Dhaka, Bangladesh (BBN) – The central bank of Bangladesh has asked Islamic banks and financial institutions to participate in its newly introduced Shariah-based refinancing scheme, officials said.
The advice came at a meeting with the senior executives of the Islamic banks and non-banking financial institutions (NBFIs) held at the central bank headquarters in Dhaka on Thursday with Deputy Governor of the Bangladesh Bank (BB) Abul Quasem in the chair.
At the meeting, the central bank assured the Islamic banks and NBFIs that it would provide extra fund in the scheme if necessary.
“The central bank wants the excess funds of Islamic banks and NBFIs will be utilized in the priority sectors including agriculture and eco-friendly green projects through introduction of the scheme,” a BB official told BBN in Dhaka.
Five Islamic banks have already deposited BDT 3.75 billion with the BB’s newly opened account for introducing the refinancing scheme exclusively for Sharia-based banks and NBFIs.
Currently, eight Islamic banks and two NBFIs are running their businesses across the country.
The central bank has already issued necessary directives and guidelines to run the refinancing scheme properly.
BBN/SSR/AD-17Oct14-11:26 am (BST)
