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Al-Wadeah Current Account

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Islami Bank Bangladesh Limited operates Al-wadeah Current Account on the principles of Al-wadeah. The Bank commits to refund money deposited in these Accounts on the demand of customers. On the other hand the Bank takes permission from customers that the Bank may utilize their money. Customers may operate these Accounts as their desires. No profit is disbursed in these Accounts and depositors do not bear any loss.

Eligibility
- Any Business entity/ Farm/ Company/ Organization operating in Bangladesh.
- Business person operating small business without trade license can also open this account.
- Any Bangladeshi citizen with minimum Age 18 years
- Minimum balance: BDT 1,000.00.

Required Documents
- Trade License for business enterprise.
- TIN Certificate.
- 2 copy of recent passport size photo for each signatory (attested by an introducer holding Current A/c with IBBPLC).
- NID/ Valid Passport/Driving License.
- Nominee’s NID & photo (attested by applicant).
- Recent utility bill (electricity/ gas/ WASA/ telephone).
* Bank may ask for any other additional document if required so.

Features
- Unlimited transactions.
-'No profit no loss' on balance.
- Cheque Book facility.
- Debit Card (VISA/Mastercard) for personal or single proprietorships.
- Any branch service from the country’s largest network of branch, agent outlet and ATMs.
- Internet Banking, e-Statement, SMS Banking.
- 24/7 Contact Center support.

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About Islami Bank Bangladesh PLC

Islami Bank Bangladesh Limited (IBBL) holds a significant place in the financial landscape of Bangladesh, being the first bank to operate under Islamic banking principles in the country. Established in 1983, it was a pioneering effort to offer banking services compliant with Shariah law, catering to a growing demand for ethical and interest-free banking options. The inception of IBBL marked a pivotal moment in the financial sector, as it sought to align financial practices with Islamic teachings while promoting socio-economic development.

Over the years, IBBL has expanded its services to include a wide array of banking products that cater to both individual and corporate clients. These services encompass personal banking, corporate financing, trade finance, and various investment opportunities, all structured to comply with Islamic principles. The bank emphasizes profit-sharing models, such as Mudarabah and Musharakah, which foster a sense of partnership between the bank and its clients, promoting equitable distribution of wealth. Additionally, IBBL offers microfinance programs aimed at empowering marginalized communities, thereby contributing to poverty alleviation and sustainable development.

The growth trajectory of IBBL has been impressive, with an extensive network of branches across Bangladesh, making it one of the largest banks in the country. Its commitment to customer service and community welfare has enhanced its reputation, attracting a diverse clientele. Moreover, the bank has played a vital role in financial inclusion, providing banking services to individuals who may have been excluded from traditional banking due to religious beliefs. This inclusivity has not only fostered economic participation but also contributed to the overall growth of the banking sector in Bangladesh.

In addition to its financial services, IBBL is actively involved in various philanthropic activities. The bank supports educational initiatives, healthcare projects, and disaster relief efforts, aligning with its mission to contribute positively to society. By integrating corporate social responsibility with its business model, IBBL sets an example of how financial institutions can play a crucial role in national development.

Overall, Islami Bank Bangladesh Limited has significantly influenced the banking sector in Bangladesh by introducing Islamic banking principles that resonate with a large segment of the population. Its comprehensive range of services, commitment to ethical banking, and active involvement in community welfare have solidified its position as a leader in the Islamic banking industry, demonstrating the viability of Shariah-compliant finance in a modern economy.