Islamic Banking System is a comprehensive integrated system that manage all operations of Islamic banks include Murabaha (installment sale at fixed profit), leasing ends with ownership, leasing described by disclosure, Salam (pay then buy), Istisnaa (pay to manufacture), Mudarabah (capital-labor partnership), current accounts, Zero-Interest loan, Tawarruq (sell in cash the goods purchased in installments), and current accounts, term deposits with the mandate to invest in any project, term deposits with the mandate to invest in specific projects, letters of credit, letters of guarantee, stock, money transfers, currency exchange, real-estate investments, and funding management. Also the system facilitates meeting the requirements of central banks, make adjustments, management of credit cards, issuing and paying checks and clearing with other banks, follow-up and manage operations of branches, Wakalah (power of attorney), bills of lading and credits, and other banking operations.
The system is multilingual, multi-currency, and integrated efficiently with other systems. The system also provides interaction and ease of operation through the standard graphical user interface GUI and provides data on real time 24x7x365 with maximum maintaining of security over all operational transactions by controlling users and their permissions and tracing all transactions on the system.
The system facilitates creating and managing accounts and provides detailed data on customers, validates transactions before performing them, provides pre-built workflows that are developed based on best practices and industry standards, and provides solutions for escalations and exception management.
The system is flexible and expandable where menus are configurable, and reports and error messages are customizable. The system contains a complete accounting module includes general ledger and other accounting operations with the possibility of integration with systems provided by a third party.
The system also offers a rich set of reports while providing openness for third parties report generators with easy-to-use query and reporting facilities with the ability to customize reports and modify labels.