وأحل الله البيع وحرم الربوا …
“…they say: trade is like riba (usury), but Allah has permitted trading and forbidden riba...” (2:275)
In principle, this opens the way to two concepts:
- Profit and loss sharing schemes
- Financing techniques based on permissible profits from trade.
Following the principles of Islamic Shariah, we have come a long way to promote Islamic Finance through our integrated solutions. We are Millennium Information Solution Limited, and this is the story of Ababil.
The unique strength of Ababil is the fact that Islamic Shariah based business logic of this product gained maturity with the involvement and input of Shariah 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 ground up designed as an Islamic Shariah compliant solution, not a by-product of a conventional banking application.
In line with today’s economic growth, Ababil has seen continuous improvements in the way Islamic Finance is implemented and improvised. Today, Ababil is used by some of the major Islamic Banks and Islamic Financial Institutions operating in Bangladesh. Through Ababil, we believe we can help reduce the gap between rich and poor, ensure fairness within the economy and help the society to prosper with the implementation of proven Islamic principles.
Ababil offers wide range of software solutions to Islamic banks and Islamic financial institutions in order to tackle all their operational requirements. Ababil’s state-of-the-art technology, highly integrated front and back office system comes with a comprehensive solution package along with the ability to provide modular Islamic banking solutions which addresses 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 & 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.
This is not just a software…This is an idea that will yield excellence in financing.