Technology to bank on
Islamic Banking Solution
Rubikon | Islamic Banking Solution Pg2
Rubikon Islamic Banking Solution
R ubikon Islamic Banking Solution is a
financial product, which is Shariah-
compliant and offers a competitive
sophisticated and flexible product
manufacturing processes that allow banks
to build new products rapidly and well ahead
alternative to conventional banking. of the competition.
It is a highly flexible system, built on It enhances Islamic banking products such
component architecture to meet as savings and current accounts (Al Wadia),
existing/future Shariah compliance, investment accounts (Al Mudaraba), Al
business requirements and technological Ijarah, Islamic trade financing, Islamic
enhancements of banks. It offers all benefits treasury, Islamic equity financing,
of diversification and a full range of banking remittances etc
products and services, supporting
Fig A: Rubikon Islamic Banking Solution
Pg3 Rubikon | Islamic Banking Solution
Key Features & Functionalities
Islamic Deposit Products
Musharakah - Islamic partnership
Riba-Free Account - Current Account
(Joint Venture) for a particular period
Al-Wadia - Savings Account
wherein at the end of the
Wakala - Term Deposit
partnership contract, the profit & loss
Mudaraba - Profit Sharing
would be shared between the Islamic
Bank and the customer as per the
Islamic Loan Products
agreed ratio.
Murabaha - Cost plus mark-up sale
contract
Islamic Treasury Products
Qardul Hassan - Benevolent Loan in
Commodity Murabaha - An
which no profit is charged to
acceptable form of credit sale under
customers
Islamic religious law
Tawarruq Islamic Personal Loan
Wakala - Acceptance & Placement
Ijarah & Forward Ijarah - Equivalent to
Sukuk Equivalent of conventional
Conventional Banking Lease
bond
(Operating Lease)
Al-Sarf - FX Buy/Sell
Istisna & Parallel Istisna - Islamic
Progressive Asset Finance
Islamic Trade Finance Products
Salam & Parallel Salam - Forward
Wakala-Murabaha - Letter of Credit
Contract
Suftaja - Bill of Exchange
Musawamah - A sale in which the
Kafala - Letter of Guarantee
seller is not obligated to disclose the
profit paid to create or obtain the
goods or services. This differs from
'Murabaha' in terms of pricing formula
Islamic Partnership Finance (PLS)
Products
Mudaraba - Restricted Investment/
Unrestricted Investment
Diminishing Musharakah - Islamic
partnership (Declining Balance P&L
Sharing Partnership) wherein the
ownership of the customer increases
(bank's share decreases) as and when
the customer makes repayment to the
bank.
About Neptune
Neptune Software has delivered mission-critical core systems to over 65 awarded the highest available rating, 4 Stars, by CGAP (an organisation housed
financial institutions and has the proven experience needed to meet the at the World Bank). This rating is based on functional coverage of the
requirements of internationally recognised banking practices. In 2008, Neptune applications and customer feedback in terms of projects being delivered on time
achieved a top 5 ranking in the IBS Sales League of international banking and within budget.
systems vendors. Neptune has 6 locations in EMEA, a development center in
Chennai and a growing global partner network. Neptune has a solid track record of financial stability and profitability with
sustained re-investment into research and development of its products. This
Since 2005, Neptune has demonstrated continuous process improvement by has allowed the development of Rubikon, a brand new world-class banking
regularly passing ISO 9001:2000 TickIT audits. Since 2006, Neptune has been technology platform.
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