Mifos currently uses Java properties files for i18n (a monolingual format). The folks in #pootle highly recommended the gettext .po (portable object) format (a "bilingual" format) over Java properties. PO is very mature and has a rich toolset. "alaa" in #pootle recommended http://code.google.com/p/gettext-commons , for instance.
Not started.
Please email the mifos-developer list or contact Adam Monsen (Unlicensed) on IRC if you are interested in helping on this project.
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~8 hrs
Java programming, scripting.