After changing leadership in August 2024, Islami Bank Bangladesh PLC has achieved extraordinary growth, significantly increasing its customer base and deposits while paying off all its debts to the central bank.

The bank has maintained its position as the top collector and distributor of remittances for the last 16 years, leveraging modern technology, enhanced customer service, and an extensive network to secure its market leadership in the financial sector in the country.

In an exclusive interview, the bank's Managing Director, Md Omar Faruk Khan, spoke about these achievements and the bank's future plans with our sister newsagency UNB.

He said, "Our achievements in the past year have been truly outstanding. We opened 30 lakh new accounts, bringing our total customer base to nearly 2.5 crore. In line with the trust and cooperation of our customers, deposits grew by approximately Tk 23,000 crore, bringing our total deposits to Tk 177,000 crore, which is the highest in the country's banking sector."

Islami Bank has fully paid off Tk 2,308 crore debt to Bangladesh Bank and are now regularly maintaining the required CRR, SLR, LCR and MCO. The principal account, which was previously in deficit, now has a positive balance of nearly Tk 8,000 crore. The bank also fully paid back the Tk2,395 crore taken against Bangladesh Bank's guarantee, he said.

In addition, the bank collected and distributed a total of Tk63,100 crore in remittances over the last year, the highest among all banks in Bangladesh. This success is a result of Islami Bank team's dedicated efforts, bold initiatives, and, most importantly, the unwavering trust to the customers, he opined.

"We believe this momentum will help Islami Bank reach a new height of success," said Omar Faruk.

From January to August this year, a record USD $21.46 billion in remittances came into the country. This is an increase of $4.23 billion compared to the same period in 2024. As always, Islami Bank has made the highest contribution to remittance collection. The bank's position in the remittance market remains at the top. From January to August, Islami Bank collected and distributed $3.6 billion in remittances, the highest for any single bank, he highlights.

"I believe several factors contributed to this record inflow. In the post-uprising period, a deep sense of patriotism was reawakened among expatriates. Just a year ago, they called for a remittance "shut down," but now, motivated by a desire to support the country, they are enthusiastic about sending money through formal banking channels," he pointed out.

Additionally, Bangladesh Bank's strict stance against "hundi" (an informal money transfer system) has significantly reduced money laundering. Previously, illegal earnings or looted funds were laundered through hundi, but this trend is now under control. The stability of the dollar exchange rate and the assurance of secure transactions have also encouraged expatriates.

To encourage remittances through legal channels, we could introduce a 'Remitter Smart Card,' which would offer various priority benefits to expatriates and their family members. This would allow remitters or beneficiaries to receive priority service from various government departments.

"In this context, the bank's role was extremely important. We consistently encourage expatriates, ensure quick and improved services based on their needs, and build confidence in using secure banking channels. We could also arrange for improved services for expatriates at Dhaka airport and provide priority cards to those who contribute the most to remittance inflows," he opined.

As a result of these initiatives, expatriates are now sending remittances through legal channels at a higher rate than ever before, which is critically contributing to strengthening the country's reserves, said Omar Faruk.

"Islami Bank has been a leader in remittance collection and distribution for 16 consecutive years, primarily due to our continuous efforts and quality of service. We ensure the best service at the grassroots level, establishing remittance lounges in every branch for quick and uninterrupted service for recipients. We also run nationwide remittance campaigns and promotional programs to encourage remittance inflows," he said.

Islami Bank is also at the forefront of technology adoption. Bangladeshi expatriates can easily open savings accounts, term deposits, or deposit schemes from anywhere in the world using the bank's mobile app, 'CellFin'. The app is continuously adding new features to 'CellFin' to make banking activities easier and more secure.

"We have also built a strong customer network and expanded our distribution channels to reach even the most remote areas of the country. All these factors-customer-centric service, modern technology, and an extensive network-have kept Islami Bank at the top,' said Omar Faruk.

Islami Bank always encouraged expatriates to send remittances through legal banking channels. As a result, some of the bank's products and services have become very popular among them. Expatriates can access all general banking services, but Islami Bank also has some specialized services for them.

One of the most popular products is the 'Mudaraba NRB Savings Bond'. This 5- and 10-year term bond provides a secure medium for expatriates' long-term savings.

"Mudaraba Expatriate Housing Deposit Scheme', which allows expatriates to save money over a specific period to fulfill their dream of building a home in Bangladesh. In addition, for expatriates and their families, we have launched the 'Expatriate Entrepreneur Investment Project.' Under this project, investment facilities are provided on easy terms, ranging from Tk 500,000 to a maximum of Tk10 crore, with collateral," he opined.

Through these initiatives, Islami Bank has strengthened the trust and popularity of its services by contributing to the financial security, savings, and entrepreneurial development of expatriates.

Islami Bank has always prioritized improving customer service and is committed to continuing this trend. Islami Bank's main goal is to make banking services more accessible, faster, more secure, and modernized for our customers.

Using the bank's digital banking app, CellFin, and i-Banking, customers can perform almost all banking activities from their homes. New features are added to make banking even easier and safer. By introducing new services and improving existing ones based on their expectations, Islami Bank is working to provide a modern, accessible, and seamless banking experience.

"We have also started a project to launch an AI-powered chatbot, through which customers will get uninterrupted 24/7 banking services. At the same time, we are increasing the professionalism and efficiency of our customer service officers through regular training to ensure that every customer receives quality and sincere service. Most importantly, we always prioritize our customers' feedback and needs," added Omar Faruk.