City Bank launches Islamic banking service

City Bank has launched an Islamic banking service titled ‘City Islamic’.

Under the service, the bank’s clients will be able to avail of Islamic banking services in addition to conventional banking at its over 150 branches, sub-branches, Citygem, and SME centers across the country.

“We are going to provide the Islamic banking services for the first time to meet the growing demand in Islamic banking services,” said its Managing Director and CEO Mashrur Arefin at a news conference in Dhaka on Saturday.

The customers will also be able to avail of the service through the bank’s world-class Digital Banking app ‘Citytouch’.

In addition, the bank introduced the country’s first American Express Islamic credit and debit card for Islamic customers.

Its 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 to provide fully Shariah-based banking services.”

Its 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.”

To ensure interest-free profit distribution, City Islamic will provide profit among its customers through an investment income sharing ratio system, said the bank.