Al-Arafah Islami Bank Limited has launched 'Islamic Wallet' -a Shariah-based Digital Financial Service with D Money Bangladesh Limited as strategic partner to facilitate transactions with Digital Financial Service through mobile phone. This is the country’s first Shariah-based Digital Financial Service through mobile phones. The new wallet will facilitate all kinds of financial transactions, bill payment, and account management.
Governor of Bangladesh Bank Fazle Kabir inaugurated Islamic Wallet in the Grand Ballroom of Le Meridien Hotel on Tuesday, December 10. Chairman of the Bank Alhajj Abdus Samad Labu and Managing Director & CEO Farman R Chowdhury addressed the occasion.
Representatives of the Islamic Financial Services Board (IFSB), Deputy Governors of Bangladesh Bank, Al-Arafah Islami Bank Limited Board of Directors, Deputy Managing Directors, Senior Executives, Executives of Bangladesh Bank, clients, and media representatives were present at the event. Senior Executive Vice President and CTO of the Bank Syed Masodul Bari and Co-Founder & Managing Director of D Money Bangladesh Limited Aref R. Bashir jointly introduced the features of the Islamic Wallet.
The wallet provides Shariah based Digital Financial Services through a mobile app, allowing users to make fast, secure and hassle-free online and mobile payments. It allows cash-in and cash-out; fund transfers from bank accounts and cards; and access to a range of lifestyle services. It facilitates Person-to-Business (P2B) payments such as bill payment, food delivery, mobile top-up, insurance premiums, and loan installments; Business-to-Person (B2P) payments such as payroll and commission disbursement; Government-to-Person (G2P) payments such as subsidies, freedom fighter allowances, social welfare payments, and endowments; and Person-to-Government (P2G) payments such as government duties, taxes, fees, etc.
Wallet activities are regularly monitored by the Shariah Supervisory Council to ensure adherence with the Bank’s Shariah Guidelines. Usury and the charging and receiving or interests are strictly prohibited.
Referring to the economic growth of Bangladesh, as a chief guest Governor of Bangladesh Bank Fazle Kabir said, at present 32 Billion US Dollar foreign currency reserves in Bangladesh and it has become the 39th largest economic country in the world.
AIBL has complied with all the Shariah-based rules and regulations of Bangladesh Bank. He thanked to Al Arafah Islami Bank for launching its digital mobile financial service 'Islamic Wallet'.
Chairman of the Bank Alhajj Abdus Samad Labu said AIBL is working to ensure equity and justice in all economic activities for achieving sustainable and balanced growth and equitable socio-economic development since inception on September 27, 1995. Today AIBL launches its latest innovative customer-friendly monetary wallet ‘Islamic Wallet’ aiming to facilitate building a cashless society in Bangladesh.”
He also said, ‘Islamic wallet’ service will provide modern and secured Shariah based digital transactions to our valued clients.
Managing Director and CEO of the Bank Farman R. Chowdhury said, AIBL and D Money has joined hands to develop a unique digital platform for Islamic Banking Services through Islamic Wallet with MFS. Launching of Islamic Wallet would be one step forward towards fulfilling the dream of DIGITAL BANGLADESH in a Shariah compliant manner.
He said, This product will certainly act as a catalyst to achieve the goal of bringing in more and more unbanked and under-banked people under the banking umbrella as this will offer a full lifestyle solution.
In this occasion, Anjan Chowdhury, Chairman of D Money, expressed his best wishes for the new wallet service. He said, we are proud to have supported AIBL in launching the first Islamic Wallet in Bangladesh, leveraging D Money’s technology platform to serve the needs of Shariah based customers through a modern banking app.