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BD's Islamic finance industry keeps booming

Recent news that Bangladesh’s central bank approved the conversion of two more local banks to fully-fledged Islamic banks warrants taking a closer look at the Shariah-compliant banking and finance industry in the world’s fourth-most populous Muslim country.

According to recent media Dhaka Tribune, The Daily Star and The Financial Express last week, the central bank of Bangladesh approved applications from two domestic banks, Standard Bank and NRB Global Bank, to become fully Islamic banks. The two privately held commercial banks so far only operated Islamic windows but sought to convert to fully-fledged Shariah-compliant banks to enlarge their scope of product offerings amid growing popularity of Islamic banking in the country and tougher competition on the conventional banking market. NRB Global Bank said it plans to change its name to Global Islami Bank to underscore its new role.

Continue Reading : https://thefinancialexpress.com.bd/views/bds-islamic-finance-industry-keeps-booming-1582034749