Ababil, a flagship product of Millennium Information Solution, one of the leading software companies of the country, has been ranked 9th best Islamic Banking Solution (IBS) recently in the coveted ranking list of Gartner Inc., an information technology research and advisory firm based in USA, says a press release.
Gartner ranked the Ababil through its recent independent study.
The information from Gartner’s report was supplemented by several sources, such as previous Gartner research studies, anecdotal evidence from client inquiries with vendors and end users, the results of two dedicated surveys- The 2010 Islamic Banking Survey and the 2010 Islamic Banking Update Survey- and the analysis of more than 300 Islamic banking deals signed in the past five years. It was also tested through Gartner’s usual rigorous peer review process.
The 2010 Islamic Banking Survey is a global study that ran across 13 leading IBS providers that account for 82 per cent of the market share in IBS spending. This survey ran in early 2010.
The 2010 Islamic Banking Update Survey is the annual update of the previous global study to reinforce the view of the market and the positioning of the IBS providers. Fourteen leading IBS providers that account for 85 pre cent of the total market share in IBS spending were included in this update. This survey update was conducted in January 2011.
Furthermore, Gartner monitored and tracked over 300 Islamic banking deals in past five years. Key contract metrics have been analysed for more than one-third of these deals and have allowed Gartner to better define the market and its behaviors and hence the Ababil’s ranking.
Millennium has been designing, developing and deploying this product for last 14 years. Well established banks likes Al-Arafah Islamic bank, Social Islami Bank, The City Bank (for Islamic banking operation “Manaraah”), AB bank Ltd. (for Islamic banking operation), Agrani Bank Ltd. (for Islamic banking operation), Hajj Finance company Ltd (NBFI, A joint venture between Malaysia and Bangladesh) are using its products.
Ababil is the first centralised Core Banking System designed, developed and deployed in Bangladesh. And the first version of this product (a branch banking solution) was deployed initially for the largest Islamic Bank of Bangladesh in 1998 at their over 100 branches.