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Report On:

“Rural Development Scheme of Islami Bank Bangladesh Limited”

Submitted to:
Mushfeka Binte Kamal

Submitted by:
Md. Sowrav Hossain
ID No: 140301036
Program: BBA


The internship report of Financial Activities of Rural Development Scheme of Islami Bank
Bangladesh Limited has been approved by the following:


Head of the Department

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I do hereby declare that this report is the result of my own Research, except where otherwise
stated. I have declared that it has not been previously submitted as a whole for any other degrees
at European University of Bangladesh (EUB) or at any other institution.

Md. Sowrav Hossain

ID No. 140301036

Signature: .............................................. Date: ................................

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Mushfeka Binte Kamal


Department of Business Administration

European University of Bangladesh (EUB)

Subject: Submission of Internship Report.

Dear Sir,

This is my pleasure to submit you the internship Report as the part of the study to accomplish
the BBA Program successfully. I have prepared this report based on the study on Rural
Development Scheme of Islami Bank Bangladesh Limited The report was prepared on the basis
of the learning from the Organization. The effort was made to not only make the report
successful but also guide the organization to make further improvement on the smooth issue.

May I thank you for the opportunity that was given to me to make the internship study and to
present it through the report.

Sincerely Yours

Md. Sowrav Hossain

ID No. 140301036

Program: BBA

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At the beginning, I would like to express our sincere gratitude to Almighty, the most merciful
and beneficial for empowering me to prepare the report within the scheduled time. I worked on
analyzing their banking software and gathering experience of working in and office environment.
I have tried our best to present both hands on experience and study in this paper.

I would like to express our gratefulness and thanks to our respected academic supervisor, Faculty
of Business & Economics for giving us the useful instructions on how to work on real life
activity. Their dynamic guidance at all stages of work encouraged me to accomplish my work

I also thankful to my course teacher Mrs. Mushfeka Binte Kamal, for giving me the opportunity.

All of employee was helpful in showing us the work process and provided relevant information
for our report whenever we approached. Although being in extreme business of workloads in
office they tried to provide us with necessary information when we asked questions. It was a
great opportunity to do internship in such an organization like IBBL. I always felt that I was
under guidance of highly qualified and experienced personnel. The experiences I have gathered
will be very beneficial in our career.

Md. Sowrav Hossain

ID No. 140301036
Program: BBA


This report is prepared as requirement of the BBA & MBA program under Department of
Business Administration. This focus on two month working experiences in our different
Branches, Dhaka. We tried our best to provide a clear idea about rural development scheme of
IBBL. The philosophy of Islami Banks is to establish as egalitarian society based on principle of
Social justice and equity through CSR (Corporate Social Responsibility) and to fulfill this motive
IBBL launch RDS, UPDS. They try to continuously promote these sections and discourage
luxurious consumer investment products. As because of IBBL is an Islamic Bank based on
In this Report We highlighted our findings through the chapters. First Chapter is introductory
part of our study; the second part is focus on IBBL‟s history and corporate profile that is
organizational overview as the study required. Third Chapter describes our job part at IBBL;
fourth chapter describes differences between conventional banking and Islamic commercial
banking, fifth chapter is the short summary about the project.
In this report, we have shown 9 years graphical presentation on Performance of Rural
Development Scheme, amount of investment, recovery, deposit, total outstanding and profit. It
can properly express the actual situation of IBBL.
Final part of our report shows the future development planning and welfare program of IBBL on
RDS and UPDS analysis. At the end of the report is our Findings and Recommendation, We
provide our findings and conclusion on overall consumer investment of Islami Bank Bangladesh
Ltd. and evaluating performance of our study.

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Table of Contents
Sl. Title Page No.
Letter of Transmittal ii

Acknowledgement iii
Executive summary iv
Chapter One: Introduction Part

1.1 Introduction 2-3

1.2 Origin of the Report 4
1.3 Significant of the study 4
1.4 Objective of the Study 4
1.5 Scope of the Study 5
1.6 Data collection method 5
1.7 Limitation of the Report 6

Chapter Two: Profile of Islami Bank Bangladesh Limited

2.1 An overview of IBBL 8
2.2 Business philosophy of IBBL 8
2.3 Aims and Objectives of IBBL 9
2.4 Functions of IBBL 9-10
2.5 Strategic Objectives Of IBBL 10
2.6 Core values of IBBL 11
2.7 Commitments of IBBL 11
2.8 Products of IBBL & Services 11-12
2.9 At a glance Corporate Information of IBBL 13

Chapter Three : Rural Development Scheme of IBBL

3.1 Rural Development Scheme (RDS) 15
3.2 Years of Excellence Performance of RDS, IBBL 15-16
3.3 The main objectives are 16
3.4 Integrated Development Approach 17
3.5 Command area and baseline Survey 17
3.6 Focus Group 18

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3.7 Sector wise investment schedule 18-19
3.8 Various modes of investment 19
3.9 Savings plan & centre fund 19-20
3.10 Sanction and disbursement 20
3.11 A new concept-urban poor development scheme (UPDS) 21

Chapter Four : Difference between Conventional and Islamic Commercial Banks

4.1 The oversight of a Shariah Board 23
4.2 Concepts of money and the basis of transactions 24
4.3 Relationship with clients or customers 24
4.4 Investment in the bank 25
4.5 Comparisons on the basis of Objectives 25-26
4.6 Comparisons on the basis of Principles 26
4.7 Comparisons on the basis of Functions 27
4.8 Comparisons on the basis of investment 27-28

Chapter Five : Analysis of Rural Development Scheme (RDS)

5.1 Performance evaluation 30-31
5.2 An overview of the RDS model 31-32
5.3 Institutional development of RDS 32-35
5.4 Up to date (31 December, 2017) performance report 35-36

Chapter Six :Findings, Recommendation, Conclusion & Referece

6.1 Findings 38-39
6.2 Recommendations 40-41
6.3 Conclusion 42
6.4 Reference 43

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Introduction Part
1.1 Introduction

“The devil promiseth you destitution and enjoineth on you lewdness. But Allah promiseth
you forgiveness from Himself with bounty. Allah is All Embracing, All Knowing”
(Al-Quran, Verse No.2: 268)
Poverty is the central problem to sustainable human development. With the increasing diversity in
human poverty, an increasing percentage of world population is going under poverty line every
year. While it was difficult for conventional financial institutions to extend financial help to
continue the growth potentials of every human being, Microcredit (microcredit and microfinance
are hereafter used interchangeably) came with revolutionary approach by providing the poor the
accessibility to the credit to increase their productivity, for reducing vulnerability, and to alleviate
poverty through self-employed economic activities. Microcredit deals with the poor those were
ignored by formal financial institutions because of not having assets for collateral, enough
financial records, and credit history (Chowdhury, 2001; Hossain, 1988; Littlefield, Morduch, &
Hashemi, 2003; Mahjabeen, 2007; Jonathan Morduch, 2000; Wilkins & Jennifer, 2007).

