Although Islamic banking may seem similar to conventional banking, the two differ conceptually. One key difference is that in conventional banking, banks earn their money by charging interest and fees for services, whereas in Islamic banking, banks earn their money by profit and loss sharing, trading, leasing, charging fees for services rendered, etc. The OBDX retail banking modules cater to Islamic accounts as well. Customers of an Islamic bank, can view the account details, transfer money, make payments, request for cheque books, debit cards etc. using the portal
A customer can either have only Islamic accounts or only conventional accounts or a mix of both types of accounts. The portal caters to each case. If the customer has both conventional CASACurrent Account or Savings Accounts are operative accounts through which account holders perform day to day operations such as deposits and withdrawal of money. accounts and Islamic CASA accounts under the same ID and password, he will have a consolidated view of all accounts on logging. A tab to toggle is enabled to see a detailed view of both sets under the dashboard pages.
The cards on the dashboard represent both conventional & Islamic accounts. This is also true for enquiry and transaction screens. While initialing any transaction or payment, the user selects either an Islamic account or a conventional account, grouped under the respective labels.
The labels on the different pages / screens, for Islamic accounts, reflect the nomenclature as per and in accordance with the requirements of the Shariah law.