Islami Bank Bangladesh Ltd

Islami Bank Bangladesh Ltd
Private (Non-Government),
Industry Banking
Financial services
Founded Dhaka, Bangladesh (1983)
Headquarters Dhaka, Bangladesh
Area served
 Bangladesh & Overseas
Key people
 2016 Saturday. Engr. Mustafa Anwar
(Chairman)
Yousif Abdullah Al-Rajhi
(Vice Chairman)
Mustafa Anwar
(Vice Chairman)
Products Banking services, ATM services, Consumer Banking
Corporate Banking
Investment Banking
Revenue Increase Tk 27.413 billion, US$ 0.352 billion [1] {November 2013}
Increase Tk 24.67 billion (US$ 0.317 billion)[2] {May 2013}
Increase Tk 17.80 billion (US$ 0.229 billion)[2] {May 2013}
Total assets Increase US$ 8.381 billion)[3] {July 2015}
Total equity Increase Tk 39.661 billion, US$ 0.510 billion[2] {May 2013}
Number of employees
 11,465
Website IslamiBankBD.com

Islami Bank Bangladesh Ltd. (IBBL) (Bengali: ইসলামী ব্যাংক বাংলাদেশ লিমিটেড) is the pioneer of Islamic banking in Bangladesh. It became incorporated on March 13, 1983 as a public limited company under the Companies Act 1913.[4] It has 36.91% local and 63.09% foreign shareholders. With 285 branches and 11,465 staffs, IBBL is the largest private banking network in Bangladesh.[5] When IBBL was established, it was the first bank in south-east asia to provide banking service based on Shariah.[6] The bank is listed with both Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd.[4][7]

History

Establishment of Islamic Development Bank (IDB) by the OIC member states in 1975 has been proved to be a breakthrough in the expansion of Islamic Shariah-based finance and specially banking throughout the world. As a founder member of IDB, the Government of Bangladesh also had the commitment to establish Islamic banks which was reflected in different steps taken by the governments of the country. The OIC members consented to the proposals to introduce Islamic economy and banking in their respective countries held in the foreign ministers' conferences in 1978 and 1980 in Dakar and Islamabad respectively. In 1981, OIC in its 3rd summit held in Makkah approved the proposition submitted by Bangladesh to introduce separate banking system following Islamic ideology. As per decision, the GOB sent representatives to the Middle Eastern countries to learn the existing banking systems in those countries.[8]

In the private sector, the Islamic Economics Research Bureau (IERB) was the first organization that took active initiative in this regard. They arranged a national seminar on Islamic Economics and Banking in the year 1979 and inspired by the discussion and the papers presented in the seminars, some local bankers formed ‘Islami Bank Working Group’. The IERB again arranged an international seminar in 1980. After the seminar, Dhaka based 'Muslim Businessman Society' (later renamed as 'Industrialist and Businessmen Association') under the leadership of renowned industrialist Abdur Razzaque Lasker, took initiative to establish an Islamic bank and applied to the government for permission. At this stage, the GOB provided necessary permission in the year 1983 and at last ‘Islami Bank Bangladesh’ was registered under Company Act in which 19 Bangladeshi national, 4 Bangladeshi institutions and 11 banks, financial institutions and government bodies of the Middle East and Europe including IDB and two eminent personalities of the Kingdom of Saudi Arabia joined hands to make the dream a reality.[8]


Major shareholders

63% shared owned by above shareholders and 60,000 people of Bangladesh are owners of the rest 37 percent shares.[10]

IBBL's world rating

Islami Bank Bangladesh Limited, the largest private bank of Bangladesh placed among Top 1000 world banks 2012 list. UK based century old financial magazine The Banker published this list analysing in depth-data & industry's performance.

The Banker's Top 1000 World Banks ranking has been setting the industry benchmark since 1970, providing comprehensive intelligence about the health and wealth of the banking sector.

Alongside strong global banks of the developed and emerging countries, Islami Bank positioned in the list as the lone financial institution of Bangladesh.

