A new generation Islamic Banking Software solution
Ababil is a fully sharia-compliant core banking Solution, which has been perfected over two Decades through continual improvement and innovation and now currently serving several major financial institutions.
A New Generation Islamic Banking Software Solution
A new generation Islamic Banking Software solution
Ababil is a fully sharia-compliant core banking Solution, which has been perfected over two Decades through continual improvement and innovation and now currently serving several major financial institutions.
Our Journey with AbabilNG
First Implementation of Banking Software
We have started streamlining core banking operations
Core Banking Solution (CBS)
We implemented our first version of Core Banking as a Desktop based System.
Web based CBS
With emergence of Internet, we have shifted our services from Desktop based to Web based System.
Trade Finance
Introduced to support banks in managing trade-related products.
Treasury Management
To manage and optimize the bank’s assets, liabilities, and cash flow, ensuring financial stability.
Offshore Banking
To cater to international clients and facilitate offshore banking services for global financial operations.
Microfinance
Introduced to support small businesses and underserved sectors by providing easy access to financial services.
Internet & Mobile Banking
To meet the growing demand for online and mobile banking
SWIFT Middleware
Introduced to ensure secure and efficient international financial messaging for cross-border transactions.
Agent Banking
Launched to extend banking services to remote areas through authorized agents, increasing financial inclusion.
Remittance Management System
Developed to manage international remittance processes.
Mobile Application
With emergence of Smart Phones we introduced mobile banking apps to enhance customer experience and compliance.
- Ababil NG
Next-generation version of the Islamic CBS to incorporate modern banking requirements with latest technologies.
Why Chose Ababil NG
01
Complete Core Banking Solution Suite
A comprehensive Core Banking Solution designed to handle all aspects of banking operations, ensuring efficiency and scalability.
02
Full Shariah Compliance
Abides by Islamic financial principles, ensuring all operations and transactions align with Shariah laws.
03
Custom-Built In-House System
Built and customized internally, for last 2 decades, allowing for greater control over the system’s development, security, and updates.
04
Input from scholars & Industry Specialist
Designed with insights from Islamic scholars and industry professionals to ensure both compliance and innovation.
05
Performance Benchmark by IBM
Tested and benchmarked by IBM for high performance and reliability, guaranteeing smooth and uninterrupted operations.
06
Oracle, Java & Open Platform
Leverages modern technology stacks such as Oracle and Java, providing flexibility, scalability, and compatibility with various systems.
07
Unparallel support Service
Offers round-the-clock support to ensure your banking operations run smoothly without any interruptions.
08
Global Standard & Compatibility
Engineered for compatibility with international banking standards, allowing seamless operations across borders.
09
Seamless Integration Compatibilities
Designed to integrate effortlessly with other banking and financial systems, enhancing operational functionality.
Ababil is a fully sharia-compliant core banking Solution, which has been perfected over two Decades through continual improvement and innovation and now currently serving several major financial institutions.
Islamic Core Banking Solution
At Millennium, we’ve revolutionized Islamic banking with Ababil NG, our new-generation Shariah-based core banking solution. Built on a Java-based microservice architecture, Ababil NG is designed to enhance consumer experience while meeting Central Bank regulations. With over two decades of industry expertise, Ababil NG addresses the unique needs and pain points of modern banks.
Islamic Agent Banking Solution
Ababil Agent Banking Module provides limited scale banking and financial services to the underserved population through engaged Agents under a valid Agency Agreement, rather than a Teller/Cashier. This Module allows cash deposit, cash withdrawal, remittance collection, and fund transfer facilities, amongst a host of other features.
Internet Banking & Mobile Application
Ababil Internet Banking & Mobile Application allows Banks to tap into a country’s unbanked population by providing mobile based financial services such as cash deposit, withdrawal, fund transfer, merchant payments, business to business, person to business payments, utility bill payments and mobile top up services. These features have been proven to be very useful for accessing the poor and rural people of a country.
Offshore Banking Solution
Ababil Offshore Banking Unit (OBU) is a specialized solution designed to meet all offshore banking requirements while seamlessly integrating with a bank’s Core Banking System. An OBU handles financial activities in currencies other than the local currency of the country where the bank is located, often providing financial and legal advantages. Ababil OBU supports key features like Usance Payment at Sight (UPAS), Multi-Currency Deposit Balance (MDB), and Qualified Foreign Currency Deposit (QFCD), offering comprehensive offshore banking services alongside the robust functionality of Ababil Islamic Core Banking Solution.
