Photo: Messenger
In the ever-evolving landscape of Islamic banking in Bangladesh, Premier Bank has emerged as a trailblazer, playing a pivotal role in the sector's remarkable success. The bank's achievements and contributions are palpable, significantly influencing the broader financial landscape of the country.
The Premier Bank PLC embarked on its Islamic banking journey in 2003, introducing two full-fledged branches under the brand name "Premier Tijarah." This marked a pivotal milestone, underscoring their dedication to providing Shariah-compliant financial solutions to the masses.
With a strategic focus on expansion and service enhancement, Premier Bank obtained 25 window licenses in 2020, fortifying its Islamic banking services to ensure accessibility and convenience for a wider customer base.
Premier Bank's approach is characterized by a robust collaborative effort, leveraging the strengths of its conventional and Islamic banking wings. Presently, the bank's extensive network of 201 conventional branches, sub-branches, SME branches, and two dedicated Islamic banking branches actively promote Islamic banking deposits through a sophisticated online platform. Additionally, around 200 sales executives work in tandem to source Islamic banking deposits, fostering a dynamic and growing Islamic banking ecosystem.
Premier Bank's commitment to excellence is evident through several key strengths:
Diverse product range: Premier Bank offers a comprehensive suite of Shariah-compliant deposit and asset products catering to the distinct needs of retail, SME, and corporate customers.
Cutting-edge IT infrastructure: The bank boasts a state-of-the-art core banking solution that efficiently accommodates all Shariah-compliant deposit and investment products, ensuring strict compliance and transparency.
Shariah supervisory committee: Premier Bank's Islamic products undergo rigorous scrutiny by a distinguished Shariah supervisory committee, composed of renowned scholars and Islamic banking professionals. This ensures strict adherence to Shariah principles.
Skilled workforce: Premier Bank's strength lies in its highly trained workforce, well-versed in Shariah modes and deposit and investment products.
Enhanced customer services: The bank goes the extra mile to provide added convenience to Islamic customers through Internet Banking, mobile apps, and web platforms, facilitating account access, fund transfers, and utility bill payments.
Premier Bank's dedicated efforts and unwavering commitment to Islamic banking have significantly contributed to the sector's growth and success in Bangladesh, setting new standards in the financial industry and reaffirming the importance of ethical and equitable banking practices.
Premier Bank's steadfast journey, guided by the principle of "service first," demonstrates a resolute commitment to delivering authentic value to customers, partners, employees, and communities. Since its inception in October 1999, Premier Bank has undergone a remarkable transformation, establishing itself as a leading commercial bank in Bangladesh and leaving a profound mark on the national economy.
The Shariah-compliant banking system, founded on the principles of 'interest-free' and 'equity-based' finance, has played a pivotal role in Bangladesh's banking sector and overall economy since its inception in 1983. Despite challenging economic conditions in 2023, the Islamic banking sector in the country reached notable milestones, with total deposits reaching BDT 4,280 billion as of June 2023, reflecting a growth of 3.80% compared to the previous year. Furthermore, investments surged to BDT 4,214.77 billion, marking a remarkable growth of 10.38% from the same period in the previous year.
The writer is the additional managing director and chief credit officer of The Premier Bank PLC. He is a fellow member of the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the first Certified Sustainability Reporting Assurer (CSRA) in Bangladesh.
Messenger/Alamin
