First Security Islami Bank
First Security Islami Bank PLC was a Shariah-compliant private bank in Bangladesh offering Mudaraba deposits, Islamic investment financing (Bai-Murabaha, Musharakah, HPSM), and digital banking to retail, SME, corporate, and diaspora customers via a nationwide branch and agent network. The bank was merged into Sammilito Islami Bank effective January 2026 after being declared non-viable by Bangladesh Bank.
- Company typePrivate
- Founded1999
- HeadquartersDhaka, Bangladesh
- Headcount5,001–10,000
- GTM typeB2B and B2C
- OfferingServices
What First Security Islami Bank does
First Security Islami Bank PLC (FSIB) was a Shariah-compliant, publicly listed private bank headquartered at Rangs RD Center, Gulshan 1, Dhaka, Bangladesh, founded in 1999 and operating with a workforce in the 5,001–10,000 range. It served retail customers, SMEs, corporate clients, and diaspora/foreign-currency customers through a nationwide distribution network spanning main branches, sub-branches, ATMs, CRMs, collection booths, agent banking outlets, offshore banking units, and foreign corners. The bank was authorized by Bangladesh Bank and supervised by a Shariah Council that certified compliance of all products with Islamic finance principles.
FSIB's core technology was an Islamic banking platform supporting Shariah-compliant instruments including Bai-Murabaha, Bai-Muazzal, Bai-Salam, Bai-Istishna, Mudaraba, Musharakah, and Hire Purchase Under Shirkatul Melk (HPSM). Its deposit franchise spanned Mudaraba Savings accounts (Tilmiz, Onkur, Projonmo, Prapti, Probin, Mehonoty, SND, Smart), Al Wadiah Current accounts, Foreign Currency Accounts, Mudaraba Term Deposits, and a broad portfolio of Mudaraba Scheme Accounts targeting life-event savings. Digital delivery was handled through FSIB Cloud (web banking), FirstCash (mobile), dCloud, FSIB Freedom (e-KYC/account opening), Corporate E-Banking, SMS Banking, the FSIB Card with Green PIN, and the Smart Connect chatbot.
The business model generated revenue from profit-sharing on Islamic financing (Bai-Murabaha, Mudaraba, Musharakah, HPSM), transaction fees (IBFT, SWIFT, utility, e-GP, locker, card, agent banking commissions), foreign exchange margins on FC/RFCD/NFCD products, and deposit account service charges. Following severe asset-quality deterioration — including Tk 37,332 crore in inter-bank liabilities and large connected-loan defaults linked to industrial groups including S. Alam — Bangladesh Bank dissolved FSIB's board on November 5, 2025, declared it non-viable on November 6, 2025, and merged it with four other Islamic banks (EXIM, Global Islami, Union, Social Islami) into Sammilito Islami Bank effective January 1, 2026, backed by Tk 20,000 crore in government capital and Tk 12,000 crore from the Deposit Insurance Trust Fund.
First Security Islami Bank firmographics
Firmographics- Name
- First Security Islami Bank
- Legal name
- First Security Islami Bank PLC
- Website
- https://fsiblbd.com
- Company type
- Private
- Founded year
- 1999
- Operating status
- Acquired
- Headcount range
- 5,001–10,000 employees
- Short description
- First Security Islami Bank PLC was a Shariah-compliant private bank in Bangladesh offering Mudaraba deposits, Islamic investment financing (Bai-Murabaha, Musharakah, HPSM), and digital banking to retail, SME, corporate, and diaspora customers via a nationwide branch and agent network. The bank was merged into Sammilito Islami Bank effective January 2026 after being declared non-viable by Bangladesh Bank.
- Ownership category
- akta.pro rank
First Security Islami Bank industry classification
Industry- Product category
- Islamic Banking
- NAICS
- Commercial Banking (522110), Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Islamic Retail Banking (FSABAGAA)
- akta.pro secondary industries
- Islamic SME & Commercial Banking (FSABAGAB), Islamic Corporate Banking (FSABAGAC), Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF), Islamic Trade Finance & Supply Chain (Shariah-compliant) (FSABAGAE), Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)
Keywords
Where First Security Islami Bank is headquartered
LocationHeadquarters
- HQ city
- Dhaka
- HQ country
- Bangladesh
- HQ region
- Asia
Offices1 record
Markets served
First Security Islami Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Interest/Profit Income from Investments: The bank generates revenue primarily through profit-sharing arrangements with customers on Islamic financing products including Bai-Murabaha, Mudaraba, Musharakah, and HPSM. Returns are shared between the bank and depositors based on predetermined ratios.
