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Millennium launches global operations in Dubai

AI-powered system for the USD2.5tr global Islamic finance sector

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Millennium Information Solution FZ-LLC (MISL), a well-reputed core banking solutions provider for the USD 2.5 trillion global Islamic finance sector, has launched international operations at the Dubai Internet City.

Global Islamic financial assets reached USD 2.5 trillion in 2018, of which Islamic banking assets represents 70 percent, or USD 1.72 trillion. Sukuk issuance is expected to grow to USD 115 billion in 2020, despite the current crisis, according to credit rating agency Standard & Poor’s.

The move comes as the global Islamic banking sector continues to defy the downward trend and expands its global presence. According Thomson Reuters, Islamic finance assets are expected to reach USD 3.9 trillion by 2023, up from USD 2.2 trillion in 2016, despite the COVID-19 pandemic.

Islamic banks with strong Shariah compliance and real asset-backed lending have emerged stronger after every financial crisis that has exposed the weaknesses of the conventional banking systems.

Islamic banks and financial institutions, however, will need to migrate to a more advanced artificial intelligence-powered core banking system that can cope with the financial technology-enabled products and solutions that are disrupting the banking and payment systems globally.

Ranked as one of the top ten Islamic institutions, MISL is one of the leading software companies with two decades of market presence in the Islamic banking and finance industry. MISL brings together the talent and market potential of a group of dedicated software and business professionals led by specialists in the fields of Information Technology and Islamic Finance.

With its international operations based in the Dubai Internet City, MISL is ready to expand its suites of core banking solution Ababil, human resources solution Sylvia, and risk-based auditing solution Tahqiq to the banks and businesses in the Middle East, Africa and Central Asian countries.

Ababil, which has been implemented in 500 branches of 14 banks and non-banking financial institutions (NBFIs), is an end-to-end advanced core-banking solution for Islamic banking that covers all areas of Shariah-compliant banking. Ababil, which is tested at IBM’s Bangalore laboratory and backed by Oracle RDBMS and Open platforms, is used by some of the major Islamic banks and Islamic financial institutions.