Corporate Profile 2009


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Path Solutions Corporate Profile

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Corporate Profile 2009

  1. 1. MISSION STATEMENT To be the market leader for the financial industry and in specific the Islamic Banking industry in providing the best innovative, high quality, rich featured and integrated solutions complemented by the most comprehensive set of consulting, implementation and support sevices. Our solutions and services allow our customers to realize their full potential by facilitating efficiency and enabling competitive advantage.
  2. 2. UNCOMPROMISED COMMITMENT Path Solutions is commited to providing the highest quality of IT solutions and services focusing on: People, Processes, Partners and Products.
  3. 3. “New capabilities emerge just by virtue of having smart people with access to state-of-the-art technology.” Robert E. Kahn
  4. 4. ABOUT US VISION Founded in 1992, Path Solutions To be the most trusted and innovative is a recognized market leader specialized in provider of information technology the provision of software solutions for the and services for the financial industry. banking industry with a specialized coverage for Islamic Financing and Investment Banking. STRENGTH Path Solutions provides robust solutions We offer a wide range of Islamic, for the Islamic and investment banking segment. AAOIFI-certified and IAS-compliant integrated At the time when Islamic banking was still solutions covering Core Banking, Customer in its infancy, Path Solutions focused Services Management, Investment Banking, on designing and developing integrated Funds Management, Treasury and Trading solutions to specifically address the needs in GCC and Global Capital Markets. of the Islamic finance sector. Our offerings include project management OBJECTIVE and integration, strategic planning, Our objective is to aggressively invest consulting services and outsourcing and continuously anticipate banking that address the whole spectrum technologies to establish revolutionary of the global finance industry and standards in the global Islamic in specific the Islamic finance industry. finance industry. Therefore, we invest relentlessly in research and development Path Solutions retains its commitment to make the most of an ongoing IT revolution in contributing to the empowerment that promises incredible advances of the Islamic finance in Islamic finance. industry in the New Economy, through its Headquarters in Kuwait City, its Research COMMITMENT and Development centre in Beirut Committed to excellence and guided and its support offices in Manama, London, by the highest standards of business ethics, Karachi and Kuala Lumpur, while maintain- we employ highly motivated and dedicated ing a presence through partner companies team with extensive business know-how in other locations around the globe. to ensure total customer satisfaction, and we strive to uphold our good reputation. Path Solutions prides itself on the quality of products and services it offers. ISO 9001 - 2000 All of our business lines are certified as ISO 9001:2000 compatible. 025029 05
  5. 5. PEOPLE AREA OF FOCUS Path Solutions’ team constitutes Path Solutions’ offerings consist of full time experts and consultants of a large portfolio of products, that have subject expertise in: software analysis, services and expertise • Banking and Investment for the following major business segments: • Finance • Islamic commercial banking • Business • Islamic investment banking • Accounting & funds management • System Engineering • Islamic retail consumer • Information System Security and Audit financing companies • Design, Development and Implementation • Investment banking & funds management • Consumer financing companies QUALITY DIRECTION Path Solutions is committed BUSINESS KNOW-HOW to provide the highest quality The extensive business know-how, best of IT solutions and services focusing on: practices and in-house knowledge base, • People: We involve our people, in the field of Banking and Finance continuously train and educate at a global level and Islamic Banking them and share a common team spirit. and Finance at a specialized level, • Processes: We continuously improve are reflected in every single interaction our processes, products with our qualified, competent and services based on feedback and experienced business consultants. and latest technologies. With proven methodologies, excellent • Partners: We value long term track record, and zero learning relationships and open curves, our customers benefit communications with our customers, from faster and effective implementations. associates and partners. • Products: We deliver world-class STRATEGIC APPROACH end-to-end solutions that meet Intense competition in banking and finance the industry’s needs. shorten product life cycles. To overcome challenges, Path Solutions has Path Solutions’ 4P Quality Directions focused on delivering financial institutions are designed to maintain with technological innovations to further our commitment in delivering speed their development and growth analysis. quality services that exceed all expectations. SOLUTION FLEXIBILITY At Path, we keep our promises. Being user definable and modular in approach, our solution offers total flexibility.
