At a Glance

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User Spotlight

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Fact Box

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Big Wins

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Buzz Feed

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Tech Talk

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Learn & Develop

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In The News

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On The Road

At a Glance

User
SPOTLIGHT

Bank Assafa goes live with iMAL to drive operational efficiency and superior customer experience

FEB

3

2020
Youssef-Baghdadi
Bank Assafa

The project implementation has delivered a multi-award winning Islamic core banking platform that includes a comprehensive model bank enabling us to be fully compliant with local regulations.
The market potential here is immense and we believe that the flexibility and scalability provided by the system will support Bank Assafa in its ambitious strategy to take innovative products and differentiated services to market rapidly.

Youssef Baghdadi
General Manager

Ziraat Participation Bank selects Path Solutions for strategic core banking implementation

JAN

30

2020

We have chosen Path Solutions based on our team’s technical evaluation of major core banking application alternatives and the management’s assessment. I believe that our cooperation will bring successful results to our Sudan operations and will generate new opportunities for us; it will allow us to cater to the ever growing demands of our customers for innovative Sharia-based banking products.

Metin Özdemir
General Manager

Metin-Ozdemir
Ziraat Participation Bank logo

Al Khaleej Bank signs for iMAL Islamic core banking platform

JAN

28

2020
Ali-Omer-Ibrahim-Farah-2
Al Khaleej Bank Sudan logo

Our goal in selecting Path Solutions is to better align with our customers’ expectations by offering innovative banking and payment solutions consistent with our bank's business strategy. The company’s iMAL rich banking functionality is the perfect partner for our ambitious project. We are confident that we will be able to provide a seamless customer-centric experience with digital banking tools in a responsive and integrated environment.

Dr. Ali Omer Ibrahim Farah
General Manager

Tech
TALK

Blockchain: A New Economic Model

With new buzz words being the norm every year, Blockchain exploded onto corporate radar in early 2016 due to sudden upsurge of Bitcoin’s price. Till then and even to a large extent today, Bitcoin, Cryptocurrency and Blockchain are words that are still very much alien to many corporates worldwide. Much has been said about this and many articles are found on the internet that simplify this concept for your understanding.

However in this article I want you to focus on the “why” aspect more than the “how”. Some visionaries say it’s a game-changing technological paradigm. But what is it exactly that’s different and why do some think that it heralds a new era for transforming businesses.

aurobindo-nayak

Aurobindo Nayak

Blockchain Analyst
Product Engineering
Path Solutions

The reason is simple. In general, technology and economics work in parallel without interfering in each other’s areas. For example, the growth of smartphones has been a significant economic factor when demand-supply came into picture, and where the economic output tilted in favor of mobile manufacturers to create an entirely new business. Both technology and economics were progressing side by side.

In the case of Blockchain, economics just doesn’t work in parallel; it’s very much intertwined with it and you can go as far as saying it’s a core aspect. There are a lot of Blockchain systems as of now. Let’s see the first type and arguably the best one: Public Blockchains. They operate on rules much like any other system; here are some of the rules:

  1. Data once put in a Blockchain system is immutable. It cannot be removed or altered. What you can do is only append to the existing state. Think of a version-control system like Git.
  2. A Blockchain system should be open, transparent and fairly accessible by everyone. Nobody can be banned or removed by the system. Everyone has a voice/vote and power to make a decision. The group as a whole is responsible for keeping out the bad actors.
  3. There is no central governing authority for this. A group consensus based on mathematics and economics incentive mechanisms takes the needed decisions. For example, imagine doing a monetary transfer across the world without a bank, or voting in the elections by using a mobile; just think of the level of difficulty you would have in these cases. Blockchain solves that.
forblockchain

A lot of Blockchain systems today aren’t the pure base of what was already envisioned, but that’s fine. Building a decentralized system is exceedingly difficult and complex if you take into consideration the real world implications. We rely on closed systems, privacy controls and a single authority to take care of our systems.

A Blockchain in today’s terms can be compared to an infrastructural technology, which means it will underline other software such as web and mobile applications. You don’t just build a Blockchain application in isolation; it needs to have a conventional stack on top of it for interaction.

The Blockchain team at Path Solutions began in 2018 researching suitable platforms, finding new business use cases and finally expanding the knowledge base of the firm. Two years of research followed by multiple POCs, and we are now paving the way for delivery of new services using Blockchain technology.

