Islami Bank’s Agent Banking Boasts Half a Crore Clients!

Islamic Bank Agent Banking logo.

Islami Bank Bangladesh PLC has surpassed 5 million agent banking customers, marking a significant milestone in the country's agent banking sector. Islami Bank has made financial inclusion more accessible by employing agents to provide banking services to marginalized rural people. Since the launch of its agent banking operations on July 15, 2017, Islami Bank’s agent banking has grown rapidly, gaining trust and acceptance among clients. Within just seven years, Islami Bank's Agent Banking unveils positive trend of success by large financial inclusion, connecting half a crore clients to the banking channel. As of now, the deposits through Islami Bank's agent banking have reached Tk. 16 thousand and 300 crore. Notably, the biggest success is that almost half of the clients are women. Even, the majority hail from the rural areas.

The bank currently operates 2,778 agent outlets across 472 sub-districts (upazilas), with most outlets located in remote areas. The bank ensures high-quality customer service and builds trust by providing direct supervision from branches, fostering confidence in the safety and reliability of deposits at every outlet. This has enabled the bank’s agents to deliver financial services to grassroots communities, mirroring its success in other sectors.

With 50 lakh deposit accounts opened, clients are enjoying seamless deposits and withdrawals facilities. At present, daily transactions in the outlets are around Tk 1200 crores. Islami Bank is also bolstering the rural economy by disbursing investments of up to Tk 5 lakh through the popular Rural Development Scheme (RDS). Currently, 135 agent outlets disburse investments under this scheme. A total investment of Tk 1056 crore has been disbursed through Islami Bank agent banking.

Islami Bank has also excelled in distributing expatriate remittances through its agent banking network. Relatives of expatriates can easily withdraw funds sent from abroad through the extensive network of the bank. Islami Bank is also at the top position in the country in collecting and disbursing expatriate income through agent outlets. Over the past year, more than 54% of the total remittances distributed through agent banking in Bangladesh were handled exclusively by Islami Bank’s agent outlets. By November 2024, the total remittance distributed through these outlets have reached BDT 15,652 crore, with daily disbursements sometimes exceeding BDT 120 crore. Customers are encouraged to avoid informal channels (hundi) as funds can be directly deposited into their accounts or withdrawn on the spot.

Key factors behind Islami Bank’s success in agent banking include its commitment to depositors, strict adherence to Shari'ah principles, and a strong focus on the financial inclusion of marginalized communities. The bank’s modern services, such as the Cellfin digital app, i-banking, and point-of-sale (POS) systems, combined with simple solutions like QR code-enabled cash withdrawals, have made agent banking widely popular. Cost-effective services, delivered conveniently to the doorsteps of remote communities, further enhance its appeal.

The involvement of locally known agent proprietors fosters a sense of familiarity and trust among clients. Additionally, innovative home banking services—such as delivering remittances using portable Bluetooth devices for disabled, sick, or elderly clients—are gaining traction. The option to withdraw money securely using fingerprints has further streamlined the banking experience, offering clients hassle-free and secure transactions. - Press release