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Millennium Presents Islamic Banking Software 'Ababil' to Shariah Scholars in Pakistan
 
 
July 26, 2005

Millennium Information Solution Ltd's (Millennium) Islamic Banking Software 'Ababil' was recently demonstrated to a group of world-renowned Islamic Shariah scholars and Islamic bankers in Pakistan. Former chief justice (Shariah) of Pakistan Mufti Muhammad Taqi Usmani was the moderator of the session.

Earlier, Usmani along with Muhammad Zubair Usmani and Muhammad Imran Ashraf Usmani had a meeting with a four-member Bangladeshi team including Vice Chairman of Central Shariah Board for Islamic Banks of Bangladesh Abdur Rahman, Secretary General of Central Shariah Board for Islamic Banks of Bangladesh Md Mukhlesur Rahman, Millennium Managing Director Mahmud Hossain and Millennium Director Shaheen Hossain.

Exchange of views took place both during the demonstration and at the meeting regarding the need for Shariah compliancy of Islamic banking software and the Shariah compliancy of 'Ababil' particularly in the Islamic banking.

Taqi Usmani, who possesses profound knowledge and authority in this area in global perspective, appreciated the effort of the Millennium in designing and developing the Ababil.

He also provided valuable inputs and suggestions to make the Ababil universally accepted Islamic banking software.

This is because there are serious needs for state of the art Islamic banking software in the global market requiring Shariah compliancy. The commonalities and certain differences among countries in Islamic banking practices and software implementations were also discussed in details by the participants.

Advisors and representatives attended the demonstration and discussion session from different banks including Standard Chartered, Meezan Bank, Al Baraka Islamic Bank, Habib Bank AG Zurich, Muslim Commercial Bank and Bank Islami Pakistan Ltd.
 
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