iSHRAQ*Microfinance

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Overview

With the aim to collaborate with industry stakeholders in providing access to the unbanked, Path Solutions has developed iSHRAQ*Microfinance, a proven solution with forward-thinking best practices to support Islamic microfinance institutions’ profitability and growth. The solution is a reasonable and affordable investment in technology. It provides Islamic microfinance institutions with alternate channels such as POS and mobile banking, using the branchless banking concept for online, real time secure services. It also comes with all the control, efficiency, flexibility, and scalability benefits needed to allow Islamic microfinance institutions to focus on their core business areas, thus assisting them to develop loan programs to finance projects, training and education. Furthermore, it enables them to run the mass retail services that comprise microfinance and community banking at lower cost.

iSHRAQ*Microfinance provides a complete customizable and innovative solution that includes all the finance facility cycles starting from the approval work flow, to managing legal entities, setting repayment plans, connecting the business parties with the following Islamic instruments: Murabaha, Musharaka, Leasing, Mudaraba, Istisna’a, Tawarruq, Qard Hassan, Ar-Rahnu.

Key Features

iSHRAQ*Microfinancekey features:

- Web based solution

- Flexible and easily adaptable

- Efficient reporting

- Competitive pricing

- Online processing

- End to end business processes

- 24/7 real-time access to investment information

- Multi-currency / multilingual / multi-company / multi-branches

- Real time processing / back date transaction / task list

- Custom fields and forms

- More than 100 standard reports

- Regulatory bank reporting

- Credit scoring module

- Group meetings and schedules synchronization

- Client group exits tracking for reinstatement and savings refunds

- Salaried loans eligibility set up

- Detailed loan management (from application write off / pay off)

- Loan repayment performance highlights

- Insurance details tracking

- Refinancing loans / top-ups

- Batch disbursements / rescheduling / pay off

- Loan history tracking.

Key Benefits

iSHRAQ*Microfinancesolution benefits to customers:

- Easy integration to alternate channels; customers can access the financial services at their convenience

- Faster and convenient processing of transactions, loans and member registration

- Flexible interest rates and rescheduling of loans for individual customers

- Friendly integration of group meetings with group loan schedule for repayments.

iSHRAQ*Microfinancesolution benefits to businesses:

- User friendly customer query and dashboard; users can view a variety of business and customer information all in one screen

- Increased customer margin with easy integration to alternate channels such as POS

- Increased customer service efficiency, with faster transaction, loan and group processing

- Very fast and easy to import and export data in any format

- Customizable interest procedure that allows customers and businesses to enjoy the changing interest rates in the market

- Accurate and efficient MIS reports for analysis of business profit and loss

- Consolidated balance sheet for different branches.

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