According to Ahmed Al-Sager, Chairman of Path Solutions, attending Islamic banks and financial institutions were able to witness demonstrations of the company's niche 'Banking and Investment System' (iMAL) and 'Islamic Consumer Finance' (iFINANCE) solutions. These allow Islamic institutions to further harness the power of information technology to ensure they retain a commanding position in the New Economy.
"All the operational requirements of Islamic financial institutions can be addressed through our iMAL and iFINANCE offerings, which both operate in total compliance with Sharia' guidelines, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the International Accounting Standards (IAS)," said Mr Al -Sager.
iMAL effectively allows an organisation to run its business in real time, ensuring the availability of information to various users to promote stronger customer focus, superior operational control, and proactive risk management capabilities. It is typically deployed in core banking, investments, treasury, settlements, fund management, and trade finance, CIF and portfolio management. It also facilitates the management of credit operations, fixed assets, personnel and payroll, nostro vostro accounts, profit calculations, as well as assets and liabilities.
iFINANCE is designed primarily for Murabaha, Musawamah and Ijara consumer financing activities, and through enabled automation, positions an organisation for rapid response from initiation to completion of a sales transaction, including collection, administration and control procedures. It also provides the ability to manage assets and liabilities effectively to maximise yield for both an organisation and its contributors.
"Our deep knowledge of Islamic banking principles and our internally developed information solutions are indigenous to the Islamic banking community and are unique to Path Solutions. Together they help Islamic financial institutions achieve comparative competitive advantage and enhance their customer focus and responsiveness," added Mr Al-Sager.
About Path Solutions
Path Solutions retains its commitment to providing exacting service, support and contribution to the empowerment of the Islamic banking and finance industry in the New Economy, through a head office in Kuwait; a full service office in Beirut; and a branch operation scheduled to open during 2001 in Bahrain.
Path Solutions is a Kuwaiti Shareholding Company (Closed), established in 1992.
Wafra International Investment Co., a fully owned subsidiary of The Public Institution For Social Security, is a major shareholder in the company.