BCBL launches Sharia-based banking services

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Minister of Information and Broadcasting, Hasan Mahmud, Managing Director and CEO of Bangladesh Commerce Bank Limited, Md Tajul Islam, and BCBL Executive Committee Member, Rashid Ahmed Chowdhury, are present at the launch event of the bank’s Sharia-based banking system at the InterContinental Dhaka in the capital on Wednesday. — New Age Photo

Bangladesh Commerce Bank Limited on Wednesday launched its Sharia-based banking services during a program at the InterContinental Dhaka.

The Minister of Information and Broadcasting, Hasan Mahmud, attended the broadcast as the main guest, while the Managing Director and Managing Director of BCBL, Md Tajul Islam, was present as a guest special.

Rashid Ahmed Chowdhury, member of the BCBL Executive Committee, chaired the event.

Md Tajul Islam said the bank is adopting the Islamic banking system aiming to promote the Sharia based banking system in the country targeting the country’s Muslim community.

He said, “Primarily, Bangladesh Bank accepted our request to practice Sharia based banking system in two branches located at Gulshan in Dhaka and Chattogram out of our 90 branches operating across the country.

Anyone can open an account by depositing 500 Tk and will also get Munafa against the minimum amount of 500 Tk, he added.

Hasan Mahmud said, “The country’s banking system plays an important role for national development.

“As 80% of the people in the country are Muslims, the adoption of Islamic banking system could play an important role in bringing the rural community under the banking system,” he said.

He hopes that adopting such a banking system would also bring mobility to the financial sector that would help achieve the country’s development goals.

He also said, “The mobile financial service has already brought an exemplary revolution to the country’s banking system.

He suggested reforms in bank lending policies targeting small and medium entrepreneurs.

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