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Islami Bank PLC (IBBPLC) (Bengali: ইসলামী ব্যাংক পিএলসি), more commonly known as Islami Bank, is an Islamic banking company based in Bangladesh. It became incorporated on 13 March 1983 as a public limited company under the Companies Act 1913 and started operation on 30 March, the same year. [ 8 ]
Masud joined Agrani Bank in 1983 as a senior officer. [2] In 2011, Masud became the Deputy Managing Director of Agrani Bank. [2] He then worked as the Managing Director of Karmasangsthan Bank. [3] From 24 August 2016 to 24 August 2019, Masud was the Managing Director of Sonali Bank. [2] During his term he worked on recovering defaulted loans.
The Bank signed an agreement with Islamic Development Bank, based in Saudi Arabia, for investment. [11] In May 2016, Abdus Samad, vice-chairman of S. Alam Group, was elected chairman of Al-Arafah Islami Bank PLC. [12] Mohammed Abdus Salam, managing director of Mir Group, was elected vice chairman of Al-Arafah Islami Bank PLC. [12]
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In 1975, the Islamic Development Bank was set up with the mission to provide funding to projects in the member countries. [72] The first modern commercial Islamic bank, Dubai Islamic Bank, was established in 1979. [73] The first Islamic insurance (or takaful) company – the Islamic Insurance Company of Sudan – was established in 1979. [65]
Islamic banks often use "parallel" salam contracts and acting as a middleman. One contract is made with a seller and another with a purchaser to sell the good for a higher price. Examples of banks using these contracts are ADCB Islamic Banking and Dubai Islamic Bank. [108] Basic features and conditions of a proper salam contract
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The Bank was founded as NRB Global Bank on 25 July 2013 targeting not resident Bangladeshis. [6] Bangladesh Bank provided licenses to nine banks including NRB Global Bank in 2013 on the condition that the bank will eventually list on the stock market. [7] On 14 August 2013, Md Abdul Quddus was appointed managing director of NRB Global Bank. [8]