Bank Sohar Selects Path's iMal System

Path Solutions and Bank Sohar have announced a partnership to extend Islamic banking services offered by the institution.

As a part of the agreement, which was signed in Muscat, Oman, Bank Sohar will implement Path's iMal system, which is certified by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Bank Sohar's processes are Sharia-compliant, which uses a blend of Islamic law with business practice to ensure that certain preconditions regarding the nature of instruments offered and their origins are compliant with religious and social doctrine. Bank Sohar has also partnered with Dar al Sharia, a Sharia compliance consultancy, to ensure that all staff receive adequate training and business practice is backed up by appropriate fatwa, or religious ruling.

"We consider this opportunity to work with Bank Sohar an endorsement of Path Solutions' leadership positioning in the Islamic banking sector," says Mohammed Kateeb, group chairman and CEO at Path Solutions. "Bank Sohar will seek to service a market niche in Oman that has only been lightly tapped by local financial institutions, becoming a major participant in the market for Sharia-compliant Islamic securities, treasury and investment products. We look forward to working with Bank Sohar for the successful completion of this project".