Al-Arafah Islami Bank launches shariah-compliant CMSME investment products

Al-Arafah Islami Bank PLC has unveiled four new shariah-compliant CMSME products to expand modern, accessible, and customer-centric investment services while strengthening the financial capacity of cottage, micro, small, and medium enterprises (CMSMEs).

The products are Nisa, Tijara, Al-Awana, and Al-Tawfiq, according to a press release.

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Among the newly launched products, Nisa and Tijara offer collateral-free shariah-compliant investment facilities, while Al-Awana and Al-Tawfiq provide investment facilities against collateral.

The new products are designed to address the financing needs of entrepreneurs, enabling business expansion, increased production, and employment generation.

Mohd Rafat Ullah Khan, managing director and CEO of the bank, inaugurated the products as the chief guest at a ceremony held at the bank’s head office in Dhaka recently.

Speaking at the ceremony, Rafat Ullah said CMSME entrepreneurs are among the key driving forces of the country’s economy.

“Al-Arafah Islami Bank has been continuously introducing innovative shariah-compliant financial solutions tailored to meet the evolving needs of entrepreneurs,” he said.

He expressed confidence that the newly introduced investment products would make financing more accessible and support sustainable business growth across the CMSME sector.

He also encouraged CMSME entrepreneurs across the country to take advantage of the new investment products to expand their businesses and create more employment opportunities.

Md Fazlur Rahman Chowdhury, Mohammed Hossain, SM Abu Jafar, and Syed Abul Hashem, deputy managing directors of the bank, along with senior executives, heads of various divisions at the corporate head office, and managers of corporate branches across the country, were also present at the programme.