Al-Arafah Islami Bank on Tuesday launched an Islamic Wallet, a Shariah based digital financial service, to facilitate transaction through mobile phones.
AIBL in association with D Money, a digital financial service provider, launched the services that would allow the bank’s subscribers to make fast, secure and hassle-free online mobile payments over a mobile application.
The Islamic Wallet was launched at a ceremony held at Le Meridien Hotel in Dhaka.
Bangladesh Bank governor Fazle Kabir, AIBL chairman Abdus Samad Labu, its managing director and chief executive officer Farman R Chowdhury and D Money chairman Anjan Chowdhury and co-founder and managing director Aref R Bashir, among others, were present at the event.
The wallet will facilitate cash-in, cash-out, fund transfer from bank accounts and cards and provide access to a range of lifestyle services.
It will also facilitate person-to-business (P2B) payments that include bill payment, food delivery, mobile recharge, insurance premium and loan instalments payments, business-to-person payments that include payroll and commission disbursement, government-to-person (G2P) payments and person-to-government (P2G).
Farman R Chowdhury said that the service has the capacity to be connected with all financial entities along with supporting the interoperability service the central bank plans to launch.
He said that the wallet activities would be regularly monitored by the bank’s Shariah supervisory council to ensure adherence with its Shariah guidelines.
Digital services made things convenient but also posed some risks, Kabir said, asking the banks to ensure security measures to mitigate these risks.
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