Bangladesh is a developing country. About 40 percent of the populations of the country live below
the poverty line (BBS, 2006). Annual per capita income of Bangladesh is about US$520 (MoF,
2007). Agriculture is still the main source of income for majority of people. Quite a few people
also engage themselves in some government or non-government jobs. In spite of the development
of new potential sectors as mentioned above Bangladesh has been continuously facing the problem
of poverty. Poverty reduction in a country like Bangladesh is very difficult as well and as
challenging task. During pre and post independent Bangladesh, governments have all the time
accorded top priority to poverty alleviation especially during latter part of 70s through micro credit
programmes initiated by Nobel Laureate Professor Dr. Muhammad Yunus.

Islami Bank Bangladesh Limited (IBBL) envisages an economic system based on equity and
justice. Taking into consideration that the majority of the population below poverty line lives in
rural Bangladesh, the Bank has devised a “Rural Development Scheme” (RDS) with a view to
creating employment opportunity for them and thus reducing their poverty through income
generation activities. RDS works for the realization of that objective to create income generating
and productive self-employment opportunities through extension of investment for the
development of rural area and thereby contribute in alleviation of rural poverty. Investment will be
allowed for the purpose of production of crops, off-farm income activities like service, trading,
processing and manufacturing, shop keeping, peddling and rural transport like rickshaw,
Rickshaw-van, cart etc., irrigation equipment, hand tube well, housing materials, in all covering
about 343 types of economic activities.

Investment financing under RDS program of IBBL is generally collateral-free. Of course, fish
culture in ponds and the purchase of agricultural and irrigation implements require large amount as
such collateral in the form of an equitable mortgage is essential. Moreover, each member of the
group is required to provide a personal guarantee for his group. Investment financing starts after a
three-month observation of the group members in terms of regularity in their attendance in weekly
group meetings, centre meetings, and the deposit of their personal saving. Two members from each
group selected by the group members are considered for investment financing. The rest of the
group members become eligible for financing after observing member loan receives have duly paid
their 2 or 3 installments. The loan is approved by the Investment Committee, headed by the
respective Branch Manager. The Investment Committee meets once in a month regularly to
perform its duties.

Micro-credit programme in Bangladesh provides small loans to rural people and it is a unique
innovation of credit delivery technique to enhance income generating activities. The RDS of IBBL
is one among these private sector initiatives. The success of micro credit has captured the interest
of many researchers in broad areas such as women’s empowerment (Hashemi and Schuler, 1996;
Gatz, 1995), sustainability and outreach, (Khandker, 1998; Zeller and Sharma, 1997), group based

lending, (Stiglits, 1990; Varian, 1990). The Present study therefore, has been undertaken to
examine the impact of the RDS micro finance investment on poverty alleviation. Thus it would be
an important research issue to explore the RDS of IBBL to see how do it effects on alleviation of
poverty in rural area.

1.2 Origin of the Report

This Internship Report has been prepared under the Internship program, an obligatory part of the
Bachelor of Business Administration (BBA) program and Master of Business Administration
(MBA). For the internship purpose, we select Islami Bank Bangladesh Limited (IBBL). Our
internship program started from July 02, 2018 and the program ended on August 30, 2018. After
eleven days theoretical training, we sent to selected branches of Islami Bank Bangladesh Limited
(IBBL) for practical experience. So as per instructions we have prepared this internship report on
Rural Development scheme of IBBL.

1.3 Significance of the study

We know Islami Bank Bangladesh Ltd. is the largest Bank in Bangladesh in the private sector as
well as first interest free bank in Southeast Asia which was established to introduce welfare
oriented banking system also ensures equity and justice in the field of all economic activities. We
also know that Islami Bank Bangladesh Limited (IBBL) is playing important role in the
economic development of Bangladesh by receiving 26% of the total remittance that Bangladesh
earned as well as the role of Islami Bank Bangladesh Limited is really appreciable in rural
development, agricultural development & small business investment.

1.4 Objective of the Study

The broad objective of this study is to analyze the rural development scheme related activities of
this Department of Islami Bank Bangladesh Limited. The other objectives are:

To evaluate Rural Development Scheme of Islami Bank Bangladesh Limited.
To know the overall pictures of 'Rural Development Scheme' of IBBL
To Measure the Performance of RDS of IBBL.
To give recommendations on the basis of findings and analysis of RDS.

1.5 Scope of the Study

In this Internship report we have focused on all the qualitative or descriptive subjects which
include profiles of IBBL, rural development scheme. This study is related to RDS or rural
development scheme related activities. Our study is not the final study. So to know more further
study can be practiced on this subject.

1.6 Data collection method

The required data for this study were collected from both primary and secondary sources;
however, most of the information was collected from secondary sources.

i) Primary sources
The primary sources are
Practical work experience in the Branch..
Questionnaire, personal interview and observation with Branch
Manager, Officer & Different customer.

ii) Secondary sources

The secondary sources are
Manuals of RDS of IBBL.
Different text books & materials.
Website of the Islami Bank Bangladesh Limited.

Annual Report of Islami Bank Bangladesh Limited.
Various prescribed forms of RDS were analyzed.

1.7 Limitations of the Report

Although we have tried to prepare our report with utmost care and commitment, our work is
subject to some limitations. Those limitations are given below:

Lack of experiences has acted as constraints.

Lack of adequate information.
Lack of time for preparing the report in order.
The study was conducted based on secondary data.
It is the consuming to different & understands interest & profit.

Profile of Islami Bank Bangladesh Limited.

