First Security Islami Bank (FSIB) PLC started its journey on the 25th of October in 1999 under the name “First Security Bank Ltd.” which was later transformed into a full-fledged Islamic Bank on the 1st of January 2009 and has continued its journey. You will be happy to know that with the infinite grace of Almighty Allah and with active support and cooperation from its valued customers, First Security Islami Bank has been continuing its progress in 2023 as well.

To ensure Modern Technology and Islamic shariah-based banking service to mass people of Bangladesh, First Security Islami Bank is operating with 204 full Branches, 170 Sub-Branches, 96 Agent Banking Outlets and 246 own ATM and CRM networks across the country. 

You will be happy to know that we have achieved ISO Certification for ICT Development, 1st position in four consecutive years for Dhaka WASA Bill Collection, awarded in Bangladesh Excellence Award-2022 in “Sharia-Compliant Modern Bank of the Year” category.

We have launched five attractive new deposit products earlier this year. These are FSIB Smart Account, Mudarabah Ehsaan, FSIB Century, Double Deposit Scheme- Samaniah, and Mudarabah Monthly Deposit Scheme - Durbar.

On the other hand, in 2022 our bank has introduced four new and innovative investment products concerning different professionals and classes of people. For Women entrepreneurs- Shabolombi, for young entrepreneurs- Prochesta, for village agricultural people – Shonali Swapno, and for small and cottage industry-Uddyami. These new four products are helping their respective categories of people in expanding their businesses. 

You all will be glad to know that following our 24th Anniversary, we are going to launch two attractive deposit products to facilitate our customers’ interest across the country. We are going to launch a short-term scheme with an attractive profit rate called “Utshob 24” which will gain a huge response among people across the country. Another one is the “Mudarabah Smart Amanot Double Scheme” which will double your money in 5 years and 6 months (Provable).

We have recently launched our Mobile Banking Service “First Cash” to provide a greater extent of banking services to all walks of people across the country. Keeping pace with the existing mobile banking services available in the market, FSIB Mobile Banking Service “First Cash” is going to be launched with utmost security, tech-based advancement, and enormous mobile banking facilities. 

Apart from that, I’m pleased to inform you that FSIB Shariah-based Credit Card “Tamin Credit Card” is going to be inaugurated with a view to providing a greater extent of credit card banking service to all of our valued customers.

As part of our daily life and keeping pace with the growing demand, First Security Islami Bank PLC is expanding its digital banking platform from time to time. We have a round-the-clock internet banking facility for our customers for all types of banking activities. With the Freedom feature of FSIB 'Cloud Apps', a customer will be able to open his/her own bank account just sitting at his/her own home by filling up an E-KYC form. In addition, one can use this app for all types of mobile banking services, such as fund transfer to ‘Nagad’ and 'bKash' and DPDC, DESCO, and Dhaka WASA bills can be paid as well.
We have recently launched Digital Financial Services – DFS for Less-Cash or Cashless banking Services for our clients.

We have the opportunity to pay for a variety of goods and services on all types of e-commerce platforms through our Visa Debit Card. The cardholders will also get discounts on purchases of goods and services from different companies at different times.

With our CRM machine, customers can deposit and withdraw cash in the same machine at the fastest time. In addition, First Security Islami Bank is always committed to ensuring customer service by providing a variety of timely services.

First Security Islami Bank PLC is trying to play a leading role in the overall economic growth of the country by involving itself in the import-export business. In 2023, our bank's import trade volume is around Tk. 2,124 crore up to September. The main sectors of import trade were sugar, edible oil, capital equipment, cotton, fabrics and accessories. On the other hand, First Security Islami Bank has successfully disposed of a total of about Tk. 2,099.84 crore worth of export documents in the export trade up to September. 

We all know that some unavoidable circumstances worldwide like the Russia-Ukraine War, global Oil Price hikes, excessive inflation trends etc. are worsening loan repayment situations worldwide. The banking sector in Bangladesh is also facing the same situation.

Although our bank had to experience a bit upward trend in NPL last year, we are carefully monitoring and taking various initiatives like regular follow-ups, taking legal actions against the defaulters, extending repayment terms, extending default repayment time from two years to five years as per Bangladesh Bank Guidelines and other monitoring and recovery steps taken by our branches and head office strong monitoring cell in reducing our NPLs.  

The writer is the Managing Director of First Security Islami Bank PLC