BSEC moves to form Islamic capital market
The Bangladesh Securities and Exchange Commission has moved to launch a separate market – Islamic capital market – in order to allow trading of Sharia-based securities in compliance with Islamic laws. The Bangladesh Securities and Exchange Commission made the announcement in a statement on Monday. BSEC officials said that Islamic capital market (ICM) would operate as a parallel market to the conventional one. Trading under the ICM would be carried out in ways that do not conflict with principles of Shariah laws, they said. To achieve the goal, the commission formed a-nine member advisory council committee to develop the market. The commission made it mandatory to form a nine-member Shariah advisory council consisting five Shariah scholars and four experts as per the Bangladesh Securities and Exchange Commission (Securities Market Shariah Advisory Council) Rules 2022. Mohammad Abdur Rashid was made chairman of the Shariah advisory council. Besides, Mufti Shahed Rahmani, Mufti Yousuf Sultan, Islamic Foundation deputy director Mufti Waliur Rahman Khan and Mawlana Shah Mohammad Wali Ullah are the five Shariah scholars. Finance and banking expert Abu Taleb, legal expert AKM Nurul Fazal Bulbul, accounting expert Md Nazim Uddin Bhuya and capital market expert Mezbah Uddin Ahmed are the four experts.
Matarbari deep-sea port to open in 2026
State Minister for Shipping Khalid Mahmud Chowdhury yesterday hoped for a part of the Chattogram port’s Bay Terminal to become operational from early 2026 while the Matarbari deep-sea port either from the middle or end of that year. He also hoped for the Chattogram port’s Patenga Container Terminal to be operational very soon as around 97 per cent of its construction was complete. He was addressing as chief guest a ceremony marking the first time a Chattogram port jetty has been able to accommodate a 200-metre vessel with a 10-metre draught. The vessel, MV Common Atlas, berthed at jetty no 1 of Chittagong Container Terminal (CCT) on Sunday afternoon.
Banks bet for deposit boost to replenish liquidity
Commercial banks have started pursuing their fresh deposit-alluring strategy as the newly monetary policy is changing the equations in the country’s banking system for uncapping interest. In the monetary policy statement or MPS unveiled Sunday Bangladesh Bank (BB), the country’s central bank, removed the deposit floor rate cap and increased banks’ lending-rate ceiling on consumer credits up to 3.0-percentage points to 12 per cent. The minimum deposit rate was the average of three months’ inflation rate, and the consumer credit refers to personal loan, and loan on car, real estate, education etc. Under such circumstances, bankers think, banks having liquidity shortfall would go for offering higher rates to grow deposits while banks with enough funds would go for lower interest rates in their deposit-driving strategy. “We’re now planning to review our deposit-attracting strategy. We’re now observing the situation,” Managing Director and Chief Executive Officer (CEO) of Social Islami Bank Limited (SIBL) Zafar Alam told the FE. Hailing the decision on withdrawing deposit floor rate and relaxing the lending-rate cap on consumer goods, he said the depositors, specially the retired persons, would get benefited in the form of getting more returns on their investment in banks. “Like the consumer credits, I think the BB can now consider lifting lending-rate cap on other areas,” the banker added.
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