Path Solutions, the Kuwait-based Islamic core banking software provider today announced that its flagship solution, iMAL was named a winner for the 2014 Beacon of ICT (BoICT) Awards in the ‘Islamic Banking Application of the Year’ category.
The BoICT Awards were launched in 2010 by Communication Media Limited, publishers of ICT based Nigeria CommunicationsWeek magazine, as an annual industry-wide celebration to reward deserving pioneering initiatives, contributions and commitments to the growth of the ICT industry.
Over the years, the awards motivate stakeholders in effective utilization of ICT and ensure that ICT professionals are provided a benchmark for recognizing and validating outstanding contributions.
According to the organizers of the awards, this year over 15,000 Nigerians voted in the Islamic Banking Application category with Path Solutions emerging as the clear winner with 9,700 votes cast from December 1, 2013 to March 29, 2014.
Path Solutions’ iMAL Islamic banking solution won recognition because of the real business value its delivers to clients worldwide. iMAL offers an integrated and comprehensive approach for Islamic banks and financial institutions to define and present products to their customers, based on various Islamic concepts including Mudarabah, Murabaha, Ijarah, Istisna and Tawarruq. This, coupled with high parameterization capabilities, results in greater process efficiency and better risk mitigation. Strong product definition features, support for Islamic accounting and complete traceability for audit differentiate the iMAL solution.
Commenting on the award, Path Solutions’ Group Chairman & CEO, Mohammed Kateeb said “On behalf of our team, clients and partners, we are honored to receive the BoICT Award, and are thrilled at the industry recognition of our efforts to develop cutting-edge Sharia-compliant software solutions that deliver outstanding user experiences and results for our clients. For over two decades we have provided our clients with end-to-end services, beginning with consultancy and development, extending all the way through to deployment and ongoing support. We will continue to grow and provide the kinds of solutions and services that our clients require to grow their market share”.
Path Solutions prides itself on having pioneered many of the industry initiatives and practices that have become a standard and a benchmark in the global Islamic banking industry. The company is well known for its continuing contribution to Islamic finance in IT.
“The excitement of this year’s Beacon of ICT Distinguished Series and Awards has been phenomenal, and we are particularly happy with the buzz generated by our latest category “Islamic Banking Application of the Year” won by Path Solutions. It shows that Nigeria’s broad Islamic finance push to include millions of people who are out of the banking system is yielding results”, said Ken Nwogbo, CEO, Communication Week Media Limited and Editor-in-Chief, Nigeria CommunicationsWeek.
“We congratulate Path Solutions on this award and hope it will motivate it to continue to develop successful financial solutions that will enable Nigerians and countries access services which serve their financial needs without placing them in a religious dilemma”.
The BoICT five star award celebration will be held on Saturday, April 26, 2014, at the prestigious Eko Hotels and Suites in Lagos. Dozens of industry heavy-weights have booked so far their tables to attend the awards’ night which is considered the biggest and the most star-studded event in the ICT industry.
Path Solutions’ iMAL is a powerful core banking system specifically built from the ground up to support Sharia banking operations. It is truly geared to address region-specific Islamic banking requirements. Moreover, the flexibility and intuitive design of iMAL enables financial institutions to quickly launch competitive Sharia-compliant products and services while reducing IT dependency and cost.
iMAL provides a complete suite of Islamic banking applications with a rich sweep of functionality and features, addressing Sharia compliance, local and regulatory requirements. The system is built on JEE platform and is SOA compliant. iMAL runs as web application and can be deployed in multi-tier setup environment.