Islami Bank Bangladesh Ltd

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Islami Bank Bangladesh Ltd.
TypePublic limited company
DSE: ISLAMIBANK
IndustryBanking
Financial services
Founded13 March 1983; 38 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)
Mohammed Monirul Moula (Managing Director & CEO)
Md Omar Faruk Khan (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]

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.[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[]

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

Awards[]

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[]

References[]

  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. ^ Jump up to: a b c d e "Islamic banking grows in Bangladesh, no thanks to the authorities". The Economist. 2017-08-24. ISSN 0013-0613. Retrieved 2021-03-19.
  7. ^ Jump up to: 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[]

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