In the intricate network of international financial transactions, ensuring the secure and efficient transfer of funds to the correct banking institution is paramount. Among the various tools that facilitate this process, SWIFT codes serve as critical identifiers for financial institutions worldwide.
Islami Bank Bangladesh PLC, one of the country's leading financial institutions, operates with the SWIFT code IBBLBDDH024 . This alphanumeric sequence follows the standard SWIFT/BIC structure, where the first eight characters ( IBBLBDDH ) identify the bank itself, while the final three digits ( 024 ) typically specify a particular branch or service location.
Bank Details and Operational Framework
The bank's headquarters are located in Dhaka, with the official address being Islami Bank Tower, Floor 1, 40 Dilkusha, Dhaka, 1000, Bangladesh. This information becomes particularly relevant when initiating international wire transfers, as some financial institutions may require additional verification details.
The Critical Importance of SWIFT Codes
SWIFT codes serve a dual purpose in global finance: they facilitate interbank communication while simultaneously ensuring transactional security. When sending funds internationally, the correct SWIFT code acts as a routing number that directs the transfer to its intended destination with precision.
The standardized format of SWIFT/BIC codes, consisting of 8 to 11 characters, provides flexibility in identifying specific banking entities and their service points worldwide. This system has become the backbone of international financial operations, processing millions of transactions daily.
Best Practices for International Transfers
Financial experts emphasize several key precautions when utilizing SWIFT codes:
1. Verification: Always confirm the SWIFT code with the recipient bank, as codes may vary by branch or change over time.
2. Accuracy: Even minor discrepancies in the code can result in delayed or misdirected funds.
3. Compliance: Be aware that different jurisdictions may have specific regulations governing international transfers.
For individuals and corporations engaged in global commerce, understanding SWIFT codes represents more than just procedural knowledge—it serves as a fundamental safeguard for financial assets in an increasingly interconnected economic landscape.