Inclusion of Islami Bank in the prestigious club of best 1000 is tantamount of global recognition of overall development of Bangladesh Banking Sector. [11]

Now IBBL is the number one Private Commercial Bank in Bangladesh.

As per Bankers' Almanac (January 2001 edition) published by the Reed Business Information, Windsor Court, England, IBBL's world Rank is 1771 among 3000 banks selected by them. This position was 1902 among 4500 selected banks as of the January 1999 edition. IBBL's country Rank is 5 among 39 banks as per ratings made by the above Almanac on the basis of IBBL's Financial Statements of the year 2001.

Awards

Global Finance, a reputed US-based quarterly magazine, awarded IBBL as the best bank of Bangladesh for the Year 1999, 2000,[4] 2004, and 2005, and the best Islamic financial institution of Bangladesh every year from 2008 through 2013.[12][13][14][15][16][17]

Social welfare activities

Islami Bank Bangladesh Limited is dedicated itself towards the welfare of society. It has formed a separate foundation named Islami Bank Foundation with a fund of Taka 38.00 million in order to conduct social-welfare activities on a broad scale. Since then, Islami Bank Foundation is carrying the social welfare, education, health and medicare activities on behalf of Islami Bank Bangladesh Limited (IBBL).[18]

The social welfare projects of Islami Bank Foundation includes:[19]

References

  1. ↑ http://www.4-traders.com/ISLAMI-BANK-BANGLADESH-LI-6500899/revisions/
  2. 1 2 3 http://www.islamibankbd.com/docs/credit_rating_report.pdf
  3. ↑ https://www.islamicfinance.com/2015/07/al-rajhi-worlds-largest-islamic-bank/
  4. 1 2 3 Mazid, Muhammad Abdul (2012). "Islami Bank Bangladesh Limited". In Islam, Sirajul; Jamal, Ahmed A. Banglapedia: National Encyclopedia of Bangladesh (Second ed.). Asiatic Society of Bangladesh.
  5. ↑ http://www.islamibankbd.com/abtIBBL/abtIBBLCorpInfo.php
  6. ↑ Md. Monirul Islam, Md. Ashfaque Alam. "Islami Bank Bangladesh Limited" (PDF). BRAC EPL Stock Brokerage Ltd. Retrieved 6 September 2013.
  7. ↑ "Islami Bank Bangladesh Limited". Bangladesh Institute of Bank Management. Retrieved 27 September 2013.
  8. 1 2 "History of Islami Bank Bangladesh ltd". Assignment Point. Retrieved 6 September 2013.
  9. ↑ Md Fazlur Rahman. "Islamic banking on a roll". The Daily Star. Retrieved 27 September 2013.
  10. ↑ 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.
  11. ↑ https://www.islamibankbd.com/news.php?ID=103
  12. ↑ "US magazine says IBBL best Islamic financial institution in Bangladesh". Bangladesh Business News. 16 October 2010. Retrieved 28 November 2015.
  13. ↑ "Best Islamic Finance Institutions - 2008". Global Finance. 19 February 2009. Retrieved 28 November 2015.
  14. ↑ "Islamic Financial Institutions Awards - 2009". Global Finance. 1 June 2009. Retrieved 28 November 2015.
  15. ↑ "Islamic Bank Awards 2011: By Country". Global Finance. 1 June 2011. Retrieved 28 November 2015.
  16. ↑ "World’s Best Islamic Financial Institutions 2012: Country Awards". Global Finance. 6 June 2012. Retrieved 28 November 2015.
  17. ↑ "World’s Best Islamic Financial Institutions 2013: Country Winners". Global Finance. 2 June 2013. Retrieved 28 November 2015.
  18. ↑ "Source of Fund". Islami Bank Foundation. Retrieved 6 September 2013.
  19. ↑ "Special Projects". Islami Bank Bangladesh Ltd. Archived from the original on 8 September 2013. Retrieved 6 September 2013.

External links

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