City Bank has rebranded its Shariah-based window through launching ‘City Islamic’ service across all branches and sub-branches equipped with technology-based solutions.
The first generation bank has modernized its existing Manarah product and introduced the new services for all retail and corporate banking during a function at Westin Dhaka on Saturday.
To ensure interest-free profit distribution, City Islamic provides profit among its customers through an investment-income sharing ratio system. Unlike other banks, City Islamic will not announce pre-determined profit rates for depositors.
City Bank chairman Aziz Al Kaiser, vice chairman Hossain Khaled, director Hossain Mehmood, Shariah-supervisory committee chairman Dr Anwar Hosain Molla were present at the launching ceremony. Managing Director Mashrur Arefin made the address of welcome. Additional managing director Sheikh Mohammad Maroof, Head of Card Arifur Rahman and Head of City Islamic Arif Idrish were also present on the occasion.
City Bank chairman Aziz Al Kaiser said the importance of Islamic banking in the economy is immense now as 92 per cent of the country’s population is Muslim. He expressed hoped City Islamic will help the bank reach banking services with faith to the marginalized community across the country.
Vice-chairman Hossain Khaled urged the City Bank management to roll out the Islamic banking service across all verticals of the bank to bring more financial inclusion. Managing Director Mashrur Arefin expressed gratitude to Bangladesh Bank for approving City Islamic without changing the logo or name of the bank.
“It’s an exemplary decision in the banking sector in Bangladesh. Islamic banking will not confine to any branch. It will available at all branches, sub-branches, CDM and ATMs across the country. Besides, the CityIslamic banking will be available on modern banking service of CityTouch,” he added.