
Most Outstanding Standard-Setting Body

Best Islamic Research Firm
I would like to express my sincere thanks to your team for all the hard work and great involvement in arranging to complete this project within the timeline mandated by our regulators. We are now amongst the banks ready, and the system has been launched on Monday 5 October under the patronage of our Prime Minister and the Central Bank of Sri Lanka.
Mohamed Azmeer
Chief Executive Officer
On behalf of MyBank Ltd Management, I would like to extend my gratitude and appreciation to the Path Solutions' team for their dedication and hard work on the project implementation through very hard times. Implementing iMAL system remotely was an incredibly brilliant and outstanding journey with which we got really impressed. We thank the entire Support team for their patience and endless support.
Abdulkadir Ali Hussein
Head of ICT
Choosing the right core banking platform was an important decision for Ziraat Participation Bank. We have evaluated many different software alternatives but iMAL stood out from the rest as it is a robust core banking solution that has already been successfully deployed by a number of banks throughout Sudan. Furthermore, being a web-based solution with a user friendly interface, iMAL provides the flexibility needed in terms of user experience and reporting features. The Path Solutions’ team were also very helpful and they have deep knowledge in Islamic banking systems, and they have provided us with useful insights and guidance on how to plan and implement our IT infrastructure in a quick and secure way. As our bank will continue to expand its overseas branch network, we are interested to continue to collaborate with Path Solutions in the future.
Osman Karakütük
Executive Vice President
Treasury & International Banking
In a rapidly evolving digital world, the financial services industry was already making headway at a rapid pace, driven by changing customer needs and expectations, evolving regulations, technology advancements, and intense competition from disruptive competitors and new entrants bringing new business models to the market.
Prior to COVID-19 crisis, digital transformation was flourishing while many businesses considered going digital. Financial institutions were considering it as one of the hot topics on their agendas, so they can strategically reposition themselves in the new digital landscape. However, at that time, it was not utterly essential to ensuring business continuity, but the pandemic has served as a powerful accelerator and just taken it to a completely new level.
Head of Digital Banking & Digital Channels
Product Strategy & Management
Path Solutions
The COVID-19 pandemic has caused significant disruption and dramatically changed the world, with potentially huge economic and social impacts in every industry and nation. Social distancing, remote working, and lockdown rules became the norm in all countries. These changes have been evident in the world’s digital behaviors too, especially as billions of people turn to connected devices to help them cope with life and work under lockdown.
Like many other industries, the financial services industry has been forced to adapt to the new normal brought by the coronavirus pandemic. COVID-19 and the disruption it has caused brought the future forward, putting a spotlight on digital financial services, and driving increased demand for digital finance. It has forced financial institutions to rethink how they engage with their customers who increasingly demand a digital customer experience.
In the new normal, digital will rule as the world operates with significantly less physical interaction.
Increased health concerns about cash usage – considering it a virus risk – in the COVID-19 era have made physical cash payments less practical, opening the door to an increase in digital, contactless, and mobile payments (e-wallets) due to the safety and peace of mind they provide.
As consumers increasingly seek ways to reduce physical cash usage, check out faster without touching payment terminals, and being more socially responsible, digital and contactless payments were recognized (and even endorsed by the WHO) as contact-free alternative, and the cleaner, safer, and fastest way to pay (up to 10 times faster than other in-person payment methods).
In reality, COVID-19 changes the payments landscape and the way people shop now and will shop in the future.
Business continuity today seems impossible without embracing the right technology in place. Access to digital technology is the foundation of digital development and digital finance, as it helps organizations better adapt to the current changing situation. This starts with access to key digital tools such as mobile devices for consumers and digitalization of business processes for financial institutions.
In light of the COVID-19 crisis and the ability of financial institutions to respond, embracing digital transformation has been crucial and essential to future proofing the business and improving customer experience, employee capabilities, operational efficiency, and business economics.
