• Thursday, Aug 06, 2020
  • Last Update : 07:03 pm

BB approves new NBFI, Jamuna to become Islamic bank

  • Published at 10:09 pm March 12th, 2020
web-bangladesh bank logo
The Bangladesh Bank logo is seen at its office building in capital Dhaka Mehedi Hasan/ Dhaka Tribune

BB made the decision at a time when the sector is grappling with soaring defaulted loans

The Bangladesh Bank(BB) yesterday awarded licence to a new non-bank financial institution (NBFI) – Strategic Finance and Investments–bringing the total number of NBFI to 35.

The BB at a board of directors' meeting at its headquarters made the decision at a time when the sector is grappling with soaring defaulted loans, loan scams and irregularities.

Governor Fazle Kabir presided over the meeting.

“The central bank board decided to award licence to the NBFI as it will bring foreign investment and their lending will be industry focused,” BB spokesperson Md Serajul Islam told Dhaka Tribune.

Anjuman Ara Shahid, wife of Padma Bank (formerly Farmers Bank) Chairman Chowdhury Nafeez Sarafat, is the chairman of the NBFI, says a BB source.

According to a recent central bank report, only four out of the 34 NBFIs are running their business smoothly. 

The board meeting also approved proposal of Jamuna Bank to become a fully-fledged Islamic bank.

With the new Shariah-based bank, the number of fully-fledged Islamic banks in the country stands at 11. 

Currently, there are 10 fully-fledged Islamic banks.

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