1 Loans And Finances

This topic describes how the OBDX banking modules extend their functionality to accommodate Islamic accounts. Users of Islamic banks can utilize the portal to view account details, inquire about schedule details or disbursement details, and access other related services.

Islamic Banking is a Banking system that is based on the principles of sharia (Islamic law) and guided by the Islamic economics. The Shariah Laws provide guidance on each and every aspect of human life, and the laws which govern and guide financial and commercial transactions define Islamic Banking activities.

Islamic Finance is an amount of money that is financed by the bank for a certain period of time. Banks charge 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 application provides a platform by which banks are able to offer their users an enriching digital banking experience in servicing their customers. Users 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. Eligibility Calculator: This feature is currently available for conventional loans only
4. Installment Calculator:This feature is currently available for conventional loans only

Features Supported In the Application

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

• Loans & Finances Widget
• Loans & Finances Summary
• View Loan & Finances Details (Active and Closed)
• Loan Repayment
• Loan Disbursement Inquiry
• Loan Schedule Inquiry
• Loan Statements

Pre-requisites

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

• Overview Widget
  This topic describes the Overview widget, which displays the customer’s holdings across various account types, including Current and Savings Accounts, Term Deposits, Loans, Investments, and Credit Cards.