Shahjalal Islami Bank

What Shahjalal Islami Bank does

Shahjalal Islami Bank PLC is a Bangladesh-based Islamic Shariah-compliant commercial bank that commenced operations on 10 May 2001 and is publicly listed on the Dhaka Stock Exchange (DSE:SHAHJABANK) and Chittagong Stock Exchange. The bank offers a comprehensive suite of Shariah-compliant deposit and investment products structured around Mudaraba (profit-sharing) and Al-Wadiah (safekeeping) principles, including current deposits, savings, term deposits, monthly income schemes, Hajj savings schemes, and specialized accounts for farmers, students, garment workers, and non-resident Bangladeshis. Investment products span SME financing, agricultural credit (cultivation, livestock, fisheries, machinery), housing finance, vehicle financing, professional schemes for doctors and executives, consumer finance for education and marriage, and trade finance (letters of credit, bid bonds, performance guarantees).

The bank's technology platform is built on a conventional Core Banking Software (CBS) stack with PCI DSS and ISO 27001 certifications, supported by an internet banking portal (iBank with MFA/2FA), mobile applications (ShahjalalTouchPay for Android and iOS), e-KYC-based digital account opening (Shahjalal eAccount), a Corporate Payment Module (CPM) for B2B bulk payments and salary disbursement, and an online tax return submission portal. It operates SWIFT messaging across 25+ branch codes, integrates with VISA for card issuance, participates in the NPSB national payment switch and Q-Cash ATM consortium, and connects to bKash and Nagad for mobile wallet and remittance disbursement. Distribution comprises 142 branches, 5 sub-branches, 151 ATM/CRM locations, 155 agent banking outlets, and 1 offshore banking unit covering all major districts and 8 geographic zones of Bangladesh. The bank maintains a dedicated Shariah Supervisory Committee comprising Islamic scholars, economists, bankers, and lawyers that approves and audits products and operations.

Revenue is generated primarily through profit-sharing on Mudaraba-based deposits and Al-Wadiah current accounts, investment income on Shariah-compliant financing across agriculture, RMG, SME, housing, and consumer segments, fee-based services (ATM transactions, card issuance, remittance, FX, guarantee facilities), and trade finance commissions. The customer base spans six primary segments — retail, SME, corporate, agriculture and rural banking, foreign exchange and remittance, and Islamic banking products — with named enterprise relationships including Ha-Meem Group, Incepta Pharmaceuticals, Anwer Khan Modern Medical College & Hospital, Aswad Composite Mills, Pandora Sweaters, and Russel Garments. With paid-up capital of Tk. 11,129 million and 1,001–5,000 employees, the bank operates as a mid-tier Islamic commercial bank with a strong regional distribution footprint but no disclosed foreign operations beyond remittance partner networks.

Name

Shahjalal Islami Bank

Legal name

Shahjalal Islami Bank PLC

Website

https://sjiblbd.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Shahjalal Islami Bank PLC is a Bangladesh-based Islamic Shariah-compliant commercial bank serving retail, SME, corporate, agricultural, and remittance customers through 142 branches, 155 agent outlets, and digital banking platforms.

Ownership category

akta.pro rank

Product category

Islamic Commercial Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Islamic SME & Commercial Banking (FSABAGAB)

akta.pro secondary industries

Islamic Retail Banking (FSABAGAA), Islamic Corporate Banking (FSABAGAC), Islamic Trade Finance & Supply Chain (Shariah-compliant) (FSABAGAE), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI)

Keywords

• Islamic commercial banking
• Shariah-compliant banking
• Mudaraba deposit products
• Corporate trade finance
• International remittance services

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Deposit Taking and Investment/Financing: Shahjalal Islami Bank operates as an Islamic bank that accepts deposits on Mudaraba and Al-Wadiah principles and provides financing/investments to customers. The bank generates revenue through profit rates charged on investments and pays profit to depositors based on Islamic Shariah principles.
2. Fee-based Banking Services: Revenue from various fees including ATM transaction charges, service charges, card fees, foreign exchange services, remittance services, and guarantee facilities.
3. Foreign Exchange Services: Revenue from foreign exchange transactions, import/export financing, and correspondent banking services through SWIFT network.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels7 records

Core offering

Shahjalal Islami Bank PLC is an Islamic Shariah-based commercial bank that accepts deposits under Mudaraba and Al-Wadiah principles and provides Shariah-compliant investment and financing facilities across retail, SME, corporate, agriculture, and trade segments. The bank delivers these services through 142 branches, sub-branches, ATM/CRM network, 155 agent banking outlets, an offshore banking unit, internet and mobile banking platforms, and global remittance partnerships.

