Kuwait
Oman
At a Glance
I would like to thank you for your outstanding contribution to this brilliant upgrade project deployed on Amazon cloud platform. The upgrade was not easy at all due to COVID-19 restrictions where your team had to carry out all activities remotely. Big thanks go to the project team members for their hard work and diligence. Your co-workers were instrumental in carrying out this Go Live on time and under budget. You truly were able to differentiate yourself from the competition.
Mohamed Abdirahman Geleh
Chief Executive Officer
On behalf of Al Baraka Bank management, I would like to extend to you my gratitude and appreciation for all of the hard work and dedication provided to achieve this successful implementation during incredibly isolating and though times. The endless hours that Path Solutions’ project team have spent working on this project, and the professionalism they have portrayed has really impressed our entire team immensely and we deem ourselves honored to have them as our project sponsor.
El Rasheed Abdel Rahman Ali
General Manager
We announce the successful upgrade of Sterling Bank to iMAL R14.1. This upgrade is of great significance to us as the project has been executed in the midst of COVID-19 lockdown and while our resources and Path Solutions’ resources were working remotely from their homes. Furthermore, the Go Live took place along with the massive Beirut port explosion with the majority of Path Solutions’ project team being based in Beirut. Yet the Go Live was smooth and on time, which is a true demonstration of the perseverance of their resources, their commitment and determination to successfully achieve our goals!
Bright Karuwe
Head - NIB Technology
Managing Risks in the Digital World
Financial institutions have long been adopting robust governance, risk and compliance, also known as GRC systems, through a set of tools and processes joined around three tactical areas: Corporate Governance, Risk Management and Regulatory Compliance, with the aim to improve operational performance, reduce risks and ensure regulatory compliance.
In today’s rapidly digitizing world, financial institutions can no longer elude the truth that ‘Digital Transformation’ is the pressing priority. It is becoming the most effective enabler to boost a distinctive competitive advantage in an ever-changing landscape of disruptive technologies such as cloud, mobility, artificial intelligence (AI), internet of things (IoT), and big data analytics.
Christelle Abi Khalil
Associate Director
Intelligence & Compliance - Product Strategy & Management
Path Solutions
Digital is everywhere, and this paradigm shift from physical to digital comes with its share of new associated risks, including technology and cyber risks, on top of the existing fragmented GRC framework. In this context, the single holistic view of risk across environments takes a whole new scale and the need for a preemptive integrated digital approach to risk management is further intensified.
Gartner predicts that by 2021, 50 percent of large enterprises will use an IRM solution set to provide better decision-making capabilities.
Risk Management Challenges in the Digital Landscape
Risk and compliance teams traditionally operate on spreadsheets and/or independent GRC tools, to monitor fragmented types of risks. While this approach has been serving them for the past couple of decades, it cannot survive in the dynamic environment where data is growing exponentially, where new products are added regularly, and new tools are emerging faster than ever.
This is creating a set of challenges such as siloed data, inconsistency in procedures and processes across environments, delayed response to new emerging risks, and the inefficient expenditure to support individual departments’ risk management needs.
Risk and compliance teams really need to keep pace, and they require the implementation of flexible and scalable tools; what they need is a strategic, integrated, digital GRC, that adopts a holistic approach to risk management and compliance.
Benefits of Integrated Risk Management Systems
Integrated risk management systems enable risk-based decision making and promote better understanding of enterprise-wide risks. They also provide a wide range of benefits:
- Eliminate data silos and provide a single endpoint for risks across departments, business units and platforms
- Enhance agility in venturing into new products and business opportunities
- Automate manual processes and streamline risk and compliance teams’ tasks
- Provide a single source of truth with 360-degree view into the organization’s risk landscape.
Our Integrated GRC
Path Solutions’ integrated GRC solution is built on a scalable intelligence platform providing a single source of truth for an overall risk management and digital strategy.
It is a unified platform that allows for transparency across all facets of integrated risk management, starting from reliable raw level data and leveraging business intelligence technologies to effectively transforming it into powerful insights for board level decision-making, to keep up with the pace, volume, and complexity of digital change.
