FSIB Offers Special Banking Services for Madrasha-Students

First Security Islami Bank logo.

First Security Islami Bank PLC (FSIB) has introduced Mudarbah Savings Deposit Account namely ‘Tilmiz’ for Madrasha students with a view to including them into formal financial sector. 

By making an initial deposit of just TK. 100, any madrasa student can open this account and enjoy the modern tech-friendly services of a Shariah-based bank. Students under the age of 18 can operate their Tilmiz account by their guardian. However, once they reach the age of 18, they can directly transact through this account which is charge free. Moreover, government scholarship and gift money can be received in this account.

In this regard, Abu Reza Md. Yeahia, Managing Director (Current Charge) says about that Madrasha education system plays a significant role in developing ethical values and social awareness among the people. Additionally, Madrasha-students come up with a good contribution in preaching the Islamic knowledge, creating job opportunities and bringing out new entrepreneurs in the nation. As interest is forbidden in Islamic Shariah, the Madrasha-Students always refrained themselves from conventional baking services. This huge number of students was not taken into consideration for financial inclusion in the past. They were dependent on the informal savings and financial transactions. FSIB has introduced the ‘Tilmiz’ account to attract this small savings into the formal channel of banking. Mr. Reza added that we have already opened 20 thousand Maadrasha-Student `Tilmiz’ accounts and taken initiatives to open more than 2 lac accounts of Madrasha- Students by the end of this year.

Besides opening bank account, we are trying to enrich them with financial consciousness so that they can be self-reliant and successful in their professional life apart from being an Islamic scholar.

FSIB offers free ATM card and a cheque book to the ‘Tilmiz’ account holders. Additionally, charge free digital banking mobile application ‘FSIB Cloud’ is open for the account holders.

The SMS alert service and maintenance fee has also waved for this type of account. Attractive profit sharing is applicable for this account. All the guidelines of Bangladesh Bank are properly followed to ensure the safety of the deposit money. – Press release