Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Sunday, March 30, 2008

European Finance House successfully launches London operations using iMAL System

15 February 2008
Path Solutions is delighted to announce that European Finance House Ltd (EFH), the new London-based Islamic bank, has been authorized by the FSA and is now fully operational, following its "soft" launch in September 2007.

EFH selected Path Solutions' iMAL as its core-banking system: a proven Shari'a-compliant solution which supports a comprehensive range of Islamic financial instruments including Mudaraba, Murabaha, Salam, Istisna, Musharakah, Tawarruq, Sukuk and Ijarah.

EFH will provide Shari'a compliant financial services and solutions to corporate, institutional and high net worth clients primarily in the UK, Continental Europe and GCC markets, with a clear focus on investment banking.

During the first "proof-of-concept" phase, David Potter, Chief Operating Officer at European Finance House said: "So far, we have been pleased with the functionality and performance of the system".

"I would like to take this opportunity to thank Path Solutions' implementation team for their co-operation, support and guidance to-date. I am confident that deployment of the iMAL product suite will enhance EFH's operational efficiency, in line with our plans to increase productivity whilst minimizing our costs", Mr. Potter added.

The 15-year-old software firm - Path Solutions - has built a reputation for a wide spectrum of solution offerings, particularly for the Islamic finance industry. It has a sound track record of past work with leading Islamic and non-Islamic Commercial and Investment banks.

"Our team has extensive experience in project management, strategic planning and consulting services" explained Alain Abou Khalil, Project Director at Path Solutions. "In addition, we have been involved in implementation projects using renowned and acknowledged software implementation methodologies".



ICL
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