Gartner’s Hype Cycle for Emerging Technologies, 2020
Gartner’s Hype Cycle for Legal and
Compliance Technologies, 2020
Gartner’s IRM 2020: Market Momentum Continues
4 IRM Market Trends Will Accelerate Demand
in COVID-19 Recovery
IDC June 2020 - Moving From Crisis to Recovery:
Why Technology is Critical to Success
IFN Fintech Survey 2020 Results
Advanced Training on IIS
On May 7 an advanced training course on IIS (Islamic Invest System) was arranged for selected Global Support team members of Path Solutions. The intensive 3-day training course focused on the advanced areas of the application to meet the operational needs of Islamic financial institutions worldwide.
Path Solutions’ IIS is a powerful platform to make multiple types of Sharia-compliant investments, such as Murabaha, Salam, Parallel Salam, Istisnaa, Parallel Istisnaa, Musharaka, Diminishing Musharaka, Mudaraba, Musakat, Muzaraa, Ijara Tachghilya, Ijara Muntahya Bittamilk.
Training on SVN
The Corporate Academy offered a training session on SVN usage to the GPSS team on 19 May. The objective of this interactive discussion with hands-on practice is to enable attendees to have a better understanding of the software versioning and revision control system, and to effectively using the tool as a source control repository.
Database Performance Monitoring & Tuning
The training on Database Performance & Tuning for the GPSS technical team started on 29 June 2020. Participants were trained on the different types of DB logs that should be checked to analyze performance issues, to know their location and how to read them.
More than 100 employees from the different subsidiaries of Path Solutions attended the training which was evaluated as very effective for handling Support tasks.
Anti-Money Laundering (AML) Online Course
A two-day training on Anti-Money Laundering was conducted on 7 & 9 July by SMEs from the Product Strategy & Management department for more than 70 internal attendees in Lebanon, Kuwait, Egypt, Pakistan and India offices.
The course focused on the data and analytical aspects of the financial compliance solutions. It allowed participants to understand current industry practices and regulations, and from a technical point of view understand data models and create scenarios.
CMMI Overview
Two separate courses were given in June and July 2020 by the Director - Quality Management & Compliance at Path Solutions, who provided participants with an understanding of the concepts necessary for achieving and maintaining CMMI, best practices, goals, and process areas.
These training courses help Path Solutions climb CMMI ladder through providing measurable improvement in the performance of our company.
The Banker - Islamic Bank of the Year Awards 2020
Global Finance - World’s Best Islamic Financial Institutions 2020
Global Winners
Global Finance - World’s Best Islamic Financial Institution 2020
Regional Winner
Africa
Global Finance - World’s Best Islamic Financial Institutions 2020
Country Winners
Algeria
Kuwait
Lebanon
Morocco
Nigeria
Oman
Palestine
Sri Lanka
Sudan
Global Finance - World’s Best Bank by Region 2020
Middle East
Global Finance - World’s Best Bank 2020
Africa Winner
Morocco
Global Finance - World’s Best Banks 2020
Middle East Winners
Bahrain
Jordan
Kuwait
Oman
Global Business Outlook Awards 2020
Finance
Global Finance - World’s Best Islamic Digital Bank 2020
Middle East - Country Winner
Kuwait
Global Finance - World’s Best Corporate/ Institutional Digital Bank in the Middle East 2020
Country Winner
Jordan
Best Trade
Finance Services
Best Mobile Banking App
Global Finance - World’s Best Consumer Digital Banks in the Middle East 2020
Country Winners
Jordan
Best Bill Payment & Presentment
Best Website Design
Best Mobile Banking App
Best in Social Media Marketing & Services
Oman
Best Consumer
Digital Bank
The Asset Triple A
Islamic Finance Awards 2020
Asset Manager of the Year
Best Investment
Bank in Qatar
Top CEOs & Next Bulls Awards 2020
Hassan Usman
Managing Director/CEO
Abubakar Suleiman
Managing Director/CEO
2020 International Finance
Banking Awards
Best Islamic Bank - Syria
Best Mobile Banking Application - Syria
2020 International Finance
Leadership Awards
Ziyad Khalaf Abed Kareem
Best Banking CEO - Iraq
Global Banking & Finance Review Awards 2020
Fastest Growing Fund & Asset Management Awards
Fastest Growing Fund Management Company Kuwait 2020
Global Banking & Finance Review Awards 2020
Fastest Growing Retail Banking Awards
Fastest Growing Retail Bank Nigeria 2020
Global Banking & Finance Review Awards 2020
Private Banking Awards
Best Private Bank
Saudi Arabia 2020
Global Banking & Finance Review Awards 2020
Retail Banking Awards
Best Bank for Social Media Bahrain 2020
Global Banking & Finance Review Awards 2020
Investor Relations Awards
Best Investor Relations Company GCC 2020
Global Islamic Finance Awards 2020
GIFA Championship Award (Shari’a and Islamic Financial Regulation) 2020
Most Improved Islamic Bank in the World
Best Islamic Bank for Property & Real Estate Finance 2020
GIFA Power Award (Islamic Banking) 2020
GIFA CEO of the Year 2020
Khalid Jamal Al Kayed
Pioneer in Islamic Banking Award 2020
Best Islamic Bank for Social Responsibility Award 2020
Brand of the Year Awards 2019
Brand of the Year Award 2019 - Islamic Banking
Amana Bank, a leading Islamic bank in Somalia has selected iMAL, the AAOIFI-certified core banking platform from Path Solutions to replace its legacy IT system and deploy a single, cloud-based digital banking platform to underpin its banking operations.
