Islami Bank Bangladesh Ltd. (IBBL) ( bn, ইসলামী ব্যাংক বাংলাদেশ লিমিটেড) is an
Islamic banking
Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economic ...
company based in
Bangladesh
Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the mos ...
. 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
Network, networking and networked may refer to:
Science and technology
* Network theory, the study of graphs as a representation of relations between discrete objects
* Network science, an academic field that studies complex networks
Mathematics
...
in Bangladesh.
When IBBL was established, it was the first
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
in
Southeast Asia
Southeast Asia, also spelled South East Asia and South-East Asia, and also known as Southeastern Asia, South-eastern Asia or SEA, is the geographical United Nations geoscheme for Asia#South-eastern Asia, south-eastern region of Asia, consistin ...
to provide banking service based on
Shariah
Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the H ...
.
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
Kuwait
Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...
i 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
''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Econo ...
'', "Islami Bank was a pioneer in financing Bangladesh’s rise as the apparel industry’s
main production base outside China."
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.
Major shareholders of IBBL
*
Islamic Development Bank
The Islamic Development Bank ( ar, البنك الإسلامي للتنمية, abbreviated as IsDB) is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi A ...
(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
Kuwait Finance House ( ar, بيت التمويل الكويتي) (KFH) was established in the Kuwait, State of Kuwait, in 1977, as the first bank operating in accordance with the Islamic Sharia, Shari'a rulings. KFH is listed in Kuwait Stock Exch ...
* Luxembourg Islami Bank
* Three ministers of
Kuwait
Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...
*
Al Rajhi Bank
AL, Al, Ål or al may stand for:
Arts and entertainment Fictional characters
* Al (''Aladdin'') or Aladdin, the main character in Disney's ''Aladdin'' media
* Al (''EastEnders''), a minor character in the British soap opera
* Al (''Fullmetal ...
63% shared owned by the above shareholders and
60,000 people of Bangladesh are owners of the rest 37 percent shares.
''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. In 2022, many media outlets reported that the bank was giving out loans to suspicious businesses without proper verification.
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
External links
IBBL Official websiteIBBL CellFin: Your Digital Wallet , Procedure & Details
{{Authority control
Islamic banks of Bangladesh
Banks established in 1983
Bangladeshi companies established in 1983