We now have evaluation guidelines, platform comparison templates, and on our way to develop a middleware application that can provide a layer over the top of enterprise Blockchain systems which can be used for easier administration and operational purposes. In the coming years, we will expand this layer with more features and adapters to connect with multiple Blockchain platforms which will be a completely cloud-ready offering.

Fact
BOX

Gartner: Top 10 Strategic Technology Trends for 2020

Gartner sees Blockchain as top tech trend for 2020

Gartner Blockchain hype cycle 2019:
60% CIOs to adopt within 3 years

McKinsey & Company: Blockchain beyond the hype: What is the strategic business value?

Blockchain was a priority topic at Davos; a World Economic Forum survey suggested that 10 percent of global GDP will be stored on Blockchain by 2027.

The Global Islamic Fintech Report, December 2019

Learn &
DEVELOP

path-academy

New Hires Orientation Sessions

During January 2020, the Corporate Academy, HR and ICT departments of Path Solutions jointly organized orientation training sessions for newly joined employees. Around 25 new employees from Lebanon, Kuwait, Egypt, Pakistan and India attended the sessions.

Such sessions enable each new member to receive an adequate introduction to the company, being introduced to the HR policies and procedures, and become familiar with information security policies as well as Islamic finance, banking & investment, and iMAL and iSHRAQ suites from Path Solutions.

The objectives cover three main areas: First, they instill the feeling that the new member is valued right from his very first day. Secondly, they intend to make the new employee familiar with the overall goals of the company and support him as he embarks on this exciting journey; and also current staff members are kept up-to-date when new team members arrive, speeding up the introduction and social integration process.

iMAL R14 Advanced Training on Islamic Invest (IIS)

In par with its policy of fostering a culture that encourages continuous learning and knowledge-sharing, and employee development, the Corporate Academy arranged an advanced training on R14 version of Islamic Invest (IIS) module during the third week of January 2020 for selected company employees.

The training that was attended by 26 participants from different departments and locations will allow our organization in filling some information gaps, incrementing output, promoting innovation and increasing efficiency.

Training on
Multi-Threading Scheduler (MTS)

In February 2020 a training on MTS, the new module launched by Path Solutions, aiming to enhance the performance level of periodical processes, was organized by the Corporate Academy to 40 employees.

Multi-threading has become extremely important in terms of the efficiency of operations. This course unveils the mysteries of the MTS module providing an impressive scheduling functionality out-of-the-box.

Training for Boubyan Bank Kuwait

Boubyan Bank looked at enhancing the knowledge level of some selected employees in the Operations, Quality Assurance and Support departments. For this reason, the Corporate Academy of Path Solutions was solicited to conduct the relevant training, mainly on the Assets module.

The training itself was held at the Training Center of Boubyan Bank in Kuwait. It covered the Assets along their lifecycle delivering an embedded, collaborative and real-time set of next generation processes and systems.

Path Solutions creates and delivers unique and experiential learning courses for its clients across the globe.

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iMAL Certification

Congratulations to the champions of Path Solutions who got certified through the ‘iMAL Certified Associate Examination’ conducted by the Corporate Academy during the last quarter of 2019.

Big
WINS

Heartfelt Congratulations from Path Solutions
to our Award-Winning Clients

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International Finance
Banking Awards
2019
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International Finance
Financial Awards
2019
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MEED Awards 2019
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Moneynet Awards 2020
award-forbes-oman
Forbes
Middle East
Celebrating Oman's Success
award-service-hero
Service Hero Awards 2019
award-intl-trade-2020
Trade Finance Global International Trade Awards 2020
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ISLAMICA 500 Awards 2020

Top 50 Edition
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CFI.co Awards 2019
award-ifn-best-banks-2019
IFN Awards

Best Banks 2019
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Global Banking & Finance Awards 2019

In The
NEWS

Path Solutions launches its digital banking suite underpinned by state-of-the-art analytics

APR

8

2020

Path Solutions has revealed its new Intelligent Digital initiative roadmap with the launch of Path Digital and Path Intelligence platforms which will enable forward-thinking banks to maintain competitive advantage by providing their customers with a consistent and seamless intelligent digital banking experience while harnessing the full potential of data.

The breakthrough Path Digital suite is a highly secure, open, scalable, flexible, robust, future-proof, easy-to-deploy, comprehensive open banking platform that connects all of the digital banking channels to the bank’s services and applications.

