• Sunday, Mar 29, 2020
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Standard, NRB Global to become Islamic banks

  • Published at 11:15 pm February 9th, 2020
Standard_NRB_Banks

BB’s board of directors at its meeting at the central bank's headquarters decided in principle to approve the banks as fully-fledged Islamic banks.

Bangladesh Bank (BB) on Sunday approved proposals of Standard Bank and NRB Global Bank to become fully-fledged Islamic banks amid growing popularity of shariah-based banking in the country. 

BB’s board of directors at its meeting at the central bank's headquarters decided in principle to approve the banks as fully-fledged Islamic banks.

BB governor Fazle Kabir presided over the meeting. 

With the two new banks, the number of fully-fledged Islamic banks will be 10. 

Currently, there are eight fully-fledged Islamic banks in the country. 

The banks are Islami Bank Bangladesh, ICB Islamic Bank, Social Islami Bank, Al-Arafah Islami Bank, Exim Bank, Shahjalal Islami Bank, First Security Islami Bank and Union Bank.

Besides, 18 conventional banks have Islamic banking branches and windows, along with their traditional banking. 

During the July-September quarter of the previous year, total investments (loans) in the Islamic banking sector stood at Tk2,50,322.93 crore, which is 24.59% among all banks of the country, according to the Bangladesh Bank data.