Product overview

Shahjalal Islami Bank PLC is an Islamic Shariah-based commercial bank offering a comprehensive suite of banking products and services. The bank operates as a full-service financial institution with 142 branches, 5 sub-branches, 151 ATM/CRM locations, and 155 agent banking outlets across Bangladesh. The core banking platform consists of internet banking (iBank), mobile banking (ShahjalalTouchPay), and digital account services. Deposit products follow Islamic banking principles including Al-Wadiah and Mudaraba modes, with offerings ranging from current deposits, savings accounts, term deposits, monthly income schemes, and specialized accounts for students, farmers, and garment workers. Investment products cover SME financing, housing loans, vehicle financing, professional schemes for doctors and executives, and agricultural investments. Card products include VISA debit cards, prepaid cards, gift cards, and credit cards with EMI and discount programs. Additional services include international remittance (Western Union, MoneyGram, Nagad), trade finance (LC, guarantees), offshore banking, agent banking, and corporate payment solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Internet Banking (iBank) Secure web-based banking platform with SSL encryption and MFA/2FA, supporting self-registration, fund transfers via BEFTN/RTGS, credit card payments, utility bill payments, mobile top-up, and cheque management for retail and corporate customers.
• ShahjalalTouchPay Mobile Banking App Mobile banking application for Android and iOS enabling customers to perform financial transactions, balance inquiries, utility bill payments, and mobile top-ups via secure authentication.
• Shahjalal eAccount Digital account opening service with electronic KYC (eKYC) allowing customers to open accounts online without visiting a branch.
• Corporate Payment Module (CPM) B2B payment solution for corporate customers to manage bulk payments, vendor disbursements, and salary processing.
• Tax Return Submission Portal Online portal for customers to electronically file and submit tax returns through the bank's secure platform.
• Al-Wadiah Current Deposit Current deposit account operated under the Al-Wadiah principle of Islamic Shariah, allowing customers to deposit funds that the bank safeguards and returns on demand.
• Mudaraba Savings Deposit Savings account based on Mudaraba profit-sharing where the bank acts as fund manager and shares profits with depositors; profit calculated daily and credited half-yearly.
• Mudaraba Special Notice Deposit (SND) Profit-bearing deposit requiring 7-day advance notice for withdrawals, combining features of current and savings accounts for business customers.
• Mudaraba Money Spinning Account High-net-worth savings product with daily profit calculation, monthly profit credit, free cheque book, debit card, and SMS/internet banking access.
• Mudaraba Term Deposit Receipt (MTDR) Fixed-term deposit investment with competitive profit rates from 4% to 8.75% across tenors from 1 month to 3 years.
• Mudaraba Monthly Income Scheme Monthly income deposit paying 9% annual profit (Tk. 750 per lac per month before tax) on 1, 2, and 3 year tenors.
• Mudaraba Monthly Deposit Scheme Recurring monthly deposit scheme paying 9.00-9.75% profit for 3-10 year terms, allowing customers to build savings through regular installments.
• Mudaraba Hajj Deposit Scheme Specialized savings scheme for Hajj pilgrimage with profit rates of 8.75-9.85% and monthly installments designed to meet Hajj expenses over 1-10 years.
• Mudaraba School Banking Account Student savings account for ages 5-18 managed by parents/guardians with a minimum balance of Tk. 100 and ATM access for children.
• Mudaraba Farmers Saving Deposit Account Specialized savings account for farmers with a minimum balance of Tk. 10 supporting financial inclusion in the agricultural sector.
• Al-Wadiah ERQ (Exporter Retention Quota) Foreign currency deposit account for exporters to retain portions of export earnings in USD, GBP, EUR, or Yuan for bonafide business purposes.
• Agricultural Investment Shariah-compliant investment facilities for agriculture covering cultivation (12.00%), fishing (11.50%), agricultural machineries (10.50%), and livestock (12.50%).
• RMG Industry Investment Shariah-compliant investment facilities for the readymade garments industry with declared rates from 13.00% up to a highest rate of 14.00%.
• SME Investment Investment facilities for small and medium enterprises covering term investments and working capital financing at a 13.50% declared rate.
• Housing Investment Residential housing finance for individuals in urban and rural areas, covering house purchase, construction, renovation, and extension.
• Car Investment Vehicle financing for individuals to purchase cars under Islamic financing principles.
• Investment Scheme for Doctors Professional investment facility tailored for medical practitioners with customized Shariah-compliant financing options.
• Investment Scheme for Executives Investment facility designed for corporate executives with salary-based repayment structures.
• Investment Scheme for Education Education financing for students and families to cover tuition fees and educational expenses at scheme rate plus 2.00%.
• Investment Scheme for Marriage Personal financing for marriage expenses under Islamic banking principles at scheme rate plus 3.00%.
• SJIBPLC VISA Debit Card VISA-branded dual interface (contactless and chip) debit card for ATM withdrawals, POS purchases, and online transactions globally.
• SJIBPLC VISA Prepaid Card (International) Preloaded international travel card with multi-currency support for overseas transactions.
• SJIBPLC VISA Souvenir Card Gift card for local purchases, available at VISA-enabled merchants across Bangladesh.
• SJIBPLC Credit Card Credit card facility with EMI options, merchant discount partnerships, and lounge access at partner locations; 2.00% monthly charge on outstanding balance.
• Agent Banking Service Bank extension service through 155 authorized agents offering basic banking including deposit collection, withdrawal, and account services in rural and unbanked areas across all 64 districts of Bangladesh.
• Offshore Banking Unit Services International banking services for cross-border trade and investment, including foreign currency handling and trade finance through a dedicated offshore unit.
• International Remittance Services Instant cash and account-based remittance services through partnerships with 32+ global exchange houses including Western Union, MoneyGram, Ria, Trans-Fast, NEC Money Transfer, and Small World; also enables disbursement to bKash and Nagad mobile wallets.
• Guarantee Facilities Islamic banking guarantee products including Bid Bond, Performance Guarantee, Advance Payment Guarantee, and Retention Money Guarantee for business customers bidding on government and corporate contracts.
• Letter of Credit (LC) Services Trade finance facilities including letters of credit for import and export transactions under Islamic banking principles.
• Work Order Investment Financing against government or corporate work orders, providing working capital for project-based businesses.
• e-GP Support Service Electronic government procurement support including tender schedule purchase, payment orders, Quard facility for purchase payment orders, and tender upload services.

