Name and
BackgroundSocial Islami Bank was founded in 1995 and is headquartered in Dhaka, Bangladesh. The Bank is a private commercial bank focused on providing Islamic financial services to individuals, businesses and social groups in Bangladesh. Social Islami Bank's shareholders are mainly local corporations and institutional investors, and the bank's mission is to provide Shariah-compliant financial products. The bank is not listed, but it has a place in Bangladesh's domestic financial market.
Scope of ServicesSocial
Islami Bank's business scope is mainly concentrated in the domestic market of Bangladesh, covering many cities and regions across the country. The bank has an extensive network in Bangladesh, ensuring that its services can reach more customers. In addition to this, banks also provide basic financial services such as cash deposits and withdrawals through multiple ATMs, so that customers can conduct daily transactions at any time. Although Social Islami Bank operates primarily within Bangladesh, it is also gradually exploring the potential to provide Islamic financial services on a global scale.
Regulation & ComplianceAs
a bank, Social Islami Bank is regulated by the Central Bank of Bangladesh and adheres to Bangladesh's domestic financial regulations and Islamic finance principles. In addition, banks actively participate in Bangladesh's deposit insurance scheme, providing customers with a certain level of deposit protection. The bank has a strong compliance track record with no major compliance breaches, demonstrating its strong performance in transparency and compliance.
Social Islami Bank's capital adequacy ratio, a key indicator of financial health, is at a reasonable level in the industry, indicating that it has sufficient capital to deal with potential financial risks. The bank's non-performing loan ratio remained low, reflecting its efficiency in loan review and risk management. In terms of liquidity coverage ratio, banks have sufficient liquidity to cope with sudden market changes and maintain good financial health.
Deposits & LoansSocial
Islami Bank's deposit products include demand deposits, fixed deposits, and a number of attractive high-yield savings accounts. Fixed deposits have relatively high interest rates and are suitable for those who wish to receive a fixed income. Banks' large-denomination certificates of deposit (CD) products have also attracted the attention of depositors, especially high-net-worth customers, who can enjoy higher deposit returns.
LoansIn
terms of loan products, Social Islami Bank offers competitive interest rates on housing loans, car loans, and personal lines of credit. Banks pay special attention to the principles of Islamic finance, so there is no interest in their loan products, but instead Shariah-compliant financial models such as "Murabaha" (deferred payment) and "Ijara" (leasing). Borrowers can also choose flexible repayment options to choose a repayment plan that suits their financial situation.
List
of Common FeesSocial Islami Bank's account management fees usually vary depending on the type of account and are relatively low compared to other banks. Cross-border transfer fees are also at a reasonable level in the industry and will not cause excessive burden. Overdraft fees and ATM interbank withdrawal fees are charged, and the bank has set a minimum balance requirement, and if the account balance falls below a certain amount, there will be administrative fees.
Digital Service Experience
APP and Online BankingSocial
Islami Bank's APP and online banking services have been widely recognized by users. It has a high rating on Google Play and the App Store, and the app has a simple interface and practical functions, supporting basic functions such as account inquiry, real-time transfers, and bill management. In addition, the bank's online banking also provides comprehensive functions, so that customers can easily complete various financial transactions and operations.
Technological InnovationIn
terms of technological innovation, Social Islami Bank is gradually introducing technologies such as artificial intelligence (AI) customer service and robo-advisors to enhance the financial service experience of customers. With AI customer service, customers can get answers to their questions even during non-working hours, while robo-advisors provide customers with personalized investment advice. In addition, banks are also actively promoting open banking APIs, aiming to provide more innovative financial products through cooperation with other fintech companies.
Service Quality
Service
ChannelSocial Islami Bank offers 24/7 phone support and is also active on major social media platforms. Customers can interact with the bank through social platforms such as Facebook and Twitter to get quick feedback. The online chat service has also been well received by customers, and the bank has ensured that it can respond to customer needs in a timely manner through a multi-channel service model.
Complaint HandlingSocial
Islami Bank has an efficient feedback mechanism when it comes to complaint handling. Banks are able to deal with customer complaints in a shorter period of time and have a higher level of customer satisfaction. According to recent data, the bank's complaint rate remains low and the resolution time is relatively short, indicating that it is performing well in customer service.
Multilingual supportAs
a bank that primarily serves the Bangladeshi market, Social Islami Bank also provides a certain level of English service in addition to Bengali, especially for expatriate customers and cross-border business. While its multi-language support isn't yet comprehensive, it's enough for basic needs for local customers and some international customers.
Security MeasuresSecurity
of Funds Social
Islami Bank participates in Bangladesh's deposit insurance program to ensure that customers' deposits are protected in the event of a bank problem. In addition, banks have invested significant resources in anti-fraud technology, employing real-time transaction monitoring and identity verification technologies to prevent fraudulent activity from occurring.
Data Security
Bank has passed the ISO 27001 information security management certification, ensuring the security and privacy protection of its customers' data. At the same time, Social Islami Bank maintains a good track record of data breaches and has not had a major data breach.
Featured Services & Differentiated
Market SegmentsSocial
Islami Bank is committed to providing customized financial services to different groups. For example, banks have introduced fee-free accounts for the student population to help them better manage their money. The elderly can also enjoy special financial services, and banks provide them with exclusive pension planning and financial advice. In addition, banks are also actively launching green financial products that meet ESG standards to attract customers who are concerned about sustainable investment.
High Net Worth Services
Bank's Private Banking Services provide customized financial solutions to help high net worth clients with wealth planning and portfolio management. These services not only focus on the appreciation of customers' funds, but also focus on comprehensive financial management needs such as tax planning and inheritance planning, so as to meet the all-round requirements of high-net-worth customers for wealth management.
Market Position & AccoladesSocial
Islami Bank has an important position in the domestic banking industry in Bangladesh, especially in the provision of Islamic financial products. It is one of the leading Islamic banks in Bangladesh and has been expanding its market share in recent years.
AwardsAlthough
Social Islami Bank does not rank high in the global banking industry, it has won many awards for its innovative financial products and services in the local market of Bangladesh. The bank has won accolades such as the "Best Islamic Bank" and the "Best Financial Innovation Award", reflecting its active efforts in promoting the development and innovation of the financial industry.
