Path Solutions: The Go-To Software Solutions Provider in the Islamic Financial Services Sector

Mohammed Kateeb, CEO

It is imperative for the financial services industry not only to take the aid of technology but also to stay in a continuous process of advancement. Even though the industry is in a very promising stage, it faces challenges pertaining to growth, standardization, lack of skilled resources, downsizing and lack of structured framework. Acknowledging the need for advanced software and overcoming the hurdles of the Islamic financial sector, Path Solutions provides the appropriate and robust technological solutions the industry needs for its continued growth. Briefing about the functioning of the industry, Mohammed Kateeb, Group Chairman & CEO, Path Solutions says, “We believe that for the industry to reach its full potential, it must first ensure substantial investments in industry-specific technologies in order to keep pace with an increasingly complex marketplace.” Providing advanced services to its clients in project management, risk management, consulting and outsourcing services, Path Solutions has made a strong market presence since its very inception.

Initiated in 1992 solely as a software solutions provider in various parts of the Middle East and North Africa (MENA) region, Path Solutions entered the financial technology industry at a global scale few years later. Having performed an in-depth market analysis, the company figured out the gap in the sector and endeavored to fill it by providing cutting-edge Sharia-compliant software solutions with major focus on the needs of the Islamic finance sector.

The features of Path Solutions’ wide range of services are unique to the company which acts in accordance with the Sharia law.

Path Solutions offers a full suite of Islamic banking software solutions covering CSM, portfolio and asset management, trade finance, treasury, BI and risk management, regulatory reporting and Sukuk

Complying with the law, it acts in full acquiescence with Sharia tenets, AAOIFI standards and IFSB guidelines. The company offers a full suite of Islamic banking software solutions covering CSM, portfolio and asset management, trade finance, treasury, BI and risk management, regulatory reporting and Sukuk, with the various Islamic modes of financing such as Murabahah, Musharakah, Mudarabah, Istisnaa, Ijarah, Wakalah, Salam and real estate.

Apart from unvaryingly offering advanced and innovative solutions, Path Solutions constantly stays on its heels to keep up and stay ahead in a market riddled with competitors. Developing Sharia-compliant technologies has enabled the company to satisfy the growing demand for true Islamic banking products and services. Talking about the promising journey so far, Mohammed proudly states, “Path Solutions is the only AAOIFI-compliant banking software provider globally as attested by Deloitte. In addition to that, we are committed to continuous R&D and we have tremendous industry expertise since we have worked with over 100 Islamic financial institutions worldwide.”

The multi-award winning company’s current prospect gets further strengthened, as it heads towards a brighter future with an objective to expand geographically and reinforce its technological offering. Mobility and cloud, already being among its priorities, the company has upgraded its BI, Risk Management and eChannels solutions. “We are upgrading and expanding our eChannels, so that our clients can offer the best digital services to their customers, run more efficient operations and gain insight into their businesses. In addition, we will continue to grow our line of Sharia-compliant software solutions, invest and launch next-generation banking applications, thus meeting clients and market expectations,” Mohammed concludes with confidence.

Path Solutions News

Islamic finance tech giant Path Solutions crowned Best Islamic Technology Provider

Path Solutions, the global Islamic software and services provider for banks and financial institutions, is proud to announce it has won the Best Islamic Technology Provider award in the IFN Service Providers Poll 2020. This is the 13th consecutive year that the company has won the prestigious accolade, demonstrating its powerful ability to deliver digital transformation solutions that drive business growth and innovation in a rapidly changing financial services sector.

This is another huge achievement for us, commented Mohammed Kateeb, the Group Chairman & CEO of Path Solutions. The fact that we are the only company to have ever won IFN Best Islamic Technology Provider category over the past 13 years really illustrates our in-depth industry knowledge and our commitment to helping financial institutions become data-driven and empowering them to succeed in a fast-changing world. Our focus is on making a significant difference to our clients by providing a technology platform that is truly a launchpad for continual digital innovation.

Kateeb added, This is an important moment for us to also thank our clients for their commitment to us and for providing us with the opportunity to assist them in their transformative journey, and to thank one more time IFNs team for their hard work during a lengthy and time-consuming due diligence process.

Indeed, when looking at the rapid shifts that have taken place over the past several months due to COVID-19 with banks worldwide accelerating their digital adoption to meet new customer requirements; finding the right technology partner has arguably never been so critical for business longevity, said Vineeta Tan, Managing Editor, REDmoney.

Therefore, 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, is a testament to the firms unquestionable dominance in the space, and a true reflection of the global Islamic financial services industry. The companys 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 year 2020 is also momentous for Path Solutions as it marked the start of its intelligent digital initiative roadmap with the unveiling of two new platforms; Path Digital and Path Intelligence, bolstering its open banking with core system upgrade.

IFN received another strong showing in votes in 2020 and competition was tight throughout. It is also worth noting that the Technology category witnessed a stunning shakeup in second and third rankings this year with Silverlake Axis chosen second runner-up and HeiTech Padu third.