In January 2024, Islami Bank Bangladesh PLC achieved a significant milestone by collecting $700 million in foreign remittances, solidifying its position with a 35% market share in the country’s total remittances and over 50% in the Islamic banking industry. This marks 16 consecutive years of Islami Bank leading in remittance collection.
The bank’s focus on expatriate services and legal channels for remittance is evident in its vast network, including 29 representatives in key countries, agreements with 155 banks and exchange houses in 21 countries, and the introduction of APIs for quick and safe money transfers. In 2023 alone, Islami Bank collected $5 billion in expatriate remittances, contributing significantly to the country’s reserves and earning accolades for its outstanding services. The ongoing establishment of remittance lounges in branches aims to enhance services for expatriates and their beneficiaries.
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