City bank launches Shariah based banking ‘City Islamic’
The bank will also offer American Express Islamic debit and credit cards
The City Bank Limited has introduced Shariah based banking services for its customers under the name 'City Islamic'.
Aimed at improving the existing 'City Manarah' services, the 'City Islamic' services were launched during a press conference, held at the capital's Westin hotel on Saturday.
City Bank Chairman Aziz Al Kaiser, Vice Chairman Hossain Khaled, Shariah Supervisory Committee Chairman Dr Md Anwar Hosain Molla, Managing Director and CEO Mashrur Arefin and Additional Managing Director Sheikh Mohammad Maruf were present in the press brief.
The bank's clients will be able to avail the full-fledged Islamic banking services, which is modernised with latest technology, other than traditional banking services at around 150 branches, sub-branches, City Gems and SME centres across the country. Customers can also use the latest banking services from the digital banking app Citytouch.
City bank has also introduced American Express Islamic debit and credit cards for the City Islamic banking customers.
City Islamic offers all types of Shariah-based deposit and investment facilities for its customers. In order to ensure interest free profit distribution, City Islamic provides dividends to its customers through investment income sharing ratio. Unlike other banks, Citi Islamic does not announce a predetermined rate of return for deposit customers. In this City Islamic banking system, customers will be able to do both personal or corporate banking to meet their banking needs in line with their Islamic beliefs.
Aziz Al Kaiser, chairman of the bank, said, "The importance of Islamic banking in the economy is vital. Therefore, considering the needs of the customers, 'City Islamic' was launched with the aim of providing fully Shariah based banking services."
Vice Chairman Hossain Khaled said, "Let me take the opportunity to thank you all for being by our side. You have played an important role in bringing us to where we are today. I hope you will continue to stand by us."
In his welcome address, Mashrur Arefin, managing director and CEO, expressed his determination to take the Bank's Islamic Banking business forward on priority basis.
Other senior officials of Citibank and journalists from various print, electronic and online media were present during the occasion.