Mutual Trust Bank, upay launch digital Islamic DPS

Mutual Trust Bank PLC (MTB) and upay, the mobile financial service (MFS) provider of United Commercial Bank PLC, have jointly launched a new service titled "MTB Islamic DPS", a fully digital and Shariah-compliant solution that allows customers to open Islamic DPS accounts instantly through the upay app, without any paperwork or branch visits.

This collaboration reflects MTB's commitment to enhancing customer convenience and promoting digital financial inclusion by integrating its Islamic banking system with upay's advanced technology.

The service ensures a seamless, secure, and Shariah-compliant banking experience for customers, offering a faster and more transparent way to achieve their savings goals.

Syed Mahbubur Rahman, managing director and CEO of Mutual Trust Bank PLC, and Mohammad Mamdudur Rashid, chairman of UCB Fintech Company Limited and managing director and CEO of United Commercial Bank PLC, attended the launching ceremony in Dhaka today, according to a press release.

The initiative marks another milestone in MTB's digital transformation journey, bringing inclusive, Shariah-based banking closer to people across Bangladesh, the release added.

The partnership with upay enables customers to access the service with just a few taps on their phone, eliminating the need to visit a bank branch and ensuring convenient access to Islamic savings.

Md Shafquat Hossain, deputy managing director of MTB; Khalid Hossin, chief digital officer of MTB; Md Arif Bin Idrish, head of Islamic banking; Md Abdullah Al Mamoon, director of UCB Fintech Company Limited and deputy managing director and chief operating officer of UCB; Sajjad Alam, head of corporate sales of UCB Fintech Company Limited; along with other senior officials from both organisations, were also present.