Path Solutions has received certification from the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) for its iMAL Islamic financial software. AAOIFI carried a rigorous process of testing the compliance of iMAL Islamic financial software against the organisation’s Shari’ah and financial accounting standards.
Omar Mustafa Ansari, Secretary General, AAOIFI, said: “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.”
Mohammed Kateeb, Group Chairman & CEO, Path Solutions, said: “It has been always identified that strengthening the standards in Islamic finance is one of the most important areas that the industry needs to work on, and because we have always recognised the critical role that AAOIFI plays in setting these standards and strengthening the industry as a whole, we are excited about this AAOIFI certification of iMAL which reemphasizes our position as a leader in Shari’ah-compliant information technology.”
Kateeb added: “Such conformance assessment allowed for reviewing and qualifying iMAL to serve multiple jurisdictions from a Shari’ah compliance perspective. Earning the globally recognised AAOIFI certification offers financial institutions running iMAL more certainty and confidence about their operations’ compliance with Shari’ah requirements.”
Path Solutions serves more than 140 Islamic financial institutions across 40 countries and is currently pushing hard into Southeast Asia. Its Islamic core banking platform iMAL is based on Service-Oriented Architecture (SOA) and supports open banking through open APIs and web services.
Bahrain-based AAOIFI was established in 1991, as an international not-for-profit organisation with the aim of developing and issuing standards for the global Islamic finance industry. It now has a total of 110 standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance.
Source: IBS Intelligence