SAB Islamic Banking is a modular and comprehensive solution for all types of Islamic Financial Institutions.
This solution manages all Islamic finance activities for the following institutions:
Full-fledge Islamic Banks
Conventional banks offering Islamic Banking windows/Branches
Islamic Investment Banks
Islamic Retail/Consumer finance institutions
Islamic Asset Management Companies
Islamic Takaful Companies
Islamic Micro-finance institution.
SAB Islamic Banking solution is based on the competence of the SAB IFM (Islamic Financial Management) firm, composed of a group of experts specialized in providing end to end operational and strategic consulting services to Islamic financial institution.
The Islamic finance is in compliance with Islamic Law (sharia).
The basic principles of Islamic finance are risk, profit and loss sharing and the prohibition of interest (riba), and the randomness (gharar).
Among commonly concepts used in Islamic finance:
- Mudarabah (profit sharing),
- Wadiah (asset custody),
- Musharaka (partnerships),
- Murabahah (sale on mutually agreed profit)
- Ijara (leasing).