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Time deposits are considered one of the investment instruments in Islamic banks. It is an investment coupled with a specific period and an optional monthly reserve return calculated during this period according to the bank financial position.

The time deposits in the Islamic banks are different from those of conventional banks in the following issues:

  • The possibility to draw amount from the deposit and reduce the original deposit amount
  • Calculating the actual return every month according to the bank financial position

SmartISB facilitates the following functions:

  1. Open deposit
  2. Break deposit
  3. Liquidate deposit
  4. Renew deposit
  5. Reduce deposit
SmartISB provides all the previous functions on time deposits in compliance with the Islamic standards taking into consideration that the distributed return should come as a result of real investment of deposits amounts and not calculated according to a fixed interest as it happens in the commercial banks.