Dhaka Stock Exchange PLC, Prime Bank Investment join forces for DSEX Shariah Index Data Sharing

Prime Bank Investment Limited (PBIL) has entered into an agreement with the Dhaka Stock Exchange (DSE) for the sharing of DSEX Shariah Index data. PBIL is the first Merchant Bank in Bangladesh to subscribe to DSEX Shariah Index Data, marking a milestone in the country's capital market landscape. This is part of PBIL’s initiative to introduce, for the first time in Bangladesh, Shariah-based Discretionary Portfolio Products under its “PrimeInvest” Discretionary Portfolio Brand- catering to the investors seeking Islamic principle-based investment.

Under the terms of the agreement, Dhaka Stock Exchange will provide Prime Bank Investment Limited with the Shariah-Compliant Stock List, a collaboration aimed at fostering transparency, integrity, and compliance with Shariah principles.

At the ceremony held at the DSE Tower, the Managing Director of Prime Bank Investment Limited Mr Syed M Omar Tayub said, “We see immense potential of Shariah-based products in the Bangladesh capital market, given that our country is predominantly Muslim. Additionally, a noteworthy 25% of deposits in the banking sector are constituted by Shariah-based deposit instruments. We are committed to meeting the increasing demand for Shariah-compliant investment options with our trendsetting products under the brand name “PrimeInvest Shariah” which will be operated under the guidance of Shariah Board. In alignment with our dedication to transparency, integrity, and Shariah compliance, we are going to subscribe DSE Shariah Index data. I appreciate the cooperation of DSE Management in this pathway."

During the ceremony, the Managing Director of DSE Dr. ATM Tariquzzaman, CPA said, “I appreciate PBIL’s pioneering move as the first investment bank to subscribe to DSE Shariah Data. Their innovative Shariah compliant Discretionary Products will expand the investment opportunities in the capital market. This strategic collaboration is anticipated to set a precedent in the capital market, opening new avenues for Shariah-compliant investments and reflecting the commitment of both institutions to drive positive change in the market ensuring investor’s protection and regulatory compliance.”

The signing ceremony took place at the DSE Tower in Nikunja on January 21, 2024. Dr ATM Tariquzzaman, CPA, managing director of Dhaka Stock Exchange, and Mr Syed M Omar Tayub, managing director, and CEO of Prime Bank Investment Ltd., graced the signing ceremony. Mr. Khairul Bashar Abu Taher Mohammad, chief regulatory officer of Dhaka Stock Exchange, Mohammed Mahfuzur Rahman, head of index management of Dhaka Stock Exchange, Mr. Khandoker Raihan Ali, FCA, COO of Prime Bank Investment Ltd, and other high officials from both organisations were also present at the meeting.