According to McKinsey, 83% of transformation projects fail. Digital transformation failure has been caused by two things. First, many financial institutions have treated it like a one-shot project with a beginning and end – believing that once completed, the business would be positioned for success in tomorrow’s hyper-competitive landscape. Nevertheless, consumer demands are constantly evolving, and digital transformation must be approached as a journey with no end – an iterative process that evolves over time.
Many of the same business challenges pre-pandemic still exist – COVID-19 just expedited the need to address them, and as a result, created a competitive gap between financial institutions that continually invest in innovation and those that do not. Successful financial institutions embrace the fact that digital transformation is not a project that lasts a few years. The challenge now exists to accelerate this evolution during a crisis and avoid falling behind in today’s highly competitive landscape. Those financial institutions that embrace the challenge and prevail will thrive in the new normal and become the leaders of tomorrow.
As COVID-19 continues to catalyze and accelerate transformation in financial services, many financial institutions are now realizing that investments into digital transformation are no longer an option or advantage, but a must-have and vital for survival. It will be the strongest way that helps them arm themselves to not only persevere during the pandemic but also continue thriving in the future.
We – at Path Solutions – are committed to helping financial institutions thrive through change with our future-proof tech-based financial solutions, while moving their customer-focused digital strategy forward and achieve end-to-end digital transformation.
Financial institutions that fail to shift to digital or cease supporting digital finance and transformation during and post COVID-19 will ultimately lose out to competitors and will be left in the dust.
Islamic Collection Management System is a module which is widely used by Islamic banks to manage their collections. In order to familiarize our new consultants with iMAL*ICMS, online training sessions were arranged on November 17 & 18, 2020.
Twenty participants from India, Pakistan and Lebanon offices took part in the training on the platform of choice to automate the collections process across the complete lifecycle, optimize operations, maintain industry compliance, reduce the cost of collecting debt and increase debt recovery.
Software is not a static product and needs to evolve as technology develops, new client needs emerge and competitors innovate. This update process is part of the daily lives of software providers. However, for employees and clients, it is a make-or-break moment.
Exhaustive employee training on new features is fundamental – at least for employees who are in contact with clients on a regular basis. A detailed functionality training on PCS (Profit Calculation System) was arranged by the Corporate Academy during the period from October 6 to 8, 2020, with more than 60 internal participants taking the course. The goal is to create proactive, digital trainings that enable employees as well as clients to continuously evolve and scale.
A virtual instructor-led training on Compatibility of Customer API with R14.1 was arranged for the technical consultants of Global Professional Services and Support departments on September 30, 2020. The objective of the training was to introduce the technical changes done on R14.1 related to counters and entries.
More than 26 consultants from multiple locations of Path Solutions attended this in proficiency-oriented training where employees had access to the new features of the evolving version ready to adapt to ever-higher client expectations.
In the present interconnected world, vital information about organizations and individuals may be subject to different forms of threats and thus, protecting information becomes a challenge. Information security is everyone’s responsibility. Even seemingly harmless behaviors or small mistakes can have big consequences. To counter this, information security awareness training is important to educate staff on an organization’s information security procedures, policies and best practices.
The ICT-Professional Services department arranged multiple training sessions on Information Security Awareness for all employees in the different subsidiaries of Path Solutions during September 2020. Such an intensive training program is integral to building a culture of security in a modern, digitally dependent organization.