Quantifiable outcome

• 25 years of continuous operation and growth in Islamic banking sector
• +2 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature5 records

Partnerships

32 partnerships are on record, tiered minor, core, strategic and regional.

• Paragon Hotel & ResortminorStrategic or Co-development Partner · 13 June 2026Agreement signed with Paragon Hotel & Resort, likely for medical tourism financing or card discount partnerships.
• Perfect Global HealthminorStrategic or Co-development Partner · 6 June 2026Healthcare partnership agreement for providing medical financing or discount services to customers.
• National Pension AuthorityminorStrategic or Co-development Partner · 11 November 2025MoU signed for collaboration on pension-related services and account management.
• American Wellness Center, DhakaminorStrategic or Co-development Partner · 25 October 2025Healthcare partnership for wellness services.
• NagadcoreChannel Partner/ Reseller/ Distributor · 25 January 2025Remittance disbursement agreement signed for enabling instant remittance disbursement services to Nagad mobile wallet users.
• SEBA Agro Tech & Seeds LimitedminorStrategic or Co-development Partner · 26 November 2024MoU for agricultural sector partnership, likely involving financing for farmers or agri-businesses.
• Best Western Plus Bay Hills HotelminorStrategic or Co-development Partner · 10 November 2024Partnership for hospitality services or card discount programs.
• Hajj Agencies Association of Bangladesh (HAAB)strategicStrategic or Co-development Partner · 2 November 2024Partnership for Hajj services including Hajj booth operations at Ashkona Hajj Camp and sponsorship of Hajj fairs.
• Purple Care Ltd.minorStrategic or Co-development Partner · 18 August 2024Healthcare-related partnership for customer services.
• Mana BayminorStrategic or Co-development Partner · 8 August 2024Partnership agreement for hospitality or tourism sector services.
• RANCON Motor Bikes Ltd.minorStrategic or Co-development Partner · 8 July 2024Partnership for motorbike financing or EMI services for customers.
• SME FoundationstrategicStrategic or Co-development Partner · 12 June 2024Participatory agreement signed with SME Foundation to support small and medium enterprises through joint financing programs.
• Islamic Corporation for the Development of the Private Sector (ICD)strategicStrategic or Co-development Partner · 4 June 2024MoU signed with ICD, a member of the Islamic Development Bank Group, for development of private sector in Bangladesh through Islamic finance solutions.
• i Farmer LimitedminorStrategic or Co-development Partner · 11 April 2024Agricultural technology partnership for supporting farmers with digital solutions and financing.
• HAABstrategicStrategic or Co-development Partner · 9 April 2024MoU with Hajj Agencies Association of Bangladesh for collaborative Hajj services.
• Apollo Hospitals, KolkataminorStrategic or Co-development Partner · 4 March 2024Partnership agreement for medical tourism financing, enabling customers to access healthcare services in India with banking support.
• International Standard University (ISU)minorStrategic or Co-development Partner · 14 February 2024Educational institution partnership for student banking and scholarship programs.
• Yashoda Hospitals, HyderabadminorStrategic or Co-development Partner · 31 October 2022Agreement with Indian hospital for medical tourism financing services.
• Indian Exim Bank (Trade Facilitation)strategicStrategic or Co-development Partner · 16 October 2022Trade facilitation deal signed with Indian Exim Bank to support cross-border trade between Bangladesh and India.
• DHLminorStrategic or Co-development Partner · 27 March 2022Trade facilitation agreement for logistics and shipping services supporting import/export operations.
• FedExminorStrategic or Co-development Partner · 10 January 2022Express delivery and logistics partnership.
• FedEx (Bangladesh Express Company Limited)minorStrategic or Co-development Partner · 4 January 2022Partnership for courier and logistics services supporting trade facilitation.
• Western UnioncoreChannel Partner/ Reseller/ DistributorGlobal instant cash remittance service provider enabling worldwide money transfers to Bangladesh. Covers all countries globally with instant cash payout services through Shahjalal Islami Bank branches.
• Money Gram InternationalcoreChannel Partner/ Reseller/ DistributorGlobal instant cash remittance service covering worldwide locations, enabling diaspora Bangladeshis to send money home instantly.
• Zenj Exchange Co. W.L.LminorChannel Partner/ Reseller/ DistributorBahrain-based exchange company providing instant cash remittance services from Bahrain to Bangladesh.
• Ria Financial Services InccoreChannel Partner/ Reseller/ DistributorGlobal money transfer service providing instant cash and account pay options worldwide.
• Trans-Fast Remittance LLCcoreChannel Partner/ Reseller/ DistributorWorldwide instant cash and account pay remittance services provider.
• Japan Remit Finance CompanyregionalChannel Partner/ Reseller/ DistributorJapan-based remittance service enabling instant cash and account pay transfers from Japan to Bangladesh.
• NEC Money Transfer LtdcoreChannel Partner/ Reseller/ DistributorGlobal remittance service provider offering instant cash and account pay services worldwide.
• Atlantic Xchange LLCregionalChannel Partner/ Reseller/ DistributorUSA-based exchange company providing remittance services from the United States.
• Small World Financial ServicescoreChannel Partner/ Reseller/ DistributorGlobal money transfer service provider enabling instant cash and account pay services.
• bKash (MFS)coreChannel Partner/ Reseller/ DistributorBangladesh's largest mobile financial service provider enabling instant cash transfers to bKash wallets from worldwide locations.

