Path Solutions, a global provider of Sharia-compliant software solutions and services to the financial services industry, today announces that it was selected Number One Best Selling Islamic Banking Software Provider Worldwide in IBS Islamic Banking Sales League Table 2017. This ranking marks Path Solutions’ leading position in the annual table for the 8th consecutive year, where it has continuously maintained the top position.
IBS has also ranked the leading software firm as the World’s 5th Best Selling Primary Universal Banking System Provider for the period 1st January 2016 - 31st December 2016 in IBS Sales League Table 2017. Path Solutions beat major international IT vendors from around the world and solidified its position among global winners at the top of the pile. These two accolades cement the company’s leadership in the financial software business and confirm the strength of its pioneering solution portfolio.
The 2017 Islamic Banking Sales League Table which ranks niche system suppliers in the Islamic financial services segment, was released in the August issue of IBS Journal. This year’s table - the result of an extensive analytical research conducted both by IBS Intelligence and Cedar Management Consulting - revealed upward momentum in the fintech industry over past year.
According to the IBS Islamic Banking Sales League Table, Path Solutions achieved a total market share of 30% of the Islamic core banking deals in 2016, demonstrating that the market is in need of pure play vendors with Sharia-compliant capabilities, able to meet industry compliance requirements and adapt to the digital revolution.
As quoted by IBS; Path Solutions’ Islamic core banking system - iMAL maintained its leadership position in the Islamic Sales League Table notching 9 deals in 2016, more than double its number of deals in 2015.
The Islamic banking industry has become a complex battlefield for software providers. The table shows that the market for Islamic core banking systems is characterized by the presence of a growing number of IT vendors offering tweaked software systems in line with the guiding principles of Sharia. Path Solutions is the only Islamic core banking system provider dominating a market expanding at an exceptional rate.
“We are glad that we are one of the few banking software vendors in the world, who have been able to maintain our growth and sustain our position as the leading Islamic banking software vendor. We have indeed performed well this year, witnessing a strong growth compared to the prior year as we continue to benefit from increasing client demand and favorable market drivers. Given the challenging and complex environment in which we operate, Path Solutions’ industry know-how and trusted expertise is proving to be highly sought after. Looking forward, we continue to see a number of favorable drivers for our business which, when combined with our ambitious growth plans, give us the confidence in our prospects for the current year and beyond. I take this opportunity to thank all our clients, new and old, for placing their faith and confidence in us. We are also grateful to IBS and Cedar Management Consulting for their continued efforts and for giving us the opportunity to continue to highlight our capabilities”, commented Mohammed Kateeb, Group Chairman & CEO of Path Solutions.
In 2017, Path Solutions continues to outperform the competition. The company has reported successful performance and a strong momentum winning several significant deals in new countries mainly in Morocco, Tunisia and Suriname.
Path Solutions has been chosen by over 120 forward-thinking Islamic financial institutions spread over more than 37 countries around the world. The company’s next-generation core banking system is technologically advanced, flexible and extremely robust, providing Islamic financial institutions with a distinct business advantage at a crucial time for the industry.