First Security Islami Bank Limited
First Security Islami Bank Limited incorporated as a commercial bank on 29 August 1999 and received permission to conduct banking business from the bangladesh bank on 22 September 1999. It started banking operations on 25 October 1999 with an authorised capital of Tk 1 billion divided into 10 million ordinary shares of Tk 100 each. The paid up capital was Tk 400 million, of which the sponsor directors and the sponsor shareholders paid Tk 200 million. The rest are on offer to the general public.
The three innovative schemes introduced by the bank are the Monthly Savings Scheme, Monthly Benefit Savings Scheme and Advance Savings Scheme. The bank had no borrowings from other banks and financial institutions so far.
Table Basic Facts And Economic Indicators (In Million Taka).
|Paid up capital||320||600||900||1000||2300||2300|
|(a) Demand Deposits||906||763||848||1439||1423||2569|
|(b) Term Deposits||10326||13249||16744||22065||24432||39854|
|Loans and Advance||8500||10722||13646||18616||25095||38726|
|Foreign Currency Trading||11098||9523||10162||18322||14238||20209|
|Total Branches (in numbers)||12||12||15||20||29||52|
|a) Loan Disbursed||93||168||108||160||164||224|
|a) Loan Disbursed||711||474||388||440||1286||2094|
|Loan Outstanding by Sector|
|a) Agriculture and Fisheries||93||168||108||160||164||224|
|c) Trade and Commerce||1756||4073||3352||5600||6940||22469|
|d) Poverty Reduction||400||420||415||594||630||670|
Source Government of Bangladesh, Ministry of Finance, Banking and Financial Institution Division, Bank o Arthik Prothisthan Samuher Karjaboli [Annual Report on Banks and Financial Institutions], 2004-05 to 2008-09.
Most of its loans and advances were provided as house building loan, secured overdraft, staff loan and inland bills purchased. Investments of the bank other than loans and advances are in government treasury bills and prize bonds.
Since 1 January 2009, the bank introduced banking based on Sharia rather than conventional banking. The volume of foreign exchange business of the bank was confined in the area of export servicing, import financing and remittances. The bank has correspondent relationships with 240 foreign banks and other financial institutions.
The management of the bank is vested in a 19-member board of directors with the managing director as the chief executive. The bank has 53 branches and 995 employees including the executive officer. [Muhammad Abdul Mazid]