Business

IBBL to explore Fintech in 2022 to tap more customers: CEO


Published : 16 Jan 2022 09:01 PM | Updated : 16 Jan 2022 09:01 PM

The Islami Bank Bangladesh Limited (IBBL), the country’s largest private sector lender, has decided to expand its client base to 3 crore from the existing 1.62 crore within the current year.

Managing Director and CEO of IBBL Mohammed Monirul Moula disclosed this at the inaugural season of a 2-day business conference of the bank at a hotel in Dhaka on Saturday.

“We will use Fintech to reach that goal,” he told the officials of the bank.

Moula mentioned that the youth - from 18 years to 35 are adopting technology faster and we have to provide them with the services using Fintechs.

“Fintech-based products will be our main focus for the year, but ethical and moral values, especially Sharia rules will also get as a usual priority in our practice,” he added.

In 2021 IBBL made the highest operating profits among all banks in the country and it was one of the top 1,000 banks in the world.

According to IBBL, till December 31, 2021, the bank’s deposit stood at Tk 138,000 crore and investments Tk 118,000 crore. IBBL was also a leading bank in terms of import and export financing and remittance receipts as well.

The bank financed Tk 64,530 crore for imports and received Tk 30,178 crore as export bills in the year. IBBL channelled Tk 50,518 crore into the country as remittances in 2021.

Professor Md Nazmul Hasan, chairman of the bank, attended the event as chief guest. Directors of the board of the bank also spoke on the occasion. IBBL is a joint venture public limited company established in 1983. It engaged in commercial banking business based on Islamic Shariah. Over 63 percent stakes in the bank are held by foreigners, especially Middle East countries.