Lack of Regulation and Lower Trust Score Raising Concerns for Shahjalal Islami Bank's Operations

SJIBSL is a branch of Shahjalal Islami Bank PLC. It works to be a top stockbroker in Bangladesh and is famous for providing Shariah-compliant trading services through the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).

SJIBSL Overview and Claims

• Company Name: Shahjalal Islami Bank Securities Limited
• Website: https://www.shahjalalbanksecurities.com.bd/index.php
• Regulated By: TREC licenses from DSE and CSE
• Registered In Country: Bangladesh

Some of the main services offered are:

• BO Account Opening: Helps in trade and asset storage.
• Shariah-Based Investment: An investment that follows the rules of Shariah.
• Trading Services: Stock trading is available for clients from the general, institutional, foreign, VIP and female groups on the DSE and CSE.
• SMS and IPO Services: You receive timely updates and support during the IPO application process.
• Institutional Clients: The Panel Broker Service specializes in supporting institutional traders.

SJIBSL believes its use of new technologies, employee training and positive work environment helps meet clients expectations. Recently, it received the “Swadhinata Surbarnajayanti Puraskar-2022” award and expressed its thanks to clients, directors and regulators.

Regulatory Status and Reputation of SJIBSL

SJIBSL has TREC licenses from DSE and CSE, which make it a broker and dealer and a DP license from CDBL. WikiFX assigned a 1.54/10 rating to SJIBSL and warned users that this broker does not have proper regulation. Since the Bangladesh Securities and Exchange Commission (BSEC) or the FCA, or ASIC haven‘t overseen the business’s scope, WikiFX considers its operations to be high-risk.

SJIBSL does not have the necessary license for securities activities, and the D-rated influence index also shows that the company lacks credibility.

Conclusion

Although Shahjalal Islami Bank Securities Ltd positions itself as a Shariah-compliant broker for both national stock exchanges, its high-risk position and absence of proper regulations offer little reason for investors to choose it. Not having any user experiences, hidden costs and reports of previous scandals at the parent bank lower the confidence further. It is wise for investors to pick regulated brokers and not choose SJIBSL.

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