Islami Bank managing director and chief executive officer Mohammed Monirul Moula said there’s no need to be worried about the deposit of the customers of the bank. Deposits of all the customers are safe and sound. There’s no liquidity crisis in the bank. No single customers returned failing to withdraw the money.

He said as the loans were disbursed according to the rules and regulations of the bank, all the money linked to the loans will be paid-off. The loans that have been disbursed recently will be returned within six to seven months. Islami Banks gives loans by examining NID and all other documents of the customers. The bank also opened more LC than any other banks in the country in order to import daily essentials and raw-materials.

Mohammed Monirul Moula said Islami Bank don’t give cash to any borrower and invest money according to the bank policies. The loans that were given for importing foods was effective as the foods have been brought into the country successfully. The bank will receive the money as soon as the food-products are sold.

The Islami Bank MD said after seeing some news telecasted on the media, the expatriates asked their relatives to withdraw money from the bank. Being confused, their relatives had withdrawn some money initially, but deposited money later on. Even, some relatives of the expatriates didn’t find it feasible to keep money elsewhere other than Islami Bank as they thought nothing’s wrong with the bank.

Mohammed Monirul Moula said the investment didn’t increase in the same rate as the price hike of the commodities. For example, before Corona outbreak, Tk 100 was needed to start a business, whereas in 2022 Tk 300 to 400 needed to do the same task.

He said reports on all the activities of Islami bank are submitted to the Bangladesh Bank regularly. Some vested groups envied Islami Bank as it’s a very strong bank and creating propaganda over it.

Mohammed Monirul Moula said Islami Bank has business with all the big businessmen and industrial groups in the country. The changes of ownership matters nothing here. In the foundation period of Islami Bank, Islamic Development Bank of Saudi Arabia hold 72% share, while now the foreigners own 43% shares. As the capacity of the local entrepreneurs increased, they purchased the share of the bank. At present, 80% of the LC to import fertilizers was done by Islami Bank. Recently, we’ve open LC for Bangladesh Petroleum Corporation to import fuel.

The MD said Islami Bank started its journey in 1983 with a view to provided Shariah-based banking service. We will celebrate its 40th anniversary in March, 2023. It’s now a Bank of 1 crore and 90 lakh customers and almost 8 crore people, directly or indirectly, are engaged with the bank. The bank can secure number 1 position in each and every perimeter that’s needed to be a good bank. We retained customers support intact due to our strong network. Islami Bank became popular to the people of the country due to its giving foremost priority in providing Islamic banking service. As a result, last few years, we saw the introduction of 9 more Islamic bank and most of the banks started Islamic banking window. We always conducted our activities according to the rules and regulations of Bangladesh Bank. Besides, we strictly follow traditional Islamic customs. However, we have been able to invest in every sector thanks to our large amount of paid-up capital.

Mohammed Monirul Moula said around 90 lakh families have been employed through Islami Bank. The big shot clients are with us as we have the capacity to provide loans to big industrial groups and businessmen in the country. We disburse micro-credit even after being the largest Islamic bank in the country. Islami Bank always worked on women empowerment. It disburse non-mortgage loan amount from Tk 5,000 to Tk 5,00,000 to the marginal people of the country. We’ve 16 lakh micro-credit customers among whom 92 percent are women.

He said we’ve 394 branches across the country and 2,700 agent banking point, along with 2,439 sub-branches, 2,500 ATMs and Cash Recycling. We’ve taken our banking service to the people of remote villages through 6,000 outlets.

The MD said around 1 crore 35 lakh expatriates are living in different parts of the world and 80% of them have bank account in Islami Bank. With Tk 1 lakh 52 thousand crore, the bank holds 10% of all the deposits in the country’s banking sector. The bank invested Tk 1 lakh 35 thousand crore, which is 30 percent of total money invested in banking sector. Around 30 percent of the remittance money came in the country through Islami Bank. We’ve collected 52 percent of the total remittance came from Saudi Arabia, United Arab Emirates and USA and adding $ 1200 Crore to the foreign currency reserve.

Mohammed Monirul Moula said Prime Minister Sheikh Hasina declared incentive package for the businessmen during Covid outbreak. But, the Russia-Ukraine war started before the aftermath of Covid outbreak is over. In this circumstance, Islami Bank opened largest number of LCs to facilitate the import of food-products.

@The interview was published in Bengali on print and online versions of The Bangladesh Pratidin on December 6, 2022 and rewritten in English by Lutful Hoque