Central Invoice Record and Validation System software is developed to help participation banks for tracking the main features of the Islamic banking, for taking records of various service components provided by these banks centrally and for preventing repeating or fictious transactions. The system is a service-based platform, which works integrated with core banking software of participation banks, where search and registration processes are managed. Since the platform has access to the records of all participation banks in the system, it prevents a financial application from exceeding the amount of money in an invoice with repeated applications by using the same invoice. It also provides the information about total amount of funds that can be used jointly by all the participation banks in the system while keeping the information about share used by a given bank anonymous.

Benefits:

-It prevents a financial application from exceeding the amount of money indicated in an invoice, submitted during the application process, with repeated applications by using the same invoice.

-It integrates core banking software used by each participation bank in a single Invoice Registration System.

-It provides solid ground for participation banking by helping the banks to liquidate their financial receivables safely and fast.