Islami Bank Bangladesh PLC set a new milestone by collecting foreign remittances worth $700 million in January 2024. Islami Bank's market share stood at around 35 per cent of the country’s total remittances, and more than 50 per cent of Islamic Banking industry in January.
Bangladeshi expatriates working in different countries have sent this amount through Islami Bank which indicates that IBBPLC was the Banker of the first choice of expatriates, read a press release Thursday.
As a result, this bank has been able to create a new history in collecting the highest foreign remittance in a single month, it added.
Islami Bank has retained the top position in remittance collection since last 16 years. The Bank has added $12.5 billion in the reserve of the country after meeting its all import expenses which plays a vital role in the economy.
The bank has also obtained a number of local and international awards for remittance collection and excellent expatriate services.
Islami Bank always prioritises remittance collection and expatriate services. At present 29 representatives of the Bank are working in Saudi Arabia, United Arab Emirates, Qatar, Oman, Jordan and Singapore are providing services to the expatriates.
IBBPLC maintains relationship with 594 banks and financial institutions in 64 countries around the world. The Bank has agreements with 155 Banks and Exchange Houses in 21 countries for collecting the heard earned income of expatriates through banking channels.
As a result, remittances from more than 200 countries are deposited to the accounts of the beneficiaries which are the highest single Bank remittance route in the country.
Most of the country’s expatriates work in the Middle East countries. Earlier, the expatriates used to take illegal ways as there was no easy, safe and fast way to send money from these countries to Bangladesh.
Islami Bank regularly encourages people to send money through legal channels by arranging special campaigns. Thus, Expatriates' hard-earned money is coming to the country safely through IBBPLC.
Islami Bank has set up API to deliver money to the relatives of the expatriates quickly and safely, through which the dedicated employees of the bank are working to provide 24-hour remittance services.
Remittance beneficiaries can collect instant remittance money through the largest network of Islami Bank consisting of 394 Branches, 249 Sub-Branches, 2773 Agent Outlets and 2994 ATMs/CRMs.
In order to provide faster and uninterrupted services to the expatriates and their beneficiaries, the establishment of remittance lounges in every branch of the bank are underway, which will be completed very soon.
Islami Bank alone collected expatriate remittances worth $5 billion in the year 2023 which is 23 percent of the total remittance of the country.