Scale indicators8 records

Recent moves9 records

Expansion highlights7 records

Regional players

• Bank Alfalah Limited: Pakistani Islamic and conventional commercial bank expanding remittance and trade corridors into Bangladesh. Relevant comparator for cross-border Islamic finance and remittance product design that SJIB uses.

Direct peers

• Mutual Trust Bank Limited: Bangladesh private commercial bank with conventional and Islamic banking operations. Overlaps with SJIB in retail deposits, SME lending, and digital banking services.
• Social Islami Bank Limited: Shariah-compliant commercial bank in Bangladesh with similar product suite, branch footprint, and remittance partnerships. Direct competitor for retail deposits, SME financing, and Hajj-related products.
• First Security Islami Bank Limited: Bangladesh Islamic commercial bank offering Mudaraba-based deposits, investments, and trade finance. Directly comparable in target customer segments and Shariah product mix.
• BRAC Bank PLC: Leading Bangladeshi private bank with strong SME, retail, and digital franchises (Aster, Shunmoto). Competes for SME financing, agent banking, and digital deposits in the same customer segments as SJIB.
• Dutch-Bangla Bank PLC: One of Bangladesh's largest private commercial banks and a leader in agent banking and digital payments (Nexus). Competes for retail and SME deposits and serves as a benchmark for digital distribution.
• Islami Bank Bangladesh PLC: Largest Islamic bank in Bangladesh and the most direct competitor. Operates a full-service Shariah-compliant franchise with nationwide branches, deposit, investment, and remittance products overlapping almost entirely with Shahjalal Islami Bank's offerings.
• Eastern Bank Limited: Bangladesh private commercial bank focused on corporate, SME, and retail banking. Competes with SJIB in corporate cash management, trade finance, and remittance-linked services.
• Al-Arafah Islami Bank PLC: Bangladesh-based full-service Islamic bank with comparable Mudaraba deposits, investment products, Hajj schemes, and agent banking. Direct head-to-head competitor in retail, SME, and corporate Islamic banking.
• EXIM Bank Bangladesh Limited: Bangladesh private commercial bank with strong trade finance and remittance focus. Competes with SJIB for corporate and foreign exchange business; while not strictly Islamic, its customer base and product overlap is significant.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shahjalal Islami Bank