Lebanon Office

Mkalles Highway, Mkalles 2001 Bldg., 3rd Floor

Egypt Office

Golden Gate Tower, Autostrad Rd.Western Maadi near Al Lasilky St., 7th Floor

India Office

Office 309, SCK 01, Smart CityKakkanad, Kochi

Kingdom of Saudi Arabia Office

Office No. 8402, 8th FloorNew Real Estate Bldg., Tower No. 4Al Malaz Area, Street No. 60
28774 Riyadh

Kingdom of Morocco Office

Casa Twin Tower Business CenterTwin Center, Tour Ouest, Angle Boulevards Zerktouni & Al Massira16th Floor, Office No. 1605

Pakistan Office

Office No. B-101 & B-1021st Floor Blossom Trade Centre Plot No. SB 25Block No. 1 Gulistan-e-Jauhar




Rim Richani
[email protected]
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iMAL completes annual certification renewal exercise with AAOIFI

Path Solutions successfully completes the annual AAOIFI compliance requirements of iMAL. The recertification process of iMAL demonstrates Path Solutions’ on­going efforts to maintain compliance with existing and newly issued AAOIFI Sharia and financial accounting standards.
AAOIFI certification renewal also assures the public that the Islamic core banking system provider remains committed to adhering to the Sharia law, by staying current and abreast of changing industry regulations and environments.

iMAL Islamic Core Banking Platform facilitates and automates Sharia-compliant banking operations with multiple deployment models, including pure-play Islamic, Islamic windows, and coexisting Islamic and conventional banking. This comprehensive suite covers a wide range of Sharia-compliant Islamic financial modes including Murabaha, Mudaraba, Ijarah, Wa’ad, Musharaka, Wakala, Tawarruq, Qard-ul-Hassan, Jualah, Sukuk, Salam and Istisna’a.

“We are glad to complete the annual recertification of iMAL for the year 2021. iMAL from Path Solutions leverages both technology and Sharia compliance features for increased transparency and improved performance. The system’s Islamic business processes, contracts, lifecycle proceedings and related accounting entries have been assessed to be in compliance with AAOIFI’s Sharia and financial accounting standards”, commented Omar Mustafa Ansari, Secretary General of AAOIFI.

The powerful features of iMAL enable Islamic banks to extensively configure the lifecycle processing of financing transactions based on specific requirements. Given the strict prohibition of interest in Islamic finance, Islamic banks need to construct innovative financial products in order to comply with the Sharia law and follow Islamic financing principles.

“In a fast-paced, rapidly changing world, the most successful and sustainable source of competitive advantage is through uniqueness and innovation. Collaboration is key to unlocking continuous improvement and business elevation in a forward-thinking financial ecosystem. Our close collaboration with a global body for Islamic finance such as AAOIFI signifies that we are staying current with Sharia, Islamic accounting and auditing standards, and the unified industry practices as to the new iMAL platform during the last twelve months. Our flagship solution is fully compliant with Sharia principles and regulatory requirements such as Basel Committee standards and Anti-Money Laundering regulations, allowing Islamic banks to ensure corporate governance and reduce risks. We appreciate AAOIFI’s role in strengthening the Islamic finance sector and re-emphasize the value and significance of AAOIFI’s annual review and certification of our system”, said Mohammed Kateeb, Path Solutions’ Group Chairman & CEO.

iMAL is the leading AAOIFI-certified suite, confirming its compliance with AAOIFI’s Sharia and financial accounting standards. It has been architected out of years of experience and offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable Islamic solutions available in the market.