First Security Islami Bank

Summary

First Security Islami Bank PLC is a public limited bank in Bangladesh, founded on 29 August 1999, which provides sharia-compliant banking. ¹

Origins

It was incorporated as a commercial bank on 29 August 1999, began operating on 25 October 1999 with authorised capital of one billion taka, and started sharia banking in 2009. ¹

Ownership and crisis

Mohammed Saiful Alam, chairman of S. Alam Group, chaired its board. ¹ It faced a cash crunch in 2022 after approving large unsecured loans. ¹ On 4 December 2022 the High Court ordered investigations into it and two other banks the group controlled; Bangladesh Bank appointed observers on 13 December, and on 29 December 2022 it and three other banks took emergency loans. ¹ S. Alam Group filed a Digital Security Act case against an insurance executive who had accused it of embezzling from its banks. ¹

Charity

It provides scholarships for students and has established a charity hospital and a school. ¹

References

English Wikipedia, "First Security Islami Bank PLC", revision 1369334312. 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.

First Security Islami Bank

At a glance

In the Modern Islam Browser

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Summary

Origins

Ownership and crisis

Charity

References

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Made

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