Abdirizak Hussein Malin, Chairman of Amana Bank Somalia said, “As part of our strategy, Amana Bank has instituted a digital transformation plan that will help us meet the emerging needs of our customers and the increasing demands of innovation. Hence, we required a partner with open and agile technology that will drive powerful change. We have chosen Path Solutions for its ability to deliver vital digital financial solutions at this critical time with its depth of experience supporting Islamic banks in Africa. We are confident that the new technology, proven to significantly improve levels of customer fulfilment, will transform our operations by driving incredible efficiency gains while also reducing risk, lowering overall IT costs via higher automation and lower maintenance spending”.
One more time, Path Solutions was announced ‘Best Islamic Technology Provider’ at The Asset Triple A Islamic Finance Awards 2020, after demonstrating remarkable contribution to the digital Islamic banking and finance space across the globe.
Mohammed Kateeb, the Group Chairman & CEO of Path Solutions said, “We are delighted to receive this prestigious award in recognition of our historical and continuous investment in Islamic financial technologies. For over 28 years, we have been a key player in the Islamic finance community providing world-class Sharia-compliant software solutions that have been specifically designed around the customer journey across all business lines. During these unprecedented times, we continue to work relentlessly with our clients in their digital transformation journeys by empowering them with more of our innovative flagship ecosystem. This win reflects our commitment to helping Islamic banks compete, stay relevant in today’s challenging and dynamic marketplace”.
For the eighth year in a row, Path Solutions was recognized the undisputed leader in Islamic Banking in IBS Islamic Sales League Table (SLT) 2020 with more new Islamic deals signed in 2019 than any of its industry peers. The company features one more time in the iconic IBSI Leadership Club 2020 for back office systems, topping the Islamic Banking category since 2017.
Separately, Path Solutions was recognized as the World’s 4th Universal Banking System Provider for the fifth consecutive year in IBS Global SLT. The dual recognition demonstrates Path Solutions’ cementing leadership position across the breadth of the financial services space.
In IBS SLT 2020, Path Solutions featured in four other categories; the Compliance, Digital Banking & Channels, Risk Management, and the Lending category, making it one of the preferred software vendors in these segments, expanding its solution footprint globally.
IBS ISLT spokesperson stated, “This year’s ISLT saw close competition between top players, where Path Solutions emerged as the winner for its iMAL platform. Many congratulations once again for being at the leadership position in the Islamic Banking category”.
Path Solutions announced that Al Baraka Bank Sudan (“BBS”), a subsidiary of the strategic Bahraini multinational banking corporation Al Baraka Banking Group, has successfully completed the implementation of its new Business Intelligence solution on March 13th. The implementation covered the establishment of a comprehensive end-to-end data warehousing solution, an automated ETL process and a progressive data model.
This successful deployment, that forms a central part of the BBS’s increasing focus on innovation by using top-notch intelligent solutions to support its growth objectives, represents a key part of the bank’s technology transformation strategy, undertaken to prepare it for its digital transformation move with the aim of changing its business model and benefit from new revenue and value-producing opportunities.
Thomson Reuters and Path Solutions have enhanced their existing partnership to provide the GCC’s financial services sector with an opportunity to introduce automation, efficiency and accuracy into tax workflows and core banking operations.
