The information from the report of Gartner 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, 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.

In particular, results from two surveys have been used in writing this report:

• The 2010 Islamic Banking Survey is a global study run across 13 leading IBS providers that account for 82% 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% of the total market share in IBS spending were included in this update. This survey update was conducted in January 2011.


• More than 300 Islamic banking deals have been monitored and tracked by Gartner during the past five years. Key contract metrics have been analyzed for more than one-third of these deals and have allowed Gartner to better define the market and its behaviors.

Millennium has been designing, developing and deploying this product for last 14+ years. They were able to secure the following banks where the product is in use:

• 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)

The first version of this product (a branch banking solution) was deployed initially for the largest Islamic Bank of Bangladesh in 1998 in their 100+ branches. Ababil was the first centralized Core Banking System designed, developed and deployed in Bangladesh. The product went through major technological evolution since its inception before it became a new generation Core Banking Solution. On the other hand, its business logic attained maturity through the inputs of several world renowned shariah scholars as well as seasoned bankers in home and abroad.