Deposits of Islamic banking industry up by 14.15pc

FE Online Report | Published: February 21, 2018 13:26:50 | Updated: February 22, 2018 10:26:24

The total deposits in the country’s Islamic banking industry increased by 14.15 per cent in the previous year, according to the latest statistics of the Bangladesh Bank.

It showed that deposits in the Islamic banks along Islamic banking branches and windows of the conventional banks stood at Tk 2142.59 billion at the end of December 2017, while the amount was Tk 1876.94 billion in the same period of 2016.

Currently, there are eight full-fledge Islamic banks, 19 Islamic banking branches of nine conventional banks and 25 Islamic banking windows of conventional banks. Country’s Islamic banking sector or industry is composed of all these.

Bangladesh Bank data also showed that the Islami Bank Bangladesh Limited accounted for the biggest share of deposits which was 35 per cent at the end of 2017.

It was followed by First Security Islami Bank (14 per cent), Al-Arafah Islami Bank (12 per cent), Exim Bank (11.90 per cent), Social Islami Bank (9.40 per cent), Shahjalal Islami Bank (6.80 per cent) and Union Bank (5.32 per cent).

Moreover, Islamic banking branches of all the convention banks had 2.74 per cent of the total deposits of the industry followed by Islamic banking windows (2.20 per cent) and ICB Islamic Bank Limited (0.53 per cent).