Analysis of the Islamic Banking System in Bangladesh
Introduction
Islamic Banking in Bangladesh
There are currently seven commercial banks operating under Islamic principles. They are:
1. Islami Bank Bangladesh Limited, 2. Al-Arafah Bank Ltd. 3. Social Investment Bank Ltd, 4. Exim Bank Ltd, 5. Shahjalal Islami Bank Ltd. 6. Icb Islamic Bank Ltd 7. First security Islami Bank Ltd.
HISTORICAL BACKGROUND
First Security Islami Bank Limited (FSIBL) was incorporated in Bangladesh on 29 August 1999as a banking company under Companies Act 1994 to carry on banking business. It obtained permission from Bangladesh Bank on 22 September 1999 to commence its business. The Bank carries banking activities through its Fifty Three (53) branches in the country. The commercial banking activities of the bank encompass a wide range of services including accepting deposits,making loans, discounting bills, conducting money transfer and foreign exchange transactions,and performing other related services such as safe keeping, collections and issuing guarantees,acceptances and letter of credit.At the beginning, FSIBL started their business with traditional commercial banking services.However, from 2008 they converted their business to Islamic Banking with Islamic Shariah Act.The FSIBL has played a pioneering role in shaping the future of the Banking industry inBangladesh since its inception. The Bank started in 1999 with 14 branches and now it has 53 branches in Bangladesh and recently the bank introduce an Exchange House in Canada.The Bank also maintains a comprehensive correspondent relationship with top ranking banks.FSIBL has already started their on-line, SMS and ATM banking facilities for their clients.
2.2 Vision of the Bank
“Wherever you are, you can Bank with us” is the motto of First Security Islami Bank. FSIBL is prepared to meet the challenge of the 21st century well ahead of time. To cope with the challengeof the new millennium it hired experienced and well-reputed banker of the
Islamic Banking in Bangladesh
There are currently seven commercial banks operating under Islamic principles. They are:
1. Islami Bank Bangladesh Limited, 2. Al-Arafah Bank Ltd. 3. Social Investment Bank Ltd, 4. Exim Bank Ltd, 5. Shahjalal Islami Bank Ltd. 6. Icb Islamic Bank Ltd 7. First security Islami Bank Ltd.
HISTORICAL BACKGROUND
First Security Islami Bank Limited (FSIBL) was incorporated in Bangladesh on 29 August 1999as a banking company under Companies Act 1994 to carry on banking business. It obtained permission from Bangladesh Bank on 22 September 1999 to commence its business. The Bank carries banking activities through its Fifty Three (53) branches in the country. The commercial banking activities of the bank encompass a wide range of services including accepting deposits,making loans, discounting bills, conducting money transfer and foreign exchange transactions,and performing other related services such as safe keeping, collections and issuing guarantees,acceptances and letter of credit.At the beginning, FSIBL started their business with traditional commercial banking services.However, from 2008 they converted their business to Islamic Banking with Islamic Shariah Act.The FSIBL has played a pioneering role in shaping the future of the Banking industry inBangladesh since its inception. The Bank started in 1999 with 14 branches and now it has 53 branches in Bangladesh and recently the bank introduce an Exchange House in Canada.The Bank also maintains a comprehensive correspondent relationship with top ranking banks.FSIBL has already started their on-line, SMS and ATM banking facilities for their clients.
2.2 Vision of the Bank
“Wherever you are, you can Bank with us” is the motto of First Security Islami Bank. FSIBL is prepared to meet the challenge of the 21st century well ahead of time. To cope with the challengeof the new millennium it hired experienced and well-reputed banker of the
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