Islami Bank 1st PCB to Reach Tk 1.0 Trillion Deposit Mark

Islami Bank Bangladesh Limited (IBBL) reached the 1.0 trillion Tk deposit milestone on Tuesday—for the first time in Bangladesh's private banking sector—despite the ongoing Covid-19 pandemic.

The aggregate deposit of Shariah 's leading private commercial bank (PCB) increased by 5.70 percent or Tk 53.95 billion to Tk 1000.24 billion in the first half (H1) of the current calendar year (2020) from Tk 946.29 billion six months ago, according to the latest bank statistics.

The deposit of IBBL was Tk 822.57 billion in December 2018.

The IBBL has been able to leverage the low-cost deposit through introducing 28 products including different types of Mudaraba deposits and Cost Free Ones

"We've so far introduced 28 multidimensional products to attract more people to deposit their hard-earned money with the Shariah-based bank," a senior IBBL official told the FE on Wednesday.

In addition, agent banking operation has also contributed to achieve the new record of deposit of the IBBL, according to the private banker.