Application Gallery

Here are some business applications developed using EZIFlow

 

E-Murabaha – Developed by TACME (www.tacme.ae)

E-Murabaha is a new business model for the Sharia’a-compliant Islamic Murabaha financing model, which integrates online and electronic facilities to enhance user and supplier experience. The concept of E-Murabaha comes from eliminating the repetition involved in acquiring approvals for financing services for a single client, and replacing it with a one time approval. This unique innovation is considered to be the first of its in the world and allows the customer to request, follow up,and manage their financing facility online through their fund management system that follows the Islamic mode of Murabaha.

Why Emurabaha

E-Murabaha makes it easier for companies to manage their credit spending and also facilitates the purchase process. Companies will have to go through the approval process only once every year (or any other predefined tenure set by the facility supplier) and can determine beforehand the amount of credit spending they can accommodate for during the contract duration.
Purchasing is facilitated as it becomes web based and requires the minimal number of approvals. All purchases will also be traceable and they can be delegated to different departments with a customized mini-workflow.
E-Murabaha guarantees customer loyalty for the facility supplier by making sure that they are the chosen partner for all financing solutions throughout the period of the contract. It also helps the supplier keep track of all operations and define a proper workflow for registration and purchasing with accountability taken into consideration every step of the way.

Benefits

• Fully automated Murabaha system
• Online purchase payment status and payment plan details and scheduling
• Different level of account management and privileges.
• Online fund Management and user-friendly Dashboard and reporting system.
• High level of security with administration of users and system
• Online service request and renewal.

Registration Module

• Well defined workflows for customer  registration that can easily be modified to fit the business needs and model  of any Murabaha financing provider.
• Fully Customizable Graphical User Interface (GUI) that reflects the corporate identity of the service provider.
• Set integration points for integrating with banking solutions already available at different levels.
• Dashboard for all system users to keep them up to date.
• Customizable default rates for preferred clients and additional benefits

Purchasing Module

• Easy to adopt and modify purchasing business process.
• Customizable permissions on the client side. Each client can setup their own approval cycle and permissions for the system.
• Ability to visually define amounts to include any cash available in addition to the credit limit.
• The ability to automatically setup rates according to tenure across the system and per client, and the ability to override those rates per purchase.
• Sharia’a compliance check for every step in the business process.

Key Features

• Well defined suggested workflows for purchasing and company registration that can easily be modified to fit the business needs and model of any Murabaha financing provider.
• Set integration points for integrating with banking solutions already available at different levels.
• Customizable interface that reflects the identity of the service provider.
• Customizable permissions on the client side. Each client can setup their own approval cycle and permissions for the system.
• Ability to visually define amounts to include any cash available in addition to the credit limit.
• The ability to automatically setup rates according to tenure across the system and per client, and the ability to override those rates per purchase.
• The ability to setup different methods of payments for suppliers.
• The ability to define additional fees per purchase depending on a number of variables like method of payment. One example would be a fixed fee per cheque issued to the supplier.
• Legally binding approvals at each stage for purchasing (customizable to the laws of the country in which the facility supplier is operating)
• Complete reporting solution for both facility suppliers and their clients.

Benefits and Clients

• TACME’s E-Murabaha service will be a first in the Online Banking sector. It would be one of the earliest, original products to cater to the needs of Islamic Murabaha services.
• The E-Murabaha system would facilitate a swift and hassle-free way of using the Islamic Murabaha service. The banks that use the E-Murabaha system would also lessen their workload and pressure on Business process Automation.
• One of the bigger benefits for the clients of the bank is the compliance with Islamic Sharia’a Law and the Islamic Murabaha System.
• Document submission is easy and fast. Documents can be sent online. This saves time.
• E – Murabaha also allows full integration with back office and other back office banking applications.
• Lesser Chance of Fraud and illegal practices, while the customer is also protected concurrently.
• The time to process an application is reduced significantly as the entire process is done online.
• E – Murabaha has been developed, following international standards.
• E – Murabaha has been specifically designed to meet local needs of Islamic banking in the Middle East.
• It operates on a solid infrastructure developed using internationally recognized development framework.