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SECTORS - Islamic Banking

Private banking software

Islamic Banking

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Islamic Banking promotes and applies principles and laws of Islamic Finance to banking and business transactions. This market is currently a fast growing segment in various countries, mainly in the Middle East, Africa and South East Asia.

The detailed implementation of each product may vary according to the Shari'ah supervisory body of the bank. Due to the inherent flexibility and high level of parameterization in the OLYMPIC Banking System, ERI is able to adapt the existing financial product parameters and screen layouts to meet the individual requirements of Islamic banks.

The OLYMPIC Banking System is able to support the processing of a wide range of Islamic Banking products. The system supports natively most Shari'ah-compliant products. The segregation of funds can be maintained when the product is used in a combined Shari'ah-compliant and conventional banking environment.

OLYMPIC Banking System gives the bank complete control of the accounting entries that are generated at each stage of every transaction, so as to ensure that accounting follows Islamic conventions and standards. OLYMPIC Banking System Workflow ensures that each transaction is processed in the same way each time it is executed, so as to be performed according to the bank's Shari'ah Supervisory Board's approved method of processing.

The OLYMPIC Banking System general ledger is fully definable and unique charts of accounts can be created for each entity to ensure Islamic processing.

Islamic transaction processing
  • Al wadiah Current Account/Basic Savings Account
  • Murabaha
  • Sukuk
  • Mudaraba
  • Musharaka
  • Ijara
  • Salam
  • Istisn'a
  • Trade Financing
  • Syndication

Islamic Banking Software - Banking software for Islamic banking - Eri Banking System