Inaugurating the new service, Bangladesh Bank Governor Fazle Kabir has urged all other Sharia-based Islamic backs to follow suit but cautioned to remain alert against risks.

“The use of hi-tech innovation may result in untoward risk but mitigation measures must be there,” he told the function at Le Meridian Hotel in the city on Tuesday.

AIBL Chairman Abdus Samad Labu, managing director and CEO Farhan R Chowdhury also spoke on the occasion.

The AIBL officials said their ‘Islamic Wallet’ will provide Sharia–based digital services through a mobile app allowing users to make fast, secure and hassle-free online and mobile payments.

It will also allow cash-in and cash-out, fund transfer from bank accounts and cards, access to a range of lifestyle services, they said.

The wallet facilities also include person-to-business (P2B), payments such as bill payments, food delivery, mobile top–up, insurance premiums and loan installments.

The new service will also facilitate business-to-person (B2P) payments such as payroll and commission disbursement and government to person (G2P) payments such as subsidies, freedom fighters allowances, social welfare payments and endowments and person-to-government (P2G) like payments of government duties, taxes and fees.

Fazle Kabir said Bangladesh is now a $302 billion economy which is the 39th largest in the world and in June next it will be a $349-billion one.

He said this shows the potential of the economic development which requires huge technological development.

The Governor said although the conventional banks are very fast to introduce digital services the Sharia-based Islamic banks are far behind in this regard.

He said today 77 million Bangladeshis are using mobile-based financial services offered by 16 banks and two financial service providers under a conducive environment, while $145 million financial transactions are taking pace every day.