An Islamic finance module on top of the MFSys core: murabaha, ijara, musharaka and other products, interest-free (riba-free) accounting and compliance with Sharia principles. Suitable for banks and MFIs developing Islamic finance.
Islamic banking — a FintechStan module for financial institutions offering Sharia-compliant products. Instead of interest income it uses trade-finance and partnership mechanisms: murabaha (sale at a mark-up), ijara (leasing), musharaka (partnership) and others.
The module runs on top of the MFSys core, so Islamic products are accounted for in a single system alongside the rest, and reporting is generated correctly. Accounting is built to exclude interest (riba) and ensure compliance with Sharia supervision requirements.
The solution suits both specialized Islamic financial institutions and banks opening an «Islamic window» in addition to traditional products.
Murabaha, ijara, musharaka and other mechanisms without interest income.
Mark-up and profit-sharing calculation instead of interest.
Contract templates compliant with Sharia requirements.
Separate accounting of Islamic products and correct reporting.
Unified accounting alongside traditional products.
Support for compliance-control procedures.
We define the list of Islamic products and supervision requirements.
We configure products, contracts and riba-free accounting.
We include the module in the MFSys core.
We train the staff and put it into operation.
Request a demo — we'll walk through the murabaha and ijara products and riba-free accounting on the MFSys core.