2.1 An Overview of the IBBL

Bangladesh is one of the largest Muslim countries in the world. The people of this country are
deeply committed to Islamic way of life as enshrined in the Holy Qur’an and the Sunnah.
Naturally, it remains a deep cry in their hearts to fashion and design their economic lives in
accordance with the precepts of Islam. The establishment of Islami Bank Bangladesh Limited on
March 13, 1983, is the true reflection of this inner urge of its people, which started functioning
with effect from March 30, 1983. This Bank is the first of its kind in Southeast Asia. It is
committed to conduct all banking and investment activities on the basis of interest-free profit-
loss sharing system. In doing so, it has unveiled a new horizon and ushered in a new silver lining
of hope towards materializing a long cherished dream of the people of Bangladesh for doing
their banking transactions in line with what is prescribed by Islam. With the active co-operation
and participation of Islamic Development Bank (IDB) and some other Islamic banks, financial
institutions, government bodies and eminent personalities of the Middle East and the Gulf
countries, Islami Bank Bangladesh Limited has by now earned the unique position of a leading
private commercial bank in Bangladesh.

2.2 Business Philosophy of IBBL

The philosophy of IBBL is to the principles of Islamic Shariah. The organization of Islamic
conference (OIC) defines an Islamic bank as “a financial institution whose status, rules and
procedures expressly state its commitment to the principles of Islamic Shariah and to the banking
of the receipt and payment of interest on any of its operations. The sponsor, perception is that
IBBL should be quite different from other privately owned and managed commercial bank

operating in Bangladesh, IBBL to grow as a leader in the industry rather than a follower. The
leadership will be in the area of service, constant effort being made to add new dimensions so
that clients can get “Additional” in the matter of services commensurate with the needs and
requirements of the country’ growing society and developing economy.

2.3 Aims and Objectives of IBBL

Aims means what the Islami Bank Bangladesh Bank doing. The primary objective of
establishing Islamic Bank Bangladesh Limited all over the country is to develop as well as the
application of Islamic principles in the business sector.

IBBL has basic three objectives. These are:-

i) To establish Islamic banking through the introduction of a welfare oriented banking system
and also ensure equity and justice in the field of all economic activities, ii) To achieve balanced
growth and equitable development through diversified investment operations particularly in the
priority sectors and less developed areas of the country iii) To encourage socio-economic
enlistment and financial services to the low-income community particularly in the rural areas.
The other objectives are different from conventional banking systems that are as follows:

Accepting deposits on profit- loss sharing basis.

Establishing welfare oriented banking system.
Extending co-operation to the poor, the helpless and the low-income group for
their economic enlistment.
Playing a pivotal role in human development and employment generation.
Conducting interest- free banking.
Establishing participatory banking instead of banking on debtor- creditor
Investing through different modes permitted under Islamic Shariah.

2.4 Functions of IBBL

The Islami Bank Bangladesh Limited tries to operate all types of banking activities like
conventional banks but according to the Holy Quran and Sunnah. The functions of IBBL are

To maintain all types of deposit accounts based on profit sharing.

To make investment according to the three modes
i) Bai Modes
ii) Share Modes
iii) Ijara Modes.
To conduct foreign exchange business.
To extend other banking services.
To conduct social welfare activities through Islami Bank Foundation

2.5 Strategic Objectives of IBBL

To ensure customers' satisfaction.

To ensure welfare oriented banking.
To establish a set of managerial succession and adopting technological changes to ensure
successful development of an Islamic Bank as a stable financial institution.
To prioritize the clients welfare.
To emerge as a healthier & stronger bank at the top of the banking sector and continue
stable positions in ratings, based on the volume of quality assets.
To ensure diversification by Sector, Size, Economic purpose & geographical location
wise Investment and expansion need based Retail and SME/Women entrepreneur
To invest in the thrust and priority sectors of the economy.
To strive hard to become an employer of choice and nurturing & developing talent in a
performance-driven culture.
To pay more importance in human resources as well as financial capital.
To ensure lucrative career path, attractive facilities and excellent working environment.
To ensure zero tolerance on negligence in compliance issues both Shari’ah and regulatory

To train & develop human resources continuously & provide adequate logistics to satisfy
customers’ need.
To be excellent in serving the cause of least developed community and area etc.

2.6 Core Values of IBBL

The core values of Islami bank Bangladesh Limited are given below

Trust in Almighty Allah

Strict observance of Islamic Shari’ah
Highest standard of Honesty, Integrity & Morale
Welfare Banking
Equity and Justice
Environmental Consciousness
Personalized Service
Adoption of Changed Technology
Proper Delegation, Transparency & Accountability

2.7 Commitments of IBBL

The commitments of Islami Bank Bangladesh (IBBL) are given below

To Shariah
To the Regulators
To the Shareholders
To the Community
To the Customers
To the Employees
To other Stakeholders

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2.8 Products of IBBL & Services
Islami Bank Bangladesh Limited (IBBL) is committed to conduct all banking activities in line
with the shariah principles prescribed in Islam. The Bank has materialized the long cherished
dream of the people of Bangladesh doing their banking under Islamic Shariah. IBBL accepts
deposits under three major modes through different types of accounts as per Shariah principles.
The three modes & different accounts are given below


Demand deposit is mobilized under Al-Wadiah principles.

Saving deposit is mobilized under Mudaraba principles.
Term & other deposits are also mobilized under the Mudaraba principles.

Account Products:

Al-Wadiah Current Account (AWCA)

Mudaraba Savings Account (MSA)
Mudaraba Special Notice Account(MSNA)
Mudaraba Term Deposit account(MTD)
Mudaraba Hajj Savings Account(MHSA)
Mudaraba Special Savings (Pension) Account(MSSA)
Mudaraba Savings Bond(MSB)
Mudaraba NRB Savings Bond(MNSB)
Mudaraba Foreign Currency Deposit (savings ) Accounts(MFCD)
Mudaraba Monthly Profit Deposit Account(MMPDA)
Mudaraba Muhor Savings Account(MMSA)
Mudaraba Waqf Cash deposit Account(MWCDA)
Student’s Mudaraba Savings Account(SMSA)
Mudaraba Farmers Savings Account (MFSA)


Online Banking

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M-cash ( Mobile Banking)
Account Information Through Short Message Service (SMS)
ATM facilities

2.9 At a glance Corporate Information of IBBL

Date of Incorporation 13th March 1983

Inauguration of 1st Branch
30th March 1983
(Local office, Dhaka)
Formal Inauguration 12th August 1983

Share of Capital

Local Shareholders 36.08%

Foreign Shareholders 63.92%
Authorized Capital Tk.20,000.00 Million
Paid-up Capital Tk.16,099.90 Million
Deposits Tk.615,359.21 Million
Investments (including Investment in Shares) Tk.629,631.27 Million
Foreign Exchange Business (Including Remittance) Tk.880,970.00 million

Organizational Information
Total Number of Branches 304
Number of ATM Booths 410
Number of AD Branches 52
Number of Shareholders 33,686
Manpower 11,331

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Source: Islami Bank Website

Rural Development Scheme of IBBL.

