AB Bank Introduces New Islamic Banking Service

The International Monetary Fund (IMF) has called for immediate action to accurately estimate and reduce Bangladesh's non-performing loans (NPLs), which threaten the country's financial stability. Chris Papageorgiou, IMF Mission Chief for Bangladesh, emphasized that NPLs—unpaid loans—restrict the availability of funds for new lending, posing significant risks to the financial system.

Walton Digi-Tech Industries Limited, a subsidiary of the Walton Group, has introduced the ‘arc’ Solar Hybrid IPS, which provides an environmentally friendly, renewable, and affordable power supply. This system harnesses both solar energy and the national grid through a smart inverter, ensuring uninterrupted power backup while reducing electricity costs by up to 20%.The ‘arc’ Solar Hybrid IPS is available in five models ranging from 1,200 watts to 5,500 watts, as well as inverter and battery packages.

Former Samabaya Bank chairman Mohiuddin Ahmed is implicated in the disappearance of over 13,000 bhori of gold that borrowers deposited as collateral with the state-run bank. A case filed by the Anti-Corruption Commission (ACC) indicates that 5,803 bhori were deposited by Narayanganj Cooperative Credit Limited and 7,398 bhori by 2,316 individual borrowers.

Prime Bank PLC recently signed a payroll agreement with Northern Corporation Ltd. at the bank’s corporate office. Under this agreement, Northern Corporation employees will enjoy preferential banking services from Prime Bank, including credit card and loan facilities, along with automated salary processing via the Prime Pay digital portal for seamless salary and corporate payments.

Businesses in Bangladesh are increasingly concerned about bank loan interest rates reaching 14%, fearing that double-digit rates will raise operational costs and diminish profitability. During a seminar hosted by the Dhaka Chamber of Commerce & Industry, leaders emphasized that no country can thrive under such high-interest conditions, which deter foreign direct investment (FDI) and hamper employment generation.

Small entrepreneurs play a significant role in keeping the economy active, with the highest loan repayment rates among micro-loan recipients. The micro, small, and medium-sized enterprises hold 22% of loans, totaling BDT 203,930 crore. Middle-income earners, who take loans of up to BDT 1 crore for homes and cars, account for 5.63% of loans, amounting to BDT 89,844 crore.