Islami Bank Bangladesh Limited

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Islami Bank Bangladesh Ltd.
Type Public limited company
Traded as Template:Dse
Industry Banking
Financial services
Founded 13 March 1983; 41 years ago (1983-03-13)
Headquarters Islami 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)
Muhammad Qaisar Ali (Additional Managing Director)
Md Omar Faruk Khan (Additional Managing Director)
J Q M Habibullah, FCS (Additional Managing Director)
Products Banking services, ATM/CRM services, Internet Banking, Payment Gateway, Mobile Banking, Consumer Banking
Corporate Banking
Investment Banking
Foreign Exchange Banking
Revenue Increase Template:BDTConvert[1] (2019)
Operating income Increase Template:BDTConvert[2] (2019)
Net income Template:Decrease Template:BDTConvert[3] (2019)
Total assets Template:Profit Template:BDTConvert[4] (2019)
Total equity Increase Template:BDTConvert[5] (2019)
Employees 21,000[6]
Website islamibankbd.com

Islami Bank Bangladesh Ltd. (IBBL) ( দৈনিক জবাবদিহি) 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] IBBL maintains its own ATM Booths with a country-wide shared ATM network. IBBL has been 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 has been listed with both Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd.[7][10]

History

Islami Bank Bangladesh Limited is a shari'ah 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]

Major shareholders of IBBL

63% shared owned by the above shareholders and 60,000 people of Bangladesh are owners of the rest 37 percent shares.[13]

Change of Ownership and following controversies

In 2017, the bank had a sudden change in its ownership and management structure. The newly appointed Bank management claimed the bank was trying to stem out its "Jamat-e-Islami roots". This sudden change, however, has led the bank to a financial crisis.[14] In 2022, many media outlets reported that the bank was giving out loans to suspicious businesses without proper verification.[15][16]

Awards of IBBL

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.[17][18][19][20][21][22]

See also about Banks

Portal icon Banks portal

References

  1. ↑ "Independent Auditors' Report to The Shareholders of Islami Bank Bangladesh Limited". 31 December 2019. https://islamibankbd.com/upload_dir/annualreport/Financial%20Statements%20for%20the%20year%202019.pdf. 
  2. ↑ "Independent Auditors' Report to The Shareholders of Islami Bank Bangladesh Limited". 31 December 2019. https://islamibankbd.com/upload_dir/annualreport/Financial%20Statements%20for%20the%20year%202019.pdf. 
  3. ↑ "Independent Auditors' Report to The Shareholders of Islami Bank Bangladesh Limited". 31 December 2019. https://islamibankbd.com/upload_dir/annualreport/Financial%20Statements%20for%20the%20year%202019.pdf. 
  4. ↑ "Independent Auditors' Report to The Shareholders of Islami Bank Bangladesh Limited". 31 December 2019. https://islamibankbd.com/upload_dir/annualreport/Financial%20Statements%20for%20the%20year%202019.pdf. 
  5. ↑ "Independent Auditors' Report to The Shareholders of Islami Bank Bangladesh Limited". 31 December 2019. https://islamibankbd.com/upload_dir/annualreport/Financial%20Statements%20for%20the%20year%202019.pdf. 
  6. ↑ 6.0 6.1 6.2 6.3 6.4 "Islamic banking grows in Bangladesh, no thanks to the authorities". The Economist. 2017-08-24. ISSN 0013-0613. https://www.economist.com/finance-and-economics/2017/08/24/islamic-banking-grows-in-bangladesh-no-thanks-to-the-authorities. 
  7. ↑ 7.0 7.1 7.2 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. http://en.banglapedia.org/index.php?title=Islami_Bank_Bangladesh_Limited. 
  8. ↑ "About IBBL:Corporate Information". http://www.islamibankbd.com/abtIBBL/abtIBBLCorpInfo.php. 
  9. ↑ Md. Monirul Islam, Md. Ashfaque Alam. "Islami Bank Bangladesh Limited". BRAC EPL Stock Brokerage Ltd.. http://www.bracepl.com/brokerage/research/1303900916IBBL160111.pdf. 
  10. ↑ "Islami Bank Bangladesh Limited". Bangladesh Institute of Bank Management. http://www.bibm.org.bd/single_member.php?bank_id=5. 
  11. ↑ "Islami Bank Bangladesh Limited – Banglapedia". http://en.banglapedia.org/index.php?title=Islami_Bank_Bangladesh_Limited. 
  12. ↑ Md Fazlur Rahman. "Islamic banking on a roll". The Daily Star. http://archive.thedailystar.net/newDesign/news-details.php?nid=187072. 
  13. ↑ Al Mamun, Firoz (21 February 2013). "Islami Bank guided by economics, not politics". The Daily Sun. http://www.daily-sun.com/details_yes_21-02-2013_Islami-Bank-guided-by-economics,-not-politics_416_1_3_1_2.html. 
  14. ↑ প্রতিবেদক, নিজস্ব. "মালিকানা বদলের পর ১৫ মাসেই ইসলামী ব্যাংক সংকটে" (in bn). https://www.prothomalo.com/business/মালিকানা-বদলের-পর-১৫-মাসেই-ইসলামী-ব্যাংক-সংকটে. 
  15. ↑ Sakib, Shanaullah. "'Nasty November' for Islami Bank" (in en). https://en.prothomalo.com/business/local/x60ivy2cbn. 
  16. ↑ "How a 24-year-old greenhorn is 'blessed' with a Tk900cr loan" (in en). 2022-11-27. https://www.tbsnews.net/economy/banking/how-24-year-old-greenhorn-blessed-tk900cr-loan-539834. 
  17. ↑ "US magazine says IBBL best Islamic financial institution in Bangladesh". Bangladesh Business News. 16 October 2010. http://businessnews-bd.com/us-magazine-says-ibbl-best-islamic-financial-institution-in-bangladesh/. 
  18. ↑ "Best Islamic Finance Institutions – 2008". Global Finance. 19 February 2009. https://www.gfmag.com/awards-rankings/best-banks-and-financial-rankings/the-best-islamic-finance-institutions-2008. Retrieved 28 November 2015. 
  19. ↑ "Islamic Financial Institutions Awards – 2009". Global Finance. 1 June 2009. https://www.gfmag.com/awards-rankings/best-banks-and-financial-rankings/islamic-financial-institutions-awards-2009. Retrieved 28 November 2015. 
  20. ↑ "Islamic Bank Awards 2011: By Country". Global Finance. 1 June 2011. https://www.gfmag.com/magazine/june-2011/islamic-bank-awards-2011-by-country. Retrieved 28 November 2015. 
  21. ↑ "World's Best Islamic Financial Institutions 2012: Country Awards". Global Finance. 6 June 2012. https://www.gfmag.com/magazine/june-2012/worlds-best-islamic-financial-institutions-2012-country-awards. Retrieved 28 November 2015. 
  22. ↑ "World's Best Islamic Financial Institutions 2013: Country Winners". Global Finance. 2 June 2013. https://www.gfmag.com/magazine/june-2013/worlds-best-islamic-financial-institutions-2013-country-winners. Retrieved 28 November 2015. 

External links

Template:Banks in Bangladesh

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