Fully compliant with various Shari'ah Rules and Ijtihad taking into consideration countries specifics and central banks rules. ETHIX-Finance is Fully Compliant with the international accounting standard 18 and 39 and London Mercantile Exchange Inventory Management.
ETHIX-Finance offers an integrated and comprehensive system for financial institutions and banks to deliver Shari'ah-compliant products.
Produced in accordance with Shari'ah guidelines, ETHIX-Finance is in full compliance with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the International Accounting Standards (IAS). As a stand-alone module, ETHIX-Finance is easy to integrate and offers full support through cleverly designed accounting backend functionalities with Straight Through Processing (STP).
ETHIX-Finance system is designed specifically to meet the needs of Islamic Banking and Finance industry. It is fully Shari'ah-compliant and is flexible enough to allow for the margin of diversification between Shari'ah committees at different countries and banks.
ETHIX Finance Features
Multicurrency support: ETHIX-Finance can process financing transactions in any required currency. To accommodate the purpose, ETHIX-Finance captures and updates regularly FOREX rates received from either integrated Treasury Applications or Core Banking Systems.
Reporting and documentation: ETHIX-Finance provides a wide range of built in reports, forms and contracts. ETHIX-Finance can also offer the flexibility to add and modify existing reports without the requirement of high level IT knowledge. In addition to the existing reports, the system's central data information is accessible through any standard reporting database tool.
Multilanguage support: ETHIX-Finance is both Arabic / English enabled and can support any other languages supported by Windows Operating System. All screens, forms, contracts, vouchers and reports are bilingual and generated automatically as per the preferred language. The translation of system labels as well as message boxes is made easy by the use of a standard spreadsheet.
Integration: ETHIX-Finance can be integrated into any existing core banking system or ERP system for financial institutions. This is due to ETHIX-Finance's global standardization.
The product has been designed and developed to help finance users in various major areas, as follows:
Finance facility (debt based facility)
- Parallel Istisna'a
- Bai' Salam
- Tasweeq Ta'wooni
- Qard Hasan
- Cash Line Facility
- Education Finance
- Reversal Murabaha
- Musharaka Finance permanent
- Musharaka Finance diminishing
- Mudaraba Finance
Lease facility (debt based facility)
- Operating Ijarah
- Financing Ijarah
- Ijarah Mawsufa Fi Zimmah (Forward Ijarah)
- Ijarah Muntahia Bitamleek
Investment facility (participation based facility)
- Permanent Musharakah
- Diminishing Musharakah