iMAL*IslamicProfitCalculation is a standalone web-based solution that can be integrated with any core banking system to calculate and distribute profits in a Sharia-compliant way.
The profit distribution is based on a set of criteria and parameters that are built into the system. The set of services has a built-in control procedure which allows the bank to calculate and distribute profit and manage all types of pools:
- Web-based tool for management of pools (assets, liabilities, revenues and expenses)
- Defining sharing ratios at multiple levels and managing effective date of deposits and withdrawals
- Recalculation of profit of a certain period based on the new average rate; specification of the balance calculation method and redistribution of profit based on minimum period rate
- Functionality to recalculate profit in case of break of deposit
- Ability to specify the minimum balance for distribution and minimum profit to distribute
- Option to accrue profit based on last available declared rate
- Risk provisions and Profit Equalization Reserves (PER) management
- Advanced profit payment option
- Option to pay Hiba
- Zakat calculation and deduction
- Management of multiple pools.