IDLC Finance to start Shariah compliant business with Islamic window
The Shariah compliant business will simultaneously run alongside existing operations
IDLC Finance Limited is going to commence Shariah compliant business operations under its Islamic Finance window, subject to the approval of relevant regulatory authorities.
The company took the decision on 31 May in a board meeting.
The Shariah compliant business will run simultaneously alongside existing operations, the company said in a disclosure on the Dhaka Stock Exchange (DSE) website on Wednesday.
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Its DSE share price increased 2.39% to Tk51.5 each on Wednesday, compared to the previous trading session. Its share price reached Tk75.4, the highest in the last one year.
At the end of March this year, IDLC Finance's loan, advance and lease portfolio stood at Tk9,691 crore, and liabilities at Tk12,127 crore, according to the company's financial statements.
Its consolidated earnings per share stood at Tk1.16 in the first quarter of this year, which was Tk1.13 at the same time a year ago.
Its consolidated net asset value per share stood at Tk40.12 at the end of 31 March this year.
It had paid 15% cash and 5% stock dividends to its shareholders for the last year, when its consolidated net profit was Tk211.60 crore.
