UAE - Mubasher: Bangladesh's Millennium Information Solution, a software company in the banking and finance industry, has recently opened its global office at the Dubai Internet City to support the $2.5 trillion (AED 9.1 trillion) global Islamic finance sector, according to a press release on Sunday.

This step comes in line with the global expansion of the Islamic banking sector, as Islamic finance assets are expected to record $3.9 trillion (AED 14 trillion) by 2023, up from $2.2 trillion (AED 8 trillion) in 2016, Reuters reported.

Meanwhile, Sukuk issuance is forecast to grow to $115 billion in 2020, despite the current coronavirus (COVID-19) crisis, according to credit rating agency Standard & Poor’s (S&P).

Millennium has launched its international operations in the Dubai Internet City, an information technology park, to meet the needs of the Islamic banks and financial institutions to adopt a more advanced artificial intelligence-powered core banking system that can cope with the new fintech solutions.

The CEO of Millennium Information Solution, Mahmud Hossain, said: "That’s why we have set up our international operations at the Dubai International City to approach the majority of the Islamic banks and help them migrate to our state-of-the-art core Islamic banking system – Ababil – a game-changing solution for the Shariah-compliant banking sector."