Islami Bank widens savings options for expatriates

Expatriate Bangladeshis can now save and invest their foreign currency earnings through three new accounts launched by Islami Bank Bangladesh PLC, with the flexibility to repatriate their deposits and profits abroad.
The bank introduced the Mudaraba Non-Resident Convertible Taka (NRCTA) Savings Account, Al-Wadeeah Non-Resident Convertible Taka (NRCTA) Current Account and Mudaraba Non-Resident Convertible Taka (NRCTA) Term Deposit Account at a programme at Islami Bank Tower on Wednesday, according to a press release. Mohammad Zahir Hussain, chairman of the bank and executive director of Bangladesh Bank, inaugurated the accounts as the chief guest.
Speaking at the event, he said Islami Bank contributes around 17% of the country's total remittance inflows, playing a significant role in the economy and the growth of foreign exchange reserves.
He said the new accounts would give expatriates more opportunities to save and invest their earnings through Shariah-compliant banking services.
Customers will also be able to repatriate their deposits and profits abroad and operate their accounts through digital channels.
The initiative is expected to encourage expatriates to use formal banking channels for remittances while strengthening their financial security and supporting the country's foreign exchange reserves.
The programme was presided over by Md Altaf Hossain, managing director (acting) of the bank. Dr M Kamal Uddin Jasim, additional managing director, delivered the welcome address, while Md Moniruzzaman, head of the Offshore Banking Unit, outlined the features of the new accounts.
Senior bank executives, zone heads, branch heads and officials responsible for foreign exchange and sub-branches joined the programme virtually.