Al-Arafah Islami Bank PLC
TypePublic limited company
Industry
Founded1995
HeadquartersDhaka, Bangladesh
Key people
  • Salim Rahman (chairman)
  • Farman R Chowdhury (managing director)
Products
Increase ৳227.6 crore (US$21 million)
Number of employees
3,070 (2017)[1]
Websitewww.aibl.com.bd

Al-Arafah Islami Bank PLC[2] (Bengali: আল-আরাফাহ ইসলামী ব্যাংক পিএলসি) is an Islamic bank in Bangladesh. The Bank is controlled by S. Alam Group of Industries.[3]

History

Al-Arafah Islami Bank PLC is a shariah compliant bank in Bangladesh founded on 27 September 1995. A shariah council of the bank is responsible for ensuring the bank activities meet shariah requirements. The headquarters are located in Motijheel, Dhaka.[4][5]

Al-Arafah Islami Bank PLC has initiated a project entitled “Krishi O Grameen Khudra Biniog Prokolpa (Microfinance). With this project, Al-Arafah Islami Bank PLC is working for reduction of poverty, development in agricultural sectors, creation of job opportunities etc.[6]

Md Abdus Samad Sheikh was appointed managing director of the bank in 2005.[7]

Md Abdus Samad Sheikh was re-appointed managing director of the bank in 2008.[7]

In September 2010, Al-Arafah Islami Bank PLC issued shares to raise funds to meet the requirements of Basel II.[8]

A security officer of Al-Arafah Islami Bank PLC was killed in May 2015 during a bank robbery attempt in Chittagong.[9]

The Bank signed an agreement with Islamic Development Bank, based in Saudi Arabia, for investment.[10] In May 2016, Abdus Samad, vice-chairman of S. Alam Group, was elected chairman of Al-Arafah Islami Bank PLC.[11] Mohammed Abdus Salam, managing director of Mir Group, was elected vice chairman of Al-Arafah Islami Bank PLC.[11]

In May 2017, Md Enayet Ullah was elected chairman of Al-Arafah Islami Bank PLC and Salim Rahman, managing director of KDS Group, was elected vice-chairman.[12]

In June 2018, the Anti Corruption Commission sued Badiur Rahman, a director of Al-Arafah Islami Bank PLC and chairman of the bank from 2008 to 2016, for laundering 16.8 million BDT to Singapore to a company he established there called Ariel Maritime (Pvt) Limited.[13]

In August 2021, Salim Rahman, managing director of KDS Group, was elected chairman of Al-Arafah Islami Bank PLC.[14] Abu Naser Mohammad Yeahea, chairman of Purbachal Steel Mills and Purbachal Gas Filling Station, was elected vice-chairman of the bank.[14]

In March 2022, the Bank invested five billion BDT in Unique Hotel and Resorts Limited.[15] Bangladesh Securities and Exchange Commission approved Al-Arafah Islami Bank Limited request to raise five billion BDT through the issuance of bonds in August 2022.[16] S. Alam Group sued Feni District based Golden Life Insurance agent who had posting against the group on social media and posters under the Digital Security Act. The agent had accused the group of embezzling money from banks under its control such as Al-Arafah Islami Bank PLC, Bangladesh Commerce Bank, First Security Islami Bank, Islami Bank Bangladesh PLC, NRB Global Bank, Social Islami Bank, and Union Bank.

The Al-Arafah Islami Bank PLC burrowed 750 million BDT from Sonali Bank at 9 per cent interest rate in January 2023 following a cash shortage at the bank.[17] The Bank donated 40 million BDT to Ashrayan-2 Project of Prime Minister Sheikh Hasina.

References

  1. ↑ "At a Glance". Archived from the original on 16 July 2014. Retrieved 10 May 2016.
  2. ↑ "N Mohammad products to be exported in Japan". Dhaka Tribune. Retrieved 10 May 2016.
  3. ↑ "S Alam Group lifts Tk 30,000cr loans from IBBL alone". New Age. Retrieved 24 January 2023.
  4. ↑ "Al-Arafah Islami Bank PLC". Banglapedia. Retrieved 10 May 2016.
  5. ↑ "Conventional banks looking for a piece of the Islamic banking pie". Dhaka Tribune. Retrieved 10 May 2016.
  6. ↑ Thiagaraja, Sasikala; Morgan, Andrew; Tebbutt, Andrew; Chan, Geraldine, eds. (2014). The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets. John Wiley & Sons. ISBN 978-1-118-81443-7.
  7. 1 2 "Al-Arafah Islami Bank MD reappointed". The Daily Star. 16 April 2008. Retrieved 23 January 2023.
  8. ↑ "Two IPOs get SEC nod". The Daily Star. 7 September 2010. Retrieved 23 January 2023.
  9. ↑ "CC camera captures murder in Al Arafah bank". Prothom Alo. 13 July 2016. Archived from the original on 13 July 2016. Retrieved 23 January 2023.
  10. ↑ "ICD goes into strategic alliance with Al-Arafah Islami Bank PLC (AIBPLC), Bangladesh". The Hans India. 31 March 2016. Retrieved 23 January 2023.
  11. 1 2 "Al-Arafah Islami Bank elects chairman, vice chairman". The Daily Star. 3 May 2016. Retrieved 23 January 2023.
  12. ↑ "AIBL re-elects executive committee chairman, vice chairman". The Daily Star. 25 May 2017. Retrieved 23 January 2023.
  13. ↑ "ACC sues Al-Arafah Islami Bank director". The Daily Star. 27 June 2018. Retrieved 23 January 2023.
  14. 1 2 "Al-Arafah bank gets new chairman, vice-chairman". The Daily Star. 11 August 2021. Retrieved 23 January 2023.
  15. ↑ "Al-Arafah Islami Bank invests Tk500 crore to Unique Hotel and Resorts". The Business Standard. 15 March 2022. Retrieved 23 January 2023.
  16. ↑ "Al-Arafah Islami Bank's Tk 500 crore bond gets go-ahead". The Daily Star. 31 August 2022. Retrieved 23 January 2023.
  17. ↑ "Cash-strapped banks turn to Sonali for costly fund". The Business Standard. 23 January 2023. Retrieved 23 January 2023.
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