Sammilito Islami Bank PLC

The banking sector of Bangladesh has witnessed significant growth over the past few decades, with Islamic banking playing a vital role in ensuring ethical, interest-free, and socially responsible financial services. Among the emerging Islamic banks, Sammilito Islami Bank PLC stands as a promising Shariah-based commercial bank dedicated to serving individuals, businesses, and institutions across the country.

Sammilito Islami Bank PLC operates strictly in accordance with Islamic Shariah principles, avoiding interest (Riba) and ensuring transparency, fairness, and shared risk in all financial transactions. The bank aims to support sustainable economic development while maintaining strong ethical values.

This article provides a complete, in-depth, and SEO-optimized overview of Sammilito Islami Bank PLC, including its history, mission, vision, products, services, governance, investment policies, CSR activities, and future outlook.

Overview of Sammilito Islami Bank PLC

Sammilito Islami Bank PLC is a Shariah-compliant commercial bank in Bangladesh that focuses on Islamic modes of finance. The bank offers a wide range of deposit, investment, trade finance, remittance, and digital banking services.

By following Islamic banking principles, the bank ensures that all transactions are asset-backed, risk-sharing, and socially responsible. Its customer-centric approach and commitment to innovation make it a trusted financial institution in the Islamic banking sector.

History and Background

Islamic banking in Bangladesh began in the early 1980s, responding to the demand for interest-free financial solutions. Sammilito Islami Bank PLC was established to meet this growing need and to contribute to national economic development through ethical banking practices.

Since its inception, the bank has focused on:

Establishing strong Shariah governance
Expanding branch and ATM networks
Introducing modern digital banking services
Supporting SMEs, agriculture, and industrial sectors

Through continuous improvement and compliance with regulatory standards set by Bangladesh Bank, Sammilito Islami Bank PLC has been strengthening its position in the competitive banking environment.

Mission of Sammilito Islami Bank PLC

The mission of Sammilito Islami Bank PLC is to provide efficient, transparent, and Shariah-compliant banking services that contribute to sustainable economic growth.

Key Mission Objectives:

Offer interest-free financial products
Ensure full Shariah compliance in all operations
Promote financial inclusion
Support entrepreneurship and SMEs
Maintain high standards of customer service
Contribute to social and economic welfare

Vision of Sammilito Islami Bank PLC

The vision of the bank is to become a leading Islamic commercial bank in Bangladesh, recognized for its integrity, innovation, financial strength, and commitment to Islamic values.

The bank aspires to:

Achieve long-term sustainable growth
Become a trusted partner for customers
Play a vital role in national development
Set benchmarks in Islamic banking excellence

Core Values

Sammilito Islami Bank PLC is guided by the following core values:

Shariah Compliance – Strict adherence to Islamic principles
Integrity – Honesty and transparency in all dealings
Customer Focus – Prioritizing customer needs and satisfaction
Professional Excellence – Skilled workforce and quality service
Social Responsibility – Commitment to community welfare

Shariah Principles Followed by the Bank

Sammilito Islami Bank PLC operates under Islamic financial contracts, including:

Mudaraba – Profit-sharing between bank and customer
Musharaka – Joint partnership with shared profit and loss
Murabaha – Cost-plus financing
Bai-Muajjal – Deferred payment sale
Ijara – Lease-based financing

These principles ensure fairness, risk-sharing, and ethical investment.

Deposit Products of Sammilito Islami Bank PLC

1. Mudaraba Savings Account

A profit-sharing savings account designed for individuals to save money securely while earning halal profit.

2. Mudaraba Current Account

A non-profit-bearing account for daily transactions, suitable for businesses and organizations.

3. Mudaraba Term Deposit (MTD)

A fixed-term deposit offering higher profit rates based on investment tenure.

4. Special Savings Schemes

Monthly Savings Scheme
Education Savings Scheme
Marriage Savings Scheme
Hajj Savings Scheme

5. Special Accounts

Student Banking Account
Women Banking Account
Senior Citizen Account

Investment and Financing Services

1. SME Investment

The bank provides Shariah-based financing to small and medium enterprises, supporting entrepreneurship and employment generation.

