Categories: National

3 Banks Are Involve In Islamic Banking

3 banks are involved in Islamic banking.After Standard Bank and NRB Global Bank, it was transformed into Islamic Banking and joined Jamuna Bank Limited. Bangladesh Bank granted this permission at the 403rd board meeting of the central bank on March 12, following the request of the private bank. Sirajul Islam, executive director and spokesperson of Bangladesh Bank confirmed the information after the board meeting.

Two more banks have been added to full Islamic banking at the Galeo 402nd meeting of the central bank. The banks are Standard Bank and NRB Global Bank. Earlier, there were 8 Islamic banks in Bangladesh. With the addition of Standard, NRB Global and Jamuna Bank, the number of Islamic banks in Bangladesh rose to 11.

Those concerned say that entrepreneurs are turning to Islamic banking for some special benefits. At the same meeting, the central bank decided to grant licenses to operate the financing business under the Financial Institutions Act 1993 in favor of the proposed Strategic Finance and Investment Limited. In addition to the proposed Citizens Bank Limited, the conditions of the Letter of Intent have been increased to meet the requirements. The overall picture of the banking sector of Bangladesh is presented in PowerPoint presentation.

According to the latest data from Bangladesh Bank, there are currently 8 banks operating in the country as a whole of Shariah-based banking. These are Islami Bank Bangladesh Limited, First Security Islamic Bank, Export Import Bank (Exim) Limited, Al-Arafah Islami Bank Limited, Social Islami Bank Limited, Shahjalal Islami Bank Limited, Union Bank and ICB Islamic Bank Limited.

The number of branches in these banks is 1,221, while the number of branches in the whole bank sector of the country is 10,406. Besides, 19 branches of 9 traditional banks and 61 Islamic banking windows of 8 traditional banks are conducting banking activities in the country.

The entire bank sector in the country occupies one-fourth of the Shariah-based banks, both in terms of deposit and investment. At the end of last December, the total deposit status in the country’s bank sector was Tk. 11,36,980 crore. Of this, the amount collected by the Shariah-based banks was Tk. 2,80,228 crore, which is about 24 percent of the total deposit.

Chandpur Times Report, March 22,2020

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