bKash launches weekly Islamic DPS with Dhaka Bank

bKash, the country’s leading mobile financial services (MFS) provider, has launched Dhaka Bank PLC’s short-term weekly Islamic deposit pension scheme (DPS) on its app, responding to growing customer interest in shariah-compliant savings products.

Under the new service, customers can deposit between Tk 250 and Tk 5,000 weekly for a tenure of six or 12 months, according to a press release.

The initiative is designed to encourage small, disciplined savings, particularly among unbanked and marginalised communities.

The weekly Islamic DPS allows low-income individuals and daily wage earners to save modest amounts in a Shariah-compliant manner.

The accumulated funds can be used for future financial security, agricultural or business investments, education, medical expenses, or emergencies.

To open a DPS account, users need to select the ‘Savings’ option on the bKash app and tap ‘Open New Savings’.

They must then choose ‘Islamic Savings’, select ‘Weekly’ as the deposit frequency, pick a six- or 12-month tenure, and set a weekly deposit amount.

After selecting Dhaka Bank from the list of partner institutions, customers are required to provide nominee details, review the information, agree to the terms and conditions, and confirm the application using their bKash PIN.

Upon completion, confirmation messages are sent by both bKash and the bank. Customers can open multiple DPS accounts through the same app.

bKash launched its digital savings service in 2021 with monthly DPS offerings from IDLC Finance Limited.

The platform was later expanded to include Mutual Trust Bank PLC, City Bank PLC and BRAC Bank PLC.

In 2022, City Bank launched its Monthly Islamic DPS on the bKash app, followed subsequently by Dhaka Bank’s Islamic savings products.