  6. 6. This allows our clients to select only those SUPPORT CENTRE modules that are required Our knowledgeable support team is famed to support their own business requirements. for its extensive business and technical It also means that the solution can be know-how to respond to the customer fully parameterized to enable our clients queries and concerns as to ensure align with industry best practices. immediate and prompt support. A range of services including consultancy, SOLUTION SCALABILITY project management, training Our solution is designed to offer and assistance are made available our customers the opportunity to grow by Path Solutions’ team when needed. as their business evolves, without any system restrictions and with minimum TECHNOLOGY disruption to their banking operations. In the new economy, technology is a key driver of competitive advantage. SINGLE SUPPLIER With Path Solutions, the web Path develops IT solutions to the complex technology is effectively used financial industry, based on a modular to let the user be on top of the business approach, and at the same time, irrespective of the physical location. ensures full and seamless integration among the different modules. OPEN SYSTEM STANDARDS With the breadth and depth of our products All Path Solutions’ products are based upon and services, our clients can benefit from the open system topology. the lowest Total Cost of Ownership Those products can be operated on any by dealing with a single supplier. platform in a client server environment. This product capability provides SYSTEM OPTIMIZATION our clients with the freedom Next generation devices demand to choose from a wide range of available faster ramps and stronger expertise platforms that meet their set standards. in the continuously challenging and dynamic financial environment. INFORMATION ENABLER Our broad range of professional The benefit of an automated system can be support services is fine-tuned realized to its maximum potential if the user to meet customers’ requirements is enabled with proper information by driving increased productivity to make better business decisions. while improving uptime. Our solution empowers clients, Such practices have a direct through timely and accurate information, and tangible impact to better service their customers on bottom-line profitability. and to achieve effective control internally. 07
  7. 7. Standard built-in reports and the use of industrial standard tools can satisfy customers’ needs for any inquiries, analysis or modeling. MULTILINGUAL SYSTEM The value proposition of the products and services offered by Path Solutions is based upon customers’ serviceability. One of these backbones is the production of multilingual statements to customers of the Islamic financial institutions. This is done with minimal data entry at the outset of the system’s parameterization, whiles the production of the various statements, advices, is done automatically by the system without manual intervention by the end-user. EFFECTIVE RISK MANAGEMENT The establishment of a risk management program is, in itself, a risk control. Our solution - in compliance with Basel II & AML - enables our customers to contain the risk element before they get exposed to a higher degree of risk through an effective risk management, which is built into every single transaction that is undertaken in the system. The operational control environment ensures that the risk management activities are: • Authorized • Accurately recorded • Appropriately reported • Providing safeguards to the organization assets.
  8. 8. UNLIMITED CAPABILITY To empower banking, Path Solutions has developed iMAL, an AAOIFI-certified competitive advantage-providing a broad range of products and services to various functions within the organization.
  9. 9. “Technology means the systematic application of scientific knowledge to practical tasks.” John K. Galbraith
  10. 10. iMAL ISLAMIC BANKING • Central information file management & INVESTMENT SYSTEM • Portfolio management The Islamic banking system provides • Facilities credit operation a comprehensive range of offerings, • Fixed assets clearly a revolutionary alternative • Personnel and payroll to the conventional banking system. • Nostro Vostro management It caters to the needs of all individuals • Profit calculation and businesses irrespective of race, • Assets and liabilities management color or creed. • Risk management Islamic banking has emerged iMAL is based entirely on the Sharia guidelines along Islamic principles. for the purposes of trade related to Morabaha, It is practiced as per the Islamic law Modaraba, Ijara, Istisnah, Salam, project as prescribed in the Sharia known financing, real estate and others. as “Fiqh al Muamalat” or Islamic rules All iMAL modules, business processes, on transactions which prohibit interest contracts, Islamic accounting treatments, on both loans and deposits. It operates implications and behaviour on the principle of sharing both profits are certified by AAOIFI (Accounting and risks by the borrower and Auditing Organization for Islamic as well as the lender. Financial Institutions) and in full While involving the above, Islamic compliance with IAS (International banking prohibits activities which Accounting Standards). are forbidden