Whereas Path Intelligence enables banks to harness data and analyze it intelligently using the Enterprise Data Lake (EDL), providing a significant competitive advantage to the bank. This platform includes a new BI suite which empowers organizations to make smarter, faster, and more effective decisions.

The ML-driven module enables banks to leverage both structured and unstructured data, and transform it into valuable intelligence and predictive insights, with customized AI-based solutions covering customer insights, risk analytics, fraud detection and other tailored applications.

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Africa & Gulf Bank selects Path Solutions for strategic Islamic core banking implementation

APR

6

2020

In line with its new vision to fuel innovation, Africa & Gulf Bank (“AGB”) in Sudan has signed an agreement with Path Solutions, in which it will provide the front-to-back iMAL suite for retail, commercial and corporate banking to be implemented as AGB’s new core banking and channels platform.

Aleem Khan, Board Member at AGB, said, “Our selection of iMAL highlights our commitment to providing new and innovative services to our customers. We invest in latest technology to deliver speed and convenience to the market we serve. iMAL Islamic core banking platform will support our ambitious growth plans and enable us to bring innovative Sharia-compliant products to market more quickly and efficiently. Its modern software architecture and real-time features will provide the foundation for our digital business. Path Solutions has the knowledge, expertise and technology to fulfill our vision and support the implementation of our strategy, which is why we have chosen them as our strategic software partner”.

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Path Solutions selected as a strategic technology solutions partner of MyBank Limited Somalia

MAR

23

2020

Path Solutions had signed up MyBank Ltd., thereby indicating a stronger focus on the Somali market for Sharia-compliant software solutions and services to tackle financial exclusion in the country.

Abdulrazak Mohamed Ahmed, Chief Executive Officer, MyBank Ltd. commented, “We are committed to applying innovative technology to meet local and regulatory compliance standards, and to give our customers more convenience and more tailored interest-free solutions. Path Solutions provides everything we need from one platform to provide our customers of today and tomorrow, with the choice of engaging with us in a Sharia-compliant manner, thus ensuring an exceptional, transparent and consistent user experience across all channels”.

Mybank-logo

Path Solutions achieves Microsoft Gold Partner Competency for Data Analytics

MAR

11

2020

Path Solutions announced it has achieved the Microsoft Gold Partner Competency for Data Analytics, demonstrating a best-in-class ability and commitment to meet Microsoft customers’ evolving needs in today’s mobile-first, cloud-first world, and distinguishing itself within the Microsoft partner ecosystem.

The Path Solutions’ Data Analytics platform covers the complete data lifecycle, from data discovery, aggregation and storage, and ETL to data warehouse modeling, BI reporting, and advanced analytics. The company has deployed its platform at multiple client sites, enabling them to build on top of their data and perform descriptive, diagnostic, predictive, and prescriptive analytics on large chunks of heterogeneous data while utilizing state-of-the-art technologies, including Machine Learning and Big Data.

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Path Solutions adjudged Best Technology Solution Provider to African Interest-Free Banking and Takaful award winner

MAR

9

2020

Path Solutions is proud to announce recognition as ‘Best Technology Solution Provider to African Interest-Free Banking and Takaful’ award winner at the 2nd International Interest-Free Banking and Takaful Forum that took place on February 18 in Ethiopia.

“Over the last 28 years, Path Solutions has consistently provided cutting-edge software solutions and innovation that drive differentiation and measurable business value to our clients to keep pace with the new Islamic Fintech landscape. We are pleased that our dedication has attracted industry recognition in different parts of the world, but what makes this award extra special is receiving it in Africa which is an important market we deeply believe in and we proudly continue to focus on serving”, stated Mohammed Kateeb, the Group Chairman & CEO of Path Solutions.

Group Chairman & CEO of Path Solutions ranked among the Top 50 Global Leaders of the Islamic Economy

MAR

2

2020
islamica500-1

Mohammed Kateeb, the Group Chairman & CEO of Path Solutions has been listed by ISLAMICA 500 as one of the world’s Top 50 distinguished personalities who have made a major impact on the Islamic economy again this year.

The announcement was made during the kick off of the Edition 2020 at a gala dinner at The H Dubai on Tuesday 18 February. It marks the fifth time that Kateeb has received this type of esteemed industry and peer recognition by placing him among the leaders who have built and pioneered the Islamic economy and Halal industry.

