Path Solutions ranked 1st Islamic core banking system provider worldwide and 4th among the first five international IT vendors who achieved record sales performance in 2012 in IBS Sales League Table 2013
Path Solutions, the market-leading provider of Islamic core banking system iMAL, today announced that UK-based International Banking Systems (IBS) has ranked Path Solutions’ iMAL the world’s No.1 Islamic Core Banking System and 4th worldwide among Primarily Universal Banking Systems in its Sales League Table 2013. Eleven new clients representing four geographies selected Path Solutions’ iMAL Islamic core banking system in 2012, confirming the company’s success worldwide as the system of choice for major Islamic banks.
Mohammed Kateeb, Path Solutions’ Group Chairman & CEO commented: “The rise in new bank deals in 2012 reflects a successful year for Path Solutions. It also proves that we clearly lead the Islamic banking software market. The world’s fastest growing Islamic banks are increasingly adopting Path Solutions’ iMAL for it is the most successful Islamic core banking suite ever. Our AAOIFI-certified software system complies with international best banking processes as well as local requirements. As a company, we differentiate our offering through higher R&D investment than our peers. Path is uniquely positioned in that it provides a single release of its product every year across all geographies and banking sectors including Islamic, retail, corporate, universal, investment and microfinance”.
In addition to new name deals, Path Solutions has seen strong uptake from a large number of existing clients across the Middle East, GCC and Asia Pacific.
Martin Whybrow, Founder of IBS and Editorial Director of the IBS Journal, stated: “Path Solutions is always a good indicator of how the wind is blowing in the Islamic banking sector, albeit now with heightened competition from traditional conventional banking system suppliers that have gradually broadened their support for this form of banking”.
Competition in the Islamic banking sector has intensified over the past few years. The growing demand for future ready Sharia-compliant software solutions with built-in feature extensibility which deliver customer preference insights and real-time intelligent analytics has been nothing but positive for Path Solutions. The company is enjoying an unparalleled steady market share gains.
iMAL Islamic Banking and Investment System, Path Solutions’ pioneering solution suite has been designed from scratch to address specifically all Islamic banking requirements. iMAL is a user-friendly, integrated, modularized suite reflecting an extensive range of business practices. It enables a powerful, flexible, service-oriented banking infrastructure without restrictions and with minimum disruption to banking operations.
The IBS Sales League Table is compiled annually by IBS Intelligence and is universally acknowledged as the barometer for international core banking systems sales. It covers new-name sales for the period January-December with each entry cross-checked against IBS’s own records and independently verified where necessary.