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Assignment 1

Group Members:
Name: Hassaan Javaid
Roll #: DDP/SP11-BCS-023 FA10-097

Rahman Muzafar

Adil Majeed

Assignment: System Overview and Features

Instructor: Dr. Salman Khan

Subject: Human computer interaction

Online or virtual banking is one of the greatest conveniences of the 21st century. Rather than writing checks to pay bills, you just need to go to a website or your bank's bill payment program, and the money is transferred directly from your account to the person you owe. Virtual banking also allows you to have your checks deposited electronically by your employer, and allows you to see an up-to-date statement of your financial position in real time. The most prominent feature of our system is that we are going to include is Islamic banking that all the transactions and the activities performed will be in accordance with Islamic law and Other Islamic principles in making deals, transactions and providing services and products like Bai salma, Hiba, Istisna, Ijrah, Musharkah, Qarzul Hassan, sakuk and takaful, will also be taken into account.Other most important benefit of online or virtual Banking is it never closes down as a physical bank branch does and it will provide all the functionalities of a bank on a single platform. Furthermore, this project will establish an interactive and user friendly web application to support the account holder in transactional and non-transactional activities that a bank provides in an Islamic way

Goals and Objectives

The main objective of the proposed solution is to be automated the various functions and activities of the bank through Internet. The Bank will have Shariah compliant services and products, which means that all types of financing and investment will be interest free and all the product and services will derived from Islamic banking principles, All leasing, investment, loans and other services will be practices under Islamic banking Main outcome of the system will be an application which could do transactions and provide all other facilities which a bank provides in a cost effective way and 24/7.

Features of virtual bank will be

Proposed system has the following conventional baking procedures Balance Enquiry: Customer can view his updated balance from online service anytime. Funds Transfer: Customer can transfer funds from his account to any other account in the same bank. Create/Add Account: Administrator can create an account to provide services of internet banking. Customers are provided with a username and password. They can visit the sites and login into their accounts. Customers are provided with a common username and password for all his accounts. Administrator Administrator can perform all the functions that can be done by customers except online fund transfer. Deposit / withdraw of funds. Deposit and withdraw funds will done at time by online service Online payment of bills. Payments of utility bills will be done online thorough user account Viewing Monthly and annual statements. Statement of account will be generated to view all transactions conducted Services / products There will be an independent Section for investment, financing and others services that would be compliant with Islamic Shariah and will derived from Islamic banking principles

An account holder can perform non-transactional tasks through online banking such as
Funds transfers between the customer's linked accounts Paying third parties, including bill payments Investment purchase or sale Loan applications and transactions Transaction approval process