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The Bank has been incorporated on April, 1987 as a public limited company under the Companies Act, 1913 to undertake and carry out all kinds of banking, financial and business activities, transactions and operations in strict compliance with the principles of Islamic Law (Shariah) relating to business activities in particular avoiding usury in credit and sales transactions and any practice which amounts to usury.

Certificate for commencement of business has been issued to the bank on April, 30, 1987. The Bank has been authorized by the Bangladesh Bank to carry on the banking business in Bangladesh with effect from May 4, 1987. However, actual banking operations commenced on May 20, 1987. ICB Banking Group has presence in 14 countries of Africa, Asia and Europe. Recently it has expanded its horizon to Lao PDR and Malawi. ICB Islamic Bank believe in global focus with global experience which tailor to local needs.

ICB Islamic Bank invested in world-class systems and use innovative technology to provide unique banking services. High quality customer service through the integration of modern technology and new products is the tool of the bank to achieve success. The bank has a diverse array of carefully tailored products and services to satisfy customer needs. The Bank is committed to develop and deliver the most innovative products, manage customer experience, deliver quality service that contribute to brand strength, develop a competitive advantage and enhance profitability, thus providing value to the stakeholders of the bank.

Bangladesh Bank, as the central bank, has legal authority to supervise and regulate all banks and non-bank financial institutions. Bank Company Act, 1991, empowers Bangladesh Bank to issue licenses to carry out banking business in Bangladesh. Given some broad policy goals and objectives, it formulates and implements monetary policy, manages foreign exchange reserves and lays down prudential regulations and conduct monitoring thereof as they apply to the entire banking system. The Bangladesh Bank has the power to impose penalties for non-compliance and also to intervene in the management of a bank if serious problem arise. It also has the delegated authority of issuing policy directives regarding the foreign exchange regime.