By combining the power of Thomson Reuters ONESOURCE’s best-in-class indirect tax solution certified by the UAE Federal Tax Authority, and Path Solutions’ Sharia-compliant iMAL Islamic Core Banking Platform, this strategic partnership—unique in the GCC market—offers banks and financial institutions with the tools to provide innovative and frictionless financial services and achieve seamless VAT management and compliance supported by globally-trusted tax content.
“Thomson Reuters is excited about bringing the best of our market leading ONESOURCE VAT solutions together with the market’s preferred Islamic Core Banking Platform iMAL, to benefit our clients. We see great synergy between iMAL and ONESOURCE VAT Solutions, which accelerates our clients’ business efficiencies and optimises their VAT position”, commented Mark Freeman, Director of Corporate Sales MAR, Thomson Reuters.
The first online AI-Pitch event was live streaming on the 17th of September on Zoom and YouTube at AI-Pitch.com and StartPitches.com
Mazen Hindi, Director - S/W Eng. Analytics & Intelligence at Path Solutions spoke about the role of AI/ML in banking, and described what Path Solutions is doing to empower banks to transform to the intelligent bank of tomorrow. Hindi expects that AI/ML will play a crucial role in shaping global competitiveness over the next couple of decades, granting early adopters a distinct and potentially insurmountable advantage.
Following the rise in demand for digital banking services, Path Solutions has successfully concluded on August 18 its first webinar entitled “Transforming Banks Digitally During COVID-19 and Beyond!”.
During the webinar, our Subject Matter Expert, Rami Roukoss has delved into the areas of concern IT personnel need to navigate to manage today’s challenging shifts in customer preferences, and how to rapidly innovate to redesign customer journeys. Roukoss stated that developing digital-first services will not only enhance customer experience, it will also increase the bank’s appeal to potential customers who are looking to transition to more accessible and convenient banking alternatives.
For those of you who may have missed the live webinar ‘Transforming Banks Digitally During COVID 19 and Beyond!’, check out our webinar recording right here.
Fintech Motion and Minhaj University Lahore have organized on the 7th of July a virtual forum themed ‘Enhancing the New Age Role of Socio-Economics: Fintech for Social Based Finance in Africa and Asia’ to discuss the role of Fintech and its impact on social finance.
Mohammed Kateeb, the Group Chairman & CEO of Path Solutions, was invited to join the high-level panelists in a session entitled “The Importance and New Age Role of Social Finance and Philanthropy”. Kateeb emphasized the role of the Fourth Industrial Revolution – characterized by the cloud infrastructure, IOT, Big Data, AI, mobility and blockchain technologies – to drive economic growth, enabling the unbanked populations to access financial services, and empowering them economically. Kateeb explained as well how Fintech offers solutions on financial inclusion, creates significant opportunities to help underserved communities, and drives real social good.
Themed ‘Beyond Digitalisation: Fintech and Customer Experience’, the GIBS Report which was launched online on June 16 by CIBAFI reflects the views of more than 100 heads of Islamic banks from 35 countries regarding Fintech adoption and customer experience elevation.
During the launch, Mohammed Kateeb, the Group Chairman & CEO of Path Solutions addressed the audience along with other distinguished panelists on the current practices and challenges facing Fintech application and today’s customer digital interests.
AAOIFI successfully concluded on May 13 its first Global Islamic Finance Virtual Forum on ‘COVID-19 Economic Implications, Islamic Finance and the Way Forward’ in collaboration with IRTI, CBFS, and Minhaj University.
The forum was graced with the presence of Mohammed Kateeb, the Group Chairman & CEO of Path Solutions, who during a session entitled “The role of Fintech solutions in crisscrossing the unchartered waters” reemphasized the role of Islamic finance via technology to achieve global reach in the financial sector, and smart financial inclusion as a powerful catalyst for development and fostering participation of the most vulnerable in society in the age of COVID-19 economy.
Virtual
IFN World Leaders OnAir Forum
12 - 14 October 2020
Virtual
Global AI Summit
21 & 22 October 2020
Virtual
2nd FINTEX Middle East
November 2020
Dubai, UAE
20th Seamless Middle East
16 & 17 November 2020
Manama, Bahrain
3rd GCC E-Payments and Online Banking Summit
23 & 24 November 2020
Dubai, UAE
3rd Future Blockchain Summit
6 - 10 December 2020
Dubai, UAE
40th Gitex Technology Week
6 - 10 December 2020
Kuala Lumpur, Malaysia
16th Kuala Lumpur Islamic Finance Forum
8 & 9 December 2020
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