Al-Arafah Islami Bank signs MoU with BIDA

A memorandum of understanding (MoU) has been signed between Al-Arafah Islami Bank PLC and the Bangladesh Investment Development Authority (BIDA) to help increase domestic and foreign investment and support a more business-friendly environment.

The MoU was signed at a ceremony held on Wednesday recently at BIDA’s conference room.

Recent reporting confirms that Al-Arafah Islami Bank was among the banks that signed agreements with BIDA to expand online services through the OSS platform.

Managing Director and CEO of Al-Arafah Islami Bank Mohd Rafat Ullah Khan and Director General of BIDA Investment Promotion Jiban Krishna Saha Roy signed the agreement on behalf of their respective organizations.

The ceremony was presided over by BIDA Executive Member Air Commodore Md Shaharul Huda. These roles and the signing details match recent coverage of the event.

Under the MoU, investors will be able to access important services through BIDA’s Online One Stop Service (OSS) portal, including the online opening of bank accounts and temporary bank accounts for foreign investors through Al-Arafah Islami Bank.

The agreement reflects the bank’s commitment to attracting foreign investment and ensuring easier access to banking services.

Among those present at the ceremony were Additional Director of Bangladesh Bank Md Shahinuzzaman, Senior Executive Vice-President and Head of Operations of Al-Arafah Islami Bank Md Towhiduzzaman Fuad, Senior Assistant Vice-President Md Emdadul Haque, Assistant Vice-President Ayesha Parveen, and senior officials of BIDA.

Through the agreement, BIDA’s customers will now be able to access Shariah-compliant banking services through the OSS platform.