Managing Islamic Deposit Accounts
  • 31 Jan 2024
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Managing Islamic Deposit Accounts

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Article Summary

Observation

To observe Islamic deposit accounts for a particular Islamic product, follow these steps:

  1. Navigate to Islamic Products.
  2. Select Actions for the specific product of interest.
  3. Choose View Accounts.

All deposit accounts that are using Islamic deposit products can be observed here - Navigate to Accounts.

Add Islamic rules

Here you can define the account's Profit sharing rule - IPS account type:

  1. Select Actions and Edit for specific account
  2. Save your edits by clicking Save.

account-id

Here you can set associations of account with Profit sharing Class:

  1. Select Account or Accounts.
  2. Select Set association.

accounts

  1. Select or delete Class from the list.

Edit association

Islamic accounts parameters

ParameterDescriptionRequired
Effective dateThe date when the change should be implemented.YES
ProductThe deposit product to use for this deposit account.YES
IPS Account typeThe account type for profit sharing calculations. Customer account - client account (as a partner in investment). Bank investment - bank account (as a partner in investment) NOTE: default value - Customer account.YES
ClassThe linking of an account to a class for profit-sharing calculations. If an account is not associated with a class, it will not be included in profit calculations.NO

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