Islamic Core Banking

The bank buys an asset the customer needs and sells it to them at a price that includes an agreed profit. The customer pays in instalments, and the price never changes after signing.

Used for Home, car and equipment financing

1. 1Customer asks for an asset
2. 2Bank buys it and owns it
3. 3Bank sells it at a known price

Set up as a fixed price sale contract, with the profit recognised over the term instead of as interest.

The bank buys an asset and leases it to the customer for a fixed period. The bank keeps ownership and the risks that come with it, and the customer pays rent. With Ijarah Muntahia Bittamleek, ownership passes to the customer at the end.

Used for Vehicles, machinery and property

1. 1Bank buys the asset
2. 2Customer pays rent
3. 3Ownership can pass at the end

Rent schedules and asset ownership tracked together, with the leased asset held on the bank's books until it passes on.

The bank and the customer both put money into a venture or property and share the profit by an agreed ratio. Losses follow what each partner put in. In diminishing Musharakah, the customer buys the bank's share bit by bit.

Used for Home purchase and business ventures

1. 1Both partners invest
2. 2Profit shared by ratio
3. 3Customer buys out the bank

Partner shares, buyout units and rent on the bank's portion worked out by the module and posted to the core.

Depositors provide the capital and the bank manages it. Profit is shared at a ratio agreed in advance, and the capital provider carries any loss unless the bank was negligent.

Used for Savings and term investment accounts

1. 1Depositors place funds
2. 2Bank invests the pool
3. 3Profit shared by agreed ratio

Investment pools, weightages and monthly profit distribution run as a scheduled job, with every step visible for the Shariah audit.

The customer places money with the bank for safekeeping, and the bank guarantees to return it on demand. Any gift (hibah) the bank gives is at its own discretion and never promised in advance.

Used for Current accounts

1. 1Customer deposits
2. 2Bank guarantees the funds
3. 3Withdraw at any time

Configured as a current account product, with hibah paid only through an approved, discretionary process.

A loan with no profit at all. The customer repays only what they borrowed. Banks use it for social finance, staff loans and hardship support.

Used for Social and hardship financing

1. 1Bank lends the amount
2. 2No profit is charged
3. 3Customer repays the principal

A zero profit loan product with its own approval rules and reports, kept apart from commercial financing.