Introduction

I-Finance system is a perfect answer to meet the business requirements of an organization's Islamic finance business needs. This powerful financial automated system is designed and developed specially to meet the needs of a highly diversified client and product base banks and financial institutions that operate according to the Islamic Shari’ah Principles of Financing.

To that end, I-FINANCE is a completely Shari’ah compliant package, containing a suite of products and services that respond to the growing needs of today’s Islamic banks who wish to conform with the Islamic business practices.

Benefits

• Functionality
• Flexibility in defining Islamic instruments
• Flexibility in defining Islamic Financing Products
• Coverage
• Scalability
• Marketing
• Access
• Multi-currency support
• Reporting & documentation
• Multi-language support
• Integration

System General Features

Wide Range of Islamic Financing Instruments
I-FINANCE provides a wide range of, but not limited to, Islamic financing instruments that work as Islamic modes or mechanisms of providing asset based and cash based financing to both the retail and corporate sector of the market. I-FINANCE groups these instruments under the following types of facilities:

• Finance Facility (debt based facility)
• Lease Facility (debt based facility)
• Investment Facility (participation based facility)

Transaction Steps Management
I-FINANCE provides facility to your organization to customize the operational based transaction steps in the manner required by business circumstances. However, I-FINANCE does not allow user modifications in the Shari’ah based steps. In addition, I-FINANCE also provides facility to add user defined steps under both operational and Shari’ah category.

Back-end Support
I-FINANCE is integrated with ITS- Core as the back-end transaction processing application. The ITS application serves as the bone for hosting the following features and functionalities for I-FINANCE.

• Client Information Management
• Loan Features
• Bank General Ledger

Fees & Charges

Managing Client Credit Limit

Documents Management

Rich Workflow

Comprehensive Application Security

Deal Tracking Facility

Bilingual

Foreign Currency Deals

Other Utility Services

Regional Islamic and International Practices
The system is completely compliant with the Islamic Shari’ah guidelines and in full conform with the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) and IAS (International Accounting Standards) Standards.

Deals