Cash-strapped Islamic bank tries to lure Nagad to deposit large sums with higher interest rates

Defending the move, the bank’s Managing Director, MD Monirul Moula told bdnews24.com that the rate is practical as the entire banking sector is grappling with cash crunch. “However, this is still an estimated ‘profit’ rate, which may fluctuate after we prepare our annual financial reports depending on whether we make an actual profit,” he added. […]

Bangladesh is ‘closely monitoring’ 5 Sharia-based banks after reports of questionable lending

Bangladesh Bank has launched new efforts to tighten surveillance on five of the country’s 10 Islamic banks following allegations of irregularities in the disbursement of large loans. Five Sharia-based banks will have to report loans of more than 10 million taka to the central bank. Governor Abdur Rauf Talukdar issued a series of instructions on […]