Social Islami Bank Ltd.
Social Islami Bank was founded in 1995 as Social Investment Bank Limited and changed its name to the present one on August 2009.
SIBL has been running its activities through its 72 branches all over the country. It provides Islami banking facilities to its customers under the supervision of a strong jury board. It provides all formal commercial banking services to people.
Formal Banking Services
Formal banking services rendered by SIBL are Deposit Accounts, Deposit Schemes, Investment Banking, Foreign Exchange Trade and other routine jobs.
Mudaraba Savings Deposit, Al Wadiah Current Deposit, Mudaraba Term Deposit and Mudaraba Notice Deposit are the deposit accounts provided by SIBL.
Mudaraba Term deposit is to be opened with a deposit of Tk.5000 minimum from individual, joint farm, Public limited company or Local Government organizations. After maturity you are allowed to withdraw the money along with profit as decided by the bank.
Mudarabe Notice Deposit requires a notice period before withdrawal of money.
Ten Deposit schemes are presently in function at SIBL. These are:
- Mudaraba Monthly profit
- Hajj Deposit Scheme
- Mudaraba Millionaire Scheme
- Mudaraba special Deposit (Pension) scheme
- Mudaraba Term savings Scheme based on Monthly Deposit
- Mudaraba Education Savings Scheme
- Mudaraba Bashastan Savings Scheme
- Mudaraba double Benefit Deposit Scheme
- Mudaraba Lakhopoti Deposit Scheme
- Mudaraba Foreign Currency Term Deposit Scheme
Monthly Profit scheme is targeted to retired persons who can deposit a substantial amount from his service benefits for a fixed period. He would get a monthly profit from it.
Hajj Deposit Scheme is to help people for performing Hajj. A mutually agreed monthly installment is to be deposited and profit earned as per Shariah is added. After maturity you will get the money with total profit to enhance your Hajj program.
Millionaire Scheme is a monthly deposit Scheme to achieve a total of taka 10 lacs along with profit after maturity. The duration of this scheme is 15, 20, and 25 years. Accordingly the installment is decided. The profit is calculated following Shariah.
Special Savings (Pension) Scheme is, as the name implies, for people in job now and desire to have a regular income after retirement. Deposits are made as monthly installments and after maturity you may have the total amount at a time or as a monthly pension.
Term saving is also a monthly deposit scheme.
Educational expenditure is getting higher day by day. Still you must not ignore your children’s education. So you would like to build up a fund for future. Mudaraba Education Scheme is the solution.
Mudaraba Bashastan Savings Scheme is meant for solving your housing problem. You have to deposit an installment of Tk.500 or any multiple of it for a decided duration. After maturity you may expect a good amount to be spent for your home.
Voluntary Banking Sector is another field of SIBL’s activity. This field includes Cash Waqf Scheme and Mosque Waqf Property Development Scheme.
Cash Waqf Scheme is designed for investment in the religious, social and educational services. Well off and rich people are supposed to make the investments and in the mean time response is good.
Mosque Waqf Property Development Scheme provides consultation to make mosques and Waqf properties self sufficient and sustainable.
Non Formal Banking
In this area of banking SIBL offers schemes like Micro Investment Scheme, Micro Enterprise Investment Scheme, Joint Scheme, Development and Rehabilitation Scheme, and Joint Programs with ILO and UNICEF.
Micro Investment is a group based lending program aiming at improvement of the low income people of the society. Maximum amount to invest is Tk. 25000 for each case.
Micro Enterprise Investment Scheme contains three types of schemes. These are Family Empowerment Micro-Enterprise Program, SMES and Small, Medium & Micro Enterprise Development in collaboration with JOBS, USA. All these schemes are prepared to create easy access of small entrepreneurs to business capital.
A rehabilitation program for child labor in garment industries are under taken by SIBL jointly with ILO. This program aims at complete elimination of child labor.
Social Islami Bank Limited is always with modern thinking and up to date technology. It has naturally introduced online banking, ATM service and any branch banking like products. SIBL is prospering along with its clients and partners and contributing to nation as well.