Al- Arafah Islami Bank Limited.

Details & Description

Profile:

With the objective of achieving success here & hereafter by pursuing the way directed by Allah and the path shown by His Rasul (SM), Al Arafah Islami Bank Ltd was established (registered) as a private limited company on 18 June 1995. The inaugural ceremony took place on 27 September 1995. The authorized capital of the Bank is Tk.15000.00 million and the paid up capital is Tk. 10649.02 million as on 31.12.2021. Renowned Islamic Scholars and pious businessmen of the country are the sponsors of the Bank. 100% of paid-up capital is being owned by indigenous shareholders.

The equity of the bank stood at Tk. 2348.32 crore as on 31 December 2018, the manpower was 4247 as on 31 December 2021 and the number of shareholders was 19146 as on 31 December 2021. It has achieved a continuous profit and declared a good dividend over the years. High-quality customer service through the integration of modern technology and new products is the tool of the bank to achieve success. The bank has a diverse array of carefully tailored products and services to satisfy customer needs.

The Bank is committed to contribute significantly to the national economy. It has made a positive contribution towards the socio-economic development of the country with 211 branches of which 25 is AD throughout the country.

Vision:

To be a pioneer in Islami Banking in Bangladesh and contribute significantly to the growth of the national economy.

Mission:

Achieving the satisfaction of Almighty Allah both here & hereafter.
Proliferation of Shariah-Based Banking Practices.
Quality financial services adopting the latest technology.
Fast and efficient customer service.
Maintaining high standards of business ethics.
Balanced growth.
Steady & competitive return on shareholders’ equity.
Innovative banking at a competitive price.
Attract and retain quality human resources.
Extending competitive compensation packages to the employees.
Firm commitment to the growth of the national economy.
Involving more in Micro and SME financing.

Commitments:

Ours is a customer-focused modern Islamic Banking with sound and steady growth in both mobilizing deposits and making quality Investments to keep our position as a leading Islamic bank in Bangladesh.
To deliver financial services with the touch of our heart to retail, small, and medium-scale enterprises, as well as corporate clients through our branches across the country.
Our business initiatives are designed to match the changing trade & industrial needs of the clients.

AIBL At A Glance:

Islam provides us a complete lifestyle. Main objective of Islamic lifestyle is to be successful both in our mortal and immortal life. Therefore in every aspect of our life we should follow the doctrine of Al-Qur’an and lifestyle of Hazrat Muhammad (Sm.) for our supreme success. Al-Arafah Islami Bank started its journey in 1995 with the said principles in mind and to introduce a modern banking system based on Al-Qur’an and Sunnah.

A group of established, dedicated and pious personalities of Bangladesh are the architects and directors of the Bank. Among them a noted Islamic scholar, economist, writer and ex-bureaucrat of Bangladesh government Mr. A.Z.M Shamsul Alam is the founder chairman of the bank. His progressive leadership and continuous inspiration provided a boost for the bank in getting a foothold in the financial market of Bangladesh

A group of 20 dedicated and noted Islamic personalities of Bangladesh are the member of Board of Directors of the bank. They are also noted for their business acumen. Al-Arafah Islami Bank Ltd. has 211 branches (upto May 2023) and a total of 4247 employees (upto December 2021). Its authorized capital is Taka 15000 million and the paid-up capital is Taka 10649.02 million as on 31 December 2021.

Wisdom of the directors, Islamic bankers and the wish of Almighty Allah make Al-Arafah Islami Bank Ltd. most modern and a leading bank in Bangladesh.

Specialty Of AIBL:

As an Islami bank, we are singular in every positive aspect. We provide a bunch of state-of-art banking services within the wide bracket of shariah. We are unique with our products, strict with our principle and uncompromising with our honesty. Some of our special features that make us notable in Islami banking sector are as follows:

All activities of AIBL are conducted under a profit/loss based system according to Islamic Shariah to get the nation rid of Usury.
Its investment policies under different modes are fully Shariah compliant and well monitored by the board of Shariah Council.
During the year 2007, 70% of the investment income has been distributed among the Mudaraba depositors.
In 2008, AIBL has included online banking in its wide range of services. Bangladeshi software has been introduced in this feature to promote the local developers.
AIBL regularly arranges its AGMs (Annual General Meeting). Whenever needed EGMs (Extraordinary General Meeting) are also arranged.
We regularly pay dividend to our valued shareholders. For the year of 2013, we declared 13.50% bonus dividend to our shareholders.
We believe in providing dedicated services to the clients imbued with Islamic spirit of brotherhood, peace and fraternity.
The bank is committed towards establishing a welfare-oriented banking system to meet the needs of low income and underprivileged class of people.
The Bank upholds the Islamic values of establishment of a justified economic system through social emancipation and equitable distribution of wealth.
Following the Islamic traditions, it is assisting in the economic progress of the socially deprived people; in the creation of employment opportunities and in promotion of rural areas to ensure a balance development of the country.
The Bank believes in social and philanthropic activities and has established AIBL English Medium Madrasha and AIBL Library. More endeavors will inshallah follow in future.

Shariah Supervisory Committee (SSC) Of AIBL

Introduction

Alhamdulillah, All praise be to Almighty Allah, the lord of all the worlds and beautiful peace and blessings be upon his Messenger Muhammad (S.) and upon his Household and righteous Companions.

