Millennium launches international operations in Dubai

By Edil Corneille

Dhaka-based Millennium Information Solution, a core banking solutions provider for the global Islamic finance sector, has recently launched its international operations at the Dubai Internet City. The move comes as the global Islamic banking sector continues to defy the downward trend and expands its global presence, as mentioned by the company.

“With the Fourth Industrial Revolution disrupting the financial sector, the Islamic banks need to migrate to the new-generation core banking solutions that could synchronise with the new fintech solutions without disrupting the overall banking system,” Mahmud Hossain, Chief Executive Officer of Millennium Information Solution FZ-LLC (MISL).

“That’s why, we have set up our international operations at the Dubai International City to approach majority of the Islamic banks and help them migrate to our state-of-the-art core Islamic banking system – Ababil – a game-changing solution for the Shariah-compliant banking sector.

“We believe, most of the existing core banking systems will become obsolete with increased fintech disruption and banks will have to migrate to the next-generation systems in the next 3-5 years. Those who fail to do so, will lose the race and lose business in the more competitive financial world.”

Ababil, which has been implemented in 500 branches of 14 banks and non-banking financial institutions (NBFIs), is an end-to-end advanced core-banking solution for Islamic banking that covers all areas of Shariah-compliant banking. The main engine of Ababil was ground up designed as an Islamic Shariah compliant solution, not a by-product of a conventional banking application. Ababil is tested at IBM’s Bangalore Laboratory and backed by Oracle RDBMS and Open platforms.

Ababil is the flagship product of MISL and has upgraded its product suites to cater to the future needs of the Islamic banks using technology platforms such as Java micro services and Kafka. The product offers a wide range of software solutions to Islamic banks and Islamic financial institutions in order to tackle all their operational requirements. Ababil’s integrated front and back office system comes with a comprehensive solution package along with the ability to provide modular Islamic banking solutions that address all business functionalities of the client banks and financial institutions.

The solution suite of Ababil includes full support to various functions, some of which includes corporate and retail banking, investment banking, financing origination system, customer information file (CIF), trade finance, treasury management, agent banking, offshore banking, profit distribution, accounting & MIS, payroll, drilled down reporting, etc.

In addition to Ababil, MISL is also promoting its latest human resources solution Sylvia and risk-based auditing solution Tahqiq – to the banks and businesses in the Middle East, Africa, and Central Asian countries.