2 Corporate Islamic Finance

This topic describes the Islamic financing module, which enables customers to view details of their Islamic financing arrangements, transaction activities, repayment schedules, and the applicable profit percentage for various Islamic finance products. Customers can also utilize this module to make repayments.

In Islamic Finance an amount of money is financed by the bank for a certain period of time. Banks charge a profit rate for the amount financed. Hence, Islamic Finance accounts are valuable income generating assets for banks.

It is therefore important for banks to enrich the end user’s servicing experience so as to increase user satisfaction and retention. In order to achieve this, banks are constantly making efforts to enhance the digital banking experience for their customers by introducing and revamping servicing features on the digital platform. The labels have been adjusted and rechristened for Islamic Finance and are in accordance to the Islamic Banking requirements, in the digital banking platform.

Once a customer avails Islamic Finance, the details of the same can be accessed online. They can manage their banking requirements efficiently and effectively through the OBDX self-service channels.

Note:

In application

  1. Account searchable drop-down will allow user to search the account number basis on the Account Number, Account Name, or Account Currency or Branch Code.
  2. Bank can configure the fields to be shown as additional values in the accounts drop-down.
  3. If in Group Corporate Onboarding - Group Corporate Profiling setup, Approval Routing Type is selected as Manual, system will allow initiator to choose the approval workflow from the resolved rules as part of transaction initiation. Refer Group Corporate Onboarding - Group Corporate Profiling section in User Manual Oracle Banking Digital Experience Core for more details.

Features Supported In Application

The loans and finances module of the OBDX application supports the following features:

  • Loans and Finances Widget
  • Loans and Finances Details
  • Repayments
  • Disbursement Inquiry
  • Repayment Schedule
  • Account Statements

Pre-requisites

  • Transaction access is provided to corporate user.
  • Islamic Finance accounts are maintained in the core banking system under a party ID mapped to the user.

  • Loans and Finances Overview
    This topic describes the Loan & Finance Overview screen, which functions as a dashboard providing a summary of the finance accounts to which the corporate user has access.