NewgenONE Platform for
Islamic Banking
A Shariah-compliant pathway to meeting end-to-end needs of the Islamic banking community
Newgen offers a Shariah-compliant digital financing platform tailored to meet the specific needs of the Islamic banking community. Our Islamic lending platform enables you to efficiently create new products, deliver world-class services, and ensure compliance with Shariah 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 including Ijarah, Murabaha, Tawarruq, Mudarabah, Musharakah, and Istisna’a.
Features of Islamic Banking Solution
Shariah-Compliant
We ensure strict adherence to Islamic financial principles. The Islamic lending solution possesses features that eliminate interest-based transactions to align with Shariah-compliant guidelines, making it accessible to a broad range of clients.
Integration Capabilities
Newgen’s solution can seamlessly integrate with existing systems and infrastructure, minimizing disruptions during the implementation phase and ensuring a smooth transition.
Pre-Screening for Straight-Through Processing
A rule-based engine assesses criteria such as credit score, income, and other predetermined parameters to evaluate the applicant’s eligibility and identify straight-through cases. Users can automate approval and disbursement of loans for faster processing or create additional checks that may be required for underwriting and approval flow for no-go applicants.
Communications for Compliance
The solutions are also compliant with SAMA (Saudi Arabian Monetary Authority) 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.
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 lending software helps banks quickly evaluate loan applications based on predefined criteria.
Automated Underwriting
Evaluation of an applicant’s creditworthiness and risk factors based on internal or external scoring as a decision engine streamlines finance approvals, reduces costs, and ensures consistency that benefits both financial institutions and customers.
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.
AI-Powered Models
AI-powered scoring models can automate credit decision-making, speeding up the loan approval process, customer acquisition, retention, debt collection, and fraud detection.
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 lending system comes with three modules namely loan origination, finance management, and collections, tightly integrated to manage end-to-end finance lifecycle.
Financial Institutions using NewgenONE Platform
