Fazle Kabir (middle), Governor of Bangladesh Bank (BB), seen in the launching ceremony of 'Islamic Wallet', a digital product of Al-Arafah Islami Bank Limited on Tuesday. Al-Arafah Islami Bank Limited (AIBL) has launched 'Islamic Wallet' -a Shariah based digital financial service -for the first time in Bangladesh aiming to help building cash less society in the country.
Bangladesh Bank (BB) Governor Fazle Kabir formally inaugurated the Islamic mobile finance service at a city hotel on Tuesday while representatives of the Islamic Financial Services Board (IFSB) attended.
The central bank chief advised banks particularly Islamic ones to implement right type of risk mitigation measures considering the benefits of financial products.
"The use of hi-tech innovation may result into unknown risk. In fact risk always close in tandem with technology development," Mr. Kabir said while addressing the programme.
The Shariah based AIBL introduced the 'Islamic Wallet' with D Money Bangladesh Limited as strategic partner to facilitate transactions with digital financial service using mobile phone.
The Wallet provides Shariah based digital financial services through a mobile app, allowing users to make fast, secure and hassle-free online and mobile payments.
The Shariah based mobile financial service also allows cash-in and cash-out, fund transfers from bank accounts and cards and access to a range of lifestyle services.
"The 'Islamic Wallet' will be the new icon for facilitating daily cashless transactions, anytime and anywhere, in a state-of-art way, that is fully complied with Shariah principles," Chairman of the AIBL Abdus Samad Labu explained.
He also said the AIBL's Islamic wallet service will not only provide modern and secure Shariah based digital transactions to valued clients but also strengthen its support for the BB's initiative to promote digital operations in the country.
"In this age of digitization, we at the AIBL have seriously focused to embrace the automation by launching various innovative products and services for providing better, faster and secure services to our clients across the country," Alhaj Labu noted.
The AIBL has already emerged as a symbol of trust of the masses with unique deposit products and diversified investment in large industries to small and medium enterprises along with agriculture and microfinance activities, according to the chairman.
Among others, Farman R Chowdhury, managing director and chief executive officer (CEO) of the AIBL also spoke on the occasion.
The AIBL is now running its businesses with 177 branches across the country, 266 agent outlets along with 169 ATMs to serve the clients, irrespective of their religious faiths and beliefs, with all types of Islamic banking services.
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