What is Islami Bank mCash?

What is Islami Bank mCash?

Islami Bank mCash is the Mobile Financial Services of Islami Bank Bangladesh Limited where customers of all mobile companies can take 24 hour mobile banking services from anywhere of the country.

Advantages of Islami Bank mCash:

ü  Unique system for all to take Mobile Banking Services of Islami Bank Bangladesh Limited.

ü  Profit will be given to the customer’s mobile account based on the Mudaraba Principles of Islamic Shari’ah.

ü  Available 24 hours a day, 7 days a week and 365 days a year.

ü  Ability to do banking from anywhere in the country

ü  Facility for direct deposit of foreign remittance to the mobile account of a customer in a short time.

ü  Banking services for both the banked and the unbanked.

ü  Most modern, updated and secure way of banking.

ü  All transactions can be performed the by the customer himself except for the cash deposit/withdrawal.

ü  Deposit account opening takes 20 Tk. Only.

Services of Islami Bank mCash:

ü  Customer's account is opened within a short time.

ü  Send and receive foreign remittance.

ü  Cash deposit

ü  Cash withdraw

ü  Fund transfer from one account to another

ü  Balance inquiry

ü  Send and receive of salary/allowances

ü  Mobile top-up

ü  Merchant Payment

ü  This facility can be found by using any mobile phone

ü  Deposit account is opened only by 20 Tk.

Where & how to register Islami Bank mCash account:

Islami Bank mCash Account can be registered from

i.                     Any branch of Islami Bank Bangladesh Limited,

ii.                    Any ‘Islami Bank mCash’ agent approved by Islami

Bank Bangladesh Limited, and

iii.      Any agent of approved mobile network operator with Islami Bank mCash signboard,

where the ‘mCash account opening form’ will be available. Anyone having a valid, active mobile connection of any mobile company can open the Islami Bank mCash account. He/she will fill up the form and submit to the agent/branch officer.  To open an account, one needs the following:

ü  1 copy of passport size photograph.

ü  Photocopy of National ID Card / Nationality Certificate / Driving License / Passport

The Agent / Officer will open an account based upon the information provided by the customer and the customer will receive an SMS which will confirm the opening of the account.

The mobile account number will be the combination of his mobile number with a check digit which will be placed at the last of his mobile number. So the mobile account number will be a combination of 12 digit number.

Then the customer needs to call *16259# to get the mCash

Account Activation Confirmation menu and submit a four digit PIN number which will be used for each transaction performed by him/her. This PIN must not be disclosed to anyone to ensure security and confidentiality.

At this stage, customer will only be able deposit money to his account but will not be able to withdraw money or perform other transactions.

After the activation of his/her mobile account by the branch employee of IBBL, he will get a confirmation SMS. After that, he/she will be able to enjoy all the services of Islami Bank mCash.

Usage of the PIN Number:

The PIN provides first level security to the customer and for each transaction his/her mobile phone and PIN number will be required. So, this PIN number is not shareable to anyone and the customer must remember his/her PIN accurately.

Transaction Limits for Mobile Account:

ü  Daily Deposit                                  : 5 times (maximum)

ü  Daily Withdraw                               : 5 times (maximum)

ü  Daily Fund Transfer                        : 10 times (maximum)

ü  Daily Deposit Amount                    : 50 – 25,000 Tk.

ü  Daily Withdraw Amount                 : 50 – 25,000 Tk.

ü  Daily Transfer Amount                   : 10 – 5,000 Tk.

ü  Monthly Deposit                             : 30 times (maximum)

ü  Monthly Withdraw                          : 15 times (maximum)

ü  Monthly Transfer                            : 100 times (maximum)

ü  Monthly Deposit Amount               : 3,00,000 Tk.

ü  Monthly Withdraw Amount            : 1,50,000 Tk.

ü  Monthly Transfer Amount              : 1,00,000 Tk.

Transaction Fees & Service Charge:

ü  Account Opening                            : Free

ü  Foreign Remittance Deposit            : Free

ü  Receive Salary & Allowance           : Free

ü  Mobile Recharge (Top-Up)             : Free

ü  Account Balance Check                  : Free

ü  Receive Mini Statement                   : Free

ü  Merchant Payment                          : Free

ü  Cash In (Deposit)                            : Free

ü  Fund Transfer                                 : Tk. 2 per transaction

ü  Cash Out (Withdraw)                      :

o    10 Tk. for 10-1000 Tk. and

o    1% of Tk. for 1001-25000 Tk.

