Islamic Banking refers to a system of banking which is consistent with Islamic Law (Shariah) known as Fiqh al-Muamalat, and is guided by Islamic economics. Islamic law prohibits usury, which is the collection and payment of interest, commonly called 'Riba'.
There are around 2 billion Muslims around the World. Many new financial institutions across the World are now operating Islamic banking principles. Around 400 financial institutions offer Shariah compliant products and have assets worth more than $1.5 trillion.
Given the increased interest in this form of banking, Processware has designed and developed a comprehensive Islamic Banking Solution. The solution enables Islamic financial institutions to offer a variety of products compliant with Shariah principles.
The following products are supported in BankSoft - Islamic banking solution