Islamic Banks’ Deposits in Bangladesh Surpass BDT 4 Trillion for the First Time as at June End 2022

Deposits into Islamic banks in Bangladesh totalled BDT 4.12 trillion (USD 43 billion) at the end of June 2022, witnessing a 12% increase from 3.68 trillion (USD 38 billion) in the same period in 2021, as per the quarterly report by Bangladesh Bank, the country’s Central Bank.

Why it Matters?

Ten fully functional Islamic banks are now active in the banking sector. Islamic financial services are also offered through the 45 Islamic banking branches of nine conventional commercial banks and 480 Islamic banking windows of thirteen conventional commercial banks. Despite the fact that Islamic banking activities are expanding, the Central Bank maintains that Islamic banks are still unable to meet demand. The banks are urged to broaden the reach of their...