SWIFT Middleware
Ababil SWIFT Middleware Solution, designed to optimize SWIFT message management for banks. Our solution integrates seamlessly with core banking systems, automating the generation, routing, parsing, and reading of SWIFT messages. This integration eliminates the need for dual data entry, reducing costs and saving time. With features like unlimited user creation, cost-effective BIC management, and automatic message archiving, Ababil SWIFT Middleware minimizes the risk of SWIFT NAKs (Negative Acknowledgements) and helps avoid costly penalties. Experience streamlined operations and enhanced efficiency with our comprehensive middleware solution.
Islamic Microfinance Solution
Ababil Islamic Microfinance follows the Islamic Microfinance concepts to allow financial and non- financial institutions to provide economic stability to the poor. Under the Mudaraba mode of financing, this module can greatly enhance an organization’s capability to handle its Group of companies/business units/subsystems.
Trade Finance Solution
Trade finance has long been crucial for facilitating international commerce by providing banks’ financing facilities to connect merchants with domestic and global markets. Ababil enhances this process with a range of Shariah-compliant Islamic Trade Finance products. These include issuance and advising of letters of credit (L/C), handling of bills receivable, trust receipts, and banker’s acceptances. Additionally, Ababil offers export financing solutions for both pre- and post-shipment needs, with direct integration for Murabaha and Musharakah investments, as well as various banker’s guarantees like performance and tender guarantees. This comprehensive suite supports diverse trade activities while ensuring adherence to Shariah principles.
Treasury Management Solution
Ababil Treasury Management, an integral part of the Ababil Banking Solution, offers seamless integration with Core Banking, Financial Reporting, and Capital Markets. It provides comprehensive features for real- time deal capture, limit monitoring, and flexible profit calculations, along with a Maker-Checker process for transaction validation. The system supports front-office operations with individual dealer logins, real- time limit monitoring, and deal management, while the back office handles settlement instructions, trade confirmations, regulatory reporting, and SWIFT message processing. It also facilitates foreign currency dealing with automatic revaluation and various deal entries, and local currency dealing through money market transactions, Islamic bonds, and efficient Nostro fund management with automated accounting entries.
Remittance Management
Ababil Remittance Management System (RMS) is a sophisticated, integrated solution designed to streamline the handling of foreign remittances in conjunction with Core Banking Solutions. It enables banks to efficiently collect and process remittances from international exchange houses via SWIFT/EFTN, file booking, web booking, and API integrations. RMS automates transaction processing, manages remitter and beneficiary information, and supports disbursement through various channels and third- party agents. Key features include seamless multi-currency conversion, real-time data validation, configurable incentive facilities, and dynamic operational management. RMS enhances transaction speed, reduces manual effort, and provides comprehensive reporting, making it a robust solution for efficient and secure remittance management.
Real Time Gross Settlement (RTGS)
Ababil RTGS (Real-Time Gross Settlement) System offers a robust platform for the continuous, real-time processing and settlement of fund transfers. It features centralized queuing of payments pending fund availability, comprehensive monitoring of account balances for the Central Bank and participating institutions, and effective credit and intra-day liquidity management. The system ensures secure payment and message transmission through SWIFT services and supports interactive communication for monitoring and queue management. Additionally, it operates as a multi-currency system and provides a complete audit trail, recovery options, and detailed reporting facilities.
Electronic Fund Transfer Network (EFTN)
Ababil EFTN Module streamlines the electronic transmission of payments between banks, minimizing fraud risks and reducing transaction costs. Key features include management of originated EFT files, import file list generation, and electronic funds transfer capabilities during billing. The module provides detailed reports on unsuccessful credit card authorizations and NSF (Non-Sufficient Funds) checking accounts, and it validates checking and savings bank routing numbers using Automated Clearing House (ACH) rules.
SUKUK Management
Ababil-Sukuk is a comprehensive solution that enables institutions to participate in every aspect of sukuk issuance and trading. It supports full portfolio management, allowing institutions to act as investors, manage separate legal entities (SPVs), and handle subscriptions and secondary market operations. Key features include diverse profit distribution methods, flexible profit accrual options, high-performance portfolio management with real-time trade execution, and detailed dashboards providing investment status summaries. This system ensures effective and efficient management of sukuk assets while adhering to Shariah principles.
Financial Risk Management
Ababil Financing Risk Management System (AFRIMS) streamlines the entire financing process, from customer finance application to disbursement, ensuring a smooth and efficient digital journey with quick time-to-approval. Designed for flexibility, AFRIMS caters to the diverse needs of large corporates, SMEs, and retail or consumer financing. Built on a scalable platform, it allows for the creation and maintenance of financing origination workflows without the need for coding or IT support. This comprehensive solution unifies customer onboarding, financing origination, process workflows, risk assessment, decision-making, and all related financing administration.
Modules of Ababil
Modules
Key Modules
Ababil’s key modules are tailor-made to enhance Sharia banking with features supporting risk management, customer service, and product customization. These modules streamline operations, enabling swift deployment of competitive Sharia-compliant products.
