ICB Islamic Bank

Summary

ICB Islamic Bank is a second-generation commercial Islamic bank in Bangladesh, listed on the Dhaka Stock Exchange. ¹

From Al-Baraka to Oriental

It was established in 1987, began operating on 20 May 1987 as Al-Baraka Bank, and was listed on the Dhaka Stock Exchange in 1990. ¹ By 1994 it had run into financial trouble, and in 2004 it was reorganised as Oriental Bank. ¹ In 2006 the central bank dissolved its board and auctioned most of its shares; the ICB Banking Group bought them and renamed it ICB Islamic Bank in 2008. ¹

The past's burdens

In 2014 the central bank rescheduled its repayments to Oriental Bank's depositors, and by 2018 it had not returned 4.44 billion taka to them. ¹ In January 2021 seven Oriental Bank officers were jailed for embezzlement, and its accumulated losses reached nearly 20 billion taka in 2022. ¹

References

English Wikipedia, "ICB Islamic Bank", revision 1356587773. ¹

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.

At a glance

In the Modern Islam Browser

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Summary

From Al-Baraka to Oriental

The past's burdens

References

People and things also explored

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Made

Islamic banks and conventional banks — the difference, the doubts and the performance