iMAL completes yearly certification renewal physical exercise with AAOIFI
AAOIFI certification renewal also assures the community that the Islamic core banking procedure supplier stays fully commited to adhering to the Sharia law, by remaining present-day and abreast of shifting marketplace restrictions and environments.
iMAL Islamic Main Banking System facilitates and automates Sharia-compliant banking functions with multiple deployment versions, which includes pure-perform Islamic, Islamic home windows, and coexisting Islamic and regular banking. This detailed suite handles a broad range of Sharia-compliant Islamic fiscal modes which include Murabaha, Mudaraba, Ijarah, Wa’ad, Musharaka, Wakala, Tawarruq, Qard-ul-Hassan, Jualah, Sukuk, Salam and Istisna’a.
“We are glad to finish the once-a-year recertification of iMAL for the yr 2021. iMAL from Path Options leverages equally know-how and Sharia compliance features for elevated transparency and improved effectiveness. The system’s Islamic organization processes, contracts, lifecycle proceedings and relevant accounting entries have been assessed to be in compliance with AAOIFI’s Sharia and fiscal accounting standards”, commented Omar Mustafa Ansari, Secretary Basic of AAOIFI.
The highly effective features of iMAL help Islamic financial institutions to thoroughly configure the lifecycle processing of funding transactions based mostly on specific specifications. Supplied the rigid prohibition of curiosity in Islamic finance, Islamic banking institutions have to have to construct progressive money merchandise in purchase to comply with the Sharia regulation and follow Islamic financing ideas.
“In a quick-paced, rapidly switching entire world, the most thriving and sustainable resource of competitive benefit is by means of uniqueness and innovation. Collaboration is vital to unlocking constant improvement and enterprise elevation in a ahead-wondering fiscal ecosystem. Our near collaboration with a world system for Islamic finance these types of as AAOIFI signifies that we are staying recent with Sharia, Islamic accounting and auditing expectations, and the unified business methods as to the new iMAL system throughout the last twelve months. Our flagship remedy is thoroughly compliant with Sharia concepts and regulatory needs this kind of as Basel Committee standards and Anti-Money Laundering rules, making it possible for Islamic banks to assure corporate governance and lessen threats. We value AAOIFI’s purpose in strengthening the Islamic finance sector and re-emphasize the benefit and significance of AAOIFI’s once-a-year assessment and certification of our system”, mentioned Mohammed Kateeb, Path Solutions’ Team Chairman & CEO.
iMAL is the primary AAOIFI-accredited suite, confirming its compliance with AAOIFI’s Sharia and fiscal accounting expectations. It has been architected out of years of knowledge and delivers numerous potent and differentiating attributes creating it one of the most thorough, flexible and scalable Islamic methods available in the current market.
