Create Deposit Products & Accounts
  • 31 Jan 2024
  • 1 Minute To Read
  • Dark
    Light
  • PDF

Create Deposit Products & Accounts

  • Dark
    Light
  • PDF

Article Summary

Islamic deposit products are financial instruments for deposits that abide by Shari'ah principles, briefly that:

  • Profit or loss is shared between the participants of a financial contract.
  • It is prohibited for the participants of a financial contract to charge, collect, or pay interest.
  • Transactions that involve haram (or forbidden) products are prohibited.

For more on the type of contracts that may be used to create an Islamic deposit products, see Islamic Banking Concepts. Most of the process for creating deposit products in the Mambu UI is the same as for traditional deposit products, barring the components that deal with interest, and the parts of the process for setting up the Profit Sharing component of an Islamic banking product.
Screenshot 2024-01-27 at 17.37.09.png

Create the deposit product and accounts

To create an Islamic deposit product and accounts follow the same steps as for a traditional deposit product and deposit account. Further changes to your newly created deposit product are made in Islamic Profit Sharing (IPS) interface.

Configure profit sharing

To access the IPS interface, click on the Profit Sharing tab located in the top menu of the Mambu UI. If you cannot find this option, please reach out to your Mambu Customer Success Manager for assistance.

Profit Sharing


Was this article helpful?