Islami Bank Bangladesh Ltd


Islami Bank Bangladesh Ltd. 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.It has 36.91% local and 63.09% foreign shareholders. As of November 2019, IBBL has 350 branches including 59 AD Branches & 03 Offshore Banking Units as well as has more than 13,500 staffs. In addition to that, IBBL maintains its own 621 ATM Booths and 33 IDM, along with 6,000 shared ATM network across the country. IBBL mobilizes around 29% of the country remittance. In 2015, it serves US$3,903.21 million out of US$15,316.75 million of total country remittance. As such, IBBL is 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 is listed with both Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd.

History

Islami Bank Bangladesh Limited is a sharia 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."
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 2017, the government of Bangladesh used intelligence agencies to remove directors and replace them with people closer to the government. Since then, the bank has seen a decline in its fortunes.

Major shareholders

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

Awards

, 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.