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RDS & Its Activities
3.1 Rural Development Scheme (RDS)
In order to improve the socioeconomic situation of the rural poor a Shariah based Microfinance
initiative or program named Rural Development Scheme (RDS) was launched by Islami Bank
Bangladesh Limited in 1995. Now, almost 1 million members are in the coverage of this plan and
83 percent of them are female members. An evaluation of the accomplishment of the RDS and its
effect on the lives of rural poor was needed before expansion into new regions can be possible. A
total of 1020 randomly selected clients of RDS were chosen and primary data were gathered from
them for conducting the study. The study suggested that it was a success by analyzing pros and
cons of the RDS program. There was seen an increasing trend of income and expenditure of the
clients which suggests that their standards of living improved and they were filled with satisfaction
towards this RDS program. It is realized from the study that the coverage of the RDS projects
should be expanded and more hard core poor especially widowed and divorcee should be brought
under this program for their better lives. At the same time Shariah compliance should be ensured
by strengthening the monitoring and supervision activities. Also more ethical and motivational
programs have to be organized for the clients and field supervisor so that they stay aware of the
facts about these programs and no shariah violation occurs. this is such a program which can be
extended to various rural areas of the country which will effectively manage and eradicate a large
portion of the poverty from our country gradually.

3.2 Years of Excellent Performance of RDS, IBBL

Building a society based on equity and justice according to the dignified principles of Islamic
Shariah is one of the core objectives of Islami Bank Bangladesh Limited (IBBL). Keeping in line

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with this objective IBBL introduced Rural Development Scheme program from 1995 in order to
fulfill the need of investment requirement of the rural aspects like agriculture, livestock projects,
various small businesses etc and hence create the scope and opportunity for employment and
raising and increasing the income of rural deprived people. The aim of the scheme is to achieve an
overall development of rural areas and ultimately building a model village of prosperity. Over the
course of time till now the scheme has been prevalent in about 19,418 villages of the country under
372 thanas of 61 districts and this is possible by providing RDS services through 228 branches of
the bank. The investment facilities in RDS are of basically two types- (a) Micro Investment
(collateral free investment for RDS member-maximum of 75,000 BDT) and (b) Micro-enterprise
investment (investment with collateral for graduated micro clients and newly inducted local micro
entrepreneurs-maximum of 500,000 BDT). And the investment sector includes agriculture and 343
off farm economic activities. In 2016 the RDS investment has reached to about 4.92 percent of
total investment of IBBL. By the end of 2016, the operation of RDS was dispersed to 19,418
villages with 999,140 clients through 28,960 centers. The rate of recovery is also significant (about
99 percent). Beside the investment IBBL also provided around 6,299 tube-wells amounting 50.99
million BDT and 3,068 sanitary latrines amounting 16.25 million BDT to the successful and
eligible RDS clients in 2017 as Quard-e-Hasana (profit free investment). The RDS program
includes some non-financial (welfare) programs also which make the scheme an effective poverty
reduction package.

3.3 The Main Objectives of the Scheme Are

• Providing investment facilities to development and effective operation of agricultural, other
farming and off-farming activities in the rural areas.
• To create opportunities of self employment and finance income generating sectors and activities
for rural mass, particularly the rural unemployed and deprived youths and the rural poor widowed
and divorced women.
• To alleviate and gradually eradicate rural plight and poverty through integrated rural
development packages.

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• Extending investment services for hand tube-wells and rural housing, making the lives of rural
dwellers healthy and safe by providing pure drinking water and housing facilities under the name
‘Palli Griho Nirman Beniyog Prakalpa’.
• Making the arrangement of education and Medicare facilities to the down-trodden and deprived
poor people.

3.4. Integrated Development approach

The purpose of the Scheme includes not only arranging Micro Investment opportunities to the
stake- holders but also ensuring different models of facilities & services to the rural indigent
people as a part of Integrated Development initiatives as well as Corporate Social Responsibility.
The following areas have been focused under the Scheme as non financial (welfare) program:
1. Education Program
2. Training Program
3. Health Program
4. Relief & Rehabilitation Program
5. Environment Program
Under RDS’s education program total beneficiaries were 48,221 (75.47million BDT in amount) in
2016. In case of training program it was around 211,018 (28.34 million BDT), 50,191 for health
program, 3,379 (33.66 million BDT) for Relief & rehabilitation program and 690,246 (25.90
million BDT) for Environment program. Over the course of years these numbers are increasing
and with all the initiatives together the Rural Development Scheme is becoming the contender of
one of the most effective tools for alleviating poverty from the country.

3.5 Command Area and Baseline Survey

Each designated Branch & SME/Krishi Branch selects villages within a radius of 10 kilometers of
the Branch premises. Following criteria is being followed in selecting a village:

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■ Easy communication;
■ Availability of agriculture and other off-farm activities;
■ Abundance of low-income people;

After primary selection of a project area consisting of 4 to 6 villages, Branch conducts detailed
Baseline Survey to identify the target group people and the varieties of economic activities in those
areas. The concerned Branch has to ensure the availability of at least 400 target group people in the
selected area.

3.6 Focus Group

 Able bodied & industrious rural poor having age between 18 to 50 years and the permanent
resident of the project area.

 Farmers having cultivable land maximum 0.50 acres and the Sharecroppers.

 Persons engaged in very small off-farm activities in the rural areas.

 Destitute women and distressed people.

 Persons having liabilities with other banks/institutions are not eligible for investment under the

3.7 Sector Wise Investment Schedule

Sl. Sector of Investment Duration Ceiling of

1 Crop Production 1 year 25,000/-

2 Nursery and commercial production of Flowers & 1 year 50,000/-


3 Agriculture Implements 1 to 3 years 50,000/-

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4 Live stocks 1 to 2 years 50,000/-

5 Poultry & Duckery 1 year 35,000/-

6 Fisheries 1 to 2 years 50,000/-

7 Rural Transport 1 year 20,000/-

8 Rural Housing 1 to 5 years 50,000/-

9 Off-firm activities 1 year 50,000/-

(Source: website of IBBL)

The clients are provided investment maximum of BDT 10,000/-($145) at the first time and the
good performers are given enhancement, upon his requirement, by BDT 2,000 to BDT 5,000 in
every next term up to the ceiling of a particular sector. The rate of return is determined by the
authority from time to time. At present, the rate of return is 11%. Timely repayment is encouraged
by offering 2.5% rebate.