by Islam such as fraud in business dealings, gambling, etc. iMAL is a Sharia-compliant product rich in opportunities for increasing revenue; To empower banking, Path Solutions It enables a 360° view which has developed iMAL, an Islamic enhances customer service and increases competitive advantage-providing cross selling opportunities. a broad range of products and services In addition, iMAL helps financial to various functions within institutions implement a flexible, the organization, including: cost-efficient infrastructure with instant access to accurate, • Core banking up-to-the minute financial updating • Investments in order to make informed • Treasury operational and strategic decisions • Settlements at a moment’s notice. • Funds management This comprehensive approach produces • Trade finance a higher Return On Investment to our clients. 11
  11. 11. iMAL also helps improve purchasing, budgeting, invoicing, forecasting and inventory management to further increase productivity and business profitability (powerful bank reporting, cash flow management, easy reconciliation…). The system also generates multiple reports in the following categories: Bills of Materials, General Ledger, Inventory Control, Multidimensional Analysis, Multicurrency Management, Receivables Management and more… Positive changes are included, such as reducing the time for performing month-end closings, simplifying data entry and accelerating administrative processes, or ensuring that banking information is fully reliable. With iMAL, clients can achieve: • Efficient speed of service • Precision of documentary cycle • Electronic reconciliation-quick notices • Low operation cost (competitive cost structure) • Prompt dispute resolution: legal, collection, valuation, procedures, etc…
  12. 12. ISLAMIC RETAIL CONSUMER FINANCE Specifically, the solution is integrated Path Solutions is a major global developer with general ledger, accounts receivable, and supplier of software solutions accounts payable, inventory management, to the Islamic finance industry. purchase order management and consignment control. Islamic Retail Consumer Finance is created and governed Additionally, Islamic Retail Consumer Finance by the Islamic law or Sharia. can be integrated with the Enterprise Islamic Thus, all dealings related to consumer Banking Solution iMAL, to effectively address financing, all transactions, business the source and usage of funds, approaches, product features, investment covering the following areas: focus and responsibilities are derived • Off balance sheet positions from the “Fiqh al Muamalat” itself. from conventional banks or funds (either listed or unlisted, as well as internally With Islamic Retail Consumer Finance, managed portfolios) financial institutions will be able to manage • Yield management of funds by size quickly and reliably, from initiation of subscriber and term of deposit to completion, all banking transactions. • The ability to provide periodic liquidity The solution also provides clients with (i.e. daily, weekly, monthly, etc..) the tool to effectively manage their assets in coordination with your partner acting and liabilities, to optimize performance, as market maker for Ijara or Murabaha Funds availability and business value. • The ability to electronically effect periodic distribution of profits as desired On the operational front, Islamic Retail (i.e. eliminating the manual process Consumer Finance automates the following: and its costly back-office requirements). • CIF • Credit authorization data capture Through Islamic Retail Consumer Finance, • Sales and purchases transactions manual and redundant data entry is eliminated • Installments and contracts management with access to enhancements and updates, • Collection and legal escalation thus achieving accuracy and efficiency • On-line credit approval with full of the operational workflow. workflow cycle • Reconciliation with third parties (banks, funds…) Islamic Retail Consumer Finance solution is integrated in a homogenous manner with all other relevant satellite systems. 13
  13. 13. iMAL Enterprise Banking Solution’s Architecture CUSTOMER SERVICE & DELIVERY CHANNELS SWIFT IntegrationManager IVR CSM SMS CSM Aswaq MarketProd ATM (Third Party) Connect Anywhere Relationship Kiosk Blotter Banking Branches Trading Broker Manager SADS CUSTOMER SERVICE MANAGEMENT CUSTOMER SERVICE MANAGEMENT OPERATIONS CUSTOMER SERVICE MANAGEMENT OPERATIONS SAFE FOR COMMERCIAL BANKS FOR INVESTMENT BANKS CDG / RTGSBroker BUSINESS VERTICALS ReportDesigner FAS Islamic Islamic Facility Islamic Islamic Trade Direct Retail Corporate Transfer Retail Corporate Assets Lending Treasury Treasury ExchangeRatesBoard Mgmt Invest Finance Finance Finance Invest Finance Finance Pricing TaskManager CORE BANKING OPERATIONS DynamicFiles Alerts BatchProcessing CIF FinancialTemplateReports IslamicProfitCalc Accounting & Budget Control Reuter Shareg BUSINESS INTELLIGENCE PPS Bloomberg RiskManagement ProfitabilityAnalysis SalesAnalysis RatioAnalysis Basel II Balanced Scorecard / Dashboards
  14. 14. UNMATCHED FLEXIBILITY Being user definable and modular in approach, our solution offers total flexibility. This allows our clients to select only those modules that are required to support their own business requirements.
