First Security Islami Bank launches shariah-based savings account for madrasa students

First Security Islami Bank PLC (FSIB) has launched a specialised Mudarabah Savings Deposit Account named 'Tilmiz', exclusively designed for madrasa students, aiming to include them in the formal financial system.

With an initial deposit of just Tk100, any madrasa student can open a Tilmiz account and access modern, tech-friendly, Shariah-based banking services. Students under the age of 18 may operate the account through a guardian, while those 18 or older can independently transact through this charge-free account. The account also allows receipt of government scholarships and gift money.

Abu Reza Md Yeahia, Managing Director (Current Charge) of FSIB, noted that the madrasa education system plays a vital role in developing ethical values and social awareness. He added, "Madrasa students have historically refrained from conventional banking due to Shariah restrictions on interest. Consequently, they relied on informal financial practices and remained excluded from the formal financial sector."

To address this gap, FSIB launched the Tilmiz account to draw small savings into formal banking channels. "We have already opened 20,000 Tilmiz accounts and aim to open more than 200,000 by the end of this year," said Mr Yeahia. "Our goal is not only to facilitate financial access but also to nurture financial awareness, enabling madrasa students to become self-reliant and thrive as Islamic scholars and entrepreneurs."

Tilmiz account holders receive a free ATM card and cheque book, alongside access to the charge-free digital banking mobile application 'FSIB Cloud'. SMS alert services and maintenance fees are also waived. The account offers attractive profit-sharing, and all deposits are safeguarded under Bangladesh Bank regulations.