| 13 Nov 2008 |
|
AAOIFI certifies Path Solutions' iMAL
- Text size
Path SolutionsPath Solutions
marks yet another major milestone in its rapid progress. For the 1st time in history, the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions)AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) has certified a universal banking solutions' firm. The certification ceremony took place at the "AAOIFIAAOIFI and World Bank Annual Conference on Islamic Banking and Finance", on November 10th in the Kingdom of Bahrain in the presence of H.E. Sh. Ahmed bin Mohammed Al-Khalifa, Minister of Finance of Bahrain, H.E. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain and eminent Sharia scholars and senior representatives of the industry. The certificate was handed to Path SolutionsPath Solutions by H.E. Sh. Ebrahim Bin Khalifa Al Khalifa, The Chairman of the Board of Trustees of AAOIFIAAOIFI and Minister of Housing and Dr. Mohamad Nedal Al Chaar, the Secretary General of AAOIFIAAOIFI.
ascertained Path SolutionsPath Solutions, the leading provider of software solutions to the Islamic finance industry and its iMAL flagship software to be fully compliant with its standards and Sharia rules and principles. "The AAOIFIAAOIFI Certification covers the iMAL modules, business processes, contracts, Islamic accounting principles, implications and behavior" said Dr. Mohamad Nedal Al Chaar, AAOIFIAAOIFI's Secretary General, who added: "iMAL has been thoroughly reviewed and has proven it truly deserves to be certified".
Path SolutionsPath Solutions
' President, Naji Moukadam commented: "Becoming the 1st banking software solutions' provider to be certified by AAOIFIAAOIFI is a quantum leap for both the information technology industry and Path SolutionsPath Solutions. As the pioneer in automating Islamic finance, Path in line with its corporate strategy, is fully committed to providing the Islamic finance institutions with true Islamic software solutions developed in compliance with the Sharia rules with no work around. Our partners using iMAL software now have the assurance of having licensed a true Islamic finance solution". Path SolutionsPath Solutions' focus and primary objective is to always enhance its products and services; as AAOIFIAAOIFI scholars evolve and find new interpretations in the different Sharia rules and principles so will Path's commitment in developing new products and services to support a new era in Islamic finance.
-Ends-
© Press Release 2008
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
More News in Islamic Finance
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.