Best Islamic Core Banking System Provider Company: Path Solutions Name: Mohammed Kateeb Designation: Group Chairman & CEO Web Address: www.path-solutions.com
Powering Islamic Financial Markets
In a Q&A with the Group Chairman & CEO of Path Solutions, Mohammed Kateeb provides a compelling insight into the firm’s role as innovator, in shaping the future of Islamic financial services, by empowering this industry with cutting-edge innovative software solutions. First of all, how does it feel to have been given your award? What do you believe are the reasons behind your success? Since the firm’s inception in 1992, Path Solutions has strived to win every possible industry award as it is our scorecard on how the firm is performing to serve our clients. Being awarded the Technology Innovator Award 2016 reinforces our beliefs, strengthens our commitment and encourages us to continue the journey towards excellence. It also validates the firm’s innovator role in shaping the future of the Islamic financial services industry by empowering this industry with cutting-edge innovative software solutions. I, on behalf of the firm, would like to thank the distinguished jury for recognising the efforts of Path Solutions. Please give us a brief overview of your company, your clients and the services you offer? In short, Path Solutions is a leading information technology solutions provider offering a broad, deep spectrum of Sharia-compliant integrated software solutions and services to the Islamic financial marketplace. Path Solutions has built a leadership position by continuously innovating in differentiated, missioncritical software solutions to stay at the forefront of the Islamic financial services industry. The firm’s team of qualified professionals and complementary solution partners, have an unparalleled ability to address regulatory and Sharia compliance requirements, at both international and regional levels. Armed with deep industry expertise and field-tested best practices, the team here strives to provide the highest quality services to our clients all over the world. Today, Path Solutions enjoys a strong presence across the Middle East, GCC, Africa, Asia Pacific and United Kingdom in more than 34 countries worldwide with over 100 Islamic financial institutions using its cutting-edge banking systems. This strengthens the firm’s position as a leader in the Islamic financial services marketplace, indeed such
a strong market share is a testament to our ability to maintain a technology advantage. When undertaking a new project, what steps does your firm take to ensure the clients receives the best possible outcome? Our aim is to ensure all our clients are attended and provided with the best services. With such a unique mix of resource pool, we are capable of taking care of all business consulting, project management and implementation, training, and support needed by our clients. The client IT department and the project team here strive towards synergic relationships, working as one team with an honest and transparent approach, in order to obtain greater client satisfaction and convenience for both institutions. What differentiates your firm from your competitors and marks you out as the best possible option for your clients? Path Solutions is the only IT company globally that has sought in 2008 the AAOIFI certification for its end-to-end Islamic software system, to ensure its compliance with the Islamic law. In 2014, following a rigorous and phased approach project that entailed examination sessions with unprecedented collaboration between Path Solutions and Deloitte’s Islamic finance and Sharia professionals, the Deloitte Islamic Finance Knowledge Center reported no exceptions on the compliance of the company’s Islamic core banking system with Sharia principles, and the AAOIFI accounting standards. Committed to excellence and guided by the highest standards of business ethics, Path Solutions annually invests around 25% of its revenue in R&D, significantly more than its industry peers with a dedicated team of over 300 software engineering professionals creating high value enterprise software solutions to the Islamic financial marketplace. Working within the fast paced technology industry, what techniques do you employ to stay ahead of emerging developments?
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Vast opportunities for growth are emerging in this fast paced environment. Those who can stay ahead of the rapid pace of change, anticipate client needs, and take the lead in developing innovative strategies for the future will likely be tomorrow’s winners. Agility is a key factor in change. The speed of change requires organisations to be nimble and flexible. Path Solutions has the foresight to spot change on the horizon, anticipate what comes next, and take the lead in developing future software solutions to address evolving market demands. On the other hand, we are very proud of what we have achieved so far; it is a great success story. Very few companies in the technology segment in our region were able to achieve that. Besides being the benchmark to many research companies when it comes to Islamic finance technology providers, the firm’s success is demonstrated by a significant market share and the high level of client satisfaction. What does the future hold for your firm? Do you have any future plans or projects you would like to impart? The Islamic finance segment just like its conventional counterpart is going through a revolution of disrupting factors that will change this industry forever. Path Solutions will continue to align itself with the different needs of its clients, and will continue to be a true technology partner to all, and of course the technology leader in this segment. The firm will increase the breadth of the solutions by providing more innovative modules in areas we don’t currently cover, and more solutions to new businesses and new business models. Finally, Path Solutions will continue to focus on increasing the depth of its solutions and provide richer features for an efficient and more engaging customer experience. We will invest more into advancing the firm’s technology platform, digitalising our clients’ businesses, social media, mobility and cloud support.