IFIL launches 3 investment and deposit products

Staff Correspondent | Published: 00:00, Jan 16,2019 | Updated: 22:03, Jan 15,2019

 
 

Islamic Finance and Investment Limited vice-chairman Anis Salahuddin Ahmad, executive committee chairman Anwar Hossain Chowdhury, director Liaquat Hossain Moghul, managing director and CEO AZM Saleh and deputy managing director Muhammad Ruknuzzaman are seen holding the logos of the company’s three products at their launching programme held at National Press Club in Dhaka on Tuesday. — New Age photo

Islamic Finance and Investment Limited on Tuesday launched three new investment and deposit products to facilitate customers and provide better financial service.
The company launched the products at a press conference held at National Press Club in Dhaka.
The country’s first Shariah based non-bank financial institution, IFIL, brought one deposit product— Mudaraba Asan Deposit Scheme, and two investment products– Raha and Silaa Ul Istihlaq, in the financial market, said its managing director and chief executive officer Abu Zafore Md Saleh.
He said that Mudaraba Asaan Deposit Scheme was introduced to encourage core deposit from the low-end to high-end individual clients.
The product is very much flexible unlike other deposit scheme in the sense that the client can deposit any amount at anytime in this scheme and the profit must be counted on daily basis, said the CEO.
Raha, an investment facility, will support the opening and retirement of letter of credit amount to purchase and acquisition of raw materials, capital machinery, commercial vehicles and heavy equipment of the clients against L/C opened and maintained with other banks, he said.
Under Silaa Ul Istihlak, the product is offered to purchase commodity items to resale in the market to fulfill the seasonal demand of the market, he added.
IFIL vice chairman Anis Salahuddin Ahmad, executive committee chairman Anwar Hossain Chowdhury, director Liaquat Hossain Moghul, Deputy managing director Muhammad Ruknuzzaman, and company secretary SQ Bazlur Rashid were present on the occasion.
Ruknuzzaman said that under the deposit scheme, the client would enjoy more than 10 per cent profits and old-age, housewives, disabled people would get extra 0.15 per cent profits.
He also said that the company complied with code of corporate governance and maintained stable profit growth. The company’s motive is to be a leader in Islamic banking arena with Islamic values.

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