Customer Overview
Provides a 360-degree view of customer information, including their assets and liabilities.
Search and Filtering
Allows users to search for customers using various criteria, including NID, mobile number, email, and occupation.
Account Management
Facilitates minor account opening with guardian details, group customer creation, and categorization of customers for priority services.
User Defined Fields (UDF):
Users can create new fields as needed.
Document Management
Configurable document type settings, file upload capabilities, and details on sources of funds.
Customer Management
Features include customer suspension, blacklisting, and an audit trail interface to monitor user activities.
Product Setup
Supports multi-currency products, customer-type-specific products, and branch/business unit-specific products.
Account Services
Offers services like auto encashment, memo pad entries, account freezing/unfreezing, and minimum balance restrictions.
Bulk Operations
Includes facilities for bulk account closures, dormant account management, and cheque requisitions.
KYC Compliance
Integrated with updated Bangladesh Bank guidelines for KYC and features for customer profile completion
Audit and Compliance
Includes an audit trail interface for user activity monitoring.
Product and Account Level:
- Configurable profit calculation, auto-closing of installment-based accounts, and mark-up profit charging.
- Supports account creation without sanctions, flexible configuration for early settlement charges, and multi-currency support.
Transaction Level:
- Features back-dated transactions, multi-currency disbursements, and automatic profit accruals.
Rescheduling and Restructuring:
- Facilitates single or multiple account rescheduling, flexible tenure adjustments, and profit/rent rate changes.
Closing:
- Includes forward-date closing projections and auto-closing features.
Sanction Limits and Collateral:
- Allows collateral tagging, mapping financial obligations, and automatic lien on financial obligations.
Comprehensive Shariah Compliance
- Ensures the spirit of Shariah in profit distribution through various profit calculation methods (pre-agreed ratio, weightage method, provisional rate).
Operational Efficiency
- Reduces operational risk, ensures data accuracy, and provides related MIS reports.
Multi-Currency Support
Allows selection of GL account types, status configuration, and transaction activity mapping.
Audit Trails
Monitors user activities with time stamps and includes features for position account GL configuration.
Dashboard and Limits
Offers an exclusive dashboard for currency and teller limits, transaction history, and sidebar for faster operations.
Transaction Management
Offers services like auto encashment, memo pad entries, account freezing/unfreezing, and minimum balance restrictions.
Bulk Operations
Includes facilities for bulk account closures, dormant account management, and cheque requisitions.
KYC Compliance
Integrated with updated Bangladesh Bank guidelines for KYC and features for customer profile completion
Audit and Compliance
Includes an audit trail interface for user activity monitoring.
Key Modules
Ababil’s key modules are tailor-made to enhance Sharia banking with features supporting risk management, customer service, and product customization. These modules streamline operations, enabling swift deployment of competitive Sharia-compliant products.
Customer Overview
Provides a 360-degree view of customer information, including their assets and liabilities.
Search and Filtering
Allows users to search for customers using various criteria, including NID, mobile number, email, and occupation.
Account Management
Facilitates minor account opening with guardian details, group customer creation, and categorization of customers for priority services.
User Defined Fields (UDF):
Users can create new fields as needed.
Ababil is Certified
with Leading Islamic Finance Standards
Millennium’s Flagship product Ababil fulfills Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Guidelines in maintaining Sharia compliance in accounting, auditing, and governance. Also it meets the compliance of International Islamic Fiqh Academy (IIFA) under the Organization of Islamic Cooperation (IIFA, OIC) that helps Ababil align with the latest Sharia rulings on financial matters. Following Muslim World League (MWL) principles we can assure that it supports Ababil in upholding global Islamic finance standards and ethical practices. With guidelines from Islamic Financial Services Board (IFSB) Ababil has met international benchmarks for stability, transparency, and Sharia compliance.
Bangladesh based Banking Clients of Ababil
Ababil pleasure to work with
Our upcoming Product
Ababil Microfinance in Cloud offers a robust, Shariah-compliant solution tailored for Islamic-based NBFIs and microfinance providers. Hosted on the cloud for unmatched scalability and reliability, it features essential modules like Mudaraba Deposit and Murabaha Financing, with plans for AI-based credit scoring in future updates.
Our subscription model is affordable at just $1 per account monthly, with options for premium feature upgrades. Through seamless cloud migration, we ensure smooth transitions, empowering institutions to efficiently manage their operations and scale with ease, backed by the competitive advantage of full Shariah compliance.
Our upcoming Product
Global Acclamation of Ababil Islamic Core Banking Solution
Throughout 25 years in IT Industry, Millennium has won numbers of Prestigious Awards and Acclamation for its world class flagship product Ababil.
What we Achieve as a Software Industry