- Fee-based Banking Services: Revenue from various banking services including fund transfers (IBFT, SWIFT), utility bill payments, e-GP payments, locker services, card services, and agent banking commissions.
- Foreign Exchange Operations: Revenue from foreign currency transactions, exchange rate margins on FC accounts, RFCD, NFCD, and other foreign currency products.
- Deposit Account Services: Revenue from various deposit products including savings accounts (Mudaraba), current accounts (Al Wadiah), and term deposits through account maintenance fees and service charges.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Mudaraba Savings Account with multiple variants (Tilmiz, Savings Deposit, Onkur, Projonmo, Prapti, Probin, Mehonoty, SND, Smart Account) |
| Other | Monthly | Al Wadiah Current Deposit Accounts (Current Deposit, Shomman, Morjada) |
| Usage-based | Monthly | Foreign Currency Accounts (FC, RFCD, NFCD, ERQ, NITA) |
| Subscription | Annual | Mudaraba Term Deposit Schemes (MTD, Monthly Profit Scheme, Murobbi, Mahiyasi, Sanchay, Century, Utshob-24, Double Century) |
| Subscription | Monthly | Mudaraba Scheme Accounts (Muhor, Niramoy, Durbar, Ehsan, Bondhon, Ghoroni, Haj, Sanchaye Shukh, Merchant, FSIB Care, Cash Waqf, Musafir) |
Go-to-market motion1 record
Distribution channels8 records
Marketing channels5 records
First Security Islami Bank product offering
Product offeringCore offering
First Security Islami Bank PLC provides Shariah-compliant Islamic banking services in Bangladesh, offering deposit products (Mudaraba Savings, Al Wadiah Current, Foreign Currency, Mudaraba Term Deposits and Scheme Accounts), Islamic investment and financing products (Bai-Murabaha, Bai-Muazzal, Bai-Salam, Bai-Istishna, Mudaraba, Musharakah, HPSM), digital banking services (FSIB Cloud, FirstCash, dCloud, Freedom, Corporate E-Banking, SMS Banking), and ancillary banking services (SWIFT, IBFT, utility bill payment, E-GP, E-Hajj, locker services, agent banking) to retail customers, SMEs, corporates, and diaspora clients.
Product overview
First Security Islami Bank PLC (FSIB) operates as an Islamic Shariah-compliant bank offering a comprehensive suite of banking products and services. The bank's portfolio includes traditional deposit products (Mudaraba Savings, Al Wadiah Current, Foreign Currency Accounts) and Mudaraba Term Deposits with various maturity options. Investment products follow Islamic finance principles including Bai-Murabaha, Bai-Muazzal, Bai-Salam, Bai-Istishna, Mudaraba, Musharakah, and Hire Purchase Under Shirkatul Melk (HPSM). Digital banking is delivered through multiple platforms: FSIB Cloud (web banking), FirstCash, dCloud, Freedom (account opening/e-KYC), Corporate E-Banking, and SMS Banking. The bank also provides ancillary services including SWIFT international transfers, Inter Bank Fund Transfer, Utility Bill Payment, E-GP Payment, E-Hajj, Locker Services, and Agent Banking. FSIB Card serves as the bank's card solution. The bank merged with four other Islamic banks (EXIM, Social Islami, Union, and Global Islami Bank) to form Sammilito Islami Bank effective January 2026.
Differentiator
Problem solved
Functional benefit
Brands
- FSIB Cloud: Digital banking platform for online banking services
- FirstCash
- dCloud
- Freedom
- FSIB Card
- FSIB G-PIN
Products and services
- FSIB Card Islamic-compliant debit/ATM card solution for customers to perform banking transactions.
- Agent Banking Banking services delivered through agent network for financial inclusion in rural and semi-urban areas where full branches are not available, enabling deposits, withdrawals, and basic transactions.
- FSIB Cloud (Cloud Banking) Web-based cloud banking platform for retail and corporate customers providing online banking services, account management, and transaction processing.
- FirstCash Mobile banking and digital payment application for customers to access banking services on mobile devices.
- dCloud Cloud-based banking service platform for enhanced digital banking experience.
