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Path Solutions achieves new software certification [CPI Financial]
[September 30, 2014]

Path Solutions achieves new software certification [CPI Financial]


(CPI Financial Via Acquire Media NewsEdge) Path Solutions has announced that its iMAL Islamic banking and investment system has successfully completed AAOIFI compliance engagement on the scope of the review (as per the International Standard on Related Services 4400 applicable to Agreed-Upon Procedures). The work has been conducted by Deloitte.



The Deloitte Islamic Finance Knowledge Center has reported no exceptions on the compliance of iMAL Islamic core banking system with Shari'ah principles, and the Shari'ah and accounting standards issued by AAOIFI.

As such, Deloitte results of the related work show that Path Solutions' iMAL, Islamic business processes (procedures and workflows), contracts and related accounting entries are in compliance with the provisions of Islamic Shari'ah.


Commenting on the software compliance review, Path Solutions' Group Chairman & CEO, Mohammed Kateeb said "Path Solutions is very keen on strict compliance with Sharia and industry standards in the development of its Islamic banking applications, which reflects the eagerness and interest of our clients and prospects worldwide in adopting our genuinely Sharia-compliant software solutions."  And he added, "This global review of compliance from Deloitte further strengthens our position and places us years ahead of our competitors who are simply unable to launch such pioneering initiatives, which represent an important high value addition to the constant strategic initiatives undertaken by Path Solutions. We consider it a great responsibility to provide our clients with truly Sharia-compliant software solutions and services, and strive to ensure this by meeting the soundest industry standards." (c) 2014 CPI Financial. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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