SIBL Regulatory Entity
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The Social Islamic Bank Ltd (SIBL) is a top-leading and renowned second-generation commercial bank operating since 22nd November 1995. This bank has a working system that is based on general rules and basic Sharia Principles.
It now has more than 135 branches in different parts of the world. Plus, they also run two subsidiary companies, which are SIBL Securities Ltd. & SIBL Investment Ltd.
The whole payment system of the bank is being run through the BACPS, BEFTN under the BACH. This is merely to boost the growth of the businesses in multiple dimensions.
By adopting the BACH system, SIBL is guaranteed safety, high security, and performing quick transactions from one end to another. Apart from that, the bank is also effective in adopting certain regulatory guidelines on IT risk management.
Vision of SIBL
Undoubtedly, SIBL is being aspired as a financial institution working as a dynamic and innovative company. They are offering a wide range of services and products to bring excellence in the financial market field and create a strong and impressive economic value.
Social Islamic Bank Limited made its way into the market with the concept of the 21st century Islamic participatory three sectors major banking model. This includes the formal sector commercial banking with the latest technology and the non-formal sector family empowerment Micro Credit and the Microenterprise program.
Thirdly, it also includes the Voluntary sector Social capital mobilisation through the CASH WAQF.
What is the main mission of SIBL?
SIBL aims to be the first choice of bankers by creating incredible value for investors, clients and employees alike. They are providing excellent services which are being supervised by the latest technology use.
Customer service is accurate, which is fast and makes sure that all the customers’ queries are better dealt with.
SIBL also has the main mission to contribute to the sustainable and balanced growth strategy for an improved banking system. Therefore, there is a high expectation of giving out the optimum return over the shareholder quality by introducing some latest and advanced Islamic banking products.
What are the marketing strategies of SIBL?
For the proper attainment of the mission and vision of SIBL, below are few marketing strategies that are followed by the SIBL:
- They are using the system of Islamic system with which they are attracting investors from the market.
- Plus, they are also providing efficient customer service.
- Maintain proper ethics for the corporate and business.
- Offering a trusted repository of the customers’ and their overall financial advice
- Let the products be the rewarding and superior one for the customers.
- Display high professionalism and team spirit.
- A sound level of capital base.
- Brings an improvement in the wealth of shareholders.
- Fulfilment of the social commitment by expanding the circle of humanitarian and charitable activities.
- Offering some great financial services in the category of export and import trade.
- Building up with some tight personal relationships with the customers and the clients.
Special features of SIBL
All the activities performed by the bank are conducted through the Islamic Sharia. The profit is known as a legal alternative of the interest. Banks investment policy follows various modes approved by the Islamic Sharia-based on the Quran & Sunnah.
The banking system is also committed to establishing a welfare-oriented banking system, of the economic up-lift of certain low-income groups of people for creating employment opportunities.
The bank is also contributing to the economic activities side by side. A few of the worth mentioned is the SIBL English Medium Madrasah and SIBL library.
Information Technology used by SIBL
SIBL is already providing services related to online general banking to all its clients. This service was introduced in 2008 in all its branches which are being operated in different countries. For the proper functioning of the online banking service, satellite-based communication links are used.
SIBL bank is also a member of the Society for Worldwide Interbank Financial Telecommunications (SWIFT). All the branches of the authorised dealer have SWIFT connectivity in which the bank is about to launch with some new products.
This includes SMS banking, internet banking and Tele-banking. You can know more about the online banking services and their products by visiting the official website www.socialislamicbd.com.
Social Islamic Bank Foundation
The bank has a Foundation launching philanthropic things such as Social English Medium Madrasah, and Social Islamic Bank Library is the principal two wings for launching philanthropic activities.
Social English Medium Madrasah has been set up by way of the Social Bank Foundation to construct subsequent technology following the beliefs of peace and equality of Islam and organising banking and different elements of lifestyles in the way of Islam.
The top intention of this madrasah is to make contributions closer to constructing useful human resources and make certain human welfare in the broader sense. With this in view, Social Islamic Bank Foundation mounted an English Medium Madrasah at Dhanmondi in 1999. Such organisation up to the O level of its variety is for the first time in Bangladesh.
To sum up the whole discussion, Social Islamic Bank Limited is emerging to be one of the top leading and developing banks shortly. SIBL has its main focus on the employment generation in a complete green banking environment. Equitable distribution of the resources is also conducted over the geographical territory for the sustainable growth of the economy.
They are soon planning to launch with some new products and financial services, which will open some new gateways for the investors and the brokers to build a strong image in the financial market. Stay in touch with the official site for more updates!
Jason Morgan is an experienced forex analyst and writer with a deep understanding of the financial markets. With over 13+ years of industry experience, he has honed his skills in analyzing and forecasting currency movements, providing valuable insights to traders and investors.
Forex Content Writer | Market Analyst