Most Outstanding Standard-Setting Body
Best Islamic Research Firm
Best Retail Bank (Bahrain)
-
Best Digital Transformation (Bahrain)
Best Private Bank
for Islamic Services
Outstanding Private Bank - Middle East
Best Private Bank
in Bahrain
Middle East
Award Winners
Best Commercial Bank
Of The Year Kuwait
-
Best Innovation
In Retail Banking Kuwait
Best Innovation
In Retail Banking Bahrain
Best Innovation
In Retail Banking Jordan
Best Islamic Bank
Of The Year Oman
Africa
Award Winners
Mohamed El Kettani
Banking CEO
Of The Year Africa
-
Best Commercial Bank
Of The Year Morocco
Middle East
Best Domestic Bank 2020 Kuwait
Best Domestic Bank 2020 Jordan
Best Domestic Bank 2020 Oman
-
Best Corporate and Investment Bank 2020 Oman
-
Best Bank for SMEs 2020 Oman
Best Digital Bank 2020 Oman
Best Islamic Banks
Algeria
Kuwait
Oman
Palestine
UK
Global Recognitions
Sheikh Mohammed
Al-Jarrah Al-Sabah
Islamic Banking Chairman of the Year
Best Islamic Fund Management
Best Islamic Asset Management
-
Best Islamic Investment Banking Services
-
Best Sharia-Compliant Brokerage House
Special Recognition
Best Participating Bank for Customer Service Quality in Morocco
Brand of the Year Awards
Banking Group Brand
of the Year Awards
Oman 2020
Customer Satisfaction & Happiness Awards
Banking Customer Satisfaction & Happiness Oman 2020
Fastest Growing Islamic Corporate Banking
Fastest Growing Islamic Corporate Bank
Oman 2020
Fastest Islamic Retail Banking Awards
Fastest Growing Islamic Retail Bank Oman 2020
Investment Banking Awards
Best Investment Bank Kuwait 2020
Islamic Banking Leadership Awards
Khalid Jamal Al Kayed
Islamic Banking CEO
of the Year
Oman 2020
Islamic Corporate Banking Awards
Best Islamic Corporate Bank Tunisia 2020
Islamic Retail Banking Awards
Best Islamic Retail Bank Kenya 2020
Retail Banking Awards
Best Retail Bank
Bahrain 2020
Corporate & Investment Bank of the Year - Oman
-
Debt Deal of the Year - Oman
-
Equity Deal of the Year - Oman
Investment Product Initiative of the Year - Qatar
-
Innovative Deal
of the Year - Qatar
Banking
Best Customer Service Bank Bahrain
Africa
Best Islamic Bank
Kenya 2020
Middle East
Best Investment Company
Kuwait 2020
Leading Islamic Banking Group Middle East 2020
Best Business And Corporate Banking
Oman 2020
Best Islamic Bank
Oman 2020
Middle East
Jordan
Oman
Kuwait
Africa
Morocco
Kuwait
Kuwait
Kuwait
Kuwait
Kuwait
Kuwait
Kuwait
Africa
Morocco
Middle East
Kuwait
Kuwait
Middle East
Jordan
Kuwait
Oman
Africa
Morocco
Ahmed Jafar Al Musalmi
CEO of the Year - Banking
-
Best Bank (Large Size) Growth
Khaled Al Kayed
Islamic Banker of the Year
-
Best Islamic Bank
Three Decades
of Excellence in Banking
Best Bank - Mid Size
Best Bank - Large Size
Syed Amir Ali
IRBA Personality
of the Year 2020
-
Rizwan Ata
IRBA Islamic Retail Banker of the Year 2020
-
Critics’ Choice Best Islamic Retail Bank
in Pakistan 2020
-
IRBA Best FinTech Application 2020
IRBA Women Empowerment Product of the Year 2020
-
Critics’ Choice Best Islamic Retail Bank
in Jordan 2020
IRBA Customer Service Excellence in Sudan 2020
-
IRBA Digital Financial Inclusion in Sudan 2020
Adnan Ahmed Yousif
IRBA Leadership 2020
-
Best Islamic Retail Banking Product (Assets) in Bahrain 2020
-
Critics’ Choice Best Islamic Retail Bank
for Social Responsibility
in Bahrain 2020
-
Strongest Islamic Retail Banking Group
in the World 2020
Best Islamic Retail Banking Product (Liabilities) 2020
-
Most Innovative Islamic Retail Bank
in Bahrain 2020
Strongest Islamic Retail Bank in Oman 2020
Strongest Islamic Retail Bank in Yemen 2020
Best Employer Brand Award 2020
Gold Award - Entity
of the Year (Amãna Bank)
-
Gold Award - Social Upliftment Project
of the Year (OrphanCare)
-
Gold Award - Marketing Campaign
of the Year (Savings Plan)
-
Merit Award - Product
of the Year (Amãna Bank Business Plus)
Most Trusted Islamic Bank in Oman
Best Islamic Bank
in Sudan
Path Solutions successfully completes the annual AAOIFI compliance requirements of iMAL. The recertification process of iMAL demonstrates Path Solutions’ ongoing efforts to maintain compliance with existing and newly issued AAOIFI Sharia and financial accounting standards. AAOIFI certification renewal also assures the public that the Islamic core banking system provider remains committed to adhering to the Sharia law, by staying current and abreast of changing industry regulations and environments.
