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ISLAMIC BANKING | Staff Reporter, Singapore

Bangladesh's Standard Bank converts operations to a full Sharia'h bank

This makes it the 10th Islamic bank in the country.

Standard Bank Limited in Bangladesh will be operating as a full Sharia’h bank beginning January 2021, according to managing director and CEO Khondoker Rashed Maqsood.

The central bank, Bangladesh Bank, gave its consent in February 2020 to convert its operations to an Islamic Bank. Upon conversion, SBL will be the 10th Islamic bank in Bangladesh.

Islamic banking has reportedly been growing vigorously in Bangladesh, according to Md. Touhidul Alam Khan, additional managing director and chief risk officer of Standard Bank Limited, Bangladesh. Islamic banks now make up around one-fourth of investment, deposit and remittances of total banking operations in the country, Khan said.

“Though there were the challenges in overall banking sector due to the COVID-19 pandemic, the overall Sharia’h based banking growth was comprehensive and optimistic in the year 2020 compared to conventional banking model in the country,” he added.

SBL was incorporated more than 20 years ago as a public limited company and started its banking operations under a conventional method. The bank now has over 138 branches throughout the country.

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