Islami Bank Savings Account Features & Opening Guide 2025

Islami Bank Bangladesh PLC offers the Mudaraba Savings Account (MSA), which operates under the principles of Islamic Shariah, specifically the Mudaraba concept. This account is designed for customers who seek banking services that comply with Islamic principles while avoiding interest-based transactions.

The Mudaraba Savings Account serves as a profit-sharing arrangement where the bank acts as the entrepreneur (Mudarib) and the account holder acts as the capital provider (Rab-ul-Mal). Unlike conventional savings accounts that pay fixed interest, this account distributes profits based on the bank’s investment performance, ensuring compliance with Islamic banking principles.

This savings account is ideal for individuals who want to maintain their financial activities according to Islamic teachings while enjoying modern banking conveniences. The account offers flexibility in deposits and withdrawals while providing an opportunity to earn halal profits through Shariah-compliant investments.

Islami Bank Savings Account Benefits

The Islami Bank Savings Account offers numerous advantages for account holders:

Profit Sharing: Account holders receive a share of the bank’s investment profits, typically distributed on a half-yearly basis. The bank distributes a minimum of 65% of its investment income among all Mudaraba accounts based on their average balance.

No Withdrawal Limits: Unlike many conventional accounts, there are no restrictions on the number of withdrawals or deposits, providing complete flexibility for account holders.

Shariah Compliance: All transactions and investments are conducted according to Islamic principles, ensuring that account holders can maintain their religious obligations while banking.

Dual Currency Facility: The account supports both local and foreign currency transactions, making it convenient for international dealings.

Modern Banking Services: Despite being based on Islamic principles, the account provides access to all modern banking facilities including online banking, mobile banking, and ATM services.

Social Impact: By choosing this account, customers contribute to ethical banking practices that promote social welfare and community development.

Eligibility to Open an Islami Bank Savings Account

To open an Islami Bank Savings Account, applicants must meet the following eligibility criteria:

Age Requirements: The primary account holder must be at least 18 years old. However, parents or legal guardians can open accounts jointly with minors.

Citizenship: Bangladeshi citizens and residents are eligible to open the account. Non-resident Bangladeshis (NRBs) can also apply through designated branches.

Legal Status: The applicant must have legal capacity to enter into contracts and must not be declared bankrupt or have any legal restrictions.

Documentation: Applicants must possess valid identification documents such as National ID (NID), passport, or driving license.

Introducer Requirement: A valid introducer who is known to the bank and has an existing account may be required for account opening.

Know Your Customer (KYC): All applicants must complete the KYC process as per Bangladesh Bank guidelines and anti-money laundering regulations.

Requirements to Open an Islami Bank Savings Account

The following documents and requirements are necessary for opening an Islami Bank Savings Account:
Primary Documents:

• Completed and duly signed account opening form
• National ID Card (NID) or valid passport or driving license
• Two copies of recent passport-size photographs (attested by introducer)

Supporting Documents:

• Nominee’s NID and photograph (attested by applicant)
• Recent utility bill (electricity, gas, or water) if present address differs from NID/passport
• Income certificate or salary certificate (if required)
• Trade license (for business accounts)

Additional Requirements:

• Valid introducer with existing account at the bank
• Specimen signature on the designated card
• Initial deposit as per minimum balance requirement
• Completed KYC documentation
• Tax Identification Number (TIN) certificate (if applicable)

Islami Bank Savings Account Opening Guide

Follow these step-by-step instructions to open your Islami Bank Savings Account:

Step 1: Choose Your Branch Visit the nearest Islami Bank branch or check the branch locator on their website to find the most convenient location. Ensure the branch offers MSA services.

Step 2: Collect Application Form Obtain the account opening form from the branch or download it from the bank’s official website. Fill out the form completely and accurately.

Step 3: Gather Required Documents Prepare all necessary documents including NID, photographs, utility bills, and nominee information. Ensure all documents are current and valid.

Step 4: Find an Introducer Arrange for a valid introducer who has an existing account with Islami Bank. The introducer must be present during account opening or provide proper authorization.

Step 5: Visit the Branch Go to the selected branch with all documents and the introducer. Submit the completed application form along with required documents.

Step 6: Initial Deposit Make the minimum required deposit to activate your account. The deposit can be made through cash or check.

Step 7: Complete KYC Process Complete the Know Your Customer (KYC) verification process as required by the bank and regulatory authorities.

Step 8: Receive Account Details After verification, you will receive your account number and other relevant details. Your account will be activated within 1-2 business days.

