ISRA Consulting grants Shariah compliance certificate to ABABIL Islamic CBS of Millennium Information Solution Limited

Millennium Information Solution Limited (MISL) and ISRA International Consulting Sdn Bhd  (ISRA Consulting) signed an agreement on November 28, 2019 for ISRA Consulting to undertake review of Millennium’s Ababil Islamic Core Banking Solution on Shariah compliance.

MISL is a Global Software solution provider with over two decades of experience in designing, developing, deploying and marketing software suites for enhancing business process and efficiency.

Ababil of Millennium is a powerful core banking system specifically built from the ground up to support Shari’ah banking operations. It is truly geared to address region-specific Islamic banking requirements. Unlike other core banking systems, Ababil is built from scratch around Shari’ah guidelines and standards and is determined to be concordant with the Islamic finance directives.

The objective of the Shariah review was to conduct an independent assessment of the modules of Ababil and to provide a written confirmation to MISL that the modules are in line with Shariah.

In conducting the Shariah review, ISRA Consulting primarily relied on international standards, which include but are not limited to:

  1. Shariah, accounting, auditing and governance standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
  2. Shariah standards issued by Bank Negara Malaysia (BNM)
  3. Shariah resolutions of the International Islamic Fiqh Academy (IIFA) of the Organisation of Islamic Cooperation (OIC)
  4. Shariah resolutions of the Muslim World League (MWL) Fiqh Academy
  5. Guiding Principles on Shariah Governance Systems for Institutions offering Islamic Financial Services issued by the Islamic Financial Services Board (IFSB).

Pursuant to ISRA’s extensive review process of the Deposit Module, Investment/Financing Module, and Profit Distribution Module of Ababil, ISRA are of the view that the modules are substantially compliant with the principles of Shariah.

As per ISRA’s pronouncement Ababilis also capable of catering to the needs of different jurisdictions and of being amended as per the Shariah resolutions applicable to their user banks.

About ISRA Consulting

ISRA Consulting was established by the International Shari’ah Research Academy for Islamic Finance (ISRA) to offer extensive and comprehensive consultancy services in advisory, research, training and translation in the areas of Islamic finance and Shari’ah. ISRA Consulting is manned by renowned international and local Shari’ah experts and supported by a team of experienced senior researchers and exemplified professionals. ISRA Consulting has been voted as the best Shariah Consultancy Firm in the 2019 Islamic Finance News (IFN) Award.