Nagad Islamic scoops 'best innovation in other financial institutions' award

DHAKA, Bangladesh, March 1, 2023 /PRNewswire/ -- Nagad Islamic, Bangladesh's first and only Shariah-compliant mobile financial service, won the award for "Best Innovation in other financial institutions" at the fifth Bangladesh Innovation Award gala 2023, in recognition of its innovative approach and extraordinary success in introducing an option for practicing Muslims to manage their funds in an interest-free manner while maintaining religious values and principles.

Presented by a leading steeling manufacturer GPH Ispat, in collaboration with Bangladesh's ICT Division's Aspire to Innovate (a2i) and in association with The Daily Star, a Dhaka-based English language daily, the widely-acclaimed award ceremony was held recently at a five-star hotel in Dhaka.

Zunaid Ahmed Palak, MP, honorable state minister, ICT Division, graced the occasion as chief guest.

On behalf of Nagad, Sheikh Aminur Rahman, chief corporate affairs officer, Sadat Adnan Ahmad, chief marketing officer, Muhammad Solaiman, director of Public Affairs, Abu Sufian Mohammad Khaled, general manager of Digital Planning and GTM, and Ariful Alam, manager of Corporate Communications received the award.

Tanvir A Mishuk, founder and managing director of Nagad, said, "We are very happy to have introduced the Shariah-compliant financial solution for Muslims who abide by religious norms. This first-of-its-kind initiative in Bangladesh has earned us an accolade, which will drive us to go for more innovations and ease people's daily life all the more."  

The grand award gala, which was preceded by the 4th edition of Bangladesh Business Innovation Summit, honoured 49 innovations with 26 winners and 23 honorable mentions. The award programme was attended by more than 500 professionals and industry experts.

Nagad's continuous success reflects its unyielding efforts to innovate and offer people-centric products and services, which also have made people's daily life easier. Within a couple of years into its inception, the MFS carrier has quickly emerged as one of the top mobile financial service carriers in Bangladesh, thanks to its enviable success in bringing many unbanked people under financial inclusion at a faster pace.

Nagad has won quite a few international awards for its outstanding contribution to the expansion of Bangladesh's financial market. The MFS carrier was accorded "Best Innovative Digital Financial Service Brand" given by the Global Brands Magazine.

Other accolades conferred on Nagad includes the WITSA Global ICT Excellence Award 2020, Inclusive Fintech 50, Best Digital Financial Service Provider Award, Digital Bangladesh Award, E-Commerce Mover Award, and Best Marketing Communication Award, which also helped to portray Bangladesh positively across the globe.

About Nagad Ltd (https://www.nagad.com.bd/)

Nagad Limited is one of the leading MFS operators in Bangladesh's payment industry with 70 million registered customers and an average daily transaction of about USD 80 million. The digital payment platform, known as a successful public-private partnership between Bangladesh Postal Department and the private sector, was inaugurated in 2019 by Prime Minister Sheikh Hasina of the people's republic of Bangladesh.