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Assignment 1

Group Members :
Name : Hassaan Javaid Rahman Muzafar Adil
Roll #: DDP/SP11-BCS-023 DDP/SP11-BCS-023

Assignment: System Overview and Features

Instructor: Dr. Salman Khan
Subject: Human computer interaction

Online or virtual banking is one of the greatest conveniences of the 21st century. Rather
than writing checks to pay bills, you just need to go to a website or your bank's bill payment
program, and the money is transferred directly from your account to the person you owe.
Virtual banking also allows you to have your checks deposited electronically by your
employer, and allows you to see an up-to-date statement of your financial position in real
The most prominent feature of our system is that we are going to include is Islamic banking
that all the transactions and the activities performed will be in accordance with Islamic law
and Other Islamic principles in making deals, transactions and providing services and
products like Bai salma, Hiba, Istisna, Ijrah, Musharkah, Qarzul Hassan, sakuk and takaful, will
also be taken into account.Other most important benefit of online or virtual Banking is it
never closes down as a physical bank branch does and it will provide all the functionalities of
a bank on a single platform.
Furthermore, this project will establish an interactive and user friendly web application to
support the account holder in transactional and non-transactional activities that a bank
provides in an Islamic way

Goals and Objectives
The main objective of the proposed solution is to be automated the various functions and activities
of the bank through Internet.

The Bank will have Shariah compliant services and products, which means that all types of financing
and investment will be interest free and all the product and services will derived from Islamic
banking principles, All leasing, investment, loans and other services will be practices under Islamic
Main outcome of the system will be an application which could do transactions and provide
all other facilities which a bank provides in a cost effective way and 24/7.

Features of virtual bank will be
Proposed system has the following conventional baking procedures

Balance Enquiry:
Customer can view his updated balance from online service anytime.

Funds Transfer:
Customer can transfer funds from his account to any other account in the same bank.

Create/Add Account:
Administrator can create an account to provide services of internet banking. Customers are
provided with a username and password. They can visit the sites and login into their accounts.
Customers are provided with a common username and password for all his accounts.

Administrator can perform all the functions that can be done by customers except online
fund transfer.

Deposit / withdraw of funds.
Deposit and withdraw funds will done at time by online service

Online payment of bills.
Payments of utility bills will be done online thorough user account

Viewing Monthly and annual statements.
Statement of account will be generated to view all transactions conducted

Services / products
There will be an independent Section for investment, financing and others services that
would be compliant with Islamic Shariah and will derived from Islamic banking principles