2. Corporate and Industrial Financing

Investment solutions for large-scale industries, manufacturing units, and corporate clients.

3. Retail and Consumer Financing

Includes home finance, car finance, household appliance financing, and personal investment solutions.

4. Agriculture and Rural Investment

Supports farmers, agro-based businesses, and rural development projects.

5. Project Financing

Long-term financing for infrastructure and development projects using Islamic modes of investment.

Trade Finance Services

Sammilito Islami Bank PLC plays a crucial role in facilitating international trade.

Import Finance

Letter of Credit (L/C) Opening
Shipping Guarantee
Import Bill Payment

Export Finance

Export Bill Purchase
Export Development Financing
Back-to-Back L/C

These services help businesses engage in global trade smoothly and efficiently.

Foreign Remittance Services

The bank provides fast, secure, and reliable remittance services for expatriate Bangladeshis.

Key Features:

Inward and outward remittance
Partnership with international exchange houses
Competitive exchange rates
Quick fund transfer
Support for NRBs (Non-Resident Bangladeshis)

Digital and Online Banking Services

Sammilito Islami Bank PLC emphasizes digital transformation.

Digital Services Include:

Internet Banking
Mobile Banking Apps
SMS Banking Alerts
ATM and Debit Card Services
Online Fund Transfer
Utility Bill Payment

These services ensure convenience, security, and 24/7 access for customers.

Role in SME and Economic Development

SMEs are the backbone of Bangladesh’s economy. Sammilito Islami Bank PLC actively supports this sector by:

Providing easy access to Shariah-based financing
Offering advisory services
Supporting startups and women entrepreneurs
Encouraging rural and semi-urban business growth

Corporate Social Responsibility (CSR)

Sammilito Islami Bank PLC is deeply committed to social welfare.

CSR Activities Include:

Education scholarships for underprivileged students
Healthcare and medical assistance
Disaster relief and rehabilitation
Support for orphanages and social institutions
Environmental sustainability initiatives

Governance and Management

The bank maintains strong corporate governance standards.

Key Governance Features:

Experienced Board of Directors
Professional executive management
Compliance with Bangladesh Bank regulations
Transparent reporting and auditing systems

Shariah Supervisory Committee

A dedicated Shariah Supervisory Committee ensures:

Approval of all products
Regular Shariah audits
Continuous monitoring of operations
Compliance with Islamic laws

This committee strengthens customer trust and credibility.

Risk Management and Compliance

Sammilito Islami Bank PLC follows robust risk management policies, including:

Credit risk management
Operational risk control
Market and liquidity risk monitoring
Anti-Money Laundering (AML) and KYC compliance

Contribution to Financial Inclusion

The bank actively promotes financial inclusion by:

Expanding branch networks
Introducing agent banking
Offering low-cost accounts
Supporting rural and unbanked populations

Challenges and Opportunities

Challenges:

Intense competition in the banking sector
Economic fluctuations
Regulatory compliance pressure

Opportunities:

Growing demand for Islamic banking
Digital banking expansion
SME and agriculture sector growth
Increasing remittance inflow

Future Outlook of Sammilito Islami Bank PLC

The future of Sammilito Islami Bank PLC looks promising. The bank plans to:

Expand branch and digital networks
Introduce innovative Islamic financial products
Strengthen risk management systems
Enhance customer experience
Contribute more to sustainable development

Conclusion

Sammilito Islami Bank PLC is an emerging and trustworthy Islamic bank in Bangladesh, offering ethical, transparent, and Shariah-compliant financial services. Through its strong governance, customer-focused approach, and commitment to social responsibility, the bank plays an important role in the country’s financial system.

With continuous innovation and adherence to Islamic values, Sammilito Islami Bank PLC is well-positioned to become a leading name in Islamic banking and a reliable partner for individuals and businesses alike.