Islami Bank Salary Structure

Islami Bank Bangladesh Limited (IBBL) is the largest commercial bank of Bangladesh and the first Shariah-based Islamic bank in the South-East Asia. It was established in March 1983 as a joint venture public limited company with majority shareholding by foreign institutions. It is enlisted with Dhaka and Chattogram stock exchanges and has 394 branches, 229 sub-branches and 2,694 agent banking outlets across the country.Islami Bank Salary Structure 2023 in Bangladesh

Islami Bank Salary Structure 2023 in Bangladesh

It offers various banking, investment and foreign exchange services with substantial CSR activities. It is also a global pioneer in and largest operator of Islamic microfinance.

Salary and Benefits of IBBL Employees

The salary and benefits of IBBL employees vary depending on their job titles, grades, experience and performance. According to Glassdoor, a website that provides information on salaries and reviews of companies, IBBL pays its employees an average of BDT 540,000 per year for the officer position, BDT 564,000 per year for the junior officer position and BDT 1,020,000 per year for the manager position. These figures are based on 43 salaries reported by IBBL employees as of June 6, 2023.

The salary structure of IBBL is based on the principles of Shariah, which prohibit interest-based transactions and promote profit-sharing and risk-sharing among the parties involved. IBBL employees receive their salaries in two parts: base salary and additional salary. The base salary is fixed and paid monthly, while the additional salary is variable and paid annually based on the performance of the bank and the individual employee. The additional salary consists of three components: profit bonus, incentive bonus and welfare bonus.

The profit bonus is calculated as a percentage of the net profit of the bank after deducting all expenses and provisions. The percentage varies according to the grade of the employee, ranging from 10% to 25%. The incentive bonus is calculated as a percentage of the individual employee’s contribution to the bank’s income, which is measured by various indicators such as deposit mobilization, investment recovery, new account opening, etc. The percentage varies according to the grade of the employee, ranging from 5% to 15%. The welfare bonus is calculated as a percentage of the base salary of the employee, which is meant to cover various welfare expenses such as medical treatment, education, marriage, etc. The percentage varies according to the grade of the employee, ranging from 5% to 10%.

Apart from the salary, IBBL employees also enjoy various benefits such as provident fund, gratuity fund, group insurance, medical allowance, house rent allowance, conveyance allowance, festival bonus, leave fare assistance, etc. These benefits are also based on the Shariah principles and are subject to certain conditions and limitations.

Conclusion

Islami Bank Bangladesh Limited is a leading Islamic bank in Bangladesh that offers competitive salaries and benefits to its employees based on their job titles, grades, experience and performance. The salary structure of IBBL is based on the Shariah principles of profit-sharing and risk-sharing among the parties involved. The salary consists of two parts: base salary and additional salary. The base salary is fixed and paid monthly, while the additional salary is variable and paid annually based on the performance of the bank and the individual employee. The additional salary consists of three components: profit bonus, incentive bonus and welfare bonus. IBBL employees also enjoy various benefits such as provident fund, gratuity fund, group insurance, medical allowance, house rent allowance, conveyance allowance, festival bonus, leave fare assistance, etc.

10 Most Asked Questions and Answers

Q1: How can I apply for a job at IBBL?

A1: You can apply for a job at IBBL through their official website (https://www.islamibankbd.com/career.php) or through various online job portals such as bdjobs.com or prothomalojobs.com. You can also visit any branch or sub-branch of IBBL and submit your CV along with a cover letter.

Q2: What are the eligibility criteria for applying for a job at IBBL?

A2: The eligibility criteria for applying for a job at IBBL vary depending on the position you are applying for. Generally, you need to have a minimum educational qualification of bachelor’s degree or equivalent from a recognized university or institution with a minimum CGPA of 3 out of 4 or equivalent grade. You also need to have good communication skills in both English and Bengali languages. You also need to have computer literacy and basic knowledge of Islamic banking principles.

Q3: What are the selection process and stages for getting a job at IBBL?

