NRB Global Bank Renamed as Global Islami Bank; Switches to Full-Fledged Shariah-Based Islamic Banking Operations

Bangladesh-based NRB Global Bank (NRB) has been renamed as Global Islami Bank and has switched to full-fledged Shariah-based Islamic banking operations at the start of 2021, according to local media reports.

The Islamic banking service commenced operations on the 3rd of January 2021, given that the first two days of the new year were government holidays.

Prior to this, the fourth-generation bank provided Islamic banking services along with conventional banking services through the launch of Islamic Banking windows among existing branches.

NRB received approval from Bangladesh Bank in February 2020 to become a fully-fledged Islamic bank amid the growing popularity of Shariah-based banking in Bangladesh. NRB has been finalising preparations for the conversion...