Islamic Core Banking

The  ICS BANKS® ISLAMIC Core system provides the richest possible suite of extended functionality covering a huge array of housekeeping, security control, data processing and data interfaces, built-in and comprehesive reporting system and core banking activities for specialised Islamic banking preconfigured Shari’a-compliant functional modules. 

 

Business

  • Full sharia compliance considering all local and different scholar  point of views
  • Complete set of Islamic assets and liabilities
  • Profit and loss sharing concepts fully implemented and supported
  • Islamic investment and treasury products
  • Full cycle of Islamic trade finance products in place
  • Compliance with internationally known Islamic finance bodies AAIOFI, IFSB
  • Comprehensive, flexible and user friendly General ledger and Chart of accounts to cover all accounting requirements of the Islamic banking
  • Precise, accurate, on demand periodic accounting reports to obtain banks' financial status at any time
  • Full support and compliance with international standards; such as IASB, IFRS and Basel Committee on Banking Supervision
  • Hierarchical, bulk and batch posting transactions where the bank has the opportunity to explore new business areas
  • Outdate/postdate, pending and doubtful transactions
  • Extensive set of fees and charges imposable on transactions
  • Multi-currency ledger and accounting reports alongside accurate, online and instant currency positioning reports
  • Know Your Customer (KYC) 360⁰ view
  • Complete set of cheque and clearing business
  • Multi-currency and currency exchange business
  • Security in access and business levels 

Technology

  • Latest cutting edge technology and partnership with frontiers
  • SOA architecture
  • Flexible and effective use of BPM
  • Straight through processing
  • Scalable and robust with 24*7 accessibility guaranteed
  • Use of approved technology to enhance performance
  • Multi-channel and universal channel management that handle connecting any other system using standard channels
  • Cloud available
  • Innovative
  • State of the art hardware configuration technology to allow hardware line up according to customer desire
  • Security at its maximum level using software and hardware technology frontiers

Core competencies

  • Low cost of ownership of latest technology
  • Sharia compliance
  • Turnkey implementation
  • Fast implementation and migration
  • Lifetime commitment and support
  • Upgradable and best of breed technology
  • Customer in control
  • Flexibility to address all customer requirements and needs
  • Standard channel management
  • International banking standards adoption while addressing local and regional requirements

For further information about ICS BANKS Core Banking, please do not hesitate to contact us at contactus@icsfs.com