FinnOne for Islamic Banking is a comprehensive solution compliant with Sharia law in Islamic Banking and Finance which supports retail finance instruments such as Auto & Goods Finance (Murabaha, Ijarah), Service Ijarah (Rent, Education, Medical, Travel and Wedding), Home Finance (Murabaha, Ijarah and Istisna’a) and Tawarruq. The solution is designed to manage the complete finance cycle starting from product definition, origination, application processing, documentation tracking, billing and accruals to re-scheduling, foreclosures, and terminations as per Islamic Banking principles.
FinnOne for Islamic Banking supports the fast creation of new products with flexible hierarchy levels, dynamic, user defined workflows and powerful rule engines. The solution supports seamless access via digital channels such as web and mobile, which not only helps extend business reach but also offers convenience to customers. FinnOne for Islamic Banking is multi-currency, multi-channel solution, which supports Arabic language, Hijri calendar and is suitable for various accounting standards. The origination solution enables a paperless flow of information from data entry through documentation tracking, pricing, and deviation to final decision. The solution supports instalment non-instalment based finances and disbursement through multiple modes. The loan management solution offers wide capabilities in terms of repayment schemes, floating and fixed profits, rescheduling, foreclosure, and non-performing asset monitoring. The delinquency management solution comprises user dashboard which displays cases based on priority for effective handling. It allows categorization of delinquent cases into queues and allocation based on rules for smarter collections. FinnOne for Islamic Banking allows exposure tracking at product, branch, industry, constitution, direct selling agent, and customer levels. With easy definition of credit and risk policies in one place, the solution reduces the time and effort required to make credit decisions for each application. FinnOne for Islamic Banking enables banks to leverage digital banking capabilities to enhance their competitiveness, while improving customer satisfaction.