SNS System supports all forms of Islamic banking to a Banking institution in India to deliver banking activity that is consistent with Shariah principles and guided by Islamic economics.
Islamic law prohibits usury, the collection and payment of profit – also commonly called riba in Islamic discourse. Islamic banking operates in accordance with the rules of Shariah, known as Fiqh al-Muamalat (Islamic rules on transactions). The basic principle of Islamic banking is the sharing of risk rather than transferring of risk.
Our Banking Software is a flagship product of SNS System, provides an edge, service, scalability, performance and technology innovation to financial institutions for handling high-volume transactions. The system is designed to provide operational support, risk management and decision-making support to banks and financial services companies.
This robust lending software is designed as per the Islamic rules of transaction. It is designed with function specific modules, managing the complete Islamic banking system starting from loan origination and loan servicing to collections.
It provides the necessary elements for originating, servicing, repayment schemes, floating and fixed profit, finance rescheduling, underwriting, documenting, foreclosure, assets classification/provisioning monitoring and internet banking - which makes It Islamic Banking software, a comprehensive solution to back any Islamic banking business.