Kuwait Islamic banking software group Path Solutions confirmed its target to double its customer base by 2015, as the company continues to win market share globally, its Chairman & CEO confirmed on Monday.
"We have a very firm commitment to capitalizing on great opportunities to develop and grow the business even further”, said Mohammed Kateeb, Path Solutions’ Group Chairman & CEO.
According to Kateeb, Path Solutions turned in another strong performance in 2012. “Our results this year clearly demonstrate the resilience of our unique product line for the Islamic finance sector as we strengthen our profitability and balance sheet while continuing to grow market share around the world”.
Despite the challenging economic environment, the negative impact on the global banking industry, Path Solutions has resumed growth with ten new deals in 2012, excluding the renewed and up sold clients’ contracts.
Moreover, Path Solutions is announcing the successful Go Live of Banque Populaire de Mauritanie in an unprecedented record time of one month. BPM - which is 100 percent owned by Groupe Mauritanie Leasing - has started its Core banking system implementation project with Path Solutions only last month with an ambitious Go Live date. The scope has covered the Core banking including Accounting & Financial Control operations along with Branch Automation transactions.
By the rollout of the new Core banking system, BPM is taking a giant leap forward in achieving operational excellence and maximizing its ROI. BPM is the second user to be live on iMAL in Mauritania following the successful Go Live of Banque Islamique de Mauritanie. This Go Live is a new record in the Core banking implementations; it’s been achieved in less than a month time.
Now that the Royal Decree for Islamic Banking (No 114/2000) has been passed and published in the Sultanate of Oman, Path Solutions will soon be announcing the roll-out of its next-generation iMAL solution in Ahli United Bank, BankDhofar, Bank Sohar and Bank Nizwa. The latter is planning for the public launch and the exact date of the launch is yet to be decided. Oman’s first standalone Islamic bank, Bank Nizwa has selected Path Solutions in March 2012 following a rigorous bidding process. Path Solutions has beaten other major contenders in all four contracts; among shortlisted ones were International Turnkey Systems (ITS), Temenos, Misys Banking Systems & Infoys Technologies. The first AAOIFI-certified IT firm has proved it’s worth a giant of the industry and has shown that know-how coupled with professionalism and true Islamic software solutions is a winning combination.
On the other hand, Burj Bank, Path Solutions’ fourth bank in Pakistan is due to Go Live with iMAL in January of 2013 replacing SunGard’s Ambit Core banking system, followed by Kurdistan International Bank For Investment & Development (KIB) in February of the same year. Burj Bank is currently the fastest growing Islamic bank in Pakistan with 50 branches throughout the country and plans to expand to over 300 branches in the next five years, while KIB is the largest retail and investment bank in Kurdistan, Iraq with several subsidiaries across the country.
The continued progress toward meeting milestones shows Path Solutions’ total market domination as global technology leader and business partner for many prestigious Islamic banks worldwide.
“We have reason to be confident about our prospects”, said Mohammed Kateeb. “Despite a shaky economic environment with market conditions becoming ever more challenging, we have a lot of momentum with a strong pipeline going into the next year”.