The SOCIAL ISLAMI BANK LTD (SIBL), a second-generation commercial bank, operating since 22nd November, 1995 based on Shariah' Principles, has now 125 branches all over the country with two subsidiary companies - SIBL Securities Ltd. & SIBL Investment Ltd. Targeting poverty, SOCIAL ISLAMI BANK LTD, is indeed a concept of 21st century participatory three sector banking model in one. In the formal sector, it works as an Islamic participatory commercial bank with human face approach to credit and banking on the profit and loss sharing. It has a Non-formal banking sector too with informal finance and investment package that empowers and humanizes real poor family and create local income opportunities and discourages internal migration. The bank has another sector to monetize the voluntary sector and management of Waqf, Mosque properties and has introduced cash Waqf system for the first time in the history of banking. In the formal corporate sector, this Bank, among others, offers the most up-to-date banking services through opening of various types of deposit and investment accounts, financing trade, providing letters of guarantee, opening letters of credit, collection of bills, leasing of equipment and consumers' durable, hire purchase and instalment sale for capital goods, investment in low-cost housing and management of real estates, participatory investment in various industrial, agricultural, transport, educational and health projects and so on.
The Bank has taken a renewed drive aiming at consolidating its business in more focused areas covering SME and Agro-finance with emphasis on searching for alternative delivery channel under which SMS banking and mobile based remittance payment systems and by gradually introducing the same to disseminate the SIBL services to the doorsteps of the customers. The Bank has already introduced Internet Banking and launched some new products to strengthen its business. The products are Sonali Din, Sommridhir Sopan, Sonchoy Protidin, Swopner Shiri, Shukher Thikana, Sabuj Chhaya, Sabuj Shayanho, Subarnolata, Subornarekha, Sanchita etc. and Zameel ATM Debit card. .
SIBL is a pioneer in introducing on-line banking among all the Islami Banks of the country with state-of-the-art banking software. The state-of-the-art banking software enables the Bank to provide any branch real time banking service to the clients. SIBL is supported by core banking solutions and our products & services are strongly backed by IT infrastructure, which are upgraded & expanded on continuous basis.
SIBL has set its strategy to convert all its banking activities from traditional branch-based banking system to an ideal blending of both centralized processing unit (CPU) and effective operation of branch that is based on modern essence of banking.
The Bank is running its payment system successfully through BACPS, BEFTN under BACH in order to boost its businesses in multiple dimensions. By adopting BACH System as per guidelines of Bangladesh Bank, SIBL ensures security, safety and hassle free faster transactions from end to end. Moreover, the Bank is effectively adopting regulatory guidelines on IT risk management.
SIBL is quite conscious of its social business responsibilities and is always trying to participate in various social programme in the country under its CSR portfolio giving special emphasis on health, habitat & education. The Bank ensures to provide better integrated idea of formal, informal & voluntary banking in the same platform. SIBL has its unique feature to mobilize capital through CASH WAQF programme.
SIBL lays emphasis on employment generating, environment friendly and green banking based investment keeping an eye on equitable distribution of resources over geographical territory for sustainable growth of macro economy of the country.
The Corporate Governance system in SIBL ensures transparency and accountability at all levels in conducting business. The Bank's continuous effort has been to increase the shareholders' value and to be valued as a compliant organization.