Bank Code Verified

ALARBDDH069, SWIFT Code for AL-ARAFAH ISLAMI BANK LTD., CHITTAGONG

Swift Code: ALARBDDH069

Bank: AL-ARAFAH ISLAMI BANK LTD. Address: AGRABAD C/A, 96

City: CHITTAGONG

Branch: AGRABAD BRANCH

Postcode: 4100

Country: Bangladesh

Anto Swift Codes: Explaining the purpose and importance of Swift codes

In today’s interconnected world, banking has become increasingly global. People and businesses are conducting transactions across borders and continents, making international banking a vital part of our daily lives.

While we may be familiar with the concept of bank account numbers and routing numbers, there is another crucial component that ensures seamless and secure financial transactions: Swift codes. What are Swift codes?

Swift codes, also known as Bank Identifier Codes (BICs), are unique identification codes assigned to financial institutions worldwide. These codes serve as a standardized way to identify banks and other financial institutions when making international money transfers.

The Role of Swift Codes in International Banking: Discussing how Swift codes facilitate secure and efficient international transactions, highlighting the significance of the given code in connecting with other financial institutions across the globe. In the vast realm of international banking, where trillions of dollars are transferred daily, it is vital to have a system that can securely and efficiently facilitate these transactions.

This is where Swift codes come into play, serving as the key that unlocks the doors to international banking. How do Swift codes work?

When you initiate an international wire transfer, your bank uses a Swift code to identify the recipient’s bank. Think of it as an address that directs your money to the right institution.

This code is essential because it specifies the exact bank branch where the funds should be sent. A typical Swift code consists of either eight or eleven characters, with each element conveying specific information.

The first four characters represent the bank code, which identifies the financial institution itself. The next two characters denote the country code, indicating the country where the bank is located.

The following two characters identify the location of the bank branch. Finally, the three optional characters provide additional information, such as the branch or department.

Why are Swift codes important? 1.

Facilitating international transactions: Swift codes enable banks to communicate with each other, ensuring seamless global transactions. When you provide your bank with the recipient’s Swift code, it ensures that your money ends up in the right hands, regardless of their location.

2. Ensuring accuracy: With the extensive network of financial institutions worldwide, it is crucial to have a standardized identification system.

Swift codes provide a clear and unambiguous way to identify banks, reducing the risk of errors and misdirected funds. 3.

Enhancing security: Swift codes help protect against fraudulent activities by establishing trust and accountability in the global banking system. With a unique identification code for each institution, it becomes more challenging for individuals to impersonate banks and deceive customers.

4. Enabling connectivity: The use of Swift codes allows financial institutions to connect and collaborate seamlessly.

Whether it’s for correspondent banking, trade finance, or any other financial service, Swift codes promote interoperability and efficient communication between institutions. The Swift Code: ALARBDDH069

Now that we understand the significance of Swift codes let’s take a closer look at the specific code provided: ALARBDDH069.

This code belongs to the Al-Arafah Islami Bank Ltd., located in Chittagong, Bangladesh. It refers to their branch in Agrabad, with the postcode 4100.

For individuals or businesses seeking to conduct transactions with Al-Arafah Islami Bank Ltd., this Swift code is crucial. It ensures that funds are directed to the correct branch, enabling seamless and efficient financial transactions.

Conclusion:

Swift codes play a vital role in the world of international banking. They provide a standardized and secure means of identifying financial institutions, facilitating seamless and efficient transactions.

This article has provided an introduction to Swift codes, explaining their purpose and significance. Understanding Swift codes is essential for anyone involved in international banking, as they connect us with financial institutions across the globe, making the world a smaller and more connected place.

Topic 3: Unveiling AL-ARAFAH ISLAMI BANK LTD. AL-ARAFAH ISLAMI BANK LTD.

is one of the leading Islamic banks in Bangladesh. Established in 1995, the bank operates in line with Islamic Shariah principles and has become a trusted name in the country’s banking sector.

With its headquarters in Dhaka, AL-ARAFAH ISLAMI BANK LTD. has expanded its network to various cities and towns across Bangladesh, including its Agrabad branch in Chittagong.

