Business Today

City Bank and Bikash introduced Islamic savings products this time

After nano or ultra micro credit, this time Islamic savings scheme or program has been launched by City Bank and Bikash. Earlier, these two institutions jointly launched ultra microcredit under Mobile Financial Services (MFS) for the first time in the country. Newly now Shariah based monthly savings service has been introduced. Under this service, BKash customers can now save in City Bank in Shariah based manner. Bkash’s customers can take this service without the hassle of filling papers or forms at home.

This new service is basically a deposit collection initiative of City Bank. Customers will get profit by depositing money in City Bank through development. Officials of the two institutions said that the marginal population of the country will also get Islamic banking services easily under this new service.

City Bank and Bikas jointly inaugurated this new service at Hotel Westin in the capital on Monday. In the event organized on this occasion, it was informed that Islamic savings schemes of various durations and amounts can be launched from the Bkash app in just a few minutes in a few simple steps.

Masrur Arefin, Managing Director of City Bank said on the occasion, “I always try to work with Bikash. Because, now it is not possible to take all kinds of financial services to the people of Gramganj only through banks. Earlier we launched nano or ultra micro credit in association with Bikash. Now this new service has been launched. A lot more awaits in the future.’

Kamal Qadir, Chief Executive Officer or CEO of BKash, said at the opening ceremony, “People come out of poverty only when there is an opportunity to save.” We have started working with City Bank to create savings opportunities for the marginalized people of the country. Earlier in development there were savings products but no Islamic services. Now that is added.

In the event, it was informed that in order to receive the new service, one should first go to ‘Savings in Banks and Financial Institutions’ or ‘Savings Option’ in the Bkash app. Then click on Islamic Savings and select the term and deposit type. At present, the savings scheme can be launched in monthly installments of 500, 1000, 2000 and 3000 taka for a minimum period of 2 years to a maximum of 4 years. After completing the savings period, the customers can withdraw the entire amount along with the profit from the development account. No additional cost will be required for this.

Chairman of City Bank Aziz Al Qaiser, Chairman of Sharia Supervisory Committee of City Bank also attended the opening ceremony. Senior officials of both institutions including Anwar Hossain Mollah.