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At a Glance


Mashreq al-Arabi Islamic Bank Iraq goes live in record time with iMAL




The implementation of iMAL solution in such a short timeframe was made possible by extremely efficient project planning and execution, impeccable professionalism and the fact that all our requirements were met perfectly. We now have a cutting-edge platform that integrates with any external system and has the flexibility and scalability to grow with us.

Ali Houssayni
Chief Executive Officer

Bank Dhofar’s Maisarah moves successfully to iMAL R14.1




We are very pleased with the successful upgrade of iMAL R14.1. As the digital revolution continues to sweep the banking sector, and the Omani banking market in particular becomes increasingly competitive, the new technology will allow us to provide seamless services to our customers through our digital channels and gives our bank a unique and prominent position in the industry.

Ismail Jama
Chief Operations Officer


Path Solutions upgrades Jaiz Bank’s core banking platform



Jaiz Bank

We are pleased with the successful upgrade to iMAL R14.1 on Oracle in a smooth and timely manner. All channels and surround systems were verified and got satisfactory results from day one. With the new Sharia-compliant core banking platform, our customers are benefiting from the best practices and enhanced features that Path Solutions has invested in the software since our last implementation.

Hassan Usman
Managing Director


Cryptocurrency and Islamic Finance

Caught by the tempting surge in cryptocurrency prices back in 2017, Muslim investors worldwide, mostly millennials, were fascinated by something called “a different trend”. Just then, Muslim scholars were still ambivalent about this sensitive topic. Due to their ambiguous nature, cryptocurrencies were at a challenge to meet the strict Sharia law.

Cryptocurrencies are praised for their portability, divisibility, inflation resistance and transparency. However, their anonymity and the fact that they are outside the control of governments and central authorities made them prone to be used in illegal and illicit activities including operations categorized as haram by the Sharia.


Melina Tawk Samra

Senior Product Manager
Treasury & Investment Banking - Product Management
Path Solutions

Over the past few years, the examination and exploration of digital currencies by Muslim scholars have intensified. They redefined the understanding of cryptocurrencies and tokens.

The wide range of structures that lie beneath digital currencies made it inappropriate to assert a single ruling for all cryptocurrencies. Some of the common types of tokens include: Work tokens, utility tokens, asset-backed tokens, revenue tokens, equity tokens and buy-back tokens. Scholars reached a conclusion where some tokens were similar to actual trading of rights while others were similar to trading shares or Sukuk.

The challenge remains in outlining a clear Sharia-compliant framework for the designs and functions of digital currencies!

With the rise of digital currencies backed by tangible, real-world assets such as gold, cryptocurrencies were getting progressively aligned with Sharia standards. The value of these digital currencies is pegged to a physical commodity inventory of gold in a vault. This conceptualization shattered their speculative performance – prohibited by Sharia – as their prices became less volatile, compared to earlier generations of cryptocurrencies. As a matter of fact, in 2011, the value of one bitcoin fluctuated between US$0.30 and US$32 before returning to US$2!


Looking forward, as stated in Thomson Reuters’ ‘State of the Global Islamic Economy Report 2018/19’, the Islamic economy is expected to hit a value of US$3.1 trillion by 2023, on an average growth of 8% per annum since 2017, much faster than the global economy growth!

Acknowledging the Sharia conformity of cryptocurrencies will open the whole market to crypto assets. Earlier this year, Qintar was the first Sharia-compliant token launched on Islamic Blockchain (ISL). Moreover, gold-based COIN M is due to enter the United Arab Emirates market before the end of 2019. As a result, great opportunities of financial growth and financial inclusion across the Muslim world are expected to unfold.

Clearly the Islamic-based economy is opening itself up to the digital world of cryptocurrencies. At this stage, even though it is still ahead of time to consider the dissemination of cryptocurrencies across the Muslim financial world, it will be interesting to track these developments over the upcoming years.


Statista: 2019 Is a Big Year for Cybersecurity Investments

% of RIAs* that are considering investing certain technologies to help drive growth, 2018 vs. 2019

Gartner: Hype Cycle for Open Banking, 2018

What You Need to Know to Successfully Deploy Open Banking

DinarStandard: Islamic Fintech Report 2018:
Current Landscape & Path Forward

McKinsey: Unlocking Success in Digital Transformations, 2018

DinarStandard: 2019/20 State of the Global Islamic Economy Report: Driving the Islamic Economy Revolution 4.0

DinarStandard: 2019/20 State of the Global Islamic Economy Report: Driving the Islamic Economy Revolution 4.0

ICD - Refinitiv: Islamic Finance Development Report 2019: Shifting Dynamics

Learn &


Training on Professional Email Writing

Form July to September, the Corporate Academy of Path Solutions arranged training sessions on ‘Professional Email Writing’ for its employees in the different offices. The training was imparted as per the company’s strategy to continuously improve the soft skills of its workforce.

iMAL Certificate Exam

In continuation to iMAL Certificate Exam program, Path Solutions conducted the Associate Level Certificate Examinations - ‘iMAL Certified Associate’ - for 140 staff members of the Global Support and Professional Services departments during the months of August and September 2019.

