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Governed by Sharia principles, Islamic finance differs significantly from conventional banking. It is expanding rapidly beyond the MENA region from which it originated, and with the aid of technology, Islamic financial institutions are offering market-leading products and services compliant with Sharia law to an increasing customer base.
Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead
Non-performing loans (NPLs) in Bangladesh’s banking sector hit a new record in June as withdrawal of a relaxed central bank policy, slowdown in business sales and deliberate non-payments pushed up the volume of bad loans to Tk 1,56,039 crore, central bank data showed.
The Bangladesh Bank is going to take a raft of policy measures to tackle inflationary pressure, volatility in the foreign exchange market and growing non-performing loans (NPLs) and give a much-needed boost to the forex reserve.
Bangladesh is expecting another $250 million in budget support from the World Bank after the government fulfilled the conditions laid out for the funding.