Bangladesh’s Islamic Finance Industry to Continue to Grow Despite Challenges: Fitch
November 24, 2022 | Updated at November 24, 2022
The Islamic finance industry in Bangladesh is anticipated to continue developing over the medium term, supported by rising public demand, new branch openings, and supporting government policies, according to Fitch Ratings on the 23rd of November 2022.
Why it Matters?
Bangladesh's financial industry remains underdeveloped as asset quality, capitalisation, governance, and regulatory quality in the banking industry are poor, particularly for public-sector banks. Banking adoption is still quite low and in 2021, over 47% of Bangladesh's adult population lacked a bank account. Despite this, strong long-term growth potential is expected for Islamic finance in the country which has the fourth-largest Muslim population in the world. Bangladesh is experiencing nu...