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Transforming to Electronic Islamic Finance & Commerce

Transforming to Electronic Islamic Finance & Commerce. Ismail Ali Manager Product development – Banking Industry. B r i d g i n g t h e d i v i d e. ITS Overview. Geographical Coverage. ITS Profile. Our Development Center. ITS Profile. Banking Key Drivers. Key business drivers.

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Transforming to Electronic Islamic Finance & Commerce

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  1. Transforming to Electronic Islamic Finance & Commerce Ismail Ali Manager Product development – Banking Industry B r i d g i n g t h e d i v i d e

  2. ITS Overview

  3. Geographical Coverage ITS Profile

  4. Our Development Center ITS Profile

  5. Banking Key Drivers

  6. Key business drivers Rapid advances in technology Easier access to knowledge Globalization

  7. Strategy for banking organizations • Short term planning cycles • Proactive environment shaping • Agility and ability to handle continuous chaos to evolve competitive advantages Degree of change in environment • Long term planning • ‘Fishbowl’ management • Long lasting competitive advantage In the past Going forward

  8. Delivering Service Based Banking

  9. B2B & B2C Affiliations & Collaboration of Global Services

  10. XML SOUP in financial services

  11. B2B Scenario Business Partners Your Employees • Initial offering & discussion • Product rollout planning meeting • Distribution incentive for new product • Discussion Groups • Review partners input • Match & make profiles with products • Meet with internal teamto discuss changes • product release schedule • Customer-centric product design discussion • Preparing marketing campaigns Customers • Internet Market-place • Check related New items. • Finding the new products based on profile

  12. ITSHarnessing Technology for Innovative Islamic Banking Software Windows

  13. Key Islamic Banking Challenges

  14. Rich Customer Information Backend Integration Islamic Business Models Users Profile and Authority Islamic Instrument Engine Audit Trail for all Activities Islamic Product Engine Approval and Override System Administr-ation Goods Inventory - Vendors Report & Forms Engine Deal Costing & Pricing Key Business Components Islamic Finance Key Modules

  15. Instrument and Product Engine Sharia’ah Based Financing Mechanisms Business Models 1-Finance Business Model 2-Leasing Business Model 3-Investment Business Model 1-Buy – Sell- Finance 2-Build – Sell 3-Build – Lease – Finance 4- etc. Islamic Instruments Islamic Products 1-Murabaha (Finance Model) 2-Istisna’a (Finance Model) 3-Financing Ijara (Leasing Model) 4-Operating Ijara(Leasing Model) 5-Musawama(Finance Model) 6-Quard Hassan(Finance Model) 7-Tawaroq(Finance Model) 8-Mudaraba (Investment Model) 9-Musharaka Al- Shamil Product Vehicle Finance Personal Loans Share Finance House Finance Project Finance Equipm-ent Finance Etc. Modules & Features

  16. Islamic Business Models • The System is designed to be an Islamic engine through creating Various Islamic Instruments based on Islamic business models and combination of Sharia’ah compliant business process sequence Modules & Features

  17. Example: Murabahah Finance Islamic Instrument Definition Engine [ Instruments Listing ] [ Steps configuration ] [ Items Selection ] Modules & Features

  18. Islamic Product Definition Engine • Example: Automobile Finance • Comprehensive system administration module for system and new Products set-up Modules & Features

  19. Profit Matrix • User defined factors & criteria • Supports multiple criteria • Automatic profit rate at deal level • Also Allow override at transaction level Modules & Features

  20. Rich Process Flow Send to approve Example: Murabahah Deal 1 Initiate deal 2 Approve or reject deal 3 5 4 Receive goods Issue Purchase Order Sign contract 6 7 8 Originate murabaha Deliver goods Modules & Features

  21. Accounting Entry Generator • The bank can attach accounting entries in each step of the product workflow [ Entry Leg Setup ] [ Entry Package Setup ] Modules & Features

  22. PURCHASING • Process purchase order (PO) • Schedule goods receipt in phases • Handle purchase returns • Create & maintain vendor & supplier information • Handle purchase through agents/brokers Modules & Features

  23. Track construction progress Schedule & track progress payments Handle payment deductions Create & maintain developer & consultant information ASSET CONSTRUCTION Modules & Features

  24. Reporting Engine • Strong reporting engine for contracts, advices and statements printing • Reports generation can assigned to workflow steps Modules & Features

  25. Central Bank Key Benefits

  26. Thank You Please visit uswww.its.ws

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