1.0 Main Report Part
a. Company and Product Information
Backdrop of the Organization:
Islam provides us a complete lifestyle. Main objective of Islamic lifestyle is to be successful both in our mortal and immortal life. Therefore in every aspect of our life we should follow the doctrine of Al-Quran and lifestyle of Hazrat Muhammad (SAW) for our supreme success.
Al-Arafah Islami Bank started its journey in 1995 with the said principles in mind and to introduce a modern banking system based on Al-Quran and Sunnah. Al-Arafah Islami Bank is bit different from other commercial banks, it follows Islami Shariah in its operations and activities.
Al-Arafah Islami Bank incorporated in Bangladesh as a banking company in 1995 with limited liability by shares. It started business on 27 September of that year with an authorized capital of Taka 1,000 million. At inception, its paid up capital was taka 101.20 million divided into 101,200 ordinary shares of Taka 1,000 each, 23 sponsors of the bank subscribed the total issued capital. In 2000, the paid up capital of the bank increased to Taka 253 million, of which Taka 126.50 million were paid by the promoters/sponsors and Taka 126.50 million by the general public. The bank is listed in the two stock exchanges of the country and has offered 126,000 shares for subscription and trading by the public. Al-Arafah Islami Bank is an interest free Shariah bank and its modus operation is substantially different from those of regular commercial banks. The bank however, renders all types of commercial banking services under the regulation of the Bank Companies Act 1991. It conducts its businesses on the principles of musharaka, bai-murabaha, bai-muajjal and hire purchase transactions. A Shariah Council of the bank maintains constant vigilance to ensure that the activities of the bank are being conducted according to the precepts of Islam.
A group of established, dedicated and pious personalities of Bangladesh are the architechts and directors of the bank. Among them a noted Islamic Scholar, economist, writer and ex-bureaucrat of Bangladesh government Mr. A. Z. M Shamsul Alam is the founder chairman of the bank. His progressive leadership and continuous inspiration provided a boost for the bank in getting a foothold in the financial market of Bangladesh.
A group of 13 dedicated and noted Islamic personalities of Bangladesh are the member of Board of Directors of the bank. They are also noted for their business acumen and professionalism. Al-Arafah Islami Bank Ltd. Has 50 branches and a total of 1033 employees (as of December 2007). Its authorized capital is Taka 2500 million and the paid up capital is Taka 1153.18 million. Wisdom of the directors, Islamic bankers and the wish of Alimighty Allah make Al-Arafah Islami Bank Limited most modern and a leading bank in Bangladesh.
To be a pioneer in Islamic banking in Bangladesh and contribute significantly to the growth of the national economy.
Achieving satisfaction of Almighty Allah both here and hereafter; •
Proliferation of Shariah based banking practice;
Quality financial services adopting the latest technology; •
Fast and efficient customer service;
Maintain high standard of business ethics;
Steady and competitive return on shareholders equity;
Innovative banking at competitive price;
Attract and retain quality human resources;
Extending competitive compensation packages to the employees; •
Firm commitment to the growth of national economy; and
Involving more in Micro and SME financing.
Goal and Objectives of AIBL:
The maxim of the Al-Arafah Islami Bank Limited (AIBL) is to discover a new horizon of innovative contemporary banking creating an automated and computerized environment providing one stop service and prepare itself to countenance the new challenges of globalization and 12th century. One of the main objectives of the bank is to be a provider of best...
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