Proposals Overview
  • 31 Jan 2024
  • 2 Minutes To Read
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Proposals Overview

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Article Summary

The Islamic profit sharing proposals are specific periods for which the account balances are invested. The Islamic profit sharing process starts on the first day of investment period and finishes on the last day of investment period. The system will calculate the profit amounts for each Account, Class, and Pool every day during the investment period. On the last day of the investment period, the system will display all the data about the profit calculations, which will be ready for approval and application (distribution on each account).

Islamic profit sharing process

The Islamic profit sharing process can be automated, partially automated, and manual. The process automatisation can be defined in System Options.

The options for automation of the Islamic Profit Sharing process include:

Start of Profit PeriodEnd of Profit PeriodApprovalApplication
Automated ProposalDefault proposal created automaticallySubmitted automaticallyAutomatedAutomated
Partially automated ProposalDefault proposal created automaticallySubmitted automaticallyAutomatedManual
Partially automated ProposalDefault proposal created automaticallyCreate a copy of default proposal manuallyManualAutomated
Manual ProposalDefault proposal created automaticallyCreate a copy of default proposal manuallyManualManual

Proposals Types

In the Proposals area you can find sections for Open and Closed proposals.

  • Open proposals displays all active proposals at a current moment.
  • Closed proposals includes all proposals that have completed the entire profit-sharing process.

Open proposals displays all active proposals at a current moment. In this list you can see Default and Custom proposals, based on how the user has created a proposal:
Proposals Types

A Default proposal type is automatically generated by the system at the beginning of the investment period. It serves as the initial proposal for profit distribution.

You can:

  • View a default proposal, created by the system, by clicking the Details button.
  • Approve calculated profit by the system by selecting the Approve
  • Apply calculated profit by the system after proposal approval by selecting the Apply

A Custom proposal type is manually created by the user by selecting the Copy button and making a duplicate of the default proposal. It is created for manual modification of proposals, requiring manual approval, and facilitating manual profit application. This allows users to tailor proposals according to specific requirements and processes.

You can:

  • View and modify a proposal by clicking Edit and save changes by clicking Save
  • Submit a proposal for approval by selecting Ready for Approval
  • Approve a proposal by selecting Approve
  • Apply a proposal by selecting Apply
  • Delete an existing custom proposal by selecting Delete

For more detailed information on the available actions please refer to the next sections Submit proposal, Approve proposal, Apply proposal

Closed proposals includes all proposals that have completed the entire profit-sharing process, i.e. the calculation, approval, and distribution of profit is complete and the proposal is no longer active.

Proposals Closed

You can:

  • View the closed proposal by clicking the Details button.
  • Duplicate the closed proposal details by clicking the Copy button.

In summary, the Islamic profit sharing process proposal management process consists from following steps:

  1. View and submit calculated profit (see Submit proposal )
  2. Approve calculated profit (see Approve proposal)
  3. Apply calculated profit (see Apply proposal)

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