iMAL completes annual certification renewal exercise with AAOIFI
December 16, 2020 - Path Solutions successfully completes the annual AAOIFI compliance requirements of iMAL. The recertification process of iMAL demonstrates Path Solutions’ ongoing efforts to maintain compliance with existing and newly issued AAOIFI Sharia and financial accounting standards.
AAOIFI certification renewal also assures the public that the Islamic core banking system provider remains committed to adhering to the Sharia law, by staying current and abreast of changing industry regulations and environments.
iMAL Islamic Core Banking Platform facilitates and automates Sharia-compliant banking operations with multiple deployment models, including pure-play Islamic, Islamic windows, and coexisting Islamic and conventional banking. This comprehensive suite covers a wide range of Sharia-compliant Islamic financial modes including Murabaha, Mudaraba, Ijarah, Wa’ad, Musharaka, Wakala, Tawarruq, Qard-ul-Hassan, Jualah, Sukuk, Salam and Istisna’a.
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