Islami Bank Bangladesh Limited (IBBL) has introduced a deposit scheme titled ‘Mudaraba Mohor Savings Account’ in a bid to creating awareness among the Muslims for complying with the fundamental rights as per the guidance of Islamic Shariah.

The deposit scheme will also help establish woman’s rights in the society and assists them to be solvent financially, said a press release.

With this scheme, IBBL has come forward to stand beside the deprived women, said the bank release, adding the bank never hesitates to participate in any activity for the wellbeing of the society and the humanity. The bank has been working to build a kind and humanistic society with participation of all people.

Muslims from all segments in the society, especially professionals, businessmen, and expatriate Bangladeshis can open the Mohr account under this scheme.

Global Finance’s latest report rates three central bank chiefs “A”

Jamuna Bank Limited has recently inaugurated its 84th branch in Khulna. Kanutosh Majumder, Chairman,

Jamuna Bank Limited inaugurated the branch as the Chief Guest. Al-Haj Nur Mohammed,

Chairman, Jamuna Bank Foundation and Farhad Ahmed Akand, Sponsor, Jamuna Bank Limited were present in the inaugural ceremony as guests of honour. 

Shafiqul Alam, Managing Director of the bank presided over the ceremony.

DHAKA, SEPt 23: Bangladeshis living and working abroad sent home $2.25 billion in the first two months of the current fiscal, the country's central bank data showed Monday.

According to Bangladesh Bank (BB) data, the flow of inward remittances plunged over 14.46 percent year-on-year to $1,008.20 million in the last month, Xinhua reported. Remittances, one of the key sources of foreign exchange for the impoverished nation, in July were $1,238.96 million, it showed.

The inflow of remittances from nearly nine million Bangladeshis in the 2012-13 fiscal, which concluded in June, reached a record high of nearly $15 billion, about 13 per cent higher than a year ago, the BB data showed.

Most of the remittances came from Saudi Arabia, the United Arab Emirates, the United States, Kuwait, 
Britain, Malaysia, Oman, Qatar, Singapore, Bahrain, Italy and Australia, acording to the bank. 
The country witnessed the record high remittance inflow in the just-ended fiscal year (2012-2013) of $14460.52 million.

“It’s the highest amount of remittance that the country ever received in a year,” Bangladesh Bank official said.  
He said Bangladesh had received $ 12,843.43 million remittance in 2011-2012 fiscal year, which was $ 11,650.31 million in 2010-2011 fiscal year. 

240.36 million remittance received the country from state-owned commercial bank’s channel, 8.82 million from specialised bank’s, 455.52 million from the private commercial bank’s (PCB) chanel and 9.90 million from the foreign commercial bank’s chanel.

Among the PCB channel, Islami bank received the highest remittance worth of $ 165.75 million. 

  
Bangladesh Bank permits banks in Bangladesh to establish drawing arrangements with Foreign banks and Exchange houses for facilitating remittance by Bangladeshi nationals living abroad.

Persons willing to remit their earnings through official channels can buy either Taka draft or US dollar draft from these Foreign banks and Exchange houses having drawing arrangements with different banks in Bangladesh.

Bangladeshi nationals living abroad can send Foreign Exchange very easily and directly to their own bank accounts maintained in Bangladesh or to their nominated person's / relative's bank accounts in Bangladesh.

Furthermore, recently banks have taken some major steps towards crediting the proceeds of remittances to the beneficiary's account promptly, maximum by 3(three) days.

Bangladesh Bank governor Dr. Atiur Rahman called upon the country’s banking sector to remain cautious in financing different stakeholders as reckless steps in financing would promote terrorism and militancy.

He also made a caution against the Islamic Banks to remain watchful in this connection.

“Islamic Banking service is becoming popular in the country. But the bank authorities should remain alert in financing different stakeholders so that terrorism and militancy would not get any financial promotion”.

Dr. Atiur came up with the caution at the inauguration of a four-day seminars and workshops held at a hotel in the capital on Monday.

Bangladesh Bank (BB) with support from the International Financial Services Board (IFSB) of Kuala Lumpur, Malaysia arranged the programme.

IFSB Secretary General Jaseem Ahmed and BB Deputy Governor SK Sur Chowdhury also addressed the inaugural session of the international seminars and workshops.

BB chief said that Islamic banks and financial institutions in Bangladesh are performing better than conventional ones in the country.

Giving a brief account on Islamic banking in Bangladesh, the governor said Islamic finance was incepted here in early 1980s with one Islamic commercial bank while there are eight Islamic banks is running wholly on Shariah principles now in the country.

He said that Islamic economy in the country has been stepping forward rapidly. Along with eight Islamic banks, some 17 banks are conducting operations in mixed system, he said adding that the amount of the capital of the banks are 20 percent of the total amount of the banking sector.

He opined that there is alternative to expedite the country’s Islamic Banking sector to cope with the pace of the banking sector of Middle East and South Asia. Bangladesh Bank will take due steps in this connection, he informed.

Mentionable, there are seminars and workshops in 13 sessions during the four days of the programme. The topic for five seminars on September 24 and 25 will be the prospects and challenges in the development of Islamic finance for Bangladesh.

The last two days will have a workshop in the ninth session on “Facilitating the implementation of the IFSB Standards.