Bangladesh’s Mercantile Bank to Commence ‘Taqwa’ Islamic Banking Operations Soon

Mercantile Bank Limited (MBL) of Bangladesh has decided to begin its Islamic banking window operations under the brand name of ‘Taqwa’ at the earliest, according to a press release published following the first meeting of MBL’s Shariah Supervisory Committee held on the 17th of May 2020.

Earlier in September 2019, the board members of MBL approved the proposal to establish its Islamic Banking arm according to local media reports. In December 2019, MBL authorities announced they had already received primary approval from Bangladesh Bank (BB), and were making plans to call for an annual general meeting to gain approval from shareholders for the move.

MBL decided to estab...