The document discusses IT solutions for the Islamic microfinance industry. It describes Path Solutions' iSHRAQ product, which provides an IT system for Islamic microfinance organizations. The iSHRAQ system allows for financial product setup, approval workflows, collections, reporting and other functions needed to support Islamic microfinancing. It discusses the goals of Islamic microfinance and how IT can help with efficiency, reporting, and sustainable growth. Contact information is provided for more information on iSHRAQ.
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3rd Global Islamic Microfinance Forum' 2013
1.
2. IT Solutions for the Islamic
Microfinance Industry
3rd Global Islamic
Microfinance Forum
6 - 8 October 2013
Dusit Thani Hotel - Dubai
Rohana Abdul Munim
General Manager Malaysia
Head of Islamic Finance Strategic Initiatives
Path Solutions
3. Possible Challenges in Islamic Microfinance
Financial products that comply with Shariah law
Diversity of products to cater for the Islamic Microfinance
requirements
Sustainable business models that incorporate operational
efficiency and risk management
IT solution that can support and drive the Islamic Microfinance
activity
Capacity building at both the macro and micro levels
Sources of funding
Powering Islamic Financial Markets
4. Ultimate Goal for the Islamic Microfinance Industry
Create successful and prudent Microfinance sector that can bring
impact to the socio economic development among the poor
Moving from poverty alleviation to entrepreneurial development as
a natural progression and outcome of the Microfinance program
Create growth and self-sustainable Microfinance organizations,
and reduce reliance on external sources of funding
Microfinance as an effective platform for financial inclusion among
the unbanked, voluntarily or involuntarily financial excluded
segment
Powering Islamic Financial Markets
5. Usage of IT in Islamic Finance and Microfinance
Systematic data management, consolidation and reporting
Bird’s eye view of the organization achievement and growth
Improve productivity and efficiency at both operational and
business level
Shariah compliant processes and behaviour
Support diversity of products and innovation
Support growth and sustainability of the organization
Proper risk management and reporting
Powering Islamic Financial Markets
6. About Path Solutions
Path is a Kuwaiti Shareholding Company
Founded in (as an IT Consultancy Firm)
November
1992
Beirut development center
October
2000
Bahrain support office
October
2003
London support office
February
2007
Kuala Lumpur support office
September
2007
Karachi support office
April
2009
Riyadh support office
August
2009
Jakarta support office
November
2009
Khartoum support office
December
2009
Egypt( development center), Dubai, Kenya, Singapore
India support office
2010
July
2013
Upcoming support center in Oman
Powering Islamic Financial Markets
7. Our Vision
To be the most trusted and innovative provider of information technology
solutions and services for the global financial industry & in specific the
Islamic Financial industry.
Quality Code
High quality in our products and services is vital to the success of our
customers and partners. In helping our customers and partners become
successful, we must strive to maintain the highest ethical standards and
integrity. To achieve these goals, it is our policy to involve all employees in
programs to improve our products, services, and the productivity of our
internal processes.