Where and how the transactions will be performed:

Islami Bank mCash Account transactions can be performed at any branch of Islami Bank Bangladesh Limited, any agent approved by Islami Bank Bangladesh Limited and by through mobile network operators’ agent approved by IBBL.

Transaction Rules:

ü  Cash in (deposit):

·   Customer will give the deposited amount and mobile account number to the agent.

·   Agent will start the cash in process from his mobile phone.

·   Agent will give the deposit slip to the customer

·   Than both the agent and customer will receive a SMS as the confirmation of his cash in (deposit)

·   After receiving the SMS customer will confirm about his cash in. So, he/she must not leave the agent counter before getting the SMS.

ü  Cash Out (withdraw):

·   Customer will give mobile account number and tell the amount of cash out (withdraw) to the agent

·   Customers with Telcos authorized by mCash will dial *259# whereas Customers of other Telcos will call 16259 from his/her mobile to get the Cash Out (withdraw) menu.

·   Then he/she will submit the agent’s mobile account number, amount of money and PIN number.

·   Then the cash out transaction will be complete and both the customer and the agent will receive confirmation SMS from the System.

·   Agent will take the customer’s signature/finger print and give the cash out (withdrawal) receipt and money to the customer.

ü  Fund Transfer from one account to another:

·   Customers with Telcos authorized by mCash will dial *259# whereas Customers of other Telcos will call 16259 from his/her mobile to get Fund Transfer menu.

·   Then, the customer will submit mobile account number of the person receiving the money, amount of money and PIN number.

·   Then, both the sender and the receiver will get confirmation SMS and the transaction will be completed.

ü  Business Payment:

·   To perform any merchant purchase, both the merchant and the customer should be registered to IBBL mCash.

·   Customers with Telcos authorized by mCash will dial *259# whereas Customers of other Telcos will call 16259 from his/her mobile to get Merchant Payment menu.

·   Then, the customer will submit the mobile account number of the merchant, amount of money and PIN number.

·   Then, both the customer and the merchant will receive a confirmation SMS and transaction will be completed.

ü  Mobile Recharge (Top-Up):

·   Customers with Telcos authorized by mCash will dial *259# whereas Customers of other Telcos will call 16259 from his/her mobile to get the Mobile Recharge menu

·   Customer will select this menu and then will select the mobile number of his own phone or give the other mobile number.

·   Then customer will submit the recharge amount and PIN number.

·   Then, the customer will receive a confirmation SMS and transaction will be completed.

ü  Balance Check:

·   Customers with Telcos authorized by mCash will dial *259# whereas Customers of other Telcos will call 16259 from his/her mobile to get the My Wallet menu.

·   Then customer will select the Balance Check menu from the My Wallet menu and submit the PIN number

·   In reply, he will get the current balance of his mobile account either thru USSD flash message or thru IVR.

ü  Mini Statement Check:

·   Customers with Telcos authorized by mCash will dial *259# whereas Customers of other Telcos will call 16259 from his/her mobile and get the My Wallet menu.

·   Then customer will select the Mini Statement menu and submit the PIN number

·   In reply, either thru SMS or thru USSD flash message, he will get the Mini Statement (last 5 transactions) of his mobile account.

ü  PIN Number Change:

·   Customers with Telcos authorized by mCash will dial *259# whereas Customers of other Telcos will call 16259 and get the My Wallet menu.

·   Then customer will select the Change PIN menu and submit the current PIN number and twice the new PIN number.

·   In the reply SMS, either thru SMS or thru USSD flash message he/she will get the confirmation about the change of his PIN number.

How the Foreign Remittance can be received in mCash Mobile Account:

Now, anyone living abroad can send foreign remittance directly to mCash mobile account from IBBL foreign liaison offices, approved agents and exchange houses. Within 24-72 hours the fund will be credited directly to the mobile account and confirmation SMS will be sent to both the remitter and the beneficiary.

This money can be withdrawn from any branch of Islami Bank Bangladesh Limited, any approved mCash agent or mCash approved mobile network operators’ agent bearing Islami Bank mCash signboard. To remit the foreign remittance, the remitter needs to provide the following information:

1.        Amount of Money

2.        Name of the beneficiary

3.        Account Number (mCash Mobile Account)

4.        Bank Name: Islami Bank Bangladesh Limited

Security of Islami Bank mCash:

Islami Bank mCash is completely secure wherein the mobile account number is generated by adding a check digit with customer’s registered mobile number to ensure accuracy.

Plus, for every transaction, the 4 digit secret PIN and mobile phone number of the customer are required. This ensures a two factor security combination. For each transaction, either USSD, or SMS based IVR are used which are completely secured and safe.

So, Islami Bank mCash is 100% safe and secure banking system.