iMAL Islamic Banking & Investment Platform

iMAL Islamic Banking & Investment platform is a powerful core banking platform specifically built from the ground up to support Sharia banking operations with vertical applications and delivery channels. It has been designed to meet the complex requirements of today’s Islamic financial institutions of any size, operating in any region, and truly geared to address country and region-specific Islamic banking requirements.iMAL can be scaled to meet the existing and future business needs, the growth strategy, the global reach and the complexity of the investment strategies of Islamic banks, Islamic financial institutions, and Islamic microfinance companies across the globe.

Besides, the system provides full support to various functions within the organization including Corporate & Retail Banking, Investment Banking, Financing, Treasury & Brokerage, Settlement, Risk Management, Basel II & III, Funds & Portfolios, Trade Finance, Facility Management, Profit Calculation, Accounting & MIS, Private & Personal Banking, Fixed Assets, Personnel & Payroll, Marketing, Assets & Liabilities Management, Shareholders Registration and Regulatory Reporting.

From a technology point of view, iMAL is based on Service Orientated Architecture (SOA), and supports open banking through open APIs and web services. The platform can be deployed on a scalable, multi-server open architecture. It is a complete front-to-back single platform of services encompassing an omni-channel that supports electronic delivery channels such as mobile/internet/kiosk, and branchless banking right through to settlement, general ledger and other back-office services. This is delivered in a fully open but integrated, reliable and cost-effective environment.

The iMAL system is N-tier, SOA application, where there is a physical separation between the presentation and business service layers, with integration capabilities to/from third systems via web service approach. The application is Java web-based, platform independent and can be deployed on any JEE application server.

It is also cloud-ready and deployable on a fully scalable, multi-server n-tier architecture. It includes out-of-the-box, industry best practice processes that further support rapid implementation, team knowledge transfer and sustainable business processes.

iMAL can run with Oracle latest technologies, i.e. Oracle Database 12c, Oracle WebLogic 12c, Oracle Linux 7, Oracle Solaris 11, Oracle VM 3, Oracle Big Data Appliance and Oracle Database Appliance.

The iMAL core strengths:

·Supports all known Islamic banking instruments

·Web interface, N-Tier Java based, SOA architecture

·With high parameterization capabilities; greater process efficiency, better risk mitigation

·Multi-currency, multi-branch, multi-company enabled accounting backbone

·With strong product definition features

·Fully integrated yet modularized, with Model Bank

·Highly automated and flexible system

·Ensures quick time to market products.

Benefits to Customers:

·Assurance that the services/products offered are Sharia-compliant

·Transparency in financing and investment operations

·Convenience with ability to bank 24/7

·Use of a range of products based on different socio-economic needs

·Easy access to new products (accounts, cards, chequebooks, financings, trade finance, and investment)

·Cost reduction resulting from visiting branches

·Time-saving by conducting instant banking transactions (transfers & payments) without the need to visit the branch

·Banking in a secure and safe zone with high security features like multi-factor authentication, data encryption, transaction limits, session management, and password management.

Benefits to Businesses:

·Benefit from Sharia-compliant solutions

·Execute variant Islamic financing and investment instruments

·Maintain a solid workflow concept of the Islamic contracts’ processes

·Set up new Islamic products in line with industry market trends

·Cater for new innovative financing and investment products with minimum set-up time and effort

·Monitor customers’ requests and activities and provide support in a timely manner

·Create cross-selling/up-selling opportunities with add-on services

·Provide tools to support KYC and AML modules

·Provide management dashboards with configurable, graphical views and configurable KPIs

·Strengthen customer loyalty through enhanced transaction security

·Identify and generate a list of prospects for loan products based on eligibility requirements

·Reduce administrative and operational costs associated with physical branches

·Readiness for retail and corporate banking operations

·Multiple ways to register retail customers (branch and online registration)

·Commercial flexibility and user friendliness

·Customer segmentation for targeted service packages

·Compliance with market and international regulations

·Easy to add new products and services under the Sharia-based policy

·Faster time to market

·Exact fit to business requirements

·Employment of various delivery channels

·Ability to reduce projects’ timelines

·Multi-currency, multi-branch, multi-company enabled accounting backbone

·Improved marketing decisions by monitoring the statistical and analytical reports

·High parameterization capabilities: Greater process efficiency and better risk mitigation

·Increased market share where banks are able to reach out to more customers

·Ease of integration with 3rd party systems via a flexible integration layer

·Phased migration and implementation.