Al-Arafah Islami Bank partners with upay to expand digital services

Al-Arafah Islami Bank PLC has signed a strategic partnership agreement with UCB Fintech Limited (upay), a subsidiary of United Commercial Bank PLC, to facilitate fund transfers, remittance services, and expand shariah-compliant Islamic micro-savings services.

Mohd Rafat Ullah Khan, managing director and CEO of the bank, and Shyamol Boran Das, chief executive officer of the fintech company, signed the agreement at the bank’s head office in Dhaka recently, according to a press release.

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Speaking on the occasion, Rafat Ullah said Al-Arafah Islami Bank is continuously working to deliver innovative, convenient, and shariah-compliant digital financial solutions to its customers.

He expressed confidence that the strategic partnership with upay would not only enhance the bank’s digital service offerings but also contribute significantly to advancing digital financial inclusion across the country.

Under the agreement, customers of Al-Arafah Islami Bank will be able to transfer funds seamlessly between the bank’s Islamic wallet and the upay platform.

In addition, upay will serve as a remittance distribution partner for the bank and support the expansion of its shariah-compliant Islamic micro-savings services.

The partnership will enable customers to enjoy more convenient, secure, and shariah-compliant digital financial services.

Md Fazlur Rahman Chowdhury, Md Aminul Islam Bhuiyan, Mohammad Hossain, and SM Abu Jafar, deputy managing directors of the bank, attended the event.

Sajjad Alam, head of corporate sales at upay; Mohammad Mamun Reza Khan, head of product strategy and product; and Shah Arafat Hossain, deputy general manager (corporate sales), along with other senior officials from both organisations, were also present at the signing ceremony.