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Convert to Islamic Products & Accounts

The Islamic Products section within the IPS interface displays Islamic deposit products.

You may convert an existing conventional deposit product into an Islamic deposit product & accounts by:

  1. Selecting Link Product.
  2. Selecting a conventional deposit product to convert by selecting its checkbox.
  3. Adding the Effective Date for the conversion.
  4. Selecting the Link button.

Please note that the product must use cash accounting methodology.

Once a conventional deposit product has been converted to an Islamic deposit product, all accounts associated with this product will be converted too. After this action, interest/profit rate (including tiers) will be set to 0%, interest/profit term and source will be disabled.

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Transaction channel​

To choose a transaction channel for an Islamic deposit product, follow these steps:

  1. Click on the Islamic Products tab in the top menu.
  2. Locate the deposit product you wish to convert in the list, and click on Actions.
  3. Choose Transaction Channel from the available options.

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The information how to create transaction chanels in Mambu can be found here.