A3: The selection process and stages for getting a job at IBBL are as follows:

• Application screening: The HR department of IBBL screens the applications received from the candidates and shortlists the eligible ones for further assessment.
• Written test: The shortlisted candidates are invited to take a written test on various topics such as general knowledge, English language, mathematics, analytical ability, Islamic banking, etc. The written test is usually conducted by the Bangladesh Institute of Bank Management (BIBM) or any other reputed institution.
• Viva voce: The candidates who pass the written test are called for a viva voce or oral interview by a panel of experts from IBBL and BIBM or any other reputed institution. The viva voce is conducted to assess the personality, communication skills, attitude, aptitude and suitability of the candidates for the job.
• Medical test: The candidates who pass the viva voce are required to undergo a medical test to ensure their physical fitness and health condition for the job.
• Appointment letter: The candidates who pass the medical test are issued an appointment letter by the HR department of IBBL and are asked to join the bank within a specified period.

Q4: What are the training and development opportunities for IBBL employees?

A4: IBBL provides various training and development opportunities for its employees to enhance their knowledge, skills and competencies. These include:

• Foundation training: This is a mandatory training program for all new recruits of IBBL, which covers various topics such as Islamic banking principles, Shariah rules and regulations, banking operations, customer service, etc. The foundation training is usually conducted by the Islami Bank Training and Research Academy (IBTRA) or any other reputed institution.
• On-the-job training: This is a continuous training program for all existing employees of IBBL, which covers various topics related to their specific job roles and responsibilities. The on-the-job training is usually conducted by the supervisors or managers of the employees or by external trainers or consultants.
• Specialized training: This is a need-based training program for selected employees of IBBL, which covers various topics related to their specialized areas of work such as foreign exchange, investment, risk management, audit, compliance, etc. The specialized training is usually conducted by IBTRA or any other reputed institution.
• Professional certification: This is an optional training program for interested employees of IBBL, which covers various topics related to their professional development such as accounting, finance, management, marketing, etc. The professional certification is usually conducted by recognized professional bodies such as ICAB, ICMAB, ICSB, etc.

Q5: What are the career progression and promotion opportunities for IBBL employees?

A5: IBBL offers various career progression and promotion opportunities for its employees based on their performance, potential and seniority. The career progression and promotion opportunities are as follows:

• Probationary officer: This is the entry-level position for all new recruits of IBBL, who have to undergo a probation period of one year before being confirmed as permanent employees.
• Officer: This is the first-level position for all confirmed employees of IBBL, who have to perform various operational tasks related to their assigned departments or branches.
• Senior officer: This is the second-level position for all officers of IBBL, who have to perform various supervisory tasks related to their assigned departments or branches.
• Principal officer: This is the third-level position for all senior officers of IBBL, who have to perform various managerial tasks related to their assigned departments or branches.
• Assistant vice president: This is the fourth-level position for all principal officers of IBBL, who have to perform various leadership tasks related to their assigned departments or branches.
• Vice president: This is the fifth-level position for all assistant vice presidents of IBBL, who have to perform various strategic tasks related to their assigned departments or branches.
• Senior vice president: This is the sixth-level position for all vice presidents of IBBL, who have to perform various executive tasks related to their assigned departments or branches.
• Executive vice president: This is the seventh-level position for all senior vice presidents of IBBL, who have to perform various top-level tasks related to their assigned departments or branches.

Q6: What are the working hours and holidays for IBBL employees?

A6: The working hours and holidays for IBBL employees are as follows:

• Working hours: The normal working hours for IBBL employees are from 9 am to 5 pm from Sunday to Thursday. However, some employees may have to work beyond these hours depending on their job roles and responsibilities. There is a lunch break of one hour from 1 pm to 2 pm every day. There is also a prayer break of 15 minutes from 12 pm to 12.15 pm every day.
• Holidays: The weekly holidays for IBBL employees are on Friday and Saturday. There are also public holidays on national and religious occasions such as Eid-ul-Fitr, Eid-ul