Akij Resource to seek licence for Shariah-based digital bank 'Munafa'

Munafa Digital Bank's goals

• Ensuring accessible banking services for low- and middle-income families
• Enhancing financial inclusion for entrepreneurs and businesses thru value chain–based financing model
• Delivering inclusive Islamic banking services to everyone thru fully digital platform
• Munafa Digital Bank plans to reach 20m active accounts and 3.5m digital consumer finance customers by 2030

Akij Resource is preparing to seek a licence from the central bank to launch a Shariah-based digital bank named Munafa. Company officials said the application would be submitted next week.

Speaking to reporters today (23 October), the company's managing director, Sheikh Jasim Uddin, said, "Our proposed bank's name is Munafa Islamic Digital Bank. It will be a fully Shariah-based digital bank. We aim to build an Islamic digital platform that ensures transparency, fairness, and profit-sharing based on partnership principles."

"We have already held discussions with several foreign investors, many of whom have shown strong interest. We will submit our application by next week," he added.

Bangladesh Bank has extended the deadline for submitting applications for digital bank licences to 2 November, from the previous deadline of 30 September.

The initiative to grant digital bank licences was first taken under the previous government, when 52 organisations applied. Of those, two — Nagad and Kori — were approved, but their processes stalled due to questions over financing.

Towfique Hasan, Chief Business Development Officer at Akij Resource, said, "This is the perfect moment for us to step into the banking sector with a forward-looking vision to meet the evolving demands of digital banking."

Md Firoz Kabir, Chief Digital & Innovation Officer (CDIO), outlined Akij Resource's readiness and capabilities to enter the digital banking sector. "Akij Resource's digital banking ecosystem has been designed to redefine banking accessibility and affordability in Bangladesh. Users will experience seamless financial services without transaction charges. The infrastructure is ready ahead of time, built on robust technology and guided by our commitment to empower every citizen through innovation."

Core objectives of Munafa Digital Bank

Munafa Digital Bank has identified three core goals for its operations. First, to ensure accessible banking services for low- and middle-income families — including expatriate Bangladeshis, youth, women entrepreneurs, and small and medium business owners. Second, to enhance financial inclusion for entrepreneurs and businesses through a value chain–based financing model.

Operating under the slogan "Shariah-Based Banking for All," the institution aims to deliver inclusive Islamic banking services to everyone through a fully digital platform.

If granted a licence, Munafa Digital Bank plans to reach 20 million active accounts and 3.5 million digital consumer finance customers by 2030.