Islamic Banking is operated in Bangladesh as per Instructions/Guidelines contained in the Banking Companies Act, 1991 (amended to 2013) and BRPD Circular No-15 Dated 09.11.2009, on Islamic Banking. Shariah-based Banks/Windows/Units are to be evaluated/supervised, as to whether they are following the Shariah Guidelines/ Principles accordingly in addition to General Banking Guidelines/Principles requires the Board of Directors to appoint a Shariah Supervisory Committee shall have a minimum of three and a maximum of seven Members for a term not exceeding two years and each Member may be eligible for reappointment. The remuneration of the Members of the Shariah Supervisory Committee shall from time to time be determined by the Board of Directors.

Shariah Members of the Shariah Supervisory Committee sits in the General Meetings and Emergency Meetings (when necessary) to discuss the matters of the Bank to give Opinions & Directives and given solutions thereof from the view point of Shariah Principles.

The Shariah Supervisory Committee (SSC) is represented by 7 (seven) Members consisting of Muslim Religious Scholars in the country, Prominent Ulama, Faqihs having adequate knowledge is Fiqhul Muamalat (Islamic Commercial Law), Experienced Bankers and Eminent Economists nominated by the BOD of the Bank. It is mentionable that the decision of the Shariah Supervisory Committee is conclusive decision for all of the Banks, the Board of Directors is obligated to obey the Shariah decisions (Fatwas), irrespective of whether a unanimous or a majority consensus secured the decision.

It will be the responsibility of the Board of Directors of the respective Banks to ensure that the activities of the Banks and their products are Shariah Compliant. The Board of the Islamic Banks/Conventional Commercial Banks having Islamic Branches, therefore, be constituted with Directors having requisite knowledge and expertise in Islamic Jurisprudence. The Board may form an Independent Shariah Supervisory Committee with experienced and knowledgeable persons in Islamic Jurisprudence. However, the Board shall be responsible for any lapses/irregularities on the part of the Shariah Supervisory Committee.

(Ref : Guidelines for Islamic Banking BRPD Circular # 15, Dated-9 November, 2009, Article # Section-iii, Bangladesh Bank & Memorandum and Articles of Association of AIBL, Clause # 158.1. 158.2 and 158.3)

Shariah Supervisory Secretariate & Shariah Inspection

The Shariah Supervisory Secretariate works by Shariah Secretary, Muraqibs (Shariah Inspectors)/Officers/Staffs mainly for Shariah Inspection to all Branches and helping to implement the Fatawas and Guidance of SSC. The Secretary liaises with SSC and BOD and handles other activities according to Bye-Law of SSC. The Muraqibs (Shariah Inspectors) submit the Inspection Reports to Shariah Secretariate, Management and SSC to assure Shariah Compliance. As per decision of the Shariah Supervisory Committee, Shariah Secretariat starts for Shariah Inspection to all the Branches of the Bank.

Al-hamdulillah, The Secretary of SSC and The Muraqibs of SSC being divide into different teams & inspect all Branches of the Bank. They made & sent the Shariah Inspected Report to the respective Branches and collected their views and after that they submit the same to the Shariah Supervisory Committee’s Meeting to segregate and finalize the Doubtful Income. After the completion of Shariah Inspection of all Branches they finalize the Doubtful Income and inform the Total Amount to the Board of Audit Committee to take administrative action against the same Branch’s Manager and Investment In-charge providing Charge Letter. Moreover, before finalizing the Annual Balance Sheet of the Bank Total Doubtful Income becomes segregate from the Total Investment Income of the Bank for avoiding distribution the same to Depositors as Profit.

Al-Arafah Islami Bank Foundation :

The Bank has a Foundation launching philanthropic activities. Al-Arafah Islamic International School & College and Al-Arafah Islami Bank Library are major two wings for launching philanthropic activities

Al-Arafah Islamic International School & College:

Al-Arafah Islamic International School & College has been established by the Al-Arafah Bank Foundation with a view to building next generation according to the ideals of peace and equality of Islam and to establishing banking and other aspects of life in the way of Islam. The prime aim of this Islamic International School & College is to contribute towards building human resource and in the broader sense to ensure human welfare. With the view Al-Arafah Islami Bank Foundation has established Al-Arafah Islamic International School & College at Dhanmondi in 1998. Such institution upto O level of its kind is for the first time in Bangladesh

Al-Arafah Islami Bank Library :

Library is the carrier & reservoir of knowledge. Al-Arafah Islami Bank has shown that other than generating profit, it can also contribute significantly in the field of providing good source of knowledge by establishing a public library at 32, Topkhana Road, Chittagong Bhaban (1st floor), Dhaka, thus strengthening social development. It is situated in a sound, healthy surroundings. It harbors 23,000 books of reference for the researchers, students, professionals, bankers, physicians, engineers, politicians, writers or journalists, even for the kids. It is open to all from the year 2000 and well located & accessible to everybody. It procured some exceptional collection of books on religion, economics, banking, computer science, business administration, sociology, English & Arabic language and juvenile literature in Bangla, English, Urdu & Arabic, which are very rare.

Phone: +880244850005 , 01911-005039

Email: info@aibl.com.bd

Swift code: ALARBDDH