Al-Arafah’s Islamic Wallet takes value-added digital banking to the unbanked 

Al-Arafah Islami Bank Limited (AIBL) has unlocked a digital platform for mobile financial services (MFS) named "Islamic Wallet" for mass people especially for the unbanked population across the country which is the first shariah-based MFS in Bangladesh.

 "Islamic Wallet' is a complete mobile financial service offered by Al-Arafah Islami Bank Limited. The wallet is also available in Binimoy (IDTP- interoperable digital transaction platform) to enable interoperability between different MFS and bank accounts.

AIBL strongly believes in the idea of financial inclusion and that financial facilities and supports should be accessible to all. Islamic Wallet has started its commercial journey on December 10, 2019 with all the value-added services all over Bangladesh with a view to providing digital banking facilities to the unbanked.

Islamic Wallet is offering many digital financial services which will reduce hassles in transaction and make life easier for the users. It offers instant service from anywhere, anytime with no more queue, fake/ torn note, time dependency, deposit problem or management issues as well as no account maintenance charge.

The bank is working on to introduce new products and facilities. Officials at AIBL have said the 'add money' service from AIBL Credit Card, which will eliminate the gateway charges, will be  introduced soon to the customers of wallet. As well as, facilities like cash-out from AIBL ATM booth, real time AIBL credit card bill payment, direct integration with all telcos for top-up service and jointly promotion campaigns for mobile to-up will be added shortly.  

The bank is also working to provide its customers with mobile recharge facility through Telco App. In addition, cash-in and cash-out services through Robi retail agent network and GP MobiCash centres across the country will also be added with the wallet.

Syed Masodul Bari, deputy managing director of ALBL said not only in Bangladesh, the shariah-based MFS is the first of its kind in the world.

"We have already developed a strong customers' base. Our Islamic Wallet provides all the services available in other MFS products. And we engaged engineers of our country to design this app of international standard and ensure its services," he said.

"May be, we are slow in campaign, but our app is much faster and more user-friendly than many others," the DMD said.