Shamil Bank of Bahrain EC, Dhaka a bank that started business in Bangladesh as a branch of Faysal Islamic Bank of Bahrain EC (Islamic Bankers) in March 1997 after obtaining necessary permission from bangladesh bank. The parent bank is a member of the Dar Al-Islami Group, Geneva, Switzerland. In June 2000, Faysal Islamic Bank of Bahrain EC and Islamic Investment Company of the Gulf (Bahrain) EC merged together into a new corporate body Shamil Bank of Bahrain EC (Islamic Bankers). In the beginning of its banking operations in Bangladesh in 1997, the Shamil Bank deposited Tk 100 million with the Bangladesh Bank as the required capital for a foreign bank in partial fulfillment of the condition stated in Section 13 (4) of the Banking Companies Act 1991. On 31 December 1997, the bank had a reserve fund of Tk 9.08 million representing translation effect of US Dollar deposited with Bangladesh Bank against capital.

A country general manager of the status of an executive vice president appointed by the head office in Bahrain is the chief executive officer of the bank's Dhaka branch. He works with the assistance of 25 employees of different levels. The principal activities of the Bangladesh branch of the bank (hereinafter referred to as the bank) are to provide all kinds of commercial banking services to the customers on the basis of islamic banking principles.

On 31 December 2000, the assets of the bank were valued at Tk 1,282.2 million including the off-balance-sheet items that accounted for Tk 531.1 million. The total deposits were Tk 964.53 million comprising mudaraba term deposits, savings deposits, bearer certificate of deposits, and current, contingency and other accounts. Rate of interest offered by the bank for various types of deposits varied between 7.5% and 12.5%. It paid Tk 63.51 million of profit to the deposit holders in 2000. That year the bank made advances of Tk 833.1 million and the major lending areas were large, medium and small-scale industries, export servicing and import financing, trade and commerce and working capital financing. The advances included Tk 403 million to 19 industrial projects. The rates of interest charged on its lending varied between 10% and 14%. Foreign exchange business handled by the bank in the year amounted to Tk 1,905 million, which comprised export servicing, import financing, and remittance facilities. [S M Mahfuzur Rahman]