Mohammed Kateeb
Chairman & CEO
Powering Islamic Financial Markets
8. Our People
6 Employees
in 1993
20+ Employees
in 1997
64+ Employee
in 2005
120+ Employees in 2006
205+ Employees in 2007
398 Employees
Employees Count
Year
in 2008
450 Employees
in 2010
375 Employees
in 2012
2005
2006
2007
2008
2010
2011
2012
2013
in 2011
400 Employees
1997
1992
Employees
398
6
485 Employees
in 2013
1
20
2
64
3
120
4
5
450
375
6
7
8
9
485
400
205
10
Powering Islamic Financial Markets
9. Our Expert Resources
Path team constitutes of full time consultants in the areas of:
Finance
Banking & Investment
IT development
System Engineering
Accounting, Internal & System audit
Powering Islamic Financial Markets
10. Area of Focus
Path offering consists of integrated business solutions and services for the
following major business segments:
Islamic Banks
Islamic Investment Companies
Islamic Consumer Finance Companies
Islamic Microfinance Institutions
Universal Banks
Investment Companies and Fund Managers
Financing Companies
Powering Islamic Financial Markets
11. Our Products and Services
Our Services Offering include
Project management
Business and technology consulting
Systems integration
Business continuity planning (Make sure of the plan )
Customization - address clients specific needs (Plan matching with the
solution)
On going maintenance and first line of support
Our Products Offering include
Islamic Core Banking Solution - iMAL
Islamic Window Solution - iWINDOW
Financial institutions, SMEs and Microfinance Organizations - iSHRAQ
Powering Islamic Financial Markets
12. iSHRAQ for Islamic Microfinance Industry
Powering Islamic Financial Markets
13. iSHRAQ Product Suite
Investment
Common Components
Swift
• Portfolio & Asset management
• Fund management
• Sukuk management
• Private equity
Data Mart
Islamic Financing
Scheduled
Tasks
Common Components
Approval
Workflow
Business
Parties
Collaterals
Islamic Treasury
Products
& Assets
Security
General Ledger
Service Bus
Back Office
Core Banking
Credit Bureaus
Legacy Systems
Powering Islamic Financial Markets
24. Approval Work Flow – Setup
Assign
Decision
Making
Define Number Of
Nodes per Approval
Work Flow
Define Product
Define Assessment Factor
• Individual
• Committee
(Assembled/Circulating)
• Review Only
• Decision
• Retail
• Corporate
• Principle
• Profit Rate
• Others
Powering Islamic Financial Markets
25. Financial Product – Setup
Define Rule
Violation
Define Rules And
Behavior
Eligibility Criteria
Choose From The
Created
Select Product
Component
• Repayment Plan
• Charges
• Collaterals
• Others
Powering Islamic Financial Markets
26. Financial Product – Setup
Automatic
matching between
sub products and
applicants (based
on applicant's
attributes )
Powering Islamic Financial Markets
27. Limit Management
Levels
• Transaction
• Per Period
• Exposure
Factors
• Financial Product Class or Investment Asset Class
• Financial Product or Investment Asset
• Currency
• Customer Sector/Category/specific
• Customer
• Region/Nationality
• User Group/specific user
Powering Islamic Financial Markets
28. Provision – Setup
Define Sectors
Define
Financial
Products
Set Provision
Rate According
To Debt Aging
Set Provision
Value
Set Specific
Contract
Set Specific
Customer
Set Calculation
Provision
Period
Powering Islamic Financial Markets
29. Contract Maintenance Transactions
Change Orders
Full Early Settlement
Partial Early Settlement
Contract Revolving
Contract Switching
Reschedule
Repayment Plans Merging
Profit and Expenses Declaration
Installment Dropping
Item Sale
Contract Termination
Powering Islamic Financial Markets
30. Collection and Settlements
• Customer Bucket Level 0
• Customer Bucket Level 1
• ….
• Customer Bucket Level N
Bucket Criteria
- Reminder
- Past due
- follow up
Reports
• Follow up
• Collector performance
• Bucket performance
• other
Collector
- Collection Intelligent
Notes.
• SMS
• Mails
• Calls
• Visits
• Legal
- Customer
Contract, contacts
details & Responses
history
Customer Response
• Continuous Follow up
until Payment
• Escalations, Customer
Buckets’ Maintenance
Powering Islamic Financial Markets
34. iSHRAQ for Islamic Microfinance
Collection of required financing application
documents
Agreement on financing amount and repayment
tenure
Final Approval
Takaful coverage
Group forming, leader selection, and setting the
periodical meeting date / location
Financing disbursement
Powering Islamic Financial Markets
35. iSHRAQ for Islamic Microfinance
Periodical meetings for payment collection
Periodical visits to follow up on the usage of fund
Maintenance for the financing facility:
Financing rescheduling
Early settlement
Financing cancellation
Arbitration closures
Powering Islamic Financial Markets
36. iSHRAQ for Islamic Microfinance
Compliance with Microfinance program will
allow members to:
Apply other financing programs before or
after current financing maturity
Apply similar financing program after its
maturity with greater amounts
Powering Islamic Financial Markets
37. If you are interested to know more about iSHRAQ offering,
please contact:
Rohana Abdul Munim
Rmunim@path-solutions.com
Mobile: +6012-3349020
Thank You!
www.path-solutions.com
Powering Islamic Financial Markets