AIBL launches country’s first ever Islamic wallet

- A Monitor Report 11 Dec, 2019 | 2521 Views|-+
Dhaka: Al-Arafah Islami Bank Limited has launched 'Islamic Wallet' – country’s first ever Shariah based digital financial service with D Money Bangladesh Limited as strategic partner to facilitate all kinds of financial transactions, bill payment and account management through mobile phone.

Fazle Kabir, Governor of Bangladesh Bank inaugurated Islamic Wallet at Le Meridien Dhaka on December 10 while Alhajj Abdus Samad Labu, Chairman and Farman R Chowdhury, Managing Director and CEO from the Bank spoke on the occasion.

Syed Masodul Bari, Senior Executive Vice President and CTO of the Bank and Aref R Bashir, Co-Founder and Managing Director of D Money Bangladesh Ltd jointly introduced the features of Islamic Wallet. Other high officials from both the organisations were also present at the launching ceremony.

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. It allows cash-in and cash-out; fund transfers from bank accounts and cards and access to a range of lifestyle services.

It facilitates Person-to-Business (P2B) payments such as bill payment, food delivery, mobile top-up, insurance premiums and loan installments; Business-to-Person (B2P) payments such as payroll and commission disbursement; Government-to-Person (G2P) payments such as subsidies, freedom fighter allowances, social welfare payments and endowments; and Person-to-Government (P2G) payments such as government duties, taxes, fees etc.

Wallet activities are regularly monitored by the Shariah Supervisory Council to ensure adherence with the Bank’s Shariah Guidelines. Usury and the charging and receiving or interests are strictly prohibited.

Also on Bangladesh Monitor