Asset finance software provider Cassiopae
has announced it now supports Islamic finance in it products.
Cassiopae integrated Islamic finance with
its V4 software to create more efficient business operations in
Islamic countries.
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Leasing under Islamic finance is similar to
conventional asset finance with the additional compliance to Sharia
Law which dictates that financial institutions are not allowed to
invest in prohibited activities, such as alcohol, gambling or
pornography, and leases must be reviewed and approved by a Sharia
Supervisory Board.
Under Islamic finance interest or
riba is prohibited and leasing instead incorporates a
fixed repayment rate.
The V4 software will manage both Islamic
and conventional financial products in one, and Cassiopae claims it
will resolve several issues faced Islamic finance operators in the
international market, such as compliance and varying local
requirements.
Jemil Ben Romdhane, managing director of
Cassiopae MEA said: “We have setup the solution easily for two
North African leasing leaders for both products, ijara
[leasing] and istisna’a [similar to project finance] ,
offering features like documents printing in Arabic, data input and
user interfaces in Arabic.”
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