The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) carried out a rigorous process of testing the compliance of iMAL Islamic financial software and issued a certificate to confirm its compliance with AAOIFI’s Shari’ah and Financial Accounting standards.
Mr. Omar Mustafa Ansari, Secretary General, AAOIFI, commented on the occassion, ‘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.”
Mr. 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 recognized 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 stated, “Such conformance assessment allowed for reviewing and qualifying iMAL to serve multiple jurisdictions from a Shari’ah compliance perspective. Earning the globally recognized AAOIFI certification offers financial institutions running iMAL more certainty and confidence about their operations’ compliance with Shari’ah requirements.”
ABOUT PATH SOLUTIONS
Path Solutions is a Fintech digital solution provider serving 140+ Islamic financial institutions across 40 countries with a comprehensive set of services that brings unique convergence of domain and technology. The company is a global leader in next-generation Shari’ah-based software development and implementation, consulting, support, training, and outsourcing services.
Path Solutions’ new age initiatives – Digital & Social Banking, Mobility, Business Analytics, Risk Management & Compliance solutions cater to the evolving need for speed, reach and predictability. Its multi-award winning Islamic core banking platform iMAL is based on Service-Oriented Architecture (SOA), and supports open banking through open APIs and web services. Path Solutions’ total commitment to open standards enables its clients to benefit from the latest technology advances ensuring business agility, continuity, data integrity and availability, and low downtime delivering a significant and immediate ROI.
ABOUT AAOIFI
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) established in 1991, is the leading international not-for-profit organization primarily responsible for development and issuance of standards for the global Islamic finance industry.
It 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.
AAOIFI based in Bahrain is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards and technical pronouncements are currently followed by leading Islamic financial institutions across the world and have introduced a progressive degree of harmonization of international Islamic finance practices.
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