Millennium Information Solution - Ababil - Islamic core banking solution | Millennium Integrated Islamic Banking Solution (MIIBS)
Overview:
Since 2001, Millennium Information Solution Ltd. (Millennium) has established itself as a consistent and reliable software company through its commitment and dedication towards quality, innovation and customer satisfaction. The company specializes in software solutions that provide competitive advantage by improving decision-making process and enhancing business performance of customers.
Millennium's main services are:
- Software design, development, testing and maintenance services
- Enterprise Application Integration (EAI) using .Net (C#), ASP .Net, Oracle 10g (DS)
- Business Intelligence Solutions with Data Warehousing and Data Mining.
- Corporate Web Portal development with e-commerce facility (LAMP, J2EE etc.)
Millennium design and develop the Ababil Islamic banking software. Ababil provides a complete end-to-end solution for Islamic Banking. Ababil is a fully Shariah-complaint centralized core banking solution, implementing true Shariah principles for all banking transactions. The journey of this application started with its implementation in Islami Bank Bangladesh Ltd. (the biggest private sector bank in Bangladesh). By early 2010 it was being used by Al-Arafah Islami Bank, AB Bank, City Bank, Social Islami Bank and Agrani Bank (a state-owned commercial bank) plus one non-banking financial institution, Hajj Finance Company Ltd. Two completely Islamic banks were operating their banking operations totally by Ababil, and three other conventional banks are doing their Islamic branch-banking operation in their different branches.
Another very robust and successful software developed by Millennium is Sylvia, which provides a comprehensive HRMS solution including payroll, gratuity, provident fund, promotion, transfer, etc. Millennium is a gold partner of Oracle in Independent Software Vendor (ISV) category.
Products: Ababil integrated, online Islamic banking software
Ababil is a fully Shariah-complaint centralized core banking solution. The system is the flagship product of Millennium which caters to the needs of banks everywhere operating on Islamic Shariah principles. The strength of Ababil is its focus on Shariah-compliant banking - is not sold to conventional bank to maintain its focus toward Islamic banking.
Ababil is an Islamic Shariah-compliant solution, not a by-product of a conventional banking application. The strength of Ababil lies is the fact that the Shariah-based business logic of this product gained maturity with the involvement and input of Sharia Scholars from home and abroad, renowned bankers and field-level users since the inception of the product. It also became robust through repeated field tests.
The main engine of Ababil was designed from the ground up as an Islamic Sharia-complaint solution. Islam prohibits paying and receiving interest (Riba) in any of its financial transaction. On the other hand, the productivity of capital is recognized. As a consequence, providing capital for an economic activity and sharing the resulting profit or loss as well as charging a higher price for deferred payments in trade is permitted in Islam.
In principle, this opens the way to two concepts:
- profit and loss sharing schemes and
- financing techniques based on permissible profits from trade.
( for more information see Millennium Information Solution)
Platform:
.NET/Oracle
Clients:
AB Bank, Bangladesh
Agrani Bank, Bangladesh
Al-Arafah Islami Bank Ltd (AIBL), Bangladesh
City Bank, Bangladesh
Hajj Finance Company Ltd
Social Islami Bank Limited (SIBL), Bangladesh
Contact:
Head Office:
Millennium Information Solution Ltd.
Azad Centre (15th Floor),
55 Purana Paltan, Dhaka-1000
Bangladesh
Tel: +88029514570-71
Fax: +88029514572
eMail: info@mislbd.com
Website URL: www.mislbd.com