“We are glad to complete the annual recertification of iMAL for the year 2021. iMAL from Path Solutions leverages both technology and Sharia compliance features for increased transparency and improved performance. The system’s Islamic business processes, contracts, lifecycle proceedings and related accounting entries have been assessed to be in compliance with AAOIFI’s Sharia and financial accounting standards”, commented Omar Mustafa Ansari, Secretary General of AAOIFI.
“We appreciate AAOIFI’s role in strengthening the Islamic finance sector and re-emphasize the value and significance of AAOIFI’s annual review and certification of our system”, said Mohammed Kateeb, Path Solutions’ Group Chairman & CEO.
Path Solutions is the proud winner of the 2020 IBSI Global FinTech Innovation Awards for ‘Most Innovative Analytics Deployment’ of iMAL*BI at Al Baraka Bank Sudan. The company won the award for delivering the all-in-one business intelligence suite iMAL*BI – part of the new Path Intelligence, a mature platform which scored very well across all of IBS’s evaluation criteria. iMAL*BI was implemented at the winning Al Baraka Bank Sudan to help transform the bank’s business into becoming analytically focused and customer-centric, using enterprise-class analytics and executive dashboards.
Robin Amlôt, Managing Editor of IBS Intelligence said, “Amid challenging times, it is particularly a pleasure to remark on the success achieved by Path Solutions in implementing its business intelligence solution at Al Baraka Bank Sudan, helping to ensure that the bank can improve its analytics and build its customer focus within its Islamic banking services”.
Path Solutions has been named winner of the ‘Best Islamic Banking Implementation’ category following its successful implementation of iMAL at four Al Baraka Banking Group subsidiaries in the IBSI Global FinTech Innovation Awards 2020.
Robin Amlôt, Managing Editor of IBS Intelligence said, “It is highly encouraging for us to be able to recognize and honour those companies that have risen successfully to such challenging times. It is particularly a pleasure to remark on the successes achieved by Path Solutions in implementing core banking solutions at not just one but four subsidiaries of Al Baraka Banking Group, helping to ensure that these banks continue to offer even better customer experiences within their Islamic banking services”.
Path Solutions received the ‘Best Islamic Fintech Solution Provider’ award, whereas Mohammed Kateeb, the company’s Group Chairman & CEO won the ‘Islamic Fintech Leader Of The Year’ category of the prestigious FINTECH Prize 2020.
“Path Solutions leadership in innovation has differentiated it from the competition. The company is embedding the most advanced digital intelligence-driven tools into its Islamic software suite, with innovative approaches to driving growth and customer value. It deserves even greater recognition given the unprecedented challenges of 2020”, said Mustafa Kugu, President of FASTER Community & FINTECH Prize 2020.
Two prestigious awards were presented to Path Solutions by MEA Finance Awards for its dedication and excellence in bringing innovative software solutions for the financial services ecosystem. The company has been bestowed with the 2020 ‘Best Islamic Banking Software Provider’ award, while Mohammed Kateeb, Path Solutions’ Group Chairman & CEO won the 2020 ‘Best Technology Executive of the Year for Financial Services’ award.
