AB Bank to use 'Ababil' software to provide Islamic banking services

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FE Report
AB Bank Limited signed a contract with Millennium Information Solution Ltd (Millennium) for implementation of Sharia-based Online Islamic Banking Solution - Ababil Thursday.
Under the agreement, AB Bank will manage operations of Sharia-based online banking for all of its Islamic Banking clients through Ababil, one of the best available Sharia-based Islamic Banking software products in Bangladesh.
The service will be available initially from 10 branches and eventually will cover all of the branches of AB Bank.
"We are optimistic that AB Bank will be the pioneer in offering online Islamic Banking service through all of its branches within next few months in Bangladesh in a cost-effective way," Millennium's CEO Mahmud Hossain said.
President and managing director of AB Bank, Kaiser A Chowdhury and chief executive officer of Millennium Information Solution Ltd, Mahmud Hossain signed the agreement on behalf of the respective companies in a ceremony held at the head office of AB Bank in the city.
The new generation Islamic Banking application of Millennium is online and fully integrated with internet, automated teller machine (ATM) and mobile banking facility.
Kaiser A Chowdhury, during the signing ceremony, said the bank is always ahead with technology to provide superior customer service.
He expected an improved revenue contribution by its Islamic Banking wing through this centralized automation.
The ceremony was attended by the Head of IT, executive vice president (EVP) and many other senior officials of AB Bank.
Millennium's directors and senior managers were also present in the signing ceremony held at the conference room of the AB Bank head office in the city.
Millennium has specialisation in software solutions that provide competitive advantage by improving decision-making process and enhancing business performance of customers.
Millennium is a pioneer in software solutions for Shariah-compliant banking products and services.
Ababil is one of the flagship products of Millennium Information, which provides complete solution for Islamic banking which thrive all over the world, said the company's CEO.
"As the growth in Islamic banking and finance is occuring in Malaysia, Pakistan, Bangladesh and the Gulf, we see a strong growth in demand for Islamic financial software in these regions," Mahmud Hossain said.
Ababil includes the Shariah-based banking modules related to customer information system, al-wadia and mudaraba deposit (savings and checking account management), term deposit, general ledger, various schemes and products like deposit pension scheme, inland remittance and inward/outward bills collection.
The other modules of Ababil are trade financing and foreign exchange operation, investment, vault management, internet banking and ATM.