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Bank Assafa goes live with iMAL to drive operational efficiency and superior customer experience

FEB

3

2020

Path Solutions today announced that Bank Assafa, a wholly owned subsidiary of Attijariwafa Bank in Morocco, has gone live with the latest version of iMAL in its headquarters in Casablanca as part of its strategy to bring cutting-edge Islamic banking services to its new customer base.

Youssef Baghdadi, General Manager of Bank Assafa, said, “The project implementation has delivered a multi-award winning Islamic core banking platform that includes a comprehensive model bank enabling us to be fully compliant with local regulations. The market potential here is immense and we believe that the flexibility and scalability provided by the system will support Bank Assafa in its ambitious strategy to take innovative products and differentiated services to market rapidly”.

Bank Assafa logo

Ziraat Participation Bank selects Path Solutions for strategic core banking implementation

JAN

30

2020

Ziraat Participation Bank in Sudan, a unit affiliated to Ziraat Katilim Bankasi and Ziraat Finans Group, one of largest banking groups in Turkey operating on both Islamic and conventional platforms, has taken the big leap to implement Path Solutions’ multi-award winning iMAL Islamic core banking platform.

Metin Özdemir, General Manager, Ziraat Participation Bank said, “We have chosen Path Solutions based on our team’s technical evaluation of major core banking application alternatives and the management’s assessment. I believe that our cooperation will bring successful results to our Sudan operations and will generate new opportunities for us; it will allow us to cater to the ever growing demands of our customers for innovative Sharia-based banking products”.

Ziraat Participation Bank logo

Al Khaleej Bank signs for iMAL Islamic core banking platform

JAN

28

2020

Path Solutions has announced that it signed Al Khaleej Bank in Sudan to its core banking platform.

Dr. Ali Omer Ibrahim Farah, General Manager of Al Khaleej Bank Sudan, said, “Our goal in selecting Path Solutions is to better align with our customers’ expectations by offering innovative banking and payment solutions consistent with our bank's business strategy. Path Solutions’ iMAL rich banking functionality is the perfect partner for our ambitious project”.

Al Khaleej Bank Sudan logo

AAOIFI grants compatibility of compliance certificate to iMAL Islamic financial software of Path Solutions

JAN

7

2020

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) carried out a rigorous process of testing the compliance of iMAL Islamic financial software and issued a certificate to confirm its compliance with AAOIFI’s Shari’ah and Financial Accounting standards.

Omar Mustafa Ansari, Secretary General of AAOIFI commented on the occassion, “AAOIFI, by virtue of its mission and role in the preparation of Shari’ah and financial accounting standards for the global Islamic finance industry, fully welcomes and appreciates the initiative undertaken by Path Solutions to submit its iMAL Islamic financial software for compliance testing with AAOIFI standards. This certification will boost regulator, investor, and public confidence in the operations and product set of any financial institution seeking Shari’ah compliance upon deployment of the software”.

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AAOIFI-Certificate-of-Compliance

Path Solutions’ team lands in Ethiopia

FEB

24

2020
ethiopia-conf-main

The 2nd International Interest-Free Banking and Takaful Forum was launched on February 18th, followed by two post event workshops on the 19th & 20th of February in Addis Ababa, Ethiopia.

The forum was endorsed by Path Solutions, while the company’s VP-Global Sales Fadi Gedeon, Territory Account Manager-Sales Syed Ahmed Zafar, and Manager-Presales & Business Consulting Carlos Suleau took part in a series of panel discussions on the importance of acquiring a robust AAOIFI-certified digital IT platform to bridge the innovation gap between modern financial demands and fundamental Islamic values to foster financial inclusion, in addition to a brief demo on how to automate and streamline banking services both on-premise and in the cloud.

Buzz
FEED

On The
ROAD

Manama, Bahrain

AAOIFI 18th Annual Shari’ah Boards Conference

7 & 8 June 2020

Kuala Lumpur, Malaysia

The Asset Triple A Islamic Finance Awards 2020

July 2020

Kuala Lumpur, Malaysia

16th Kuala Lumpur Islamic Finance Forum (KLIFF 2020)

10 - 13 August 2020

Tashkent, Uzbekistan

2nd CIS Islamic Banking and Finance Forum

13 - 15 August 2020

Ramadan-wide
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