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The Financial Express

Bangladesh Finance to open Shariah-based wing

| Updated: January 08, 2022 10:28:17


Bangladesh Finance to open Shariah-based wing

The central bank has allowed the listed company Bangladesh Finance to open Islami shariah-based wing in six branches including the principal one.

Bangladesh Finance has received approval from the central bank for opening this wing.

As per the regulatory approval, the company will open Islami shariah-based wing in its Principal Branch, Bangshal Branch, Uttara Branch, Gazipur Branch, Chattogram Branch and Jashore Branch.

"Bangladesh Finance has already formulated policies regarding shariah manuals, implementation of separate Islamic CBS (Core Banking Solutions), formation of shariah supervisory committee, deposit receiving, and income distribution in line with the conditions set by the central bank," Md. Kyser Hamid, managing director at Bangladesh Finance, said in a release.

The Bangladesh Finance, presently an 'A' category company, was listed with the stock exchanges in 2007.

The company's sponsor-directors hold 30.08 per cent shares, institutes 17.24 per cent, and general shareholders 51.88 per cent as on November 30, 2021. The company's share price closed at Tk 55.70 each on Wednesday with a rise of 1.46 per cent on the Dhaka Stock Exchange (DSE).

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