- FSIB Freedom Digital account opening and e-KYC platform enabling customers to open accounts online.
- Corporate E-Banking Online banking platform for corporate customers to manage business accounts and transactions.
- SMS Banking Text message-based banking notifications and services for account alerts and basic transactions.
- Mudaraba Savings Account Shariah-compliant savings account using Mudaraba profit-sharing mechanism, available in variants including Tilmiz (students), Savings Deposit, Onkur (women), Projonmo (children), Prapti (women), Probin (senior), Mehonoty, SND, and Smart Account.
- Al Wadiah Account Shariah-compliant current deposit account using Al Wadiah principle, available in variants including Current Deposit, Shomman, and Morjada. No profit is paid to depositors; the bank guarantees deposit safety.
- Foreign Currency Account Foreign currency deposit accounts including FC (Private Foreign Currency), RFCD (Resident Foreign Currency Deposit), NFCD (Non-Resident Foreign Currency Deposit), ERQ (Export Retention Quota), NITA (Non-Resident Investor's Taka Account), and Other variants.
- Mudaraba Term Deposit Shariah-compliant term deposit products including Mudarabah Term Deposit, Monthly Profit Scheme, FSIB Murobbi (senior citizens), Mahiyasi, FSIB Sanchay, FSIB Century, Utshob-24, and Double Century with various maturities ranging from short-term to 10+ years.
- Mudaraba Scheme Account Scheme-based savings products including Muhor (children's education), Niramoy (health), Durbar (home), Ehsan (marriage), Bondhon (general savings), Ghoroni (women), Haj (Hajj pilgrimage), Sanchaye Shukh, Merchant, FSIB Care, Cash Waqf (endowment), and Musafir (travel).
- Bai-Murabaha Investment Shariah-compliant sale-based financing where the bank purchases goods and sells them to the customer at a disclosed mark-up profit, with payment on deferred terms.
- Bai-Muazzal Investment Shariah-compliant deferred payment sale agreement where the bank sells goods on credit with payment at an agreed future date.
- Bai-Salam Investment Shariah-compliant forward sale agreement for agricultural and commodity financing where the buyer pays full price in advance and receives goods at a future date.
- Bai-Istishna Investment Shariah-compliant manufacturing order financing arrangement where the bank commissions production of specific goods with payment in stages.
- Mudaraba Investment Profit-sharing partnership where one party provides capital (rabbul mal) and the other provides expertise and management (mudarib), with profits shared per predetermined ratios and losses borne by the capital provider.
- Musharakah Investment Equity partnership financing where both parties contribute capital, with profits shared per agreed ratios and losses borne proportional to capital contributions.
- Hire Purchase Under Shirkatul Melk (HPSM) Leasing arrangement under joint ownership (Shirkatul Melk) for asset acquisition, where the bank and customer jointly own the asset until final transfer through hire-purchase installments.
- Inter Bank Fund Transfer (IBFT) Service enabling fund transfers between different banks across Bangladesh.
- SWIFT International Transfer International interbank fund transfer and messaging service (SWIFT Address: FSEBBDDH) for cross-border remittances and trade.
- Utility Bill Payment Service for paying utility bills including electricity, gas, and water through banking channels.
- E-GP Payment Electronic government procurement (e-GP) payment service for government tender and procurement transactions.
- E-Hajj Electronic hajj pilgrimage savings and payment service facilitating Hajj-related transactions for Muslim customers.
- Locker Service Safe deposit locker service for secure storage of customer valuables at bank branches.
- Tasdir Banking service offered by First Security Islami Bank under the Tasdir brand.
Quantifiable outcome
- 78 lakh depositors served through merged entity
- +1 more outcomes
Companies that use First Security Islami Bank
Customer profileSegments4 records
Ideal customer profiles4 records
First Security Islami Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature9 records
First Security Islami Bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Bangladesh Securities and Exchange Commission (BSEC)minorBSEC communicated with Bangladesh Bank regarding protection of general investors' interests during the merger of five Islamic banks. The commission emphasized the need for proper valuation and protection measures for shareholders whose shares were cancelled as part of the merger process.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
First Security Islami Bank competitors and assessment
Company assessmentDirect peers
- Islami Bank Bangladesh: Bangladesh's largest Shariah-compliant bank, offering Mudaraba deposits, Bai-Murabaha investments, and a nationwide branch network directly comparable to FSIB's Islamic banking proposition.
