Al-Arafah Islami Bank

Summary

Al-Arafah Islami Bank PLC is a Shariah-based Islamic bank in Bangladesh, founded on 27 September 1995 and headquartered in Motijheel, Dhaka; a shariah council ensures its activities meet shariah requirements. ¹

Work

It runs an agricultural and rural microfinance project aimed at reducing poverty and creating jobs. ¹ It signed an investment agreement with the Islamic Development Bank. ¹

Management and cases

In May 2016 a vice-chairman of S. Alam Group was elected its chairman. ¹ In June 2018 the Anti-Corruption Commission sued a director, its chairman from 2008 to 2016, for laundering money to Singapore. ¹ In January 2023 it borrowed 750 million taka from Sonali Bank after a cash shortage. ¹ After the fall of the Awami League government in 2024, Bangladesh Bank dissolved its board and appointed a new chairman and independent directors. ¹

References

English Wikipedia, "Al-Arafah Islami Bank", revision 1380633606. ¹

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.

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Islamic banks and conventional banks — the difference, the doubts and the performance