FE Report

Dhaka Bank Ltd (DBL) Monday launched three new Islamic deposit products as the brand name 'Tawfeer' under its Islamic Banking Division.

The new products are: Tawfeer Mudaraba Savings Bond Account, Tawfeer Mudaraba Deposit Pension Scheme, Tawfeer Mudaraba Foreign Remittance Account.

Prof Moulana Muhammad Salahuddin, Khatib of Baitul Mukarram National Mosque, M Azizul Huq, chairman of Dhaka Bank Shariah Supervisory Committee, and Khondker Fazle Rashid, Managing Director of the bank together launched the products at a city hotel.

The launching programme was addressed, among others, by Niaz Habib, additional managing director of the bank, Neaz Mohammad Khan, deputy managing director (RM), Sajjad Hussain, deputy managing director (operations), Emranul Huq, deputy managing director, and Sirajul Hoque, executive vice president and head of Islamic banking division.

Tawfeer Mudaraba Savings Bond Account (TMSBA) is a term-deposit scheme to secure the customers' earnings and enrich their future while Tawfeer Mudaraba Foreign Remittance Account (MFRA) will give them the opportunity to secure hard-earned money abroad and grow with future investment in their home, officials said.

Another product Tawfeer Mudaraba Deposit Pension Scheme (TMDPS) is the first of its kind based in the country on Mudaraba principles of Islamic Shariah and with insurance facility of maximum Tk 4.5 million, they said.