NewgenONE Platform for
Islamic Banking Solution
Newgen offers a Sharia-compliant digital financing platform tailored to meet the specific needs of the Islamic banking community. Our Islamic financing platform enables you to efficiently create new products, deliver world-class services, and ensure compliance with Sharia norms. The solutions can be integrated with your existing infrastructure and are available on-premises or on the cloud.
Revolutionize your digital banking experience with a comprehensive solution that includes channels like portals and mobile apps. We cover varied lines of business for Retail, MSME, as well as large corporates, with products ranging from Cash/Personal Finance, Vehicle/Auto Finance, Mortgages, Real Estate/Housing Finance, Credit Cards, POS Finance, Business Installment Finance, Payroll Finance, Fleet Finance, etc. with supporting contract types including Ijarah, Murabaha, Tawarruq, Mudarabah, Musharakah, and Istisna.
Lines of Business and Contract Types
Retail
Cash/ Personal Finance
Contract Types – Murabaha & Tawarruq
Credit Cards
Contract Type – Tawarruq
Vehicle/ Auto Finance
Contract Types -Murabaha & Ijarah
Mortgage/ Real Estate/ Housing Finance
Contract Types -Murabaha & Ijarah
SME
POS Finance
Contract Type – Tawarruq
Business Installment Finance
Contract Type – Tawarruq
Payroll Finance
Contract Type – Tawarruq
Fleet Finance
Contract Types -Murabaha & Ijarah
Mortgage/ Real Estate Finance
Contract Types -Murabaha, Ijarah & Istisna
Features of Islamic Banking Solution
Debt Burden Ratio Assessment
We offer tools that automatically aggregate the applicant’s financial data, including existing debts, income, and expenses for Debt Burden Ratio calculation. The Islamic financing software helps banks quickly evaluate applications based on pre-defined criteria.
AI-first Decisioning & Process Optimization
underwriting, for effective risk classification and faster credit disbursement. Create 360-degree customer profiling with pre-screening capability to assess applicant eligibility based on parameters like credit score and income.
Integration Capabilities
Newgen’s solution can seamlessly integrate with existing systems and infrastructure, minimizing disruptions during the implementation phase and ensuring a smooth transition.
AI-powered Models
AI-powered scoring models can automate credit decision-making, speeding up the finance approval process, customer acquisition, retention, debt collection, and fraud detection.
Sharia-Compliant
We ensure strict adherence to Islamic financial principles. The Islamic financing solution possesses features that eliminate interest-based transactions to align with Sharia-compliant guidelines, making it accessible to a broad range of clients.
Digitized Documentation
The solutions help to generate a wide range of customizable document templates such as In-principal Letters, Purchase Orders, Sanction Letters, Finance Quotations, etc. Additionally, the Islamic finance software manages documents for easy reference and access.
Pre-screening for Straight-through Processing
Utilize AI and rule-based engine to assess criteria such as credit score, income, and other predetermined parameters to evaluate the applicant’s eligibility and identify straight-through cases. Leverage GenAI to automate approval and disbursement for faster financing or create additional checks that may be required for underwriting and approval flow for no-go applicants.
Communications for Compliance
The solutions are also in accordance with the Sharia compliance, mandates of regulatory bodies and VAT (Value-added Tax) guidelines. By automating customer notifications and communication, and enhancing due diligence processes, we enable banks to operate transparently while adapting to evolving compliance requirements.
Superior User Experience
An intuitive user-interface drills down to multiple levels of activities with 100% visibility, and comprehensive dashboards for faster decision-making.
Multiple Modules
The Islamic financing system comes with three modules that address credit origination, management, and collections, tightly integrated to manage the end-to-end finance lifecycle.sta
Debt Burden Ratio Assessment
We offer tools that automatically aggregate the applicant’s financial data, including existing debts, income, and expenses for Debt Burden Ratio calculation. The Islamic financing software helps banks quickly evaluate applications based on pre-defined criteria.
AI-first Decisioning & Process Optimization
underwriting, for effective risk classification and faster credit disbursement. Create 360-degree customer profiling with pre-screening capability to assess applicant eligibility based on parameters like credit score and income.
Integration Capabilities
Newgen’s solution can seamlessly integrate with existing systems and infrastructure, minimizing disruptions during the implementation phase and ensuring a smooth transition.
AI-powered Models
AI-powered scoring models can automate credit decision-making, speeding up the finance approval process, customer acquisition, retention, debt collection, and fraud detection.
Sharia-Compliant
We ensure strict adherence to Islamic financial principles. The Islamic financing solution possesses features that eliminate interest-based transactions to align with Sharia-compliant guidelines, making it accessible to a broad range of clients.
Digitized Documentation
The solutions help to generate a wide range of customizable document templates such as In-principal Letters, Purchase Orders, Sanction Letters, Finance Quotations, etc. Additionally, the Islamic finance software manages documents for easy reference and access.
Pre-screening for Straight-through Processing
Utilize AI and rule-based engine to assess criteria such as credit score, income, and other predetermined parameters to evaluate the applicant’s eligibility and identify straight-through cases. Leverage GenAI to automate approval and disbursement for faster financing or create additional checks that may be required for underwriting and approval flow for no-go applicants.
Communications for Compliance
The solutions are also in accordance with the Sharia compliance, mandates of regulatory bodies and VAT (Value-added Tax) guidelines. By automating customer notifications and communication, and enhancing due diligence processes, we enable banks to operate transparently while adapting to evolving compliance requirements.
Superior User Experience
An intuitive user-interface drills down to multiple levels of activities with 100% visibility, and comprehensive dashboards for faster decision-making.
Multiple Modules
The Islamic financing system comes with three modules that address credit origination, management, and collections, tightly integrated to manage the end-to-end finance lifecycle.sta
Newgen’s Generative AI Suite for Islamic Financing
Transform your Islamic Financing solution with Newgen’s GenAI suite, which offers wide-ranging capabilities such as customer behavioral insights, document generation and summarization, process generation, AI-enabled query support, advanced analytics and insights for reporting, and much more.
How Newgen Revamps Islamic Financing
- Agile, frictionless onboarding across channels, leading to a reduced abandonment rate
- Enhanced customer experience with hyper-personalization
- 80-85% faster go-to-market by deploying the low-code platform
- Lower average cycle time for application processing through automation
- Flexible disbursement through single and multi-party payments, allowing payments to multiple beneficiaries
- AI-led document management system to capture, generate, and extract data intelligently
- Customized plans for one-time or tranche disbursals for better usage of funds
- Fraud identification while conducting a sensitivity analysis and utilizing risk management
- Pre-defined templates, built for financial institutions, to maintain and segregate different types of documents and generate financing packagesck
