Toggle All

Migration

Migration is the process of moving data from a legacy system to a new system. Migrating finance arrangements involves,

Change Finance Conditions

This section covers the required service operations that change the original terms of the finance contract. The finance maintenance service operations can be both financial and non-financial.

Asset Workflow

IES follows the Islamic product-specific workflow for buying and selling the asset to the customer. The finance follows the flow of asset requests, pre-approval, asset review, finance creation, disbursements, payment management, finance repayments, and finance lifecycle.

Toggle All

Finance Maintenance

Finance maintenance involves various activities, including monitoring payment schedules, handling profit calculations, repayments, and so on.

Payment Holiday

You can request a payment holiday when a customer faces financial hardship and is unable to repay on their Islamic finance arrangement. This option allows them to skip a specified number of future repayments.

Toggle All

Manage Limit and Collaterals

This topic explains service operations related to limits and collaterals.

Toggle All

Payments

The payment system manages all Islamic payment activities such as payments to vendors, retention, rebate, cost counter-party, broker, and different transact applications handles the reviewer amounts.

Toggle All

Commodity Request

Commodity request is the initial step in the Islamic financing workflow. This request begins when the customer approaches the financial institution to buy an asset.

Toggle All

Repayment

You can make the repayments on the scheduled repayment dates and also have the option to settle them in advance by providing your finance arrangement reference, debit account number, and payment amount.

Toggle All

Commodity Pre-approval or Purchase

The credit evaluation team evaluates the requested commodity details, gets quotation from different buy brokers and approves the commodity purchase based on its discretion.