Al-Arafah Islami Bank, Filon Poultry sign MoU for digital sales proceeds

Al-Arafah Islami Bank PLC has signed a memorandum of understanding (MoU) with Filon Poultry & Fish Feeds PLC, an agro-based manufacturing company in Bangladesh, to facilitate the collection of sales proceeds through digital channels.

Md Abdullah Al Mamun, deputy managing director of the bank, and Muhammad Kamrul Islam, chairman of the feed manufacturing company, signed the MoU at a ceremony held at the bank’s head office in Dhaka, according to a press release.

Under the agreement, Filon Poultry & Fish Feeds will collect payments from its distributors through the bank’s branches, sub-branches, and other delivery channels by integrating with the bank’s Application Programming Interface (API).

The arrangement is expected to ensure more efficient and secure collection management for corporate clients through the use of advanced banking technology, the release added.

Md Amdadul Haque and Bassu Sheikh, senior assistant vice-presidents of the bank; Aysha Parvin, assistant vice-president; Nazmul Hossain, senior principal officer; and SM Fakhrul Alam, adviser to the company, were also present at the signing ceremony, along with senior officials from both organisations.