Islami Bank Bangladesh Ltd

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Islami Bank Bangladesh Ltd.
TypePublic limited company
DSEISLAMIBANK
IndustryBanking
Financial services
Founded13 March 1983; 37 years ago (1983-03-13)
HeadquartersIslami Bank Tower 40, Dilkusha C/A, Dhaka - 1000, Bangladesh
Area served
Bangladesh & overseas
Key people
Md. Nazmul Hassan, Ph. D (Chairman)
Md. Mahbub-ul-Alam (Managing Director & CEO)
Mohammed Monirul Moula (Additional Managing Director)
Muhammad Qaisar Ali (Additional Managing Director)
ProductsBanking services, ATM services, Internet Banking, Payment Gateway, Mobile Banking, Consumer Banking
Corporate Banking
Investment Banking
RevenueIncrease 88.74 billion (US$1.1 billion)[1] (2019)
Increase 43.79.74 billion (US$520 million)[2] (2019)
Decrease 5.48 billion (US$65 million)[3] (2019)
Total assetsIncrease 1142.18 billion (US$14 billion)[4] (2019)
Total equityIncrease 79.80 billion (US$940 million)[5] (2019)
Number of employees
14,000[6]
Websiteislamibankbd.com

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.[7]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 staffs[needs update]. In addition to that, IBBL maintains its own 621 ATM Booths and 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.[8] When IBBL was established, it was the first bank in Southeast Asia to provide banking service based on Shariah.[9] The bank is listed with both Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd..[7][10] [[Aamir Khan]] is brand ambassador

History[edit]

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.[6] 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.[11]

According to The Economist, "Islami Bank was a pioneer in financing Bangladesh’s rise as the apparel industry’s main production base outside China."[6]

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.[6] 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.[12]

Major shareholders[edit]

63% shared owned by the above shareholders and 60,000 people of Bangladesh are owners of the rest 37 percent shares.[14]

Awards[edit]

Global Finance, a reputed US-based quarterly magazine, awarded IBBL as the best bank of Bangladesh for the Year 1999, 2000,[7] 2004 and 2005, and the best Islamic financial institution of Bangladesh every year from 2008 to 2013.[15][16][17][18][19][20]

See also[edit]

References[edit]

  1. ^ "Independent Auditors' Report to The Shareholders of Islami Bank Bangladesh Limited" (PDF). 31 December 2019.
  2. ^ "Independent Auditors' Report to The Shareholders of Islami Bank Bangladesh Limited" (PDF). 31 December 2019.
  3. ^ "Independent Auditors' Report to The Shareholders of Islami Bank Bangladesh Limited" (PDF). 31 December 2019.
  4. ^ "Independent Auditors' Report to The Shareholders of Islami Bank Bangladesh Limited" (PDF). 31 December 2019.
  5. ^ "Independent Auditors' Report to The Shareholders of Islami Bank Bangladesh Limited" (PDF). 31 December 2019.
  6. ^ 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
  7. ^ 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.
  8. ^ "About IBBL:Corporate Information". www.islamibankbd.com. Retrieved 27 July 2016.
  9. ^ Md. Monirul Islam, Md. Ashfaque Alam. "Islami Bank Bangladesh Limited" (PDF). BRAC EPL Stock Brokerage Ltd. Retrieved 6 September 2013.
  10. ^ "Islami Bank Bangladesh Limited". Bangladesh Institute of Bank Management. Retrieved 27 September 2013.
  11. ^ "Islami Bank Bangladesh Limited – Banglapedia". en.banglapedia.org. Retrieved 10 May 2016.
  12. ^ "Islami Bank Bangladesh has declined since a boardroom coup in 2017". The Economist. 4 April 2019.
  13. ^ Md Fazlur Rahman. "Islamic banking on a roll". The Daily Star. Retrieved 27 September 2013.
  14. ^ 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.
  15. ^ "US magazine says IBBL best Islamic financial institution in Bangladesh". Bangladesh Business News. 16 October 2010. Retrieved 28 November 2015.
  16. ^ "Best Islamic Finance Institutions – 2008". Global Finance. 19 February 2009. Retrieved 28 November 2015.
  17. ^ "Islamic Financial Institutions Awards – 2009". Global Finance. 1 June 2009. Retrieved 28 November 2015.
  18. ^ "Islamic Bank Awards 2011: By Country". Global Finance. 1 June 2011. Retrieved 28 November 2015.
  19. ^ "World's Best Islamic Financial Institutions 2012: Country Awards". Global Finance. 6 June 2012. Retrieved 28 November 2015.
  20. ^ "World's Best Islamic Financial Institutions 2013: Country Winners". Global Finance. 2 June 2013. Retrieved 28 November 2015.

External links[edit]