“MEA Finance Awards honor exceptional leaders who serve as living legends to inspire others. Kateeb is the unchallenged winner in the Technology award category, for he is the driving force behind the company’s leadership position and in recognition to his various exemplary achievements and contributions to the development of the global IT industry”, said Kenneth Mitchen, Executive Director and publisher of MEA Finance.
For the 13th consecutive year, Path Solutions has won the ‘Best Islamic Technology Provider’ award in the IFN Service Providers Poll 2020.
Commenting on the results, Vineeta Tan, Managing Editor of REDmoney said, “If there is any immovable victor in this poll, it is Path Solutions. Being selected as the ‘Best Islamic Technology Provider’ for the 13th year running and 14 times in total, is a testament to the firm’s unquestionable dominance in the space, and a true reflection of the global Islamic financial services industry. The company’s victory is backed by an impressive year comprising numerous high-profile new contracts particularly in the African region, leaving a formidable footprint in this fast-growing market”.
The 4-day ISACA COBIT 2019 Foundation online training course that took place on 16 - 20 November in collaboration with the Institute for Finance and Governance (IFG) of the ESA Business School and led by Abdo Chalhoub, EVP - EPMO & ICT Professional Services at Path Solutions enabled senior IT and business professionals from the central banks of Iraq, Qatar, Jordan and Lebanon, as well as leading banks and financial institutions in the region to dive into the heart and structure of the COBIT framework.
The Group Chairman & CEO of Path Solutions was invited to attend the T20 Summit that was held virtually on 31 October and 1 November 2020. The Think Tank 20 (T20) is an official engagement group of the G20 Summit and an intellectual backbone for the Group of Twenty.
Among the topics discussed in preparation of the G20 Summit is Task Force 8: International Financial Architecture, which focused on the priorities for policy action on global financial governance, encouraging inclusive financial sector development via new instruments, including the role of Islamic finance, global regulations, technology, cryptocurrency and fintech.
Mohammed Kateeb, the Group Chairman & CEO of Path Solutions had the pleasure of attending Saudi Arabia’s Global AI Summit themed ‘AI for the Good of Humanity’, that was held virtually on 21 & 22 October 2020, joining an exclusive and distinguished group of policy and decision makers and thought leaders who debated latest technological breakthroughs, AI’s transformational potential in the new global era, and digital innovations likely to shape our society in the years ahead.
Path Solutions’ Executive Vice President - EPMO & ICT Professional Services, Abdo Chalhoub was the main speaker at the Union of Arab Banks (UAB) ‘IT Governance in the Age of COVID-19’ webinar held on October 19, where he illustrated the impact of COVID-19 crisis on the speed and acceptance of adopting IT governance practices within organizations. Chalhoub explained how essential it is to drive digital transformation by adopting a robust IT governance framework, while being proactive in cybersecurity capability.
REDmoney’s IFN World Leaders OnAir Forum 2020 took place on 12-14 October on Facebook Live. In the session entitled ‘Deep Dive into Deep Tech: Driving Financial Technology and Digitization in the Region’, the Group Chairman & CEO of Path Solutions, Mohammed Kateeb explored how disruptive newcomer fintechs and challengers are breaking into the global banking system while traditional banks are quickly launching innovative payment methods to leverage their markets, and how the COVID-19 crisis has only helped accelerate existing trends towards increased digitalization in the region, acting as a catalyst for fintechs.
iMAL joins Oracle Cloud Marketplace.#OracleCloudMarketplace #OraclePartnerNetwork #CloudComputing #DataCenter #BigData #DigitalTransformation #CoreBankingPlatform pic.twitter.com/KYIIOTrqYo
— PATH SOLUTIONS (@PathSolutions) November 12, 2020
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