First Security Islami Bank looks to strengthen footprint, riding on tech

First Security Islami Bank Limited (FSIBL) is putting increased emphasis on technological development, security and financial inclusion, in order to further strengthen its footprint in the country's financial market.

As part of the move, the Islami Shariah-based bank has come up with a bunch of new products to serve the needs of the people of different segments of the society.

FSIBL Managing Director Syed Waseque Md Ali shared the bank's current and future activities in an exclusive interview with the FE ahead of the bank's 23rd anniversary to be celebrated on October 25, 2022 (today).

FSIBL started its journey on October 25, 1999 under the name "First Security Bank Ltd", which was later transformed into a full-fledged Islami bank on January 1, 2009.

Mr Ali said the bank has intensified its focus on the key areas to make it a reliable and secured financial service providing entity in the country.

In the quest of providing technology-dependent and Islami Shariah-based banking services to the common people, he said the conventional bank is operating with 200 full branches, 152 sub-branches, 84 agent banking outlets and 210 own ATM booths across the country.

The FSIBL managing director said the bank has developed an app, named Cloud Apps, which helps customers do banking activities, such as payments of utility bills and school fees, and money transfer from one account to another.

"In addition, one can use this app for all types of mobile banking services, such as fund transfer to 'Nagad' and 'bKash' and DPDC, while DESCO, Dhaka WASA bill can be paid as well."

The bank also offers a range of products to all segments of people.

The deposit scheme includes Al Wadiyah current account, Mudaraba savings account, Ankur and Alo for school going students, Projonmo and Uddipon for college and university students, Mehonoti for working people, Shwdesh for expatriates, Mahiyasi for women, Grihini for housewives and deposit scheme Murobbi and Probin for senior citizens.

When asked about the areas of priority as far as investment is concerned, Mr Ali said his organisation planned to further intensify its attention on CMSMEs, SMEs, agriculture and women entrepreneurship.

"We want to promote start-ups. In doing so, we officially initiated a product named 'prochesta' under which start-ups will get collateral-free credit amounting to Tk 0.5 million.

"Now, if our banking sector can control and regularise the existing classified loans properly, it will start to get benefits and experience significant expansion of business in near future."

About the new products that the bank has introduced this year, the managing director said FSIBL has introduced some mentionable deposit and investment products, for instance, "SanchayeShukh" to safeguard service holders after retirement and "Merchant", a saving scheme for corporate institutions.

The bank has introduced a short-time scheme with an attractive profit rate called "Utshob", which has gained a huge response, Mr Ali added.

The bank this year has also introduced four new and innovative investment products concerning different professionals and sections of people.

"You all will be glad to know that FSIBL is going to launch its mobile banking service 'First Cash' on the 23rd anniversary of the bank. It is going to be launched with utmost security, tech-based advancement and with enormous mobile banking facilities," he said.

Apart from that, the FSIBL Shariah-based credit card "TaminCredit Card" is going to be inaugurated, with a view to expanding credit card banking services to all customers, Mr Ali said.

FSIBL plays a leading role in the country's overall economic growth by involving itself in the import-export business. In 2021, the bank's import trade volume was around Tk 53.85 billion. The main sectors of import were sugar, edible oil, capital equipment, cotton, fabrics and accessories.

On the other hand, it has successfully disposed of a total of about Tk 33.97 billion worth of export documents. In 2021, the bank received about Tk 15.12 billion in foreign remittance.

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