Islami Bank Launches Three New Foreign Currency Accounts for Expatriate Bangladeshis
Islami Bank Bangladesh PLC has launched three new foreign currency accounts to diversify savings and investment opportunities for expatriate Bangladeshis.
The accounts were formally inaugurated on Wednesday, 4 November, at Islami Bank Tower by the bank's chairman and Bangladesh Bank Executive Director Mohammad Zahir Hossain, who attended as chief guest.
The three new accounts are the Mudaraba Non-Resident Convertible Taka (NRCT) Savings Account, the Al-Wadiah Non-Resident Convertible Taka (NRCT) Current Account and the Mudaraba Non-Resident Convertible Taka (NRCT) Term Deposit Account.
The ceremony was chaired by the bank's acting managing director Md Altaf Hossain. Additional Managing Director Dr M Kamal Uddin Jasim delivered the welcome address, and the head of the offshore banking unit, Md Moniruzzaman, presented information on the accounts.
Senior executives of the bank, all zone heads, branch managers, foreign exchange in-charges and sub-branch in-charges joined the ceremony through a virtual platform.
In his speech as chief guest, Mohammad Zahir Hossain said Islami Bank has long held the top position in the country's remittance flow, accounting for about 17 percent of remittances received by the country, and that the bank's contribution to economic development and to growth of foreign exchange reserves is also notable.
He said the launch of the three new NRCT accounts has created broader opportunities for expatriate Bangladeshis to save and invest in the country the money they earn in foreign currency. Alongside Shariah-compliant profits, the accounts allow principal and profit to be repatriated abroad and accounts to be operated digitally.
He added that the initiative will help increase remittance flows through legal banking channels, ensure the financial security of expatriates and strengthen the country's foreign exchange reserves.
