AAOIFI grants compatibility of compliance certificate to iMAL Islamic financial software of Path Solutions

10 January 2020

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) carried out arigorous process of testing the compliance of iMAL Islamic financial software and issued a certificateto confirm its compliance with AAOIFI’s Shari’ah and Financial Accounting standards.Mr. Omar Mustafa Ansari, Secretary General, AAOIFI, commented on the occassion, ‘AAOIFI, byvirtue of its mission and role in the preparation of Shari’ah and financial accounting standards for theglobal Islamic finance industry, fully welcomes and appreciates the initiative undertaken by PathSolutions 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 productset 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 identifiedthat strengthening the standards in Islamic finance is one of the most important areas that theindustry needs to work on, and because we have always recognized the critical role that AAOIFI playsin setting these standards and strengthening the industry as a whole, we are excited about thisAAOIFI certification of iMAL which reemphasizes our position as a leader in Shari’ah-compliantinformation technology.” Kateeb stated, “Such conformance assessment allowed for reviewing andqualifying iMAL to serve multiple jurisdictions from a Shari’ah compliance perspective. Earning theglobally recognized AAOIFI certification offers financial institutions running iMAL more certainty andconfidence about their operations’ compliance with Shari’ah requirements.”

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