National Credit and Commerce (NCC) Bank has received in-principle approval from Bangladesh Bank to convert 20 conventional branches into full-fledged Islamic banking outlets.
The central bank gave the approval through a letter on Monday, subject to compliance with prescribed terms and conditions, the bank said in a statement on Wednesday.
The conversion will be carried out under Clause-C of Bangladesh Bank’s guidelines governing conversion of conventional banking operations into Islamic banking. NCC Bank said it would take all necessary measures to comply with the conditions.
Banks in Bangladesh continue to expand Shariah-based services to meet growing demand from customers seeking Islamic financial products.
NCC Bank shares, with a face value of Tk10, closed 0.65 per cent lower at Tk15.20 on the Dhaka Stock Exchange on Wednesday.
