{Kantakji Group}. Add '12052' Path Solutions loses AAOIFI accreditation

source< http://www.ibsintelligence.com/news/ibs-journal/ibs-journal-news/path-solutions-loses-aaoifi-accreditation

Path was the first vendor to receive certification from AAOIFI, in 2008 (IBS, November 2008, iMAL first to gain seal of approval from AAOIFI). At the time, Dr Mohamad Nedal Al Chaar, AAOIFI's secretary general, stated that iMAL, Path's core offering, 'has been thoroughly reviewed and has proven it truly deserves to be certified'. Since then, AAOIFI accreditation has featured prominently in Path's marketing. 

The withdrawal of certification for Path leaves rival ITS as the only vendor with the distinction. ITS received partial accreditation for its Islamic finance module in 2010. No other systems are thought to have done so although vendors including FIS, with its Islamic version of Profile, have considered taking the step.  

Path has in the past supported AAOIFI through sponsorship of its events including the organisation's Annual Shari'ah Conference in Bahrain in 2010, although it was not a sponsor of the corresponding event this year. ITS was a silver sponsor. 

Path's spokesperson added: 'We are exploring other very respectable Shari'ah regulatory and audit bodies in the industry to obtain a premium and global certificate of compliance from renowned Islamic finance standard-setting bodies including, but not limited to, AAOIFI. I think this has probably upset AAOIFI.'

The identity of other potential certifiers is unknown, although Path is expected to release a statement about the situation soon. 

AAOIFI and Ernst & Young were approached but provided no comment. 

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sender : Maan Barazy

Economist - Certified Shari'a Adviser and Auditor (CSAA- AAOIFI Certified) - MA Islamic Comparative Jurisprudence  - BS International Economics  Managing Partner And CEO of Data and Investment Consult-Lebanon – The Centre For Islamic Finance - 

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