TO OF ISLAMI BANK BANGLADESH

Company Introduction for Islami Bank Bangladesh Ltd (IBBL)

Islami Bank Bangladesh Ltd (IBBL) is a leading private commercial bank in Bangladesh, operating under Islamic Shariah principles. Established in 1983, it was the first Islamic bank in Southeast Asia. IBBL offers a comprehensive range of banking products and services, including deposit accounts, financing schemes, foreign exchange, and treasury operations, catering to individuals, businesses, and corporations across the country. The bank is committed to socio-economic development through its ethical banking practices.

Regarding its business type, Islami Bank Bangladesh Ltd is a financial institution, specifically a commercial bank. It is neither a factory nor a trading company. Its primary function is to provide financial services rather than manufacturing goods or engaging in the direct trade of commodities.

Islami Bank Bangladesh PLC is a pioneer Islamic banking institution in Bangladesh. As a financial institution, it does not manufacture physical goods, but rather designs, sells, and distributes a wide range of Shariah-compliant financial products and services.

Below are the primary products and services offered by Islami Bank Bangladesh PLC:

Deposit Products

1. Al Wadeeah Current Account: A non-profit-bearing checking account designed for daily business and personal transactions.

2. Mudaraba Savings Account: A profit-sharing savings account where depositors share in the bank's investment profits.

3. Mudaraba Term Deposit Receipt: Fixed-term investment accounts offering competitive profit rates for various tenures.

4. Mudaraba Special Savings Scheme: Monthly installment-based savings plans designed for long-term financial security.

5. Mudaraba Hajj Savings Scheme: A dedicated savings plan designed to help depositors save systematically to perform the holy Hajj.

6. Mudaraba Savings Bond: Long-term investment bonds that provide periodic profit payouts to investors.

Investment and Financing Products

1. Bai Murabaha: A cost-plus-profit sale contract used primarily for purchasing commercial goods and raw materials.

2. Bai Muajjal: Deferred payment sale financing for trade and industrial purchases.

3. Hire Purchase under Shirkatul Melk: Joint ownership-based financing used for purchasing machinery, vehicles, equipment, and real estate.

4. Musharaka and Mudaraba: Partnership-based financing models where profits and losses are shared according to agreed ratios.

5. Quard: Interest-free loans provided under specific conditions for social or emergency support.

Card Products

1. Khidmah Credit Card: A Shariah-compliant credit card offering interest-free transactions and flexible repayment options.

2. Debit Cards: Visa and Mastercard co-branded debit cards linked directly to savings or current accounts.

3. Prepaid Cards: International and domestic prepaid cards for secure online and physical retail payments.

Digital and Electronic Banking Products

1. CellFin: An omni-channel digital financial app providing mobile wallet, fund transfer, utility bill payment, and digital account opening services.

2. iBanking: A secure online banking platform for personal and corporate account management.

3. SMS Banking: Real-time transaction notifications and balance inquiry services sent directly to mobile phones.

Trade and Remittance Services

1. Foreign Remittance Services: Secure channels for expatriate Bangladeshis to send money home.

2. Trade Finance: Letters of Credit, bank guarantees, and export-import financing solutions for businesses.