Azentio’s Path acquisition puts Islamic banking software under spotlight
The acquisition of a leading Islamic fintech by a major software company marks a significant shift in the technology industry towards recognising the importance of faith-based financial services.
Azentio Software, which is owned by funds advised by private equity firm Apax Partners, announced last week that it will acquire Path Solutions, the Kuwait-headquartered Shariah financial solutions provider to some 150 of the roughly 250 Islamic banks worldwide.
The transaction, for an undisclosed amount, is currently awaiting regulatory approval. Once it is complete, it will give Singapore-based Azentio a deeper reach inside the Islamic financial market through Path.
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