Minimum Balance to Open the Account

The minimum balance requirement for opening an Islami Bank Savings Account is:
Initial Deposit: BDT 500.00 (Five hundred taka only)
Minimum Balance Maintenance: BDT 500.00 must be maintained as the minimum balance at all times.
Balance for Profit Calculation: While the minimum balance is BDT 500, the bank typically calculates profit on the average monthly balance, so maintaining a higher balance can result in better profit returns.
No Penalty for Minimum Balance: If the account balance falls below the minimum requirement, the bank may impose service charges or restrict certain services until the balance is restored.
Student Accounts: Special provisions are available for student accounts with reduced minimum balance requirements (as low as BDT 100 for student accounts).

Getting a Debit Card & Cheque Book

Islami Bank provides convenient banking tools to enhance your account experience:
Debit Card Services:

• Instant Cards: Available immediately upon account opening
• Personalized Cards: Custom cards with your name can be requested
• Dual Currency Support: Cards support both local and international transactions
• ATM Access: Wide network of ATMs across Bangladesh
• Online Shopping: Secure online payment capabilities
• Mobile Banking: Integration with mobile banking services

Cheque Book Facility:

• MICR Cheque Books: Modern cheque books with MICR encoding
• Automated Clearing: Facility for automated cheque clearing
• Multiple Designs: Various cheque book designs available
• Free First Book: The first cheque book is typically provided free of charge
• Easy Ordering: Additional cheque books can be ordered online or at branches

Application Process: Submit a request form at your branch or through online banking. Both services are usually processed within 3-5 business days.

Profit Rate for Islami Bank Savings Account

The profit rate for Islami Bank Savings Account is determined based on the Mudaraba principle:
Profit Distribution Method: The bank distributes profits based on the weighted average of account balances, calculated on a half-yearly basis.
Profit Sharing Ratio: Account holders receive a minimum of 65% of the bank’s investment income from their contributed funds.
Current Profit Rate: As of 2025, the provisional profit rate typically ranges from 2.00% to 2.50% per annum, subject to the bank’s investment performance.
Calculation Period: Profits are calculated on the monthly minimum balance and distributed every six months.
Profit Payment: Profits are credited directly to the account and become part of the principal for subsequent profit calculations.
Factors Affecting Profit:

• Overall bank performance
• Investment portfolio returns
• Economic conditions
• Shariah compliance requirements
• Regulatory guidelines

Transparency: The bank provides regular updates on profit rates and distribution schedules, ensuring transparency in profit-sharing arrangements.

Account Maintenance Fee

Islami Bank Savings Account maintenance fees are structured as follows:
Monthly Maintenance Fee: Generally, there is no monthly maintenance fee if the minimum balance is maintained.
Service Charges:

• Below Minimum Balance: Charges may apply if the account balance falls below BDT 500
• Transaction Fees: Some transaction types may incur nominal fees
• SMS Banking: Monthly charges for SMS banking services
• Statement Charges: Additional charges for extra account statements

Free Services:

• Account Maintenance: Free if minimum balance is maintained
• First Cheque Book: Complimentary first cheque book
• Debit Card: Free first debit card
• Online Banking: Free internet banking services
• Mobile Banking: Free mobile banking registration

Fee Waivers:

• Student Accounts: Reduced or waived fees for student accounts
• Senior Citizens: Special fee concessions for senior citizens
• High Balance Accounts: Fee waivers for accounts maintaining higher balances

Transaction Limits

Understanding transaction limits is crucial for effective account management:
Daily Withdrawal Limits:

• ATM Withdrawals: Up to BDT 25,000 per day
• Branch Withdrawals: Higher limits available at branches with proper identification
• Online Transfers: Daily limits for online banking transfers

Monthly Transaction Limits:

• Mobile Banking: Monthly limits for mobile banking transactions
• Fund Transfers: Limits on inter-bank and intra-bank transfers
• Bill Payments: Monthly limits for utility bill payments

International Transactions:

• Foreign Currency: Special limits for foreign currency transactions
• Remittances: Limits on receiving remittances from abroad
• Travel Allowances: Limits on travel-related foreign exchange

Limit Enhancement:

• Application Process: Limits can be increased upon request with proper justification
• Documentation: Additional documentation may be required for higher limits
• Approval Process: Bank approval required for significant limit increases

Online & Mobile Banking Facilities

Islami Bank offers comprehensive digital banking services:
iBanking (Internet Banking):

• Account Management: View account balances and transaction history
• Fund Transfers: Transfer money between accounts and to other banks
• Bill Payments: Pay utility bills, credit card bills, and other services
• Investment Services: Access to investment products and services
• Statement Download: Download account statements in PDF format

Mobile Banking (CellFin):

• Balance Inquiry: Check account balance via mobile app
• Money Transfer: Send money to other accounts instantly
• Mobile Recharge: Recharge mobile phones and pay bills
• Merchant Payments: Pay at participating merchant locations
• QR Code Payments: Make payments using QR codes

Digital Features:

• Biometric Authentication: Secure login using fingerprint or face recognition
• Push Notifications: Real-time alerts for account activities
• Cardless Transactions: Conduct certain transactions without physical cards
• 24/7 Availability: Round-the-clock access to banking services

