Islamic banks in Bangladesh operate according to Islamic Shariah principles, avoiding interest (riba) and engaging in ethical investments and trading activities. They use profit-loss sharing (PLS) modes and other Shariah-compliant financial instruments.
Islamic Shariah based Private Commercial Banks (ISPCBs):
There are 10 Islamic Shariah-based private commercial banks (ISPCBs) in Bangladesh. They conduct banking activities according to Islamic Shariah principles, avoiding interest (riba) and engaging in ethical investment and trading activities, such as the Profit-Loss Sharing (PLS) mode.
See also:
❏ Banks in Bangladesh
- Al-Arafah Islami Bank PLC: Al-Arafah Islami Bank PLC was established in 1995 with a focus on providing various Islamic banking products and services including Murabaha, Mudaraba, and Ijarah.
- EXIM Bank PLC: EXIM Bank PLC, formerly known as Export Import Bank of Bangladesh Limited, was established in 1999. It converted into a full-fledged Islamic bank in 2004.
- First Security Islami Bank PLC: First Security Islami Bank PLC was established in 1999 and operates based on Islamic Shariah principles.
- Global Islami Bank PLC: Global Islami Bank PLC, formerly known as NRB Global Bank Limited, was established in 2013 and converted to a full-fledged Islamic bank in 2020.
- ICB Islamic Bank PLC: ICB Islamic Bank PLC, formerly known as Oriental Bank Limited, was converted to an Islamic bank in 2007.
- Islami Bank Bangladesh PLC: The first Islamic bank in Southeast Asia, established in 1983. It offers a range of Shariah-compliant products and services including deposits, investments, and Islamic financing.
- Shahjalal Islami Bank PLC: Shahjalal Islami Bank PLC was established in 2001 and focuses on providing Islamic banking services.
- Social Islami Bank PLC: Social Islami Bank PLC was founded in 1995. It offers a wide range of Shariah-compliant financial products and services.
- Standard Bank PLC: Standard Bank PLC was established in 1999 as a conventional bank, and it began offering Islamic banking services through a dedicated Islamic banking division.
- Union Bank PLC: Union Bank PLC was established in 2013, and operates based on Islamic Shariah principles.
Islamic Shariah-based private commercial banks in Bangladesh operate according to Islamic principles, avoiding interest (riba) and engaging in ethical investments and trading activities. These banks use profit-loss sharing (PLS) modes and other Shariah-compliant financial instruments.
