Islami Bank Bangladesh Ltd | banks in bangladesh | islamic bank

Islami Bank Bangladesh Ltd. (IBBL) Bengali: ইসলামী ব্যাংক বাংলাদেশ লিমিটেড is an Islamic banking company based in Bangladesh. It became incorporated on 13 March 1983 as a public limited company under the Companies Act 1913. It has 36.91% local and 63.09% foreign shareholders. As of November 2019, IBBL has 350 branches including 59 AD Branches & 03 Offshore Banking Units as well as has more than 13,500 staff. In addition to that, IBBL maintains its own 621 ATM Booths and 33 IDM (IBBL Deposit Machine),

 

Islami Bank Bangladesh Ltd

 

along with 6,000 shared ATM networks across the country. IBBL mobilizes around 29% of the country’s remittance. In 2015, it serves US$3,903.21 million out of US$15,316.75 million of total country remittance. As such, IBBL is the largest private banking network in Bangladesh. When IBBL was established, it was the first bank in Southeast Asia to provide banking services based on Shariah. The bank is listed with both Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd. Islami Bank-Bangladesh Limited has become the country’s top deposit holder as reported in the bank’s managerial conference held on Hotel Pan Pacific Sonargaon, Dhaka as reported by the leading daily of the country,’ the daily star ‘ on 16th January 2022.

 

Islami Bank Bangladesh Ltd

 

Islami Bank Bangladesh Limited is a Joint Venture Public Limited Company engaged in commercial banking business based on Islamic Shari’ah with 63.09% foreign shareholding having the largest branch network ( total of 384 Branches, 226 Sub-Branches, and 2386 Agent Outlets) among the private sector Banks in Bangladesh. It was established on the 13th of March 1983 as the first Islamic Bank in South East Asia.

It is listed with Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd. The Authorized Capital of the Bank is Tk. 20,000.00 million and Paid-up Capital is Tk. 16,099.91 million having 33,686 shareholders as of 31st December 2019.

 

Islami Bank Bangladesh Ltd

History of Islami Bank Bangladesh Ltd

Islami Bank Bangladesh Limited is a sharia-compliant bank in Bangladesh that started operations on 30 March 1983. It was founded by Saudi and Kuwaiti investors. It is a public limited company registered under the Companies Act of 1913. IBBL is a joint venture of the government of Bangladesh, 22 businessmen of Bangladesh, the Islamic Development Bank, and investment firms and banks from Muslim Middle Eastern countries.

According to The Economist, “Islami Bank was a pioneer in financing Bangladesh’s rise as the apparel industry’s main production base outside China.”

As of 2017, Islami-Bank Bangladesh commands 90% of Islamic-banking assets and deposits in Bangladesh is the country’s biggest private lender overall, has 12 million depositors and a balance sheet of $10 billion. In 2017, the government of Bangladesh used intelligence agencies to remove directors and replace them with people closer to the government. Since then, the bank has seen a decline in its fortunes.

Islami Bank Bangladesh Ltd

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