Bangladesh Bank has issued new guidelines allowing Islamic banking branches and windows of conventional banks to offer online Islamic banking services. The circular specifies that these branches must maintain separate ‘Islamