Islami Bank Bangladesh Limited ATM

Very good service

Islami Bank Bangladesh Limited is a pioneer of Islamic banking in Bangladesh. It is the first Islamic bank in South Asia to operate under Islamic Sharia. The bank was established as a public limited company on March 13, 1983 under the Companies Act, 1913. Islami Bank Bangladesh Limited is a joint venture commercial bank with 36.91% local and 83.09% foreign investment. With a total of 450 branches, the bank has become the largest private bank in the country. It is the second largest capital institution in Bangladesh. Listed on the Dhaka and Chittagong Stock Exchange Limited, the company has an authorized capital of Rs. 20,000 million and a paid up capital of Rs. 18,636.28 million.nEstablishment of interest free bank is a long standing expectation of the people of Bangladesh. The first interest-free Islamic bank was established in Mitgamar, Egypt in the 1960s. As a result, the movement to establish such a bank became active in Bangladesh as well. In August 1974, Bangladesh signed the charter of the Islamic Development Bank or IDB. The Bureau of Islamic Economic Research was established in Dhaka in 1966 under the leadership of eminent Islamic thinker Maulana Muhammad Abdur Rahim.nnIn November 1989, Bangladesh's Ambassador to the United Arab Emirates, Mohammad Mohsin, in a letter to the Foreign Secretary, recommended the establishment of an Islamic bank in Bangladesh similar to the Dubai Islamic Bank. Shortly afterwards, the banking wing of the finance ministry sought Bangladesh Bank's opinion on the establishment of an Islamic bank in Bangladesh in December. As a representative of Bangladesh Bank, the then Director of Research ASM Fakhrul Ahsan visited the Cairo office of Dubai Islamic Bank, Faisal Islami Bank of Egypt, Nasser Social Bank and International Islamic Bank Association in 1980 to monitor and review the activities of Islamic banks. In 1971, he submitted a report recommending the establishment of an Islamic bank in Bangladesh.nnAn international seminar on Islamic banking was held in Dhaka on 15-16 December 1980 at the initiative of the Bureau of Islamic Economic Research. In March 1971, a conference of governors of the central banks of the OIC countries was held in Khartoum, the capital of Sudan. In a report presented at the conference, the Governor of Bangladesh Bank said that a positive decision has been taken to establish an Islamic bank in Bangladesh. In a letter written to the Bangladesh Bank by the Ministry of Finance in April 1971, it was suggested to set up separate Islamic banking counters in the branches of state-owned banks in Bangladesh similar to Pakistan on a trial basis. From 26 October 1971, a one-month full-time residential training course on Islamic banking was conducted at Sonali Bank Staff College. The course was attended by 36 officials from Bangladesh Bank, all state-owned banks, BIBM and the proposed Dhaka International Islami Bank Limited (now Islami Bank Bangladesh Limited).nnIn November 1972, a delegation of the Islamic Development Bank visited Bangladesh. At the time, they expressed interest in IDB's participation in establishing an Islamic bank in Bangladesh as a joint venture in the private sector. The Bureau of Islamic Economics Research (IERB) and the Bangladesh Islamic Bank Association (BIBA) have played a leading and important role in paving the way for the establishment of Islamic banking in Bangladesh. As a result of multifaceted efforts, on 13 March 1983, Dhaka International Islamic Bank Limited, the first interest-free bank in Southeast Asia, was established. Preparatory work was done for the first Islamic bank in Bangladesh under the name of Dhaka International Islami Bank Limited till March 26, 1983 and the signboards and brochures of the bank were used under that name till then. Alhaj Mofizur Rahman was the project director of the bank till March 29. From March 30, the bank started operations under the name Islami Bank Bangladesh Limited. Artist and calligrapher Sabihul Alam created the bank's monogram. In this regard, 19 Bangladeshi personalities, 4 Bangladeshi institutions and 11 banks in the Middle East and Europe including IDB, financial institutions and government agencies and two prominent personalities from Saudi Arabia came forward as entrepreneurs in establishing Islamic banks in Bangladesh. *