Conventional banks looking for a piece of the Islamic banking pie

Posted by on Jul 1st, 2013 and filed under ASIA, Islamic Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Most of the conventional banks in Bangladesh are increasingly becoming interested in starting Islamic banking to get more deposits. Bangladesh Bank (BB) is not, however, allowing banks to convert into Islamic banking or even open such branches because of not having a central sharia council to regulate this particular brand of banking. NCC Bank and Southeast Bank have applied to the central bank for permission to convert into full-fledged Islamic banking. Several other banks have sought permission to open Islamic banking branches. The central bank decided not to allow it until formation of a central sharia council. The norms of the Islamic banks in Bangladesh vary as each bank is following sharia rules according to their choice since sharia laws vary

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