Standard Bank Transitions to Fully-Fledged Islamic Bank; Operations Entirely Based on Shariah Principles

Bangladesh-based Standard Bank Limited (SB) has become a fully-fledged Islamic bank with effect from the 1st of January 2021, to be operated entirely based on Shariah principles, according to local media reports.

SB’s bank authorities organised a virtual prayer meeting on the 3rd of January 2021 to mark the inauguration of the Islamic bank.

Earlier on the 29th of December 2020, SB obtained confirmation from the central bank of the country, Bangladesh Bank (BB), to conduct its operations on a fully Shariah basis. SB’s operations were temporarily shut-down in order to assist with the completion of the transition process from conventional banking to Islamic banking, according to a BB notice, with services remaining closed from the 30th of December 2020 unti...