Equipped with cutting edge technology, the newly launched platform for digital financial transactions, Binimoy, can put an end to any illegal transaction, currently used frequently to rob people who rely on mobile financial services (MFS), a spokesperson of the platform has said. In reference to the recent arrest of three fraudsters by law enforcers in Bogura, the official, on condition of anonymity, said Binimoy authority was the first to identify the location and tipped off law enforcers to track these swindlers. Such malpractices are common in Bangladesh and some fraud groups are doing their transactions using MFS gateways, he said, requesting Binimoy users to get in contact with prior monetary service providing organizations in case they encounter any kind of issue during registration or transaction. Binimoy ensures clarity by providing uninterrupted and secure transactions between different payment system providers, at a cost-effective rate, added the official. Read: Interoperable digital transaction platform Binimoy to be inaugurated Sunday Days back, a team of Criminal Investigation Department (CID) arrested three people from Bogura while stealing money of general MFS users, and several media outlets reported the incident. According to CID, the frauds used the Islami Bank CellFin app to infiltrate Binimoy and managed to steal Tk96.74 lakh from bKash. However, the prompt action by Binimoy has not been taken positively by a group who charges a pretty high amount against providing certain services. Other competitors present in the market cannot tolerate a safety insured cost-effective rate and dynamic service's arrival, the official added. Attacking each other is common among the MFS providers in Bangladesh, both in real life and social media platforms, alleged the official. Launched weeks back, Binimoy, the first such platform, is a bridge among customers, businessmen, payment service providers, e-wallets, banks, monetary organizations, payment system operators, government and private institutions. Read: Binimoy: Interoperable Digital Transaction Platform could open a new horizon in money transfer People will be able to do all kinds of financial transactions securely, such as giving salary to workers, VAT / Tax, e-commerce transactions with clarity, by using Binimoy and this app is highly secured, because two factor authentication is mandatory to do each single transaction, according to a statement from Binimoy.

A discussion on digital transactions in shariah-based financial management in the country was held in the capital Monday. The programme, arranged by the Bangladesh Secretariat Reporters Forum (BSRF) with support from mobile financial services Nagad, focused on the role and advancement of digital transactions in Islamic financial management. State Minister for Religious Affairs Md Faridul Haque Khan said: "For the last three years, Nagad Islamic has been providing various shariah-based transaction services, allowing the people to conduct financial transactions digitally following the Islamic way of life." READ: Tapan, Masud elected to lead new BSRF committee Mohammad Aminul Haque, executive director of Nagad and a member of Nagad Islamic Shariah Board, said: "Nagad today has 60 million subscribers in just three years. Even at the marginal level, we know that there is a high demand for shariah-compliant transactions among customers." Nagad Islamic's Shariah Supervisory Board Chairman Professor HM Shahidul Islam said: "The service of Nagad Islamic is not only for the marginal population but also for all the people. I would like to reassure everyone that all the services of this platform are recognised by the shariah board." Md Anisuzzaman Sikder, director of Imam Training Academy at Islamic Foundation of Bangladesh, Tapan Biswas, president of BSRF, and Masudul Haque, general secretary of the forum, were also present at the programme.