The NRB Global Bank and the Standard Bank Limited are starting the new year as full-fledged Islamic banks.
The Department of Banking Regulation and Policy (BRPD) of the Bangladesh Bank issued a circular in this regard signed by Deputy Governor Kazi Sayedur Rahman on Thursday.
In February this year, the central bank approved the transformation of the banks into Islamic banks.
From the first day of the new year, the name of NRB Global Bank will be Global Islamic Bank. The bank, launched in 2013 as a fourth-generation bank, has 80 branches, 25 sub-branches and 78 ATM booths across the country. Expatriate Bangladeshi Nizam Chowdhury is acting as the chairman of the bank.
Standard Bank Limited was incorporated as a public limited company on 11 May 11, 1999, under the Companies Act, 1994. The chairman of the bank is Kazi Akram Uddin Ahmed, former president of the Federation of Bangladesh Chambers of Commerce & Industries and chairman of the Awami League's sub-committee on industry and commerce.
Including these two banks, 10 Islamic banks are operating in the country at present. Besides, conventional banks have about 80 branches and windows for Islamic banking services.
About a quarter of bank deposits and loans are controlled by Islamic banks. A significant portion of remittances come through Islamic banks.