Security Features:

• Multi-factor Authentication: Enhanced security with multiple verification steps
• Encryption: Advanced encryption for all digital transactions
• Session Management: Automatic logout for security

Security Features for Account Holders

Islami Bank prioritizes account security through multiple layers of protection:
Digital Security:

• SSL Encryption: All online transactions are protected with SSL encryption
• Two-Factor Authentication: Additional security layer for online banking
• Biometric Access: Fingerprint and facial recognition for mobile banking
• Session Timeout: Automatic logout after periods of inactivity

Physical Security:

• PIN Protection: Secure PIN for ATM and card transactions
• Chip-based Cards: EMV chip technology for enhanced card security
• Signature Verification: Signature matching for cheque transactions
• Photo Identification: Account holder photo verification at branches

Monitoring and Alerts:

• Transaction Alerts: SMS and email notifications for all transactions
• Suspicious Activity Monitoring: Automated systems to detect unusual activities
• Account Freezing: Immediate account freezing capabilities in case of fraud
• 24/7 Support: Round-the-clock customer support for security concerns

Customer Responsibilities:

• PIN Confidentiality: Keep PIN and passwords confidential
• Regular Monitoring: Monitor account statements regularly
• Immediate Reporting: Report any suspicious activities immediately
• Secure Banking: Use secure networks for online banking

Customer Reviews & Experiences

Based on customer feedback and experiences with Islami Bank Savings Account:
Positive Experiences:

• Shariah Compliance: Customers appreciate the religious compliance aspect
• Profit Sharing: Fair profit distribution based on bank performance
• Customer Service: Generally positive feedback on branch service quality
• Digital Banking: Convenient online and mobile banking services
• Branch Network: Wide branch network across Bangladesh

Areas for Improvement:

• Processing Time: Some customers report longer processing times for certain services
• Digital Platform: Mobile app could be more user-friendly
• Profit Rates: Profit rates could be more competitive
• Documentation: Account opening process could be simplified

Customer Satisfaction:

• Religious Compliance: High satisfaction with Islamic banking principles
• Accessibility: Good satisfaction with branch and ATM accessibility
• Trust Factor: High trust in the bank’s Shariah compliance
• Service Quality: Generally positive reviews for customer service

Recommendations:

• Research: Compare profit rates with other Islamic banks
• Documentation: Prepare all documents in advance
• Digital Services: Utilize digital banking for convenience
• Regular Monitoring: Keep track of account activities regularly

Common Questions About Islami Bank Savings Account (FAQ)

Q: What is the difference between Mudaraba and conventional savings accounts? A: Mudaraba accounts share profits based on bank performance instead of paying fixed interest, ensuring Shariah compliance.
Q: How often are profits distributed? A: Profits are typically distributed on a half-yearly basis, calculated on the monthly minimum balance.
Q: Can I open an account online? A: While you can initiate the process online, physical visit to the branch is required for account opening and KYC verification.
Q: What happens if the bank incurs losses? A: In case of genuine losses, account holders may share in the losses as per Mudaraba principles, though the bank takes measures to minimize such risks.
Q: Are there any restrictions on withdrawals? A: No, there are no limits on the number of withdrawals or deposits, providing complete flexibility.
Q: Can foreigners open an account? A: Foreign nationals residing in Bangladesh can open accounts through designated branches with proper documentation.
Q: Is deposit insurance available? A: Yes, deposits are protected under the Deposit Insurance scheme as per Bangladesh Bank regulations.
Q: How can I check my account balance? A: You can check your balance through ATMs, mobile banking, internet banking, or by calling the customer service number.

Islami Bank Contact Information

For assistance with your Islami Bank Savings Account, use the following contact information:
Customer Service:

• Helpline: 16259 (24/7 from local numbers)
• International: +880-2-8331090 (from abroad)
• Email: info@islamibankbd.com
• Online Support: support.portal@islamibankbd.com

Head Office:

• Address: 40, Dilkusha C/A, Dhaka-1000, Bangladesh
• Phone: +880-2-9563040
• Fax: +880-2-9563041

Digital Banking Support:

• iBanking Help: support.portal@islamibankbd.com
• Mobile Banking: Technical support through mobile app
• Card Services: Dedicated card support through customer service

Branch Locator:

• Website: www.islamibankbd.com/branch
• Mobile App: Use the branch locator feature
• Customer Service: Call 16259 for nearest branch information

Emergency Services:

• Lost Card: Report immediately to 16259
• Fraud Reporting: 24/7 helpline for suspicious activities
• Account Blocking: Immediate account freezing services available

Social Media:

• Facebook: Official Islami Bank Bangladesh page
• Website: www.islamibankbd.com
• Mobile Apps: Download from Google Play Store or Apple App Store