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Islami Bank Bangladesh Ltd

Islami Bank Bangladesh Ltd. (IBBL) (Bengali: ইসলামী ব্যাংক বাংলাদেশ লিমিটেড) is the pioneer of Islamic banking in Bangladesh. It became incorporated on 13 March 1983 as a public limited company under the Companies Act 1913.[5] It has 36.91% local and 63.09% foreign shareholders. Up to Dec 2016, IBBL has 349 branches including 59 AD Branches & 03 Offshore Banking Units as well as has more than 13,500 staffs. In addition to that IBBL maintains its own 497 ATM Booths, 33 IDM (IBBL Deposit Machine) along with 6,000 shared ATM network across the country. IBBL mobilizes around 29% of the country 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.[6] When IBBL was established, it was the first bank in south-east asia to provide banking service based on Shariah.[7] The bank is listed with both Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd.[5][8]

History

Islami Bank Bangladesh Limited is a sharia compliant bank in Bangladesh which started operations on 30 March 1983. It was founded by Saudi and Kuwaiti investors.[4] 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, Islamic Development Bank, and investment firms and banks from Muslim Middle Eastern countries.[9]

According to The Economist, "Islami Bank was a pioneer in financing Bangladesh’s rise as the apparel industry’s main production base outside China."[4]

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.[4] Since political interference in 2017, the bank has seen a decline in its fortunes.[10]

Major shareholders

63% shared owned by the above shareholders and 60,000 people of Bangladesh are owners of the rest 37 percent shares.[12]

Awards

Global Finance, a reputed US-based quarterly magazine, awarded IBBL as the best bank of Bangladesh for the Year 1999, 2000,[5] 2004 and 2005, and the best Islamic financial institution of Bangladesh every year from 2008 to 2013.[13][14][15][16][17][18]

See also

References

  1. ^ http://www.4-traders.com/ISLAMI-BANK-BANGLADESH-LI-6500899/revisions/
  2. ^ a b c http://www.islamibankbd.com/docs/credit_rating_report.pdf
  3. ^ https://www.islamicfinance.com/2015/07/al-rajhi-worlds-largest-islamic-bank/
  4. ^ a b c d e https://www.economist.com/news/finance-and-economics/21727084-government-and-central-bank-are-both-suspicious-islamic-banking-grows Islamic banking grows in Bangladesh, no thanks to the authorities
  5. ^ a b c Mazid, Muhammad Abdul (2012). "Islami Bank Bangladesh Limited". In Islam, Sirajul; Jamal, Ahmed A. (eds.). Banglapedia: National Encyclopedia of Bangladesh (Second ed.). Asiatic Society of Bangladesh.
  6. ^ "About IBBL:Corporate Information". www.islamibankbd.com. Retrieved 27 July 2016.
  7. ^ Md. Monirul Islam, Md. Ashfaque Alam. "Islami Bank Bangladesh Limited" (PDF). BRAC EPL Stock Brokerage Ltd. Retrieved 6 September 2013.
  8. ^ "Islami Bank Bangladesh Limited". Bangladesh Institute of Bank Management. Retrieved 27 September 2013.
  9. ^ "Islami Bank Bangladesh Limited – Banglapedia". en.banglapedia.org. Retrieved 10 May 2016.
  10. ^ "Islami Bank Bangladesh has declined since a boardroom coup in 2017". The Economist. 4 April 2019.
  11. ^ Md Fazlur Rahman. "Islamic banking on a roll". The Daily Star. Retrieved 27 September 2013.
  12. ^ Al Mamun, Firoz (21 February 2013). "Islami Bank guided by economics, not politics". The Daily Sun. Archived from the original on 12 December 2013. Retrieved 27 September 2013.
  13. ^ "US magazine says IBBL best Islamic financial institution in Bangladesh". Bangladesh Business News. 16 October 2010. Retrieved 28 November 2015.
  14. ^ "Best Islamic Finance Institutions – 2008". Global Finance. 19 February 2009. Retrieved 28 November 2015.
  15. ^ "Islamic Financial Institutions Awards – 2009". Global Finance. 1 June 2009. Retrieved 28 November 2015.
  16. ^ "Islamic Bank Awards 2011: By Country". Global Finance. 1 June 2011. Retrieved 28 November 2015.
  17. ^ "World's Best Islamic Financial Institutions 2012: Country Awards". Global Finance. 6 June 2012. Retrieved 28 November 2015.
  18. ^ "World's Best Islamic Financial Institutions 2013: Country Winners". Global Finance. 2 June 2013. Retrieved 28 November 2015.

External links

Jobs
28 September 2019