MTB, upay launch fully digital Shari’ah-compliant Islamic DPS

Mutual Trust Bank PLC (MTB) and upay have jointly launched MTB Islamic DPS, a fully digital and Shari'ah-compliant deposit product enabling customers to open Islamic DPS accounts instantly via the upay app, without paperwork or branch visits.

The collaboration underscores MTB's commitment to enhancing customer convenience and promoting digital financial inclusion by integrating its Islamic banking platform with upay's technology. The service aims to provide customers with a seamless, secure and transparent solution to achieve their savings goals while maintaining full Shari'ah compliance.

MTB Managing Director and Chief Executive Officer Syed Mahbubur Rahman; UCB Fintech Company Limited Chairman and United Commercial Bank PLC Managing Director and CEO Mohammad Mamdudur Rashid; MTB Deputy Managing Director Md Shafquat Hossain; UCB Fintech Board Member and UCB Deputy Managing Director and Chief Operating Officer Md Abdullah Al Mamoon; MTB Chief Digital Officer Khalid Hossin; MTB Head of Islamic Banking Md Arif Bin Idrish; and UCB Fintech Head of Corporate Sales Sajjad Alam, along with senior officials from both organisations, attended the launch ceremony.

MTB said the initiative marks another milestone in its digital transformation journey, bringing inclusive, Shari'ah-based banking closer to customers across Bangladesh. Through the partnership with upay, users can now access Islamic savings services with just a few taps on their phone, eliminating the need to visit a branch.