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Islami Bank Bangladesh Ltd.

Company type	Public limited company
Traded as	DSE: ISLAMIBANK
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	৳88.74 billion (US$740 million) (2019)
Operating income	৳43.79.74 billion (US$370 million) (2019)
Net income	৳5.48 billion (US$46 million) (2019)
Total assets	৳1142.18 billion (US$9.5 billion) (2019)
Total equity	৳79.80 billion (US$670 million) (2019)
Number of employees	21,000
Website	islamibankbd.com

Islami Bank Bangladesh Ltd. (IBBL) (Template:Lang-bn) 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. IBBL maintains its own ATM Booths with a country-wide shared ATM network. IBBL has been the largest private banking network in Bangladesh. When IBBL was established, it was the first bank in Southeast Asia to provide banking service based on Shariah. The bank has been listed with both Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd.

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. 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.

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

Change of Ownership

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. 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.

In 2022, many media outlets reported that the bank was giving out loans to suspicious businesses without proper verification.

Major shareholders of IBBL

• Islamic Development Bank (Islami Bank Bangladesh's biggest institutional investor. Reduced its stake from 7.5% to 2.1% following controversial 2017 government "takeover")
• Dubai Islami Bank
• Kuwait Finance House
• Luxembourg Islami Bank
• Three ministers of Kuwait
• Al Rajhi Bank

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

Awards of IBBL

Global Finance, a reputed US-based quarterly magazine, awarded IBBL as the best bank of Bangladesh for the Year 1999, 2000, 2004 and 2005, and the best Islamic financial institution of Bangladesh every year from 2008 to 2013.

See also about Banks

• Banking in Bangladesh

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. ^ "Islamic banking grows in Bangladesh, no thanks to the authorities". The Economist. 2017-08-24. ISSN 0013-0613. Retrieved 2021-03-19.
7. ^ 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. Archived from the original (PDF) on 4 March 2016. 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. প্রতিবেদক, নিজস্ব. "মালিকানা বদলের পর ১৫ মাসেই ইসলামী ব্যাংক সংকটে". Prothomalo (in Bengali). Retrieved 2023-01-02.
13. Sakib, Shanaullah. "'Nasty November' for Islami Bank". Prothomalo. Retrieved 2023-01-02.
14. "How a 24-year-old greenhorn is 'blessed' with a Tk900cr loan". The Business Standard. 2022-11-27. Retrieved 2023-01-02.
15. Md Fazlur Rahman. "Islamic banking on a roll". The Daily Star. Retrieved 27 September 2013.
16. 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.
17. "US magazine says IBBL best Islamic financial institution in Bangladesh". Bangladesh Business News. 16 October 2010. Retrieved 28 November 2015.
18. "Best Islamic Finance Institutions – 2008". Global Finance. 19 February 2009. Retrieved 28 November 2015.
19. "Islamic Financial Institutions Awards – 2009". Global Finance. 1 June 2009. Retrieved 28 November 2015.
20. "Islamic Bank Awards 2011: By Country". Global Finance. 1 June 2011. Retrieved 28 November 2015.
21. "World's Best Islamic Financial Institutions 2012: Country Awards". Global Finance. 6 June 2012. Retrieved 28 November 2015.
22. "World's Best Islamic Financial Institutions 2013: Country Winners". Global Finance. 2 June 2013. Retrieved 28 November 2015.

External links

• IBBL Official website
• IBBL CellFin: Your Digital Wallet | Procedure & Details

v t e List of banks in Bangladesh
Central bank	Bangladesh Bank
Commercial	State-owned Agrani Bank Sonali Bank Rupali Bank Janata Bank Bangladesh Development Bank BASIC Bank Limited Private AB Bank Bangladesh Commerce Bank Bank Asia BRAC Bank Community Bank Dhaka Bank Dutch Bangla Eastern Bank Global Islami Bank IFIC Bank Jamuna Bank Meghna Bank Mercantile Bank Modhumoti Bank Mutual Trust Bank National Bank NCC Bank NRB Bank One Bank Padma Bank Premier Bank Prime Bank Pubali Bank Shimanto Bank South Bangla Agriculture and Commerce Bank Southeast Bank The City Bank Trust Bank United Commercial Bank Uttara Bank Islamic Al-Arafah Islami Bank Limited Export Import Bank of Bangladesh Limited First Security Islami Bank Limited Islami Bank Bangladesh Ltd Shahjalal Islami Bank Limited Social Islami Bank Limited Standard Bank Union Bank Limited Foreign Citibank Commercial Bank of Ceylon Habib Bank Limited HSBC National Bank of Pakistan Standard Chartered State Bank of India Woori Bank
Specialized	Bangladesh Krishi Bank Rajshahi Krishi Unnayan Bank Probashi Kallyan Bank
Non-scheduled	Grameen Bank Karmasangsthan Bank Ansar-VDP Unnayan Bank Jubilee Bank Palli Sanchay Bank
Portal

• Islamic banks of Bangladesh
• Banks established in 1983
• Bangladeshi companies established in 1983