Vission, Mission, Strategy

Vision of SJIBL

To be the unique modern Islami Bank in Bangladesh and to make significant contribution to the national economy and enhance customers’ trust & wealth, quality investment, employees’ value and rapid growth in shareholders’ equity.

Background

 Bangladesh is one of the major countries in the world where the both Islamic and conventional banking system are performing successfully. Behind this booming operation of Islamic banking the reason is not only that people possess strong faith on Allah but also the vast number of people from Islamic religion that covers nearly 80-84% of total population. Back in 1971 after the freedom of Bangladesh it was very important for the Muslims to have an Islamic banking system that will help them in business and to lead their lives as per the constructions given in the holy Quran and the way shown by the prophet Hazrat Muhammad (Sm). To fulfill the desire of the mass people and to ensure the rules of Allah in the banking sector different Islamic banks came forward and Shahjalal Islami Bank Ltd was one of the major initiators of its kind in Southeast Asia.

Shahjalal Islami Bank Limited, an islami shariah based private commercial bank (PCB), was registered on April 01, 2001 as a public limited company under the Company Act 1994 and commenced its commercial banking operation on May 10, 2001, after getting approval from Bangladesh Bank (BB). SJIBL started functioning with a vision to develop itself as a unique Islami bank of the country with all modern services and products available for the clients. And at the same time it would contribute for sustainable growth of the national economy.

Because the main objective is to provide Islamic banking service, so all the activities of the bank continuously monitored by the Shariah Council of the bank for implementation and compliance of Islamic Shariah principles. The council is constituted of prominent ulemas, experienced bankers, reputed lawyers and eminent economists of the country. Moreover in the beginning the bank was promoted by a group of famous local businessmen having exposure in RMG, Insurance, Electronics, and Education etc. The shares of SJIBL are listed with both bourses of the country and are traded as ‘AA’ category issue. The market capitalization of the bank stood at Tk. 16.89 billion as on March03, 2011, which was 0.66% of the total market capitalization of Dhaka stock exchange on the same date. During the last quarter of 2010, the bank has sold its membership of DSE and CSE to Shahjalal Islami Bank Securities Ltd, where SJIBL has 50% stake. The corporate Head Office of the bank is located at Uday Sanz, Plot No. SE (A), 2/B Gulshan South Avenue, Gulshan – 1, Dhaka-1212, Bangladesh.

With the active co-operation and participation of Islamic Development Bank (IDB) and some other Islamic banks, financial institutions, government bodies and eminent personalities of the Middle East and the Gulf countries, Shahjalal Islami Bank Limited has by now earned the unique position of a leading private commercial bank in Bangladesh.

Introduction

The introduction of interest-free and equity-based financing by Islamic banking system is one of the significant achievements of human being in twenty first century. From the beginning in Dubai the Islamic banking system had to go through rigorous tests and practices to satisfy the client’s needs, wants and also to increase the development of the society. Now all the Islamic countries in the world have permitted Islamic banks to operate separately with conventional banks because of its huge demand and success. As a country Bangladesh has nearly 82-85% of population who follows Islam as their religion. So, obviously different Islamic banks are operating in Bangladesh to meet the demand of this huge population. Shahjalal Islami Bank Limited (SJIBL) is one of those banks who performed really well in last 11 years. The main commitment of SJIBL is to implement and materialize the economic and financial principles of Islam in the Banking Arena. As I have done my internship in SJIBL I found that bank always take this commitment very seriously regardless of different barriers. Especially in investment sector bank implies all the shariah principles with great regard. Moreover bank has a separate shariah board to observe all the activities for ensuring Islamic shariah. So studying the SJIBL for internship purpose is a great opportunity for me to understand the details of Islamic banking.