Path Solutions wins two categories at ACQ5 Global Awards 2017

4 July 2017

Selected ‘Core Banking System Provider of the Year - Islamic Finance’ and iSHRAQ*Microfinance named ‘Sharia-Compliant Microfinance Solution of the Year’ for third consecutive year

Path Solutions, the leading Islamic financial software company, has been recognised as ‘Core Banking System Provider of the Year - Islamic Finance’, while its cutting-edge iSHRAQ*Microfinance was selected as ‘Sharia-Compliant Microfinance Solution of the Year’ for the third year running, at the recently concluded ACQ5 Global Awards 2017. 

ACQ5 is a leading corporate news magazine that has been serving the financial sector since 2003. The magazine provides a global audience of over 163,000+ subscribers with the information behind the headlines. ACQ Global Awards recognise organisations and individuals who have sustained outstanding innovation performance throughout the year, with a relentless focus on dominating their niche markets.

The industry’s favourite awards have witnessed another record breaking number of votes this year. The total number of nominations received stood at an amazing 83,121 - their highest ever. Having assessed the votes that have been cast by industry peers, Path Solutions was announced an ACQ5 Global Awards 2017 multiple category winner.

The win reflects another strong year for Path Solutions, with new deals concluded in both Morocco and Suriname, the launch of standalone applications, followed by important go lives and system upgrades.

Mohammed Kateeb, Group Chairman & Chief Executive Officer of Path Solutions commented, “Being recognized three years in a row as ‘Core Banking System Provider of the Year - Islamic Finance’ is proof positive that our focus and investments in empowering our clients with technology-led innovations are paying off. Path Solutions helps its clients address the challenges of digitalization and regulations, bring ethical products to market faster, and allow them to adapt to new demands, resulting in improved customer experience. On the other hand, our winning iSHRAQ*Microfinance solution allows microfinance institutions to quickly build profitability by being productive from day one. It also has a full suite of reporting and monitoring tools and provides clarity and accuracy of information”.

“Financial institutions are challenged to adapt and thrive in a dynamic, increasingly unpredictable and complex business environment. Technology is emerging as the single most important differentiator for those geared to succeed. As an industry-driving provider of next-generation software systems, Path Solutions stood out as a thought leader that can effectively tackle market challenges and align its comprehensive suite with clients’ business goals”, said Jake Robson, ACQ5 Editor.

Path Solutions has cemented itself as a leading provider of front-to-back Sharia-based software solutions for the Islamic financial services industry, winning key deals in new geographies and ousting competitors in major Islamic banks. Lately, the company has also been named ‘Islamic Banking Solution Provider of the Year’ at Beacon of ICT Awards 2017.

The full list of category winners in 2017 will be promoted on the following mediums: TIME, BLOOMBERG BUSINESS, CNN, BBC, THE SUNDAY TIMES, and will also appear in a special issue of ACQ5.

Established in 1992, Path Solutions is engaged in the development and implementation of software solutions and services to meet the growing technology requirements of the Islamic finance sector. Covering the needs of the Retail, Corporate, Wholesale, Investment, Islamic and Microfinance segments, Path Solutions provides modular and fully integrated software solutions in accordance with the Sharia. 

The company’s iSHRAQ*Microfinance enables financial institutions to run the mass retail services that comprise microfinance and community banking at lower cost. The system delivers high security, efficiency, resilience and cost savings for financial institutions, assisting them to develop loan programs to finance projects, training and education.

Path Solutions employs a highly skilled team of IT developers and software engineers, with deep understanding of software development principles and high-quality industry expertise, to ensure effective development and implementation of all projects, and to provide advanced and direct support services.

With more than 100 successful installations in 37 countries, Path Solutions leads the industry in global Islamic core banking deployments, enabling “switch on” approaches that speed time-to-market and empower business transformation through rapid replacement of legacy systems.

Headquartered in Kuwait, Path Solutions is the preferred partner for all technology-enabled services of forward-thinking Islamic financial institutions willing to achieve superior results.

Since inception, the ACQ5 Global Awards have been celebrating achievement, innovation and brilliance in their annual awards. The company boasts a legitimately independent nomination process, most importantly, all award winners, are chosen by the industry itself.

Guided by the poll’s results, those organisations and individuals that have had the greatest impact on the industry during 2016 are duly honoured. In judging these awards, ACQ5 panel of judges studies the nominations made by their voters and recognizes that all of those nominated are leaders in their fields and that the exceptional performance of some deserves recognition.

The poll is not only designed to reflect actual performance in a particular area of expertise, rather it reflects direct market share based on a number of criteria.

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