Eastern Bank launches Islamic banking services

Eastern Bank Limited (EBL) launched a new financial service named “Shariah-based Islamic Banking Services”.
Primarily, the services will be provided in 20 branches of the bank across the country through 20 Islamic banking windows.
There will also be designated Islamic banking help desks for customers in other branches.
Md Showkat Ali Chowdury, chairman of the bank, inaugurated the operations as the chief guest at a function held at the bank’s head office in Dhaka today, the bank said in a press release.
“We are launching Islamic banking operations to meet the needs of Shariah-based banking. Islamic finance is gaining popularity across the world, including Bangladesh,” said Chowdhury while addressing the ceremony.
“As a modern and dynamic banking services provider, Eastern Bank could not but respond to customers’ needs. We seek your support and cooperation as always to take Islamic banking to a new height,” he added.
Ali Reza Iftekhar, managing director and CEO of the bank, Ahmed Shaheen, additional managing director and chief of the bank’s Islamic banking services, and Shahed Rahmani, chairman of the bank’s Shariah supervisory committee, also spoke on the occasion.
“As a compliant bank, we are committed to fully ensuring Shariah rules and principles in our Islamic banking operations. All of the products and policies of Eastern Bank Islamic banking are fully Shariah compliant,” said Iftekhar.
“We are offering a wide array of Islamic banking products and services to cater to the diversified needs of customers,” he added.
Shahed Rahmani expressed his hope that Eastern Bank would not compromise on Shariah issues in its Islamic banking operations.
He also invited clients to avail Eastern Bank Islamic banking services for an enjoyable experience.
AKM Mizanur Rahman, deputy chief of Eastern Bank Islamic banking, gave a presentation highlighting the products and services to be offered to customers.
Eastern Bank offers a wide range of deposit and financing products.
All types of banking services involving retail, SME, corporate and trade operations will also be available strictly in compliance with the Shariah.
The bank also offers a unique product, named “Continuous Musharakah Finance”, that will fulfil the needs of capital financing for meeting overhead costs.