Islami Bank Bangladesh PLC has launched three new foreign currency accounts to provide expatriate Bangladeshis with diversified savings and investment opportunities.
Mohammad Zahir Hussain, chairman of the bank and executive director of Bangladesh Bank, formally inaugurated the accounts as chief guest at Islami Bank Tower on Wednesday, November 4.
The three newly introduced accounts are: Mudaraba Non-Resident Convertible Taka (NRCTA) Savings Account, Al-Wadeeah Non-Resident Convertible Taka (NRCTA) Current Account, and Mudaraba Non-Resident Convertible Taka (NRCTA) Term Deposit Account.
The program was presided over by Md Altaf Hossain, managing director (acting) of the bank.
M Kamal Uddin Jasim, additional managing director, delivered the welcome address, while Md Moniruzzaman, head of the offshore banking unit, presented a brief overview of these accounts.
Senior executives of the bank, all heads of zone, heads of branch, foreign exchange in-charges and sub-branch in-charges attended the program virtually.
Mohammad Zahir Hussain said that Islami Bank Bangladesh PLC has been maintaining its leading position in the country's remittance inflows, contributing approximately 17% of the total remittances.
He also highlighted the bank's significant contribution to the country's economic development and the growth of foreign exchange reserves.
He further said that the introduction of the three new NRCTA accounts would create broader opportunities for expatriate Bangladeshis to save and invest their foreign currency earnings.
These accounts offer opportunities to earn Shariah-compliant profits, repatriate funds abroad along with the principal and profits, and operate accounts through digital channels.
The initiative is expected to contribute to increasing remittance inflows through legitimate banking channels, ensuring the financial security of expatriate Bangladeshis and strengthening the country's foreign exchange reserves.
