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Path Solutions hits double top at The Asset Triple A Islamic Finance Awards 2015

8The only Kuwaiti IT firm to win a dual accolade at The Asset Triple A Awards

June 11, 2015 – Path Solutions, the world’s leading provider of Islamic core banking software solutions, is pleased to announce that it has received two awards at The Asset Triple A Islamic Finance Awards 2015. The Asset Triple A Awards are Asia’s defining recognition for excellence in the global financial industry.

Path Solutions was honored in the category of ‘Best Technology Provider in 2015’ for the Islamic finance industry, for its successful strategy, its constant innovation efforts and ongoing commitment to excellence.

Path also received an additional accolade for its iSHRAQ suite in the category of ‘Best Islamic Banking Solution in 2015’.

7Commenting on the recognition, Mohammed Kateeb, Group Chairman & CEO, Path Solutions said, “The ‘Best Technology Provider’ award is a testament to the exceptional performance that Path Solutions has achieved across its business in a promising niche of the global financial sector. While the award for ‘Best Islamic Banking Solution in 2015’ is recognition of Path Solutions’ superior Sharia-compliant software solutions. iSHRAQ is a ground-up, non-legacy, advanced investment and financing management model, highly flexible and responsive to the dynamic financial industry. Both recognitions reinforce our dominant leadership position in the Islamic financial services marketplace”.

According to the Board of Editors at The Asset, “Path Solutions, as a leading software house, has become the provider of choice for genuine Islamic banking solutions by major Islamic financial institutions globally. The iMAL solution has been described as the benchmark in Islamic finance technologies, while the iSHRAQ solution addresses the needs of Islamic investment companies with its in-depth research, technical analysis and powerful trading tools”.

The Asset Triple A Islamic Finance Awards 2015 Gala Luncheon took place on Monday 8th June at the Diamond Ballroom of Mandarin Oriental Kuala Lumpur, Malaysia.

Other plaudits Path Solutions has won so far in 2015 include ‘The World’s Number One Best Selling Islamic Banking Software Provider’ in IBS Islamic Sales League Table 2015 for a record sixth year.

About Path Solutions

Founded in 1992, Kuwait-based Path Solutions is a global Islamic banking software specialist for the Retail, Commercial, Corporate, Investment, and Islamic Microfinance sectors. Path Solutions’ Sharia-compliant banking software solutions provides advanced technology and rich functionality, incorporating best practice processes that leverage the company’s experience in over 100 successful implementations around the globe.

Path Solutions’ Islamic banking clients are proven to be more profitable than their industry peers: Data from Islamic Finance news on Islamic banking in Oman and the financial performance of Islamic banking entities (dated April 22, 2015) shows that financing assets of Oman Islamic banking entities crossed the US$2.59 billion by December 2014 as compared to US$1.12 billion in December 2013, showing an increase of 135% in a year. Almost 69% of the total financing assets are from three leading market players; Meethaq – the Islamic banking window of Bank Muscat; Al Hilal – the Islamic banking window of Ahli Bank; and Bank Nizwa – the first fully-fledged Islamic bank in Oman. Path Solutions plays a significant role in this positive trend as all three Omani clients rely upon the company’s iMAL Islamic core banking system for their daily operations.

While Bank Sohar, most youthful and dynamic Islamic banking institution in the Sultanate has been recognized for the second consecutive year as one of the best ‘Straight Through Processing’ (STP) banks in Oman in 2015 by Standard Chartered Bank. This STP recognition reflects the efficacy of the bank’s operations resulting in major efficiency gains and improved customer experience, and highlights the exceptional 99 per cent modification-free rate it consistently maintained throughout the high volume of Great Britain Pounds (GBP) remittances processed during 2014. Bank Sohar, which inked in 2012 a strategic partnership agreement with Path Solutions for the deployment of iMAL Islamic Banking & Investment System, became a major participant in the local market for Sharia-compliant Islamic securities, treasury and investment products.

About The Asset

The Asset, published by Asset Publishing and Research Ltd. in Hong Kong, is the leading finance publication for Asian corporates and global investors active in Asia, and is internationally recognized for providing analysis and insight into how the region’s leading companies raise and manage their capital. It has a reputation for delivering authoritative unbiased coverage and independent research of Asia’s financial industry.

The Asset Triple A Awards’ process adopts a rigorous and transparent approach to the selection of best financial institutions and corporations in each category which have made significant contributions to the growth and further development of the global financial sector during the coverage period. Nominees undergo a thorough process of application, document preparation as well as interviews and assessment by The Asset’s Board of Editors who have more than three decades’ experience in evaluating best practices in Asia.

The Asset Triple A Awards for Islamic Finance are deemed as the industry’s most prestigious in what has become one of the fastest growing and most promising niches in global finance. To view The Asset Triple A Awards’ results, please click here

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