  15. 15. “Any sufficiently advanced technology is indistinguishable from magic.” Arthur C. Clarke
  16. 16. Path Solutions’ Outstanding Services PROJECT MANAGEMENT BUSINESS CONSULTANCY Project management is a carefully planned At Path Solutions, our team of business and organized effort specially when consultants, famed for its skillful implementing a new IT system. maneuvering and expertise, applies The process includes developing a project innovative thinking, practical tools, plan with defined project goals and objectives, services and high-quality technology specifying the needed resources to bring business value. and associated budgets and timelines They are ready to assist in several required for completion. It also includes implementing assignments such as fact finding exercise, the project different phases according to plan, system implementation, outsourcing, business including feasibility study, project engineering, etc. with the aim of providing planning, implementation, evaluation distinguished services to customers. and support/maintenance. Path Solutions’ project managers SYSTEM ADMINISTRATION are determined to administer and accomplish System administration outsourcing is certainly any project in an optimal manner. the step that the bank should consider. Path Solutions has made this service available IMPLEMENTATION & TRAINING to customers with remote-access diagnostics, Once a financial institution has identified so they can proceed speedily and banks the right project implementation processes, can work in the most productive manner. it is time to put them into action. System administration is handled Path Solutions helps introduce best practice by certified system engineers in the area implementation and training processes of RDBMS, operating systems, networking, to facilitate the development Internet as well as hardware. of business quality standards. Path Solutions’ system implementers RESEARCH & DEVELOPMENT and training personnel conduct As part of its continuous improvement implementation and technical training of the product, our R&D team follows closely respectively at customer site for its staff the market through our customers’ feedback, to effectively exploit it. industry research on market trends Moreover, if the required training is, and focused input from our users groups. in some cases, conducted at Path Solutions’ The outcome of our R&D team is integrated premises, the bank employees would in our product development cycle to ensure be completely dedicated to the training exercise. continuous improvement of the product functionality, thus providing our customers with a state-of-the-art solution. 17
  17. 17. PATH SOLUTIONS’ CORPORATE ACADEMY Path Solutions’ Corporate Academy was Due to today’s market changes, founded to provide innovative series training activity has become of business and technology programs as well a strategic issue and a key success as trainings on iMAL modules to Path’s clients element for Path Solutions since and other end-users. the human factor has become the major element to establish Path Solutions’ commitment in providing and maintain a relevant and successful innovative and high quality software solutions competitive differentiation. and services is constantly reviewed to ensure that it continues to meet the needs To succeed in achieving the company of the Islamic finance sector. objectives and plans, it is not important to only come up with innovative creative concepts; what is more important is an efficient execution. In this respect, Path Solutions has launched its Corporate Academy, in order to maintain its market leadership in terms of operations and people development. The Academy’s strategy is: • To determine key initiatives and measures of success • To assess current team members’ strengths and commitment to the change process • To create an indispensable rollout learning plan and to ensure that it touches every part of the organization • To partner with leading educational and training institutions to achieve personal and business excellence through investment in people • To develop standard or customized seminars/training programs to clients and other end-users who are new to the Islamic banking industry to master the fundamentals.
  18. 18. UNCONDITIONAL SUPPORT Our knowledgeable support team is famed for its extensive business and technical know-how in responding to the customer queries and concerns as to ensure immediate and prompt support.
  19. 19. “Islamic finance is the art of passing currency from hand to hand.” Robert W. Sarnoff
  20. 20. Kuwait: P.O.Box 592 Safat 13006 Tel: +965 24824600 Fax: +965 24824500 Bahrain: P.O.Box 2568 Manama Tel: +973 17214072 Fax: +973 17214073 Lebanon: P.O.Box 15-5195 Beirut Tel: +961 1 697444 Fax: +961 1 696744 United Kingdom: First floor, 4 Lombard street, EC3V 9HD, London Tel: +44 (0) 207 190 2860 Fax: +44 (0) 207 190 2861 Malaysia: Level 40, Tower 2, Petronas Twin Towers Kuala Lumpur City Centre 50088 Kuala Lumpur Tel: +603 2168 4261 Fax: +603 2168 4607 Pakistan: First Floor, Bahria Complex III, MT Khan Road, Karachi 74000 Tel: +92 21 520 2925 Fax: +92 21 563 5388 Website: Email: