Sharia-KYC - Fast, Smart, Cost-Effective
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KYCnet is pleased to launch Sharia-KYC, the world's first set of Know-Your-Customer solutions for Islamic Banking.
Sharia-KYC has been designed to help the Islamic Financial Services industries in ensuring Sharia (Islamic law) compliance with regard to their customers' (and relations') businesses, goods and / or services.
Sharia-KYC can be requested as a stand-alone requirement or as an extension to KYCnet's standard KYC offerings - clients can either request Sharia-KYC services or choose to implement the Sharia-KYC toolset as a "self-service" (Software-as-a-Service) solution.
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Sharia-KYC is configured to automatically flag Haraam (forbidden) business activities based on particular Food and Beverage Related products as well as Gambling, Pornography and various other non-compliant activities.
Sharia-KYC also allows for the speedy and consistent identification and flagging of businesses based mainly on interest (Riba - usury) or of an excessively ambiguous (Gharar) nature such as Commercial Insurance or non-productive speculative activities (Maysir) such as Day Trading, Margin Trading and derivatives such as Options, Futures and Shorting.
Sharia-KYC can also be used to analyse and record Solvency Requirements such as Debt / Equity and Account Receivables / Total Assets ratios and Non-Operating-Income Interest thresholds.
For more information, please contact info@KYCnet.com
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