- Identifying the needs, expectations and goals of our customers
- URS and functional specification
- Design Mockups
Our client enforces regulation across the financial markets and has the ultimate responsibility of protecting the investor. Apart from discharging its regulatory functions, it is also obliged by statute to encourage and promote the development of the securities and derivatives markets in Malaysia.
As a part of its development function, our client undertakes Shariah compliance review for all listed companies and IPOs in Malaysia. This involves evaluating the financial information from annual audited accounts of these companies to measure revenue and profits before taxation derived from Shariah non-compliance business activities.
The process of review involved communication between customers and multiple internal departments at our client organization who were relying upon Excel sheets, documents, and email exchanges for exchanging and tracking large amounts of information. The process was error prone and cumbersome.
GoodCore helped the financial regulator by designing a bespoke system to automate and facilitate the process of Shariah Compliance Screening and improve intra-organization and customer communication.
The system offers features for companies to upload required information, for our client’s staff to perform the screening process, and allows for role-based internal workflows involving task creation, delegation, and approvals.
The software has built-in document management features, an interactive notification system for informing companies on required actions and announcements, payment gateway integration to manage the fee payment process and a reporting dashboard for department heads.
The software we developed is heavily used by the Securities Commission on an ongoing basis to classify securities issued by companies as either Shariah-compliant or Shariah non-compliant. It streamlines the entire operation around this important regulatory responsibility.