An authorized letter from the Central Bank gives Bangladesh Finance permission to open and operate its Islamic Shari’ah wing. Bangladesh Finance Limited has received final permission to set up an Islamic Shariah-based wing and start its activities from Bangladesh Bank on January 04, 2022, Tuesday.
Among NBFIs, Bangladesh Finance is the only institution that has received approval to open a Shariah-based Islamic wing.
Md. Kyser Hamid, Managing Director and Chief Executive Officer of Bangladesh Finance, expressed his gratitude after receiving the letter from the Central Bank. According to him, this approval is a milestone for Bangladesh Finance; as the company has already formulated Shari’ah manual as per Central Bank requirements, implementation of completely separate Islamic CBS, formation of Shari’ah supervisory committee consisting of reputed Shari’ah scholars, formulation and approval of Shari’ah products process guidelines and approval, everything is set to be done.
He also approved the Bye-laws by the board for Shariah Supervisory Committee. In addition, Islamic Sariah has set up a separate Islamic finance division at the organization's head office to conduct financing business and has trained the manpower employed in Islamic financing with the necessary training.
With the final approval, the principal branch of Bangladesh Finance, Bangshal branch, Uttara branch, Gazipur branch, Chittagong branch, and Jessore branch will be able to accept Islamic Shariah-based deposits and conduct retail, SME, and corporate investment activities from now on.
The officials of Bangladesh Finance offered special prayers conducted by the Head of Products of the Islamic Wing. Abu Yusuf to express their gratitude for the final approval.
