FSIB offers special banking services for madrasha students

First Security Islami Bank PLC (FSIB) has introduced Mudarbah Savings Deposit Account namely 'Tilmiz' for madrasha students with a view to including them into formal financial sector, says a statement.

By making an initial deposit of just Tk 100, any madrasa student can open this account and enjoy the modern tech-friendly services of a Shariah-based bank.

Students under the age of 18 can operate their Tilmiz accounts through their guardians. However, once they reach the age of 18, they can directly transact through this account which is charge-free. Moreover, government scholarship and gift money can be received in this account.

In this regard, Abu Reza Md. Yeahia, Managing Director (Current Charge), said, "Madrasha education system plays a significant role in developing ethical values and social awareness among the people. Additionally, madrasha students make significant contributions to preaching Islamic knowledge, creating job opportunities and bringing out new entrepreneurs in the nation. As interest is forbidden in Islamic Shariah, the madrasha students always avoid conventional baking services. This huge number of students was not taken into consideration for financial inclusion in the past. They were dependent on the informal savings and financial transactions."

FSIB has introduced the 'Tilmiz' account to attract this small savings into the formal channel of banking. Mr. Reza said, adding that the bank has already opened 20,000 'Tilmiz' accounts and taken initiatives to open more than 200,000 accounts of madrasha students by the end of this year.