MSZ’s Islamic Banking Pool Management System, “Muawaza” is a Shariah compliant software system that automates all processes of creating and managing “Pools” for calculating weight-ages based Rates at Islamic Banks.
This software can integrate with any core banking system using a wide variety of built in protocols for direct connectivity and integration. The system can also run in stand-alone mode with manual data import options.
The system uses business rules and logic based on State-Bank regulations to ensure that the Islamic Banking becomes completely
- Sharia compliant
- Automated
- 100% error free
- Accurate in calculations
- and Efficient in performance
Features
“Muawaza” is designed for the Bank (Mudarib) on the concepts of “Mudarba” framework as defined by the Islamic Banking Regulations. It handles the process of:
Pool Creation
Pool creation is customizable with the option of selecting the category (Type) of the pool required:
- General Pools
- Contract Type Pools
- Currency Based Pools
- Custom Pools (Financial Institutions)
- Special Pools
- Time Period based Pools
Product Types
System picks definition of all "Product Types" from bank's core systems and maintains daily/monthly balances of all account holders.
- Savings accounts
- Current Accounts
- COII (Certificate of Islamic Investments)
- Treasury Deals
Product - Pool Tagging
Easily tag products such as accounts and deals to pools. Covers all possible liability types of as defined by islamic banking framework, such as:
- Mudharabah / Wadiah / Qardh / Commodity Murabahah
- Wakala
- Bai-Muajal
- Musharka
Assets - Pool Tagging
System maintains daily / monthly balances of all asset outstanding and income amounts. Asset management includes:
- Caters all types of Assets such as:
- Financing
- Investment
- Placement
- Inter Pool Asset Transfer
- Value date based pool tagging
Pool Balancing Module
This module allows the bank to see the pools condition in real-time based on the liabilities and assets tagged to date.
- Balancing done using Equity & Current Liabilities
- Provides Real-Time Balance sheet position
- Auto calculates IBI share
Profit Distributions Module
Profit recognition and calculation based on:
- IBI Share
- Mudarib Share
- DCR (PER / IRR)
- Hiba
- Profit Declared
Reconciliation Module
Confirms and ensure data integrity between Core and "Muawaza" (pool management system).
- Auto Reconciliation
- On-Demand Reconciliation
BI and MIS Module
All pool activity is archived and historic pool data is available through the MIS module. Muawaza allows users to run their pool activity analysis using the built-in BI dashboards and regulatory reports.
Muawaza also allows addition of customized reports if required.