AL NOOR Islami Banking

ONE Bank AL NOOR Islami Banking

Alhamdulillah, with great pleasure & shukria to Allah (Sub), ONE Bank PLC has started “AL NOOR Islami Banking Operations” with the objective to serve the Customers who prefer Islami Shari’ah-based Banking and committed to holistic belief alongwith Islami lifestyle. The brand name of ONE Bank Islami Banking is “AL NOOR”. To establish ONE Bank AL Noor Islami Banking Operations through an introduction to diversified Investment Operations and Deposit Mobilizations to ensure equity and justice in all economic activities. Initially, ONE Bank AL NOOR Islami Banking Operations is striving for inaugurating Two (02) full-fledged Islami Banking Branches in Gulshan, Dhaka and Agrabad, Chattogram. Islami Banking Operations will be operated parallel with the conventional Banking of ONE Bank.

Launching AL NOOR Islami Banking Operations

The primary objective of Islami Banks is to establish a just, fair, and welfare-oriented financial system based on Shari’ah principles. They aim to promote justice (Adl), goodness (Hasanah), and welfare (Falah) in both worldly and spiritual life while fostering kindness (Ihsan) and good economic practices (Ma’roof) and eliminating harmful practices (Munkar). Islami Banks strive to ease financial burdens on people, ensure inclusive economic growth, create employment opportunities, distribute wealth fairly, support universal education, encourage social cooperation, and uplift the weaker sections of society to improve their standard of living.

Vision

To be a leader among the Islami Banking Service Providers.
Spreading the Brand Image of ONE Bank AL NOOR Islami Banking.

Mission and Values

“One Team” having strong sense of belongingness.
To make a viable alternative to conventional banking system.
Apply Shariah principles and maintain the highest level of ethical standard and transparency in all activities.
To provide quality products and services to the clients with sincerity, honesty, integrity and care.
To provide a congenial work atmosphere to create and attract competent workforce.
Socially responsible and make effective contribution to national development.

Guiding Principles

Shariah compliant approach.
Service excellence.
Equal opportunity for all.
Practicing prudence.

Difference Between Islami Banking and Conventional Banking

Sln	Conventional Banking	Islami Banking
01	The functions and operating modes of Conventional Banks are based on man-made principles.	The functions and operating modes of Islami Banks are based on the principles of Islamic Shari’ah.
02	Lending money and getting it back with interest is the fundamental function of the Conventional Banks.	Participation in partnership business & Asset based transactions is the fundamental function of the Islami Banks.
03	It can charge additional money (compound rate of interest) in case of default.	The Islami Banks have no provision to charge any extra money from the defaulters & no Compounding in Capital.
04	Since income from the advances is fixed, it gives little importance to developing expertise in project appraisal and evaluations.	Since it shares profit and loss, Islami Banks pay greater attention to developing project appraisal and evaluations.

To ensure proper shari’ah compliance, in the meantime, a strong & competitive Shari’ah Supervisory Committee has since been constructed with the renowned Islamic Scholars, veteran experts & deep knowledge in Islami Economy, Banking & Finance, Jurisprudence and expert lawyer in Islami Baking Law. ONE Bank PLC will provide these services by separate Islami Banking Software. For distributing profit among the Mudaraba Depositors, the profit will be calculated on the basis of Income Sharing Ratio-ISR. Profit earned from investment is to be distributed among the depositors following Income Sharing Ratio-ISR system periodically & distributed profit to the Customers account can be converted into a rate each period which is final.