City Bank introduces Shariah-based banking

City Bank has launched its redesigned Islamic banking service named ‘City Islamic’ at a press conference at The Westin Hotel Dhaka on Saturday.

City Bank Chairman Aziz Al Kaiser, Vice Chairman Hossain Khaled, Shariah Supervisory Committee Chairman Dr. Anwar Hosain Molla, Managing Director & CEO Mashrur Arefin and Additional Managing Director Sheikh Mohammad Maroof were present at the occasion.

Senior officials of the bank and journalists from various print, electronic and online media were also present, said a media statement.

From now on, City Bank customers will be able to avail Islamic banking services offered under Shariah law in addition to conventional banking at its over 150 branches, sub-branches, Citygem and SME centers across the country.

Customers will also be able to avail Islamic banking services through City Bank’s world-class Digital Banking app ‘Citytouch’. In addition, City Bank introduced the country’s first American Express Islamic credit and debit card for Islamic customers at the event, it said.

In order to ensure interest-free profit distribution, City Islamic provides profit among its customers through investment income sharing ratio system. Unlike other banks, City Islamic will not announce pre-determined profit rates for depositors. In this newly launched City Islamic banking system, customers will be able to avail benefits ranging from personal banking to corporate banking and trade.

City Bank Chairman Aziz Al Kaiser said, “The importance of Islamic banking in the economy is immense now. Therefore, considering the needs of the customers, ‘City Islamic’ was launched with the aim of providing fully Shariah based banking services.”

The bank’s Vice Chairman Hossain Khaled said, “Needless to say, our customers have played an important role in bringing us to where we are today. Hope that they will be by our side in the future too.”

In his welcome speech, Mashrur Arefin expressed his determination to move ahead in attaining excellence in Islamic banking business on a priority basis.