Agent banking means providing limited scale banking and financial services to the underserved population and
customers of Al-Arafah Islami Bank Ltd. through engaging the agents under a valid agency agreement, rather than
a teller/cashier. Agents are the owner of one outlet or more than one outlet who conducts banking transactions
on behalf of Al-Arafah Islami Bank Ltd. Globally these retailers are increasingly utilized as important distribution
channels for financial inclusion as well as cost minimization. Al-Arafah Islami Bank Limited is working for Agent Banking
activities with the approved Policy by the Board of Directors in its 270th Meeting held on March 01, 2015,
decision Number: Board-2015/4102 along with permission letter no weAviwcwW(wc-3)/745(39)/2015-3031 dated22/04/2015 from Bangladesh Bank.
Al-Arafah Islami Bank Ltd. is giving much emphasis on the rural area to cover lion share of the target group
but at the same time is not ignoring the rest of the target group by concentrating on the urban area in a limited scope.
Agent Banking Services
The Following services will be covered under Agent Banking:
i. Collection of small value cash deposit and cash withdrawal (ceiling will be determined by the Bank from time to time);
ii. Inward foreign remittance disbursement;
iii. Facilitating small value Investment disbursement and recovery of investment/loans, Installments;
iv. Facilitating utility bills payment;
v. Cash payment under social safety net programme of the Government;
vi. Facilitating fund transfer (Ceiling will be determined by Bangladesh Bank from time to time);
vii. Balance inquiry;
viii. Collection and processing of forms documents in relation to account opening, investments application, credit and debit card application from public;
ix. Post sanctions monitoring of investments and advances and follow up of investment recovery.
x. Local Remittance handling
xi. Receiving of clearing cheques
xii. Other function like collection of insurance premium including micro-insurance, etc.
xiii. Daily cash remittance will be performed by the Bank and Agent mutually.
Agents/Sub-agents are not allowed to provide the following persons/ entities as Bank Agent:
i. Giving final approval of opening of bank accounts and issuance of banks cards/cheques
ii. Dealing Investment / financial appraisal
iii. Encashment of cheques and
iv. Dealing in Foreign currency.
v. Other services which are not mentioned in the agreement/due-diligence guidelines for agents
Eligible Entities as Agent:
Al-Arafah Islami Bank Ltd. may engage the following persons/ entities as Bank Agent:
i. NGO/MFI's regulated by Micro Credit Regulatory Authority of Bangladesh;
ii. Other registered NGOs;
iii. Co-operative Societies formed and controlled/ supervised under Co-operative Societies Act,2001;
iv. Post Offices;
v. Courier and Mailing Service companies registered under Ministry of Posts and Telecommunication;
vi. Companies registered under 'The Companies Act,1994;'
vii. Agents of Mobile Network Operators.
viii. Offices of rural and urban local Government institutions;
ix. Union Information and Service Centre (UISC);
x. Educated Individuals capable to handle IT based financial services, agents of insurance companies, owner of pharmacies, chain grocery shops and petrol pumps/ gas stations. In this case, personal guarantee from local renowned persons to this effect shall be provided.
Our Service Standard:
Al-Arafah Islami Bank Ltd. is committed to provide state of the art service in its operation through agent banking. The core service standard of its agent banking is as follows:
i. Prompt & effective service,
ii. Modern IT based infrastructure & facilities,
iii. Customer & Environment friendly service,
iv. Smooth operation & transaction process,
v. Security of the assets & information of the clients,
vi. Fully Shariah based compliance,
vii. Self equipped database, disaster recovery center,
viii. Dedicated 24 hours Agent banking service team.