Shahjalal Islami Bank commenced its operation as a commercial bank on 10 May, 2001 under the Bank Companies Act, 1991. This bank follows Islamic Shariah strictly. SJIBL started functioning with a vision to develop itself as a unique Islami bank of the country with all modern services and products available for the clients. And at the same time it would contribute for sustainable growth of the national economy.
All the activities of the bank are continuously monitored by the Shariah Council of the bank for implementation and compliance of Islamic Shariah principles. The council is constituted of prominent ulemas, experienced bankers, reputed lawyers and eminent economists of the country.
SJIBL provides Savings account and Current account as a commercial bank. In addition it provides Term deposit and Short notice deposit accounts for its clients. Mudaraba Term deposit account is for duration of 3 months and its multiple periods. Mudaraba short notice deposit account requires a notice of minimum 7 days for withdrawal of money. The profit for these accounts is decided in compliance with Shariah.
Shahjalal Islami Bank Limited provides a good number of attractive depositschemes for limited income people. These are:
- Mudaraba Monthly Income
- Double money
- Monthly Deposit
- Hajj Deposit
- Housing Deposit
- Small Business
- Lakhopoti Deposit
- Bibaho Deposit
- Mohor Deposit
- Shikhkha Deposit
Monthly Income Scheme is a fixed deposit for 3 years term. Profit is distributed every month at an estimated rate which would be finalized after the year end and adjusted accordingly. At the end of the term you would get the principal.
Double Money Scheme of SJIBL not only doubles the money, it triples your money in nine and a half years. If you encash after six years you’ll get it doubled.
Monthly Deposit Scheme of SJIBL is a privilege to limited income people to save some money from their income. To some extent it’s a forced saving. You have to deposit the installment every month. After maturity you’ll get the principal plus the profit accrued.
The term for Millionaire scheme of SJIBL is 12, 15, 20 and 25 years. Depending on term length the installment is decided. You have to deposit the installment every month. After completing the term you would get about a million taka.
Those who are financially weak to perform Hajj are offered with the Hajj scheme to save money gradually and build up a fund sufficient to perform the farj. You may choose the term from 1 year to 25 years.
Mudaraba Housing Scheme of SJIBL is designed for a term of one year through 25 years. After the term you’ll get the principal and profit as per shariah.
Mudaraba Lakhopoti deposit of SJIBL is to encourage low income group of people to develop a fund of Tk. 100,000 from very small savings. You would deposit an amount as low as Tk.450 per month and after 10 years you would get a substantial amount. The terms are 3, 5, 8 and 10 years.
The monthly installment for Bibaho Deposit ranges from Tk.250 to 2000 and term is selectable from 10, 12, 15 and 20 years. This helps to meet the wedding expenses of your children.
Mohor Deposit scheme of SJIBL is prepared for people who desire to pay wife’s Mohor but has no capability to do. He can step by step develop the fund to pay the same.
When you become a parent you have to think about the future of the child. Most important point about the child is his future education. Quality education is quite expensive to day. So you have to start saving as early as possible. Mudaraba Shikhkha Deposit is for the purpose.
Shahjalal Islami Bank offers loan to deserving candidates in different professions. Small and medium entrepreneurs, small business man, Doctors, Executives are in the priority list. Car and CNG conversion, House and House hold durables are also in the list to invest. Overseas employment seekers and people going to be married may ask for a loan to meet up the ensuing expenses. The terms are quite reasonable.
In addition to the above SJIBL provide Remittance service and Debit card service to its customers.
Above all SJIBL presents all the services in compliance with Islamic Shariah.