Path Solutions has announced the signing of a memorandum of understanding (MoU) with Nonprofit Fund for Development of Islamic Business and Finance, also known as IBFD, to jointly reach a collaborative working arrangement that includes the identification, promotion and selling of Path Solutions’ Islamic core banking system to financial institutions in Russia and CIS countries, enabling Islamic banking technology simulation in the aforementioned region for educational and training purposes, providing consulting services in the area of Islamic banking operations and products, and other joint initiatives in the field of Islamic finance to help achieve the common objectives of Path Solutions and IBFD.

Path Solutions’ iMAL is a packaged Sharia-compliant core banking suite that provides Islamic financial institutions with unparalleled richness in functionality on an integrated, SOA architecture with support from front-to-back office. iMAL includes pre-configured, industry best practices, enabling Islamic financial institutions to optimize their operations and processes while remaining agile, scalable and responsive to business change. Its highly automated implementation approach guarantees rapid deployment to accelerate their return on investment.

Rohana Abdul Munim, Sales Director and Head of Islamic Finance Strategic Initiatives at Path Solutions commented: «The MoU covers an array of cooperation areas in the field of Islamic financial technologies, and opens a window of opportunities by offering Path Solutions increased exposure in Russia and CIS countries while fueling our ambitions for business growth».

IBFD is an organization that provides assistance in the development of economic and business bilateral relations between Russia and the Organization of Islamic Cooperation 57 member states. The principal activity of IBFD is to assist in the advancement of Islamic financial services in the Russian banking, capital and insurance markets by providing business solutions and educational programs and trainings on Islamic finance.

«This MoU with Path Solutions recognizes the important role of Sharia-compliant next-generation technologies to meet heightened demand in Russia and CIS countries for Islamic banking products”, said Linar Yakupov, CEO and President of IBFD. «We will help address the region’s Islamic finance challenges through this partnership which will be soon evidenced by a new formal agreement to be signed by our both organizations, for we are committed to developing and promoting the industry for the benefit of an underserved population».