Islamic Finance and Investment Ltd, listed in the stock exchanges, has decided to form a new subsidiary company to expand its business recently.
The new subsidiary will be acquainted with the name "IFIL Stock and Securities Limited".
The company will carry on brokerage business in the capital market subject to the approval of the regulatory authorities.
SQ Bazlur Rashid, company secretary of the Islamic Finance and Investment, said, "It is still in the primary stage. It will be our first subsidiary, if we get the approval of the regulatory authorities then we will go ahead with the process."
From January to September 2020, the net investment income of IFIL Stock and Securities Limited was Tk20.43 crore. During the period, the net profit was Tk13.94 crore and net asset value per share was Tk14.45.
Islamic Finance and Investment Ltd was listed on the stock exchanges in 2005. Sponsors and directors jointly hold 32.57% shares, institutes 35.35% and general investors hold 31.98% shares of the company.
The last trading price of the company's share at Dhaka Stock Exchange was Tk17.70 per share.
Islamic Finance and Investment Limited (IFIL) is a financial institution incorporated in Bangladesh on 27 February 2001. The company obtained its license from Bangladesh Bank on 12 April 2001.