3.8 Various Modes of Investment

The Branch selects any of the following modes depending upon the sector and purpose of
investment :
 Musharaka
 Mudaraba
 Bai-Murabaha
 Bai-Muajjal
 Bai-Salam
 Hire Puchase under Shirkatul Melk (HPSM) or Leasing
Most of the cases IBBL use Bai-Murabaha TR and Bai-Muajjal for the RDS investment mode.

3.9 Savings Plan & Centre Fund

Savings Plan
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Under two accounts named Mudaraba Savings Account (MSA) and Mudaraba Special Savings
Account (MSSA) the RDS member deposit their savings.

The members of the Group have to open Mudaraba Savings Account (MSA-RDS) in their
individual names with the Branch from the very inception of the Group activity.The weekly
compulsory savings is minimum Tk.20.00 only.

Able members can open Mudaraba Special Savings(MSS-RDS) by depositing minimum Tk.100/-
only per month

Centre Fund
Each member of the Group has to deposit minimum Tk.10.00 only per week as Centre Fund.
This Fund is kept by opening a Mudaraba Savings Account in the name of the respective centre.
This Fund is utilized for the welfare of the members by way of Quard as per decision of the Centre
in the weekly meeting. This account is operated by Centre Leader & Deputy Centre Leader jointly.

3.10 Sanction and Disbursement

 On the basis of the list submitted by the Field Officers, the Investment Committee of the Branch
carefully scrutinizes the applications and sanction the investment at the Branch level. The
Investment Committee consists of Manager, Project Officer and the Field Officer.

 After sanction of the investment, the Branch complete documentation formalities and then disburse
the amount with the help of the Investment Officer and Field Officer.

 Investment under RDS in Bai-Muajjal mode, where actual cost, quality or suppliers of the goods
can not be determined earlier, proposed goods are purchased to the debit of Suspense A/c

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(Purchase A/c). After purchase of the goods and handing over the same to the clients, investment is
made by adjusting Purchase A/c.

 Where the Bank officials can not go to the market for purchasing the goods, the Bank nominate a
buying agent and handover the goods to the client after intimation to the Bank.

 In all the cases, Branch must ensure strict adherence to the banking and Shariah norms.

3.11 A New Concept- Urban Poor Development Scheme (UPDS)

As Islami Bank Bangladesh Limited established with a view to develop welfare oriented banking
system and to ensure equity and justice in the field of all economic activities, the Board of
Directors in its emergent meeting held on 19.02.2012 approved a new Scheme under the name &
style of “Urban Poor Development Scheme (UPDS)”. The Scheme activities started formally from
14.05.2012 through Gandaria Branch, Dhaka.

Objectives of UPDS
To alleviate urban poverty through Investment in income generating activities
To improve the livelihood of urban poor specially the slum dwellers
To improve the Health, sanitation & education status of urban poor specially the children &
Help to improve the environment of the poor
Reduce the level of crime & violence thorough the development of ethical and religious values.

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Difference between Conventional and Islamic Commercial Banks

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Although Islamic commercial banks have many products similar to those offered by
conventional banks, the two entities differ conceptually. One key difference is that conventional
banks earn their money by charging interest and fees for services, whereas Islamic banks earn
their money by profit and loss sharing, trading, leasing, charging fees for services rendered, and
using other shariah contracts of exchange.

Following are four key ways that conventional and Islamic commercial banks differ.

4.1The oversight of a Shariah Board

A shariah board consists of Islamic scholars who are qualified to give opinions on Islamic
business contracts. In a commercial bank, the board is also involved in supervising bank
operations to make sure they comply with shariah principles.

You may wonder why a bank needs a shariah board to ensure its compliance with shariah
principles. If the basic distinction between conventional and Islamic banking hinges on interest,
can’t Islamic banks satisfy the requirement by just making sure none of their transactions
involves charging interest?

Islamic banks and other financial institutions must comply with a variety of principles besides
avoiding interest. Islamic finance is based on four core principles:
 Prohibiting usury
 Avoiding speculation
 Avoiding gambling
 Investing ethically

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Interpreting each principle is more difficult than you may think. Scholars spend their lifetimes
learning all they can about the intent and past interpretation of sharia law, and they still often
have differing opinions about it.

Making sure that Islamic banks comply with shariah isn’t easy — hence the necessity of the
shariah supervisory board. This board is the backbone of an Islamic bank; it plays a vital role in
establishing and operating the bank.

4.2 Concepts of money and the basis of transactions

To say that Islamic banks are different from conventional banks because the former don’t charge
interest is accurate, but it’s only the tip of the iceberg. That difference is just one of many ways
that the fundamentals of Islamic banking differ from those of conventional commercial banking.

The basic purpose for establishing an Islamic bank is to promote and encourage Islamic
principles. Conventional banks are profit-making organizations that generally aren’t based on
religious principles. That said, earning money is also a primary function of an Islamic
commercial bank. Although the bank has a specific religious purpose, it can’t serve that purpose
unless it also meets the objective of earning money.

A bank serves no purpose at all if it can’t stay in business!

Islamic banks operate based on Islamic business law (called fiqh-u-muamalat) for their basic
transactions, and they also follow the financial laws and regulations of the countries in which
they operate. Conventional banks likewise operate based on a country’s financial laws and
regulations, but they don’t have contact with any religious body.

Islamic scholars recognize that money has value, but with limitations. For example, money can’t
become more valuable simply because time is passing. However, the value of money can
increase if it’s invested in a project that itself is increasing (in size, in success, and so on).

4.3 Relationships with clients or customers

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When you deposit your paycheck in a conventional bank, your relationship with that bank is one
of creditor to debtor; the bank has a responsibility to pay back your money with or without
interest according to your account contract. Similarly, the roles reverse when the bank provides
you with a loan. The relationship between a customer and an Islamic bank is completely
different; the debtor and creditor relationship does exist at times in Islamic banking. To
understand the relationship between the customer and Islamic bank, you must know what
contract that relationship is based on.

