Path Solutions, the global provider of Islamic banking software, announced today that it has signed an agreement with SWIFT, a worldwide provider of secure financial messaging services, aimed at the development of cutting-edge new standard messages for Islamic products to constantly meet industry needs. SWIFT's first step as into the Islamic finance world will be demonstrated by the automation of Treasury Murabaha messages. This will result in replacing the current paper driven process used across the industry with ISO message standards. SWIFT has held several discussions with its customers such as banks, brokers, application vendors, Islamic finance industry organisations and Shariah scholars based in the United Kingdom, Middle East and Malaysia and many confirmed that ISO 15022 messages for use in Murabaha transactions will meet their needs. The Pilot phase is underway with banks based in the UK, the Middle East and Malaysia.
Commenting on the joint agreement, Patrik Neutjens, Head of Partner Management, SWIFT, says: "SWIFT is pleased to welcome Path Solutions into our Partner Program. Path is a key vendor in the Islamic finance industry, and together we can work towards standardizing and automating processes such as the Treasury Murabaha, thereby helping to reduce cost and risk associated with manual processing".
Path Solutions is the first software provider contacted by SWIFT because of its deep knowledge and industry-leading expertise. Path Solutions' flagship product iMAL is the first and only banking software to be recognized and officially certified by AAOIFI. Moreover, iMAL is built and developed from scratch to address specifically all Islamic banking requirements. It is an end to end solution running through a single version across all countries. "We are delighted to collaborate with SWIFT on creating pioneering messages that will serve the special nature of the Islamic finance community", says Naji Moukadam, President of Path Solutions. "This partnership will create a powerful value proposition for our customers, enabling us to deliver flexible and cost effective Islamic banking solutions". Once the pilot phase is achieved and its progress monitored, Path Solutions will be among the first to implement the new Islamic messaging system standard, allowing its clients to benefit as always from truly revolutionary products and upgrades to the Islamic financial marketplace.-End-
About Path Solutions
Founded in 1992, Path Solutions is a dedicated software house specialized in the provision of IT solutions to the global banking industry and in specific the Islamic banking industry.
Path Solutions' flagship product iMAL is an enterprise-wide AAOIFI-certified solution that covers all aspects related to banking; whether commercial, retail, corporate or investment banks. iMAL is modular and yet fully integrated, multi-lingual, multi-company, multi-currency, flexible, and scalable, and has high ability in parameterization and customization.
Path Solutions is headquartered in Kuwait, with a Research & Development centre in Lebanon and support offices in Bahrain, Pakistan, KSA, UK and Malaysia.
About SWIFTSWIFT is a member-owned cooperative that provides the communications platform, products and services to connect over 8,500 banking organisations, securities institutions and corporate customers in more than 200 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
© Press Release 2009
