Bank Asia launches Islamic banking

Chairman of Bank Asia Ltd Anisur Rahman Sinha inaugurates Islamic banking services at the bank's Uttara branch in Dhaka yesterday. Vice Chairman of the bank Anwarul Amin, Director AM Nurul Islam and President and Managing Director Syed Anisul Huq, among others, are seen. Photo: Bank Asia

Bank Asia Ltd, a third generation private commercial bank, launched Islamic banking services in Dhaka yesterday.
Initially the bank started delivering such services in its Uttara branch in the capital, but the services will be made available in other cities soon, said Chairman of the bank Anisur Rahman Sinha while inaugurating the service in Uttara.
The bank has offered deposit and investment products under the Islamic banking service.
Islamic banking system is growing globally, even in the US and Europe. This system was first introduced in Bangladesh in 1983. Now a total of six banks do dedicated Islamic banking and other 10, including Bank Asia, do the business partially.
Sinha said the bank has launched the service to provide interest-free products for its customers and create entrepreneurs with Islamic mindset.
He said: “Banks should not do business only for financial benefit, they should carry out some social responsibilities either.”
Bank Asia, which started operation in 1999, now has 33 branches across the country. It also has the distinction of acquiring the business operations of two foreign banks -- Muslim Commercial Bank of Pakistan and Bank of Nova Scotia.
The bank has SME (small and medium enterprise) banking, SMS (short message system) banking, ATM (automated teller machine) and internet banking under its online services.
Vice Chairman of the bank Anwarul Amin, Director AM Nurul Islam, President and Managing Director Syed Anisul Huq and consultant of Islamic banking service M Azizul Huq also spoke on the occasion.