First Security Islami Bank Limited
First Security Islami Bank Ltd. was incorporated as a limited company on 29 August, 1999 and received clearance from Bangladesh Bank (The Central Bank) on 22 September, 1999. The bank started functioning as a commercial bank from its first branch on 25 October, 1999.
First Security Islami Bank started its journey with a vision to develop itself as a modern Islami bank and to make effective contribution in national economy. At the same time it would work for sustainable growth to achieve trust of the stake holders for their money and share.
Besides the vision FSIB set its mission to build a customer caring and friendly banking environment. Modern Technology based fast and accurate service is its principle. Its function would be ethical and transparent at all levels. And its ultimate target is seamless growth for clients and positive contribution in national economy.
As a commercial bank FSIB provides Al-Wadiah Current Account and Mudarabah Savings Account facility for its customers. In addition it presents the following deposit schemes for the people at attractive terms and conditions.
- Mudarabah Short Term Deposit
- Mudarabah Term Deposit
- Foreign Currency Deposit
- Mudarabah Monthly Savings Scheme
- Mudarabah Monthly Profit Scheme
- Mudaraba More than Double Scheme
First Security Islami Bank Short Term Deposit and Term Deposit schemes are to deposit a substantial amount for a short term and longer terms. The profit is naturally higher for longer terms. Foreign Currency Deposit scheme is targeted to nonresident Bangladeshis. The wage earners may deposit their hard earned foreign exchange in this account and get the benefit in foreign currency.
Monthly Savings Scheme is a product from First Security Islami Bank for enhancing your saving habit out of a limited income. You would have to deposit a fixed amount every month for a period of 3/5 years and after the stipulated time you’ll get a significant amount including the profit.
FSIB Monthly Profit Scheme is to some extent reverse of the above. You’ll deposit a good amount for a period of 3/5 years and receive an amount as the profit of it every month. This is a good scheme for elderly people passing their retired life.
FSIB More than Double Scheme is a lucrative program of the bank which enables you to double the money in six years. So it’s a fixed deposit in which you have to keep the money for the said period to get the full benefit.
The credit schemes of First Security Islami Bank may be divided into four broad groups. These are Investment/Deployment of Funds, Letter of Guarantee, Letter of Credit/Back to Back Letter of Credit, and Specialized Schemes. Investment may be subdivided in the following schemes:
- Bai-Murabaha (Deferred Lump Sum/Installment Sale)
- Bai-Muajjal (Deferred Installment/Lump Sum Sale)
- Ijara (Leasing)
- Musharaka (Joint-Venture Profit-Sharing)
- Mudaraba (Trustee Profit-Sharing)
- Bai-Salam (Advance Sale and Purchase)
- Direct Investment
- Post Import Investment
- Purchase and Negotiation of Export Bills
- Inland Bills Purchased
- Murabaha Import Bills
- Bai-Muajjal Import Bills
- Pre Shipment Investment
- Quard-ul-Hasan (Benevolent Investment)
The schemes under Letter of Guarantee head are:
- Tender Guarantee
- Performance Guarantee
- Guarantee for Sub-Contracts
- Shipping Guarantee
- Advance Payment Guarantee
- Guarantee in lieu of Security Deposits
- Guarantee for exemption of Custom Duties
Letter of Credit and Back to Back L/C has no other sub divisions to mention. Specialized schemes include the programs below.
- Consumer Investment Scheme
- SME Investment Scheme
- Lease Investment scheme
- Hire Purchase
- Earnest Money Investment Scheme
- Mortgage Investment
- Employees House Building Scheme
- ATM, VISA Investment Card, EEF etc.
First Security Islami Bank credit schemes are mainly designed to help limited income people for purchasing their house hold items comfortably and to enhance business people to overcome their hurdles in export and import businesses. At the same time FSIB addresses the SME of the country which is a major sector in employment generation and national economic growth.
From the very inception First Security Islami Bank emphasized on modern techniques in banking. So it didn’t make any delay to start online banking. Now its almost all of 75 branches are connected online. FSIB provides SMS banking opportunity for its clients.
First Security Islami Bank presents all its products and services to its clients after thorough scrutiny of the Shari’ah Board. So everything goes in compliance with Islamic Laws.