- Shahjalal Islami Bank: Bangladesh-based Islamic commercial bank offering Mudaraba deposits, Islamic investment products, and corporate banking - a direct product and target-market peer to FSIB.
- Al-Arafah Islami Bank: Shariah-compliant bank in Bangladesh serving retail, SME, and corporate customers with Mudaraba and Bai-Murabaha products that directly overlap FSIB's offerings.
- EXIM Bank Bangladesh: Was one of FSIB's fellow Islamic banks merged into Sammilito Islami Bank in 2026; offered near-identical Shariah-compliant deposit and investment products to retail and SME customers in Bangladesh.
- Social Islami Bank: Sister Islamic bank also merged into Sammilito Islami Bank; operated an overlapping deposit, investment, and digital banking portfolio serving Bangladeshi retail and SME clients.
- Union Bank Bangladesh: Co-merged Islamic bank with a comparable retail/SME focus and shared liability profile; together with FSIB it held the largest bank-and-FI obligations among the five merged entities.
- Global Islami Bank: Fifth Islamic bank merged into Sammilito Islami Bank; offered Mudaraba-based deposits and Islamic investments to retail and corporate customers in Bangladesh.
Emerging players
- Standard Bank (Bangladesh): Shariah-compliant banking operator in Bangladesh with retail and corporate focus; comparable in product mix though smaller in branch reach than FSIB.
Broad incumbents
- Bank Islam Malaysia: Established regional Islamic banking incumbent offering Mudaraba, Musharakah, and Bai-Murabaha products; useful comparable for Shariah governance and product breadth even though it operates in a different geography.
- Meezan Bank (Pakistan): Pakistan's largest Islamic bank with a full Shariah-compliant deposit, financing, and digital product suite serving retail, SME, and corporate segments - a regional comparable for product taxonomy and digital banking strategy.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights6 records
Customer concentration
First Security Islami Bank social profiles
Digital presenceFirst Security Islami Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Security Islami Bank leadership team
Management profileNumber of profiles
First Security Islami Bank funding detail
Funding detailFunding overview
Funding rounds1 record
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Security Islami Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Security Islami Bank
What does First Security Islami Bank do?
First Security Islami Bank PLC provides Shariah-compliant Islamic banking services in Bangladesh, offering deposit products (Mudaraba Savings, Al Wadiah Current, Foreign Currency, Mudaraba Term Deposits and Scheme Accounts), Islamic investment and financing products (Bai-Murabaha, Bai-Muazzal, Bai-Salam, Bai-Istishna, Mudaraba, Musharakah, HPSM), digital banking services (FSIB Cloud, FirstCash, dCloud, Freedom, Corporate E-Banking, SMS Banking), and ancillary banking services (SWIFT, IBFT, utility bill payment, E-GP, E-Hajj, locker services, agent banking) to retail customers, SMEs, corporates, and diaspora clients.
Is First Security Islami Bank a public or private company?
First Security Islami Bank is a private company. It is classified as state government owned and is currently acquired.
When was First Security Islami Bank founded?
First Security Islami Bank was founded in 1999. It employs 5,001 to 10,000 people.
Where is First Security Islami Bank based?
First Security Islami Bank is headquartered in Dhaka, Bangladesh, in the Asia region.
How does First Security Islami Bank make money?
Four revenue lines are on record. Interest/Profit Income from Investments are the primary driver. The others are fee-based Banking Services, foreign Exchange Operations and deposit Account Services.
Who are First Security Islami Bank's main competitors?
Direct peers on record are Islami Bank Bangladesh, Shahjalal Islami Bank, Al-Arafah Islami Bank, EXIM Bank Bangladesh, Social Islami Bank, Union Bank Bangladesh and Global Islami Bank. Standard Bank (Bangladesh) is listed as an emerging player. Broad incumbents are Bank Islam Malaysia and Meezan Bank (Pakistan).
Does First Security Islami Bank have an API?
No public API is recorded for First Security Islami Bank.
What industry is First Security Islami Bank in?
First Security Islami Bank's product category is Islamic Banking. Its primary akta.pro industry code is FSABAGAA, Islamic Retail Banking, with a secondary code of FSABAGAB, Islamic SME & Commercial Banking. Its NAICS code is 522110 and its SIC code is 6022.