Introduction of Ibbl

Topics: Bank, Fractional-reserve banking, Bangladesh Pages: 6 (975 words) Published: January 5, 2011

Bangladesh is one of the largest Muslim countries in the world. The people of this country are deeply committed to Islamic way of life as enshrined in the Holy Qur'an and the Sunnah. Naturally, it remains a deep cry in their hearts to fashion and design their economic lives in accordance with the precepts of Islam. The establishment of Islami Bank Bangladesh Limited on March 13, 1983, is the true reflection of this inner urge of its people, which started functioning with effect from March 30, 1983. This Bank is the first of its kind in Southeast Asia. It is committed to conduct all banking and investment activities on the basis of interest-free profit-loss sharing system. In doing so, it has unveiled a new horizon and ushered in a new silver lining of hope towards materializing a long cherished dream of the people of Bangladesh for doing their banking transactions in line with what is prescribed by Islam. With the active co-operation and participation of Islamic Development Bank (IDB) and some other Islamic banks, financial institutions, government bodies and eminent personalities of the Middle East and the Gulf countries, Islami Bank Bangladesh Limited has by now earned the unique position of a leading private commercial bank in Bangladesh.

Aims and Objectives:

• To conduct interest-free banking.

• To establish participatory banking instead of banking on debtor-creditor relationship.

• To invest on profit and risk sharing basis.

• To accept deposits on Mudaraba & Al-Wadeah basis.

• To establish a welfare-oriented banking system.

• To extend co-operation to the poor, the helpless and the low-income group for their economic upliftment.

• To play a vital role in human development and employment generation.

• To contribute towards balanced growth and development of the country through investment operations particularly in the less developed areas.

• To contribute in achieving the ultimate goal of Islamic economic system.

Corporate Information:

| | | | |(as on  June 30,  2010) | | | |Date of Incorporation | |13th March 1983 | | | |Inauguration of 1st Branch | |(Local office, Dhaka) | |30th March 1983 | | | |Formal Inauguration | |12th August 1983 | | | |Share of Capital | | | |Local Shareholders | |41.77% | | | |Foreign Shareholders...
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