Bangladesh’s SBL to Soon Become a Full-Fledged Islamic Bank

The Board of Directors of Bangladesh’s Standard Bank Limited (SBL) has decided to revise the relevant clauses of the Memorandum and Articles of Association of the company for conversion into full-fledged Islamic banking, subject to approval from shareholders and the High Court Division of the Supreme Court.

According to Bangladesh’s local media, in February 2020, SBL along with NRB Global bank (NRB) received the approval of Bangladesh Bank on their proposals to convert into full-fledged Islamic banks.

With the addition of SBL and NRB, the total number of fully-fledged Islamic banks in Bangladesh rose to 10. This is in addition to the 18 conventional banks with Islamic ban...