4.4 Investments in the bank

Investments in conventional commercial banks are based on guaranteed principal and earning a
fixed amount of income. For example, say that a customer in a conventional bank deposits
$10,000 in a six-month term deposit. After six months, the bank has a liability to pay back the
customer the principal plus the interest rate charged for six months. Even if the bank lost the
money in an investment, the bank is still liable to pay back all the money due.

In Islamic banking, the concept of investment is different. Although the customer deposits the
money in order to earn extra income for her savings, her principal and returns aren’t guaranteed.
Suppose the Islamic bank loses money because of an unexpected business failure. In this case,
the bank isn’t liable to pay the money to its customer.

(Note: The failure of an investment isn’t very common in Islamic banks because the banks are
very concerned about their customers and make their investment choices very wisely. If they
didn’t, they soon would have no customers at all!)

4.5 Comparisons on the basis of Objectives

Conventional Banking Islamic Banking

The main objective of conventional The main objective of Islamic banking is to

banking is to help the maximization of help in building development and helping

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profit motive of the business, commerce welfare of the human being by ending
and industry. exploitation and Zulm from the society
through the directives of the Almighty Allah.

Earning of profit Establishment of an Interest-free financial


Creating medium of exchange Ensuring justice to both suppliers of fund

(depositor) and user of fund (Investment

Development of industry and commerce Encouraging and patronizing entrepreneurship

Development of a healthy money market Alleviating poverty through Zakat and profit
sharing micro-finance.

4.6 Comparisons on the basis of Principles

Conventional Banking Islamic Banking

The activities of conventional banking All the activities of Islamic banking are done
are done by the procedures and laws according to Islamic Laws (Shari’ah ) i.e. as
evolved through human research, studies per guideline and directives of the Holy Qur’an
and innovation. and the Sunnah.

Conventional banking follows the man Islamic banks are to follow Quran, Sunnah,
made practice and rules. Ijma and Kias i.e. Shari’ah, in all the business
transactions including Accounting entries.

The basis of conventional banking is is In Islamic banking interest (Riba) is strictly

interest and as such it’s all activities are prohibited and consequently all its activities
operated with interest. are operated without involvement of interest.

It aims at maximizing profit without any It also aims at maximizing profit but subject to

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restriction Shari’ah restrictions

4.7 Comparisons on the basis of Functions

Conventional Banking Islamic Banking

Leading money and getting it back with Participation in partnership business is the
interest is the fundamental function of the fundamental function of the Islamic banks.
conventional banks.

Collection of deposit on the basis of Collection of deposit on the basis of profit

interest sharing

Extending credit on the basis of interest. Investment following Buy mode/investment

mode/ lease mode

Creating medium of exchange and credit Acting against Creation of medium of

exchange and credit

Investment in shares and securities having Investment in shares and Mudarabah bond
coupon rate of interest

Discounting of bill No discounting of bill

4.8 Comparisons on the basis of Investment

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Conventional Banking Islamic Banking

The mode of investment is basically lending. The basic mode is investment through
Bai+lease+direct Investment

Since income from the advances is fixed, it Since it shares profit and loss, the Islamic banks
gives little importance to developing pay greater attention to developing project
expertise in project appraisal and appraisal and evaluations.

Purpose of the loan is considered with less It is the most important to consider the purpose
importance. of the loan.

National interest is the secondary National interest is the primary consideration.


Diversification of profit is the most Diversification is not a prime consideration.

important consideration

Close and constant supervision and Close and constant supervision and monitoring is
monitoring is must be a routine work not a routine work

In conventional Banking there is no practice In Musharaka, Mudaraba, Bai-Salam modes of

of Musharaka, Mudaraba, Bai-Salam modes Investment, income cannot be accounted for on
of Investment and most of their income can accrual basis.
be recognized on accrual basis.

No bai-Muraba and bai-muazzal investment For delay of payment of investment by the

in conventional banks. They charge interest/ clients, in case of Bai-Mudaraba and Bai-
penalty interest for delay in payment/ Muazzal etc. investment further amount of profit
repayment. cannot be charged

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Performance of Rural Development Scheme

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5.1 Performance Evaluation
RDS is considered as a new paradigm in poverty alleviation and bring about development (H.
Ahmed, 2003). RDS has large positive impact, which is observed in the case of food intake,
housing, education, clothing, taking medical treatment, use of toilet, use of clear pure water,
income, expenditure and as such economic, socio-economic, health and physiochemical
environment. Parveen (2009)argues that RDS of IBBL has been treated as a sustainable MFI in the
rural development and poverty alleviation of Bangladesh with a short span of time of its
establishment. Under the RDS program, IBBL distributes tube-well for safe water and also builds
sanitary latrine in the remote areas. Some of the members are also given waivers from their
payment of the principal for extreme poverty cases. These issues can be categorized as social
contribution of RDS. Likewise, RDS has started giving investment to micro-enterprises. These
investments are especially important for rural economy and, therefore, are considered as input to
economical development by RDS.

Table 1. Performance of Rural Development Scheme

Year Villages Members Investment Cumulative Deposit Recovery
Outstanding (taka in Investment Rate

2009 10,676 577,740 570.88 4216.77 228.7 98%

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2010 10,751 492,475 789.97 4216.77 322.5 99%

2011 11,482 523,941 1,106.47 6033.36 459.1 99%

2012 12,857 608,703 2,242.1 9303.12 724.22 99%

2013 15,507 733,520 2,884.66 13969.01 910.15 99%

2014 17,104 836,227 3,011.72 18768.27 1,090.26 99.03%

2015 18,086 911,470 3,752.2 24238.69 1,295.12 99%

2016 18,615 947,305 7,072.02 42,285.23 1,924.74 99.58%

2017 19,418 999,140 24,476.99 161,891.28 7,952.64 99.54%

Source: Annual Reports 2009-2016, IBBL

Analysis of growth performance in coverage of RDS, RDS is expected to be introduced in the rural
areas of the country step by step. It has covered 19,418 villages till 2016 with a growth of 16%
over the last 8 years from 2009 to 2016. The performance of RDS with respect to coverage is most
volatile which is reflected through minimum number 75 and maximum number 3497 villages
during study period.

