Islamic Bank’s agent banking crosses Tk20,000cr deposit milestone

Business Report:

Islami Bank Bangladesh PLC has achieved a significant milestone by collecting over Tk20,000 crore in deposits through its agent banking services, accounting for nearly 42 per cent of all deposits in the country’s agent banking sector.

Since beginning operations in 2017, Islamic Bank’s agent banking has expanded rapidly, providing banking access to marginalised communities who lack direct access to traditional banks. The service has earned widespread trust, now serving more than 5.3 million customers, nearly half of whom are women, mostly residing in rural areas, says a press release.

Daily transactions through the agent banking network average over Tk1,000 crore, reflecting strong customer engagement. Islamic Bank also leads in remittance collection through agent banking, receiving Tk15,352 crore in 2024, representing over 54 per cent of the sector’s total remittance inflows. By June 2025, remittance collections through the network reached Tk8,984 crore, enabling expatriate families to access funds securely and discouraging illegal channels such as hundi. The bank operates 2,791 agent banking outlets across 472 upazilas, predominantly in remote rural locations where conventional banking is scarce. These outlets are supervised by branch offices to ensure quality service, financial security and customer trust. Technologies like the Cellfin app, i-Banking, Point of Sale (POS), and QR code-based withdrawals enhance accessibility. Islamic Bank’s Rural Development Scheme (RDS) supports rural entrepreneurship by disbursing investments up to Tk5 lakh through 135 agent outlets, stimulating local economic growth and employment. The bank attributes its success to strong Shariah-compliant deposit management, commitment to financial inclusion, trusted local agents, modern technology, and cost-effective service delivery.