The three Sharia-based banks of the stock market brought in 36 percent of remittances.

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The three Sharia-based banks of the stock market brought in 36 percent of remittances.

In the financial year 2023-24, remittances to the country through the three Sharia-based banks in the stock market reached 8.64 billion dollars — which is 36.13 percent of the total remittances collected by the country’s banks in this financial year.

Among the banks, Islami Bank Bangladesh brought in $6.12 billion, Al-Arafah Islami Bank brought in $844 million and Social Islami Bank brought in $1.66 billion, according to central bank data.

At the end of the 2023-24 financial year, total remittances from expatriates through the nation’s banks stood at $23.91 billion—a 10.66 percent increase over the previous fiscal year.

In the fiscal year 2023, the total remittances in the country’s bank account reached 21.61 billion dollars. At that time too, remittances through these three Sharia-based banks were $6.41 billion—which was 29.68 percent of the total remittances collected by the bank at that time.

The central bank says remittances from the top 10 remittance-collecting banks totaled $14.91 billion in fiscal year 2024 — 62.35 percent of the total remittances collected by the banking sector.

Besides, these 10 banks have seen a growth of 32 percent in remittances in fiscal year 2024 as compared to the previous fiscal year. In fiscal 2023, remittances of $11.29 billion came through these 10 banks.

According to the data of the Central Bank, among the 10 banks, Social Islami Bank has seen the highest growth in terms of remittance collection in the financial year 2024 (150%). It is followed by National Bank (101%), BRAC Bank (94%), Janata Bank (57%) and Islami Bank Bangladesh (30%).

In the outgoing 2024 fiscal year, expatriates sent the most remittances from the UAE, at $4.59 billion. Next is the United States, with $2.96 billion; $2.74 billion came from Saudi Arabia; $1.60 billion from Malaysia, and $2.79 billion from the United Kingdom.

 

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