As an Islamic bank, AL-ARAFAH ISLAMI BANK LTD. adheres to principles that prohibit the charging or payment of interest (riba) and promotes ethical and socially responsible financial practices.

The bank provides a wide range of Shariah-compliant products and services to cater to the diverse needs of its customers, including savings accounts, current accounts, investment accounts, trade finance, and various types of financing options. AL-ARAFAH ISLAMI BANK LTD.

is committed to promoting financial inclusion and reaching out to all segments of society. The bank offers microfinance services designed to support small business owners and entrepreneurs to grow their enterprises.

By catering to the underserved population, AL-ARAFAH ISLAMI BANK LTD. strives to contribute to the overall economic development of Bangladesh.

With a vision to be the pioneer in Islamic banking, AL-ARAFAH ISLAMI BANK LTD. places a strong emphasis on innovation and technology.

The bank has embraced digital banking solutions to provide customers with convenient and secure access to their accounts. Online banking, mobile banking, and ATM services allow customers to perform various transactions, such as fund transfers, bill payments, and account inquiries, at their fingertips.

AL-ARAFAH ISLAMI BANK LTD. also places great importance on corporate social responsibility (CSR) and actively participates in initiatives that benefit society.

The bank supports educational programs, healthcare initiatives, and environmental sustainability projects. By aligning its activities with CSR principles, AL-ARAFAH ISLAMI BANK LTD.

strives to serve not only its customers but also the communities in which it operates. As the bank’s presence continues to grow across Bangladesh, its Agrabad branch remains a key hub in Chittagong.

Located in the Agrabd C/A area, the branch serves a diverse range of customers, including businesses, individuals, and foreign investors. With its commitment to excellent customer service and a portfolio of Shariah-compliant banking solutions, AL-ARAFAH ISLAMI BANK LTD.’s Agrabad branch is a trusted financial partner for many in the region.

Topic 4: Common Uses of Swift Codes

Swift codes have a wide range of applications in the world of international banking. These unique identification codes are used for various purposes, facilitating secure and efficient financial transactions across borders.

Here are some of the common uses of Swift codes:

1. International wire transfers: When initiating an international wire transfer, the sender’s bank requires the Swift code of the recipient’s bank.

This Swift code ensures that the funds are directed to the correct financial institution and the appropriate branch. Without the Swift code, it becomes difficult for banks to process the transfer accurately.

2. Correspondent banking: Swift codes are crucial for correspondent banking relationships.

Correspondent banks act as intermediaries, facilitating transactions between domestic banks and foreign financial institutions. Swift codes enable these correspondent banks to identify and communicate with each other effectively, ensuring smooth money transfers.

3. Trade finance: Swift codes play a vital role in trade finance transactions.

When importing or exporting goods, banks require Swift codes to identify the banks involved in the transaction. This information helps facilitate the transfer of funds, issue letters of credit, and process other trade-related documents.

4. Interbank communication: Financial institutions use Swift codes to communicate and exchange information securely.

Whether it’s for settlement instructions, account inquiries, or general messages between banks, Swift codes provide a standardized way to identify and connect with other financial institutions across the globe. 5.

Foreign exchange transactions: Swift codes are essential in foreign exchange (forex) transactions. When converting currencies or engaging in forex trading, banks need to know the Swift code of the counterparty’s bank to ensure accurate and timely settlement.

6. Securities trading: Swift codes are used in securities trading to facilitate the transfer of ownership and settlement of various financial instruments.

Whether buying or selling stocks, bonds, or other securities, banks rely on Swift codes to complete the necessary transactions securely and efficiently. 7.

Bank account verification: Swift codes are sometimes required to verify the authenticity of bank accounts. In certain situations, such as opening a new account or conducting due diligence, individuals or businesses may need to provide their bank’s Swift code to ensure the legitimacy of the account.

In conclusion, Swift codes play a vital role in international banking. They enable secure and efficient financial transactions across borders and facilitate communication between financial institutions worldwide.

Whether it’s for wire transfers, trade finance, interbank communication, or other banking activities, Swift codes ensure accuracy, speed, and trust in the global banking system. Understanding the common uses of Swift codes is essential for individuals and businesses engaging in international transactions, as they promote seamless connectivity in the world of finance.

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