5.2 An overview of the RDS-Model

Evolution of Interest-free MFIs in Bangladesh is a response to the urge of safeguarding the Islamic
way of life in the face of a massive penetration of interest in rural areas through the conventional
MFI / NGO approach. One of the glaring features of these initiatives is exclusively indigenous in
terms of organization and source of funds which are considered to be building blocks for any effort
towards sustainability. Islamic MFIs have come forward very recently as a way of escape from the
interest based micro credit program of traditional MFIs and to carry on financial operations with
no dependence on subsidies from outside sources. The concept has strong relevance to the Islamic
worldview of life. According to this sprit, Islamic MFIs have been implemented integrated rural
development and poverty alleviation programs since 1995 (www. concept and ideology rural
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The model functions in accordance with Islamic economic principles, and mobilize their resources
for entitlement formation by the poor on the basis of Shariah techniques. The target beneficiaries
of the programs are mainly; landless poor, wage laborers and marginal farmers aimed at meeting
their basic needs and promoting their comprehensive development. RDS has enabled the poorest of
the poor to get interest free loan in kind without collateral and saved them from exploitation by
both the formal and informal moneylenders who charge interest at a high rate. The institutional
mechanism of credit delivery system of RDS is more or less same like Grameen Bank Model and
other traditional MFIs. But in case of loan recovery, if a client/ borrower pays full burrowed
money in time then he/she is rewarded with rebate3. This system is not followed by traditional
MFIs including GB. The growth of membership, amount of loan disbursed/investment assistance,
members’ savings, recovery etc.

Table 2. Performance “Rural Development Scheme of IBBL" from the year 2013 to 2017
Figure in million /Taka
Particulars 2013 2014 2015 2016 2017

Cumulative amount of 13,969.01 18,768 24,239.00 42,285.00 161,891.28

disbursement from RDS

Outstanding Investment of RDS 2,885.00 3,012 3,752.00 7,072.00 24,476.99

RDS no. of A / C holder 733,520 836,227 911,470 947,305 999140

This table shows the cumulative amount of disbursement from RDS, outstanding investment of
RDS and RDS no, of account holder was increasing from 2013 to 2017. As a result, the bank
makes a profit and no. of account holder.

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5.3 Institutional Development of RDS
Rural poor are organized in the selected villages under different centers. A center is formed with
maximum 40 members. Till 31st December 2017, RDS officials have so far organized 608,703
members under 22,206 centers in 12,857 villages. Out of the total RDS members, 85% are female.

Table 3. Expansion of RDS in the last 5 years.

SI. Part. 2013 2014 Growth 2015 Growth 2016 Growth 2017 Growth

1 No. of village 10,676 10,751 1% 11,482 7% 12,857 12% 19418 4%

2 No. of center 21,193 22,261 5% 20,8833 (6%) 22,206 7% 28960 0.5%

3 No. of m. 577,740 492,475 (15%) 523,941 6% 608,703 16% 999140 5%

2012 2013 2014 2015 2016 2017

Source: Annual Reports 2016 & 2017, IBBL

Figure 1. Institutional Development.

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2013 2014 2015 2016 2017

Source: Annual Reports 2017, IBBL

Figure 2. RDS member.

This above graph shows that the number of village was increasing from 2012 to 2017. Also the
number of center was increasing 2012 to 2014 and 2016 but 2015 was decreasing from 2013. As a
result, the bank improved RDS member have been provided with collateral-free micro-investment
facilities under the scheme in different agriculture and off farm activities up to the maximum
amount of TK. 50,000/- per client.

Table 4. Sector-wise Investment inception.

SI. Sector Amount(mill.) Percent(%)

1 Crops&othercultivation 2,704 23.94%

2 Agro-machineries 58 0.51%

3 Irrigtion Equipment 31 0.27%

4 Livestock 3321 29.40%

5 Poverty Alleviation 2351 20.81%

6 Fisheries 2103 18.62%

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7 Storage 228 2.02%

8 Others 500 4.43%

Total 11,296 100%

Source: Annual Reports 2017, IBBL

Source: Annual Reports 2017, IBBL

Figure 3. Sector-wise investment inception.

The bank was more invest in off-farm activities, crops & other cultivation then other sector. Crops
and other Cultivation 24%, agro-machineries-1%, Irrigtion Equipment-1%, Livestock-29%,
fisheries-19%, poverty alleviation-21%

5.4 Up to Date (31 December, 2017) Performance Report

Islami Bank Bangladesh Limited launched its Rural Development Scheme (RDS) in 1995. In the
mean time, 252 Branches of the Bank have been operating the activities of the Scheme in their
respective areas. These Branches are working among the poor in 19,418 villages of 64 districts of
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the country. Present number of members is 999,140 since beginning the scheme. The members are
provided investment facilities an amount of BDT 161,891.28 million against which the outstanding
was 24,476.99 million . Rate of recovery of the Scheme is more than 99.54%.
Fig. in million Taka

Sl. Areas of performance No.&Volume/Amnt.

Area Coverage

1 No. of Branches handling the Scheme 252

2 No. of Villages (no. of total village in the country is about 87,000) 19,418

3 No. of Districts (no. of total district in the country is 64) 64

4 No. of Centers 28,960

5 No. of Groups 180,403

6 No. of Members (existing) 999,140

7 % of Women members in the Scheme 83%

8 Average no. of members per Centre (expected no. 40) 35

9 No. of Clients (Who availed investment) 582,852

Financial Statement (RDS & MEIS)

10 Cumulative disbursement (since inception) 161,891.28

11 Present outstanding 24,476.99

12 Overdue 111.38

13 Percentage of Recovery 99.54%

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14 Balance of Members’ Savings (including Centre Fund) 7,952.64

Financial Statement (MEIS)

15 Number of clients under MEIS 76,348

16 Cumulative disbursement (since 2005) 47,757.25

17 Present outstanding 10,831.11

Manpower Position

18 No. of Field Officers 2,573

19 No. of Project Officers 208

20 No. of Zone Officers 23

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Findings, Recommendations & Conclusion.

