Akij Resource plans to launch digital bank

Akij Resource has expressed strong interest in launching an Islamic digital bank titled "Munafa Digital Bank", and the company plans to apply to the central bank soon.

At a press conference held at Akij House today, Akij Resource shared its intention with the media.

In August this year, Bangladesh Bank once again invited applications from interested investors willing to establish digital banks.

Initially, the application submission period was set from September 1 to September 30. However, the deadline was later extended to November 2 of this year.

Senior officials of Akij Resource said the institution aims to extend loans to marginalised communities.

Foreign entrepreneurs and institutions with experience in digital banking will be among its partners, they added.

They also mentioned that there will be no cost for money transfers through the proposed bank, which will focus on micro, small, and medium enterprises, as well as housing loans.

Md Firoz Kabir, chief digital and innovation officer of Akij Resource, delivered a presentation on the company's preparedness to enter the digital banking space through a pioneering initiative designed to support Bangladesh Bank's Digital Bank Framework and the national Smart Bangladesh 2030 Vision.

He said Akij Resource's digital banking ecosystem has been designed to redefine banking accessibility and affordability in Bangladesh.

"Users will experience seamless financial services, all without transaction charges," he added.

"The infrastructure is ready ahead of time, built on robust technology and guided by our commitment to empower every citizen through innovation," he said.

Sheikh Jasim Uddin, managing director of Akij Resource, said:

"At Akij Resource, we believe transformation begins with placing the right people in the right place."

"This is the perfect moment for us to step into the banking sector with a forward-looking vision to meet the evolving demands of digital banking, while also creating significant employment opportunities for talented professionals in Bangladesh."

At the event, the company also shared its growth journey.

Akij Resource was initially formed with four entities inherited from Akij Group, employing 3,000 workers, with a total valuation of Tk 2,200 crore.

Today, the company comprises 40 enterprises with nearly 10,000 employees and a combined valuation of Tk 12,200 crore.

It was also stated that Akij Resource is involved in a wide range of sectors, including logistics, technology, consumer goods, trading, agriculture, services, engineering, automobiles, media, healthcare, and construction.

Sk Md Jayed Bin Rashid, CEO of iBOS Limited, elaborated on the strong technological backbone, governance excellence, and innovation readiness that position Akij Resource to operate as a next-generation digital bank.