g
Head office: Azad Center, 15th Floor, 55 Purana Paltan, Dhaka 1000, Bangladesh Tel: +880 2 951 4570, +880 2 951 4571 Email:
info@mislbd.com or
jit@mislbd.com Other offices: None Website:
www.mislbd.com Contact: Jit Seneviratne (business development officer) Founded: 1996 Ownership: Private limited company Number of staff: 70
a software service provider in Thailand. The two firms also agreed to pursue joint projects, whilst Mustang was set up to promote Ababil in the Thai market. To date it seems this relationship has yet to prove fruitful on the system sales side. The system offers an extensive range of specific Shari’ah modules for general banking, investments, term deposits, trade finance, foreign exchange, and a range of other schemes and products. In addition, some enhancements to the Islamic banking functionality were released towards the end of 2007. These included products for two-tier Mudarabah (investment and financing), an Islamic treasury management system and special Mushakarah. The vendor said it was looking to introduce an Islamic credit card, too. From a technology perspective, the system is based on Microsoft .Net with an Oracle RDBMS database and .Net C# development platform. The general expectation that other Bangladeshi banks would start to establish Islamic branches looked as though it could bring additional demand for Ababil. Indeed, in 2007 the vendor claimed a win at Arab Bangladesh Bank (AB Bank), the first private sector bank in the country, set up with Dubai Bank in UAE. It took Ababil for an Islamic branch in the province of Dhaka. AB Bank initially took all Islamic modules. The deal was accompanied by Equation and Trade Innovation software from Misys. Towards the end of 2007, there was an extension,
with the bank signing with Millennium for ten branches as it sought to extend its Islamic banking. Agrani Bank and Social Islami Bank Limited (SIBL) have since followed suit. The former became the first state-owned commercial bank in Bangladesh to offer Islamic banking services while SIBL signed up for the solution in the second half of 2009 for its head office and 64 branches across the country. SIBL went live in mid-2011. Aside from Millennium’s connection with Mustang in Thailand, it has been broadening its horizons elsewhere, regularly attending the Gitex exhibition in Dubai. The company also said it was eyeing sites in Pakistan and held a presentation in Indonesia with local partner, Pratesis, to ten banks and a number of Shari’ah scholars. However, there are no known clients of Ababil outside of Bangladesh to date. In fact, it has been a busy domestic market over the last few years, with a flurry of bank entrants, seemingly prompted by economic growth combined with a large unbanked population and the ability to reach these via mobile, for which there has been a big take-up by banks in the country. The international vendors piled in, often with local partners, and gained much of the business but Millennium, along with fellow domestic vendors, Leadsoft, gained some pickings.
Union Bank, an Islamic start-up, selected Ababil in May 2013, after it received its banking licence from the central
Islamic Report
www.ibsintelligence.com 159
company details
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