6.1 Findings

 In Bangladesh there are several micro credits financing organization but unlike RDS in terms
of selection criteria of target group, method of profit sharing, value generation, low charges,
size of loan and other attributes.
 The selection criteria scrutinize a person’s desire to change his/her socio-economic
conditions by getting investment from RDS.
 The profit sharing method of RDS is unique by itself. The members of RDS has to pay 10 %
profit but if they can pay all their installments in due time, then they can avail 2.5% profit

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 Currently RDS is operating in 19,418 villages out of 87,000 villages. This is a total 22.3%
village of Bangladesh. The numbers are increasing each year. In the year 2015 it was only
14.7% villages. This shows that the operations are increasing rapidly.
 The key differentiation of RDS with the other micro credit organization is that, it is totally
operated and compiled under the rules of Islamic Sharia. To keep this investment interest free
RDS use various modes and mechanisms of sharia. They deal with assets instead of credit.
 The rate of investment recovery of RDS is an incredible 99.54%, which shows that the
members are using the investment in the desired purpose and generating income. This also
shows that RDS has built a member friendly follow up and recovery mechanism, which is
effectively implemented by its officers and members.
 The members of RDS have to open and maintain Mudaraba Saving Account in their own
individual name and also the center’s name. Every week they have deposit minimum 20tk in
their individual account and minimum 5tk in centers account. It is mandatory for them to
deposit the amount but the amount is refundable in case of emergency. The deposits of the
members are increasing with a steady number, which shows that the number of members is
increasing with the investment and income of their own.
 One unique feature of RDS is that it doesn’t only make people solvent but also enrich them
with the knowledge and wisdom of the religion. Each week in a center people hear and learn
teachings of Islam and they are encouraged to practice Islam. RDS also looks after the other
religion members with their religion teachings. So that, no one feel that they are being treated
differently. Even the non-Muslims are very satisfied with the service of RDS in comparison
with other micro credit organizations.
 Among all the investment projects of RDS crops and other cultivation, livestock and off firm
activities have the majority percentage. Despite of our rural economy is based on farming,
cultivation but the agro-machineries, poultry, nursery and fishers projects are not increasing
in numbers.
 RDS is not only a micro credit system, but also it is a comprehensive system for rural people
to develop their standard of living by financially becoming solvent and by being guided by
their religion.

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6.2 Recommendations
Though Islamic bank is comparatively superior to conventional interest based bank from various
aspects like abolition of interest based loan market, no fixed cost of capital, stimulation for
accelerating saving and capital formation, efficient allocation of investment, production and profit,
easy recovery of investment capital, lower inflationary situation, etc. Islami bank has to fight for
several obstacles in case of harmonious operation. Here I have tried to locate some vivid hindrance
and suggested accordingly.
• Any kind of bank Shariah based or interest based has to operate under regulatory environment
prepared and approved by the government. There are conflicts between Islami Shariah and general
Government rules and banking law. That’s why Islami bank does not get the opportunity and help
from the running law of government.
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• Lending procedure of IBBL need to take less time for their customer’s investment section. The
bank should try to sanction investment within one month or less.
• The bank should analyze customer’s financial statement and their management Capacity.
• The techniques of supervision & monitoring need to be ensured before clients failing to repay
the investment.
• The authority of RDS should increase the size of investment in order to cope with the change in
value of currency because of inflation and other economic reasons
• RDS should project their volume of activities for future; then all parties involving in managing
RDS should be assigned and held responsible for the job assigned at the beginning of the year.
That is, the performance of RDS should be subject to Balanced Score Card System.
• RDS with its differentiated features can lock more market share in the country if it comes out
with more generous policy like selection of people not on religions basis.
• Agricultural investment should be increased in this bank.
• The bank should be flexible about collateral for giving advance to the client’s
• The authority of RDS should increase the size of investment in order to cope with the change in
value of currency because of inflation and other economic reasons.
• RDS should project their volume of activities for future; then all parties involving in managing
RDS should be assigned and held responsible for the job assigned at the beginning of the year.
That is, the performance of RDS should be subject to Balanced Score Card System.
• The repayment should be balloon basis. That is, repayment system should start at least after one
month of taking loan, and should be based on the nature of cash flow being generated from farm
and non-farm activities like seasonal cash flow and regular cash flow
• The study recommends that RDS activities be extended towards hardcore poor, especially for
widows and divorcees. Monitoring and supervision should be strengthened, while more ethical and
moral motivational programs have to be undertaken for both field supervisors and clients to reduce
shariah violation. The program can be replicated in other rural areas of Bangladesh in order to
accelerate economic activities of the poor.
• The members of the RDS have given many interesting and important suggestions for the
increasing the number of clients. Perhaps very consistently, the members have suggested that the
IB should increase the volume of credit. Through experience they were of the opinion that peoples'

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demand for money was very high. The lending institutions gave fell short of their demands. Even
the amount of loan/investment given by the IB fell short of their demands. Even the amount of
loan/investment given by the IB fell short of the amounts given by the other institutions,
particularly, GB, ASA and BRAC. Given the opportunities for proper utilisation, the bank should
also provide more than one type of loans (general loans, housing loans etc.

6.3 Conclusion

Rural development scheme assumes very important position in the social portfolio of IBBL. It is
not an exception in case of Islami Bank Bangladesh Limited. Rural Development Scheme is a
scientific and shariah based micro credit system. The basic objective of the program is to graduate
the poor class of the society from the poverty clutch through getting them involved into the
different income generating activities by providing loans and teachings of Islam. This program is
in line with social and cultural values of Muslimummah of the country. This program is expected
to give a breakthrough in the intervention of poverty trap of the country if suggestions put
forwarded are implemented. RDS in Bangladesh as well to achieve its mission to spread the

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Islamic Banking throughout the world economy system. I also think that there is bright future
waiting for the Islami banking in Bangladesh.


Published Books
A.M. Habibur (2001), 1st Edition), Islami Banking, Publisher Helana Pervin
Mannan Mohammad Abdul (2007), Islamic Bank Babostha, Central Shari’ah Board of
Islamic Banks, Dhaka
Prof. Mohammad. Sharif Hussain, “Riba, Bai, Investment, Profit & Rent”. Director,
IBBL, Dhaka. (Lecture Synopsis).

Annual reports

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Islami Bank Bangladesh Ltd (2017), Annual Report, Islami Bank Bangladesh Ltd.
Islami Bank Bangladesh Ltd (2016), Annual Report, Islami Bank Bangladesh Ltd.
Islami Bank Bangladesh Ltd (2014), Annual Report, Islami Bank Bangladesh Ltd.
Islami Bank Bangladesh Ltd (2013), Annual Report, Islami Bank Bangladesh Ltd.
Islami Bank Bangladesh Ltd (2012), Annual Report, Islami Bank Bangladesh Ltd.

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