The ‘iMAL Certified Associate’ exams which are available to both employees and clients of Path Solutions, were conducted successfully for the below six major iMAL modules:

  • Customer Service Management
  • Islamic Invest
  • Islamic Treasury
  • Facility Management
  • Trade Finance.

New Hires Orientation Session

During the months of July and October, the Corporate Academy along with the HR department at Path Solutions jointly organized an ‘Orientation Session’ bringing together new hires from different departments across the company.

The new hires were introduced to their colleagues, to HR policies and procedures which set them up for success and integrate them into the company culture, in addition to being given a brief introduction on Islamic Finance, Banking and Investment, and on iMAL and iSHRAQ solutions developed by the company.

iMAL R14 Business & Technical Trainings for FIB Sudan

Path Solutions’ Corporate Academy has conducted an effective business training on iMAL R14 for Faisal Islamic Bank’s team covering Islamic Invest, Facility Management and Trade Finance, at its training center in Lebanon last July.

Training sessions on ‘Jaspersoft Report Development’ and ‘iMAL*Reporting’ were also organized by the Corporate Academy in October 2019 for FIB Sudan’s team.

Faisal Islamic Bank (Sudan)


Heartfelt Congratulations from Path Solutions
to our Award-Winning Clients

Global Islamic Finance Awards 2019
IFN Awards Service Providers 2019
Best Customer Service of the Year Award
Islamic Business & Finance Awards 2019
Arab Bankers Association Awards
Global Finance Best Corporate/ Institutional Digital Banks 2019

Middle East
Country Winners

Global Finance Best Consumer Digital Banks 2019

Middle East
Country Winners

Global Finance Best Islamic Digital Banks 2019

Middle East
Country Winner

PWM/The Banker Global Private Banking Awards 2019
5th Islamic Retail Banking Awards
WIBC Performance Awards 2019

In The

Path Solutions tops the Islamic Finance category in bobsguide Software Rankings 2019




Path Solutions ranked first for the second year in a row in the annual bobsguide Software Rankings’ Islamic Finance category.

“We are proud to be reconfirmed as the winner of the Islamic Finance category in bobsguide Software Rankings 2019. This recognition underscores the strength of our global market position as we continue to outperform the competition in today’s disruptive environment”, commented Mohammed Kateeb, Group Chairman & CEO, Path Solutions. “We are the only software provider that can offer the winning combination of both, Sharia compliance and latest technology to serve traditional and emerging financial institutions to drive truly digital transformation to achieve frictionless customer experiences, knowledge-driven interactions and powerful automation. We empower our clients with the agility and innovation needed to enable them to quickly and cost-efficiently overcome the limitations and constraints associated with their legacy systems”, Kateeb said.

bobsguide logo del

Path Solutions chooses Nityo Infotech to strengthen its presence in South East Asia




Path Solutions today announced a new partnership with Nityo Infotech, the fastest growing next-generation global IT services company. By virtue of this agreement, Nityo Infotech will act as Path Solutions’ Business Alliance Partner for sales and services related to iMAL enterprise Islamic banking & investment platform for all countries in South East Asia. Nityo Infotech will also provide post-sales implementation and support for iMAL clients in this region.

Naveen Kumar, Founder and CEO, Nityo Infotech said, “This partnership is an expression of our confidence in Path Solutions’ top-notch Islamic banking technology, industry business practices, track record of fail-proof implementations, and world-class business model. We hope that together we will create the perfect partnership to offer a unique value proposition that helps Islamic financial institutions in South East Asia gain a distinct competitive advantage in an increasingly complex and dynamic market”.


Path Solutions holds the record for winning the same category for a 13th year at IFN Service Providers Poll 2019




Path Solutions has made history after being voted ‘Best Islamic Technology Provider’ for the 12th consecutive year, 13 times in total, at Islamic Finance news Service Providers Poll 2019, surpassing last year’s record by receiving a record-breaking number of votes, cementing what seems like unassailable dominance over the Islamic financial services sector. International Turnkey Systems was voted second, while 2018’s runner-up Oracle FSS came third.


Path Solutions upgrades Maisarah’s core banking platform for enhanced performance




The successful upgrade will enable further innovation at Maisarah Islamic Banking Services of BankDhofar to meet evolving customers’ needs as the bank expands its business. Path Solutions’ iMAL open banking platform allows banks to easily upgrade their core banking technology to be at the forefront of innovation in the financial services industry.

Ismail Jama, Chief Operations Officer, Maisarah, commented, “The upgrade of our core banking system to iMAL R14.1 will ensure providing seamless services to our customers through our digital channels. At Maisarah, we place customers’ satisfaction at the heart of what we do through providing them convenient services”.


Path Solutions wins esteemed GIFA recognition for sixth time




Path Solutions is glad to announce that it has won the award for ‘Best Islamic Finance Technology Provider 2019’, one of the most prestigious accolades in the Islamic finance segment, at the 9th GIFA Awards Ceremony that was held on the evening of September 16 in Cape Town, South Africa.


Mohammed Kateeb featured as a Discussion Panelist at OIC Istanbul




The 1st OIC High Level Public and Private Investment Conference themed ‘Unleashing Intra-OIC Investment Opportunities: Investment for Solidarity and Development’ took place on December 8&9 at İstanbul Congress Center.

Mohammed Kateeb, the Group Chairman & CEO of Path Solutions took part as a Discussion Panelist in the high-level panel entitled “The Business Intelligence Ecosystem Role in Tackling the Data Revolution”. Kateeb highlighted the importance of unpacking the disruptive potential of blockchain and AI technologies, and he stressed on the evolution of RPA from rule-based to intelligent cognitive automation.


Abdo Chalhoub speaking at the IT Governance Workshop in Sudan




Organized by the Union of Arab Banks in coordination with Sudan Banks Union and the Central Bank of Sudan, the Workshop on IT Governance was launched on 18 November 2019 for 3 full days. Abdo Chalhoub, Executive Vice President - ICT Professional Services at Path Solutions was the main speaker at the workshop which covered a comprehensive set of topics addressing IT Governance from all its perspectives.

Group Chairman & CEO of Path Solutions at MIFF Spain




Mohammed Kateeb, the Group Chairman & CEO of Path Solutions was invited to join high level panelists at the 5th Mediterranean Islamic Finance Forum (MIFF), part of MedaWeek Barcelona 2019 on November 21st  in Spain, in the session entitled “Tools for Effective Islamic Finance Adoption: The Potential for Sukuk, Takaful, and Innovation”. Kateeb talked about the next phase of growth in Islamic finance, and how it will be driven not just by the offerings that are compliant with the Sharia but will have to be on the basis of differentiation, driven by innovation and digitalization.

Mohammed Kateeb shares his thoughts at Kuwait 3rd FinTech Conference & Exhibition




The Group Chairman & CEO of Path Solutions was a Guest Speaker at Kuwait FinTech Conference & Exhibition on October 22 at the Four Seasons Hotel Kuwait, where he delivered a compelling presentation on the potential benefits presented by AI in financial services, and how banks can best approach an AI-enabled digital transformation to renovate the customer experience by enabling frictionless, 24/7 customer interactions.


Path Solutions, Exclusive Islamic Finance Technology Partner of Shura 8th Sharia Audit Conference




The Shura 8th Sharia Audit Conference organized by Shura Sharia Consultancy in collaboration with AAOIFI took place on October 6 - 8 in Muscat, Oman.

On Day One of the conference, Path Solutions’ Regional Sales Manager, Mohamad Ameer Al-Dirini delivered an engaging presentation on ‘Accelerating Technology for Sharia Auditing’. Mohamad presented the company’s unique Internal Sharia Audit Software Solution, iSHARIAHAUDIT, which helps in increasing the effectiveness and efficiency of the internal Sharia audit processes of Islamic financial institutions by providing automated auditing tools built on the risk-based audit methodology.


Path Solutions, proud Associate Sponsor of MEBIS 2019




Path Solutions was represented at the 9th Annual Middle East Banking Innovation Summit 2019, that was held on the 3rd and 4th of September in Dubai, by its Territory Account Manager – Sales, Syed Ahmed Zafar who presented to the attendees the company’s future-proof digital core banking platform, allowing financial institutions to power their digital transformation, deliver unique customer experience, and usher in the brave new age of banking.



On The

Dubai, UAE


18 February 2020

Dubai, UAE

IFN World Leaders Summit 2020

IFN Innovate MENA 2020

IFN Dubai Awards Ceremony 2020

8 March 2020

Hurghada, Egypt

Sanabel’s 2020 Conference

10 & 11 March 2020

Casablanca, Morocco

IFN Morocco Dialogues 2020

16 March 2020


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