TO ISLAMI BANK BANGALDESH LIMITED

ISLAMI BANK BANGLADESH LIMITED

Company Introduction:

Islami Bank Bangladesh Limited (IBBL) is a prominent private commercial bank in Bangladesh, and a pioneer in Islamic banking globally. Established in 1983, it was the first Islamic bank in Southeast Asia and has since grown to become one of the largest and most respected banks in the country. IBBL operates under Shariah principles, offering a comprehensive range of banking products and services that comply with Islamic law. Its services include deposits, investments, foreign exchange, remittance, credit cards, and various financing schemes for individuals, small and medium enterprises (SMEs), and large corporations. The bank is known for its extensive branch network across Bangladesh and its commitment to socio-economic development through ethical banking practices.

Business Type:

Islami Bank Bangladesh Limited is a financial institution, specifically a commercial bank. It is neither a factory nor a trader. Its core business involves providing banking and financial services.

Islami Bank Bangladesh Limited is a leading financial institution in Bangladesh operating on Islamic Shari'ah principles. As a bank, it does not manufacture physical goods, but rather offers a wide range of financial products and services.

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

Deposit Products

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

2. Mudaraba Savings Account: A profit-sharing savings account for individual depositors.

3. Mudaraba Term Deposit Receipts: Fixed-term deposit accounts with various maturity periods and profit rates.

4. Special Deposit Schemes: Including Mudaraba Pension Deposit Scheme, Mudaraba Hajj Savings Scheme, Mudaraba Marriage Savings Scheme, and Mudaraba Savings Bond.

Investment Products (Islamic Financing)

1. Bai-Murabaha: Cost-plus sale contract for purchasing goods, raw materials, and commercial items.

2. Bai-Muajjal: Deferred payment sale financing for commercial, agricultural, and industrial sectors.

3. Hire Purchase under Shirkatul Melk (HPSM): Leasing and hire-purchase financing for machinery, vehicles, equipment, and real estate.

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

Card and Digital Banking Products

1. Khidmah Credit Card: A Shari'ah-compliant credit card offering interest-free credit facilities.

2. Debit and Prepaid Cards: Visa and MasterCard co-branded cards for domestic and international transactions.

3. CellFin: An omni-channel digital financial app providing mobile banking, fund transfers, utility bill payments, and digital wallet services.

4. iBanking: Secure internet banking services for retail and corporate clients.

International Banking and Remittance Services

1. Foreign Remittance: Secure and fast channels for receiving funds sent by expatriates worldwide.

2. Trade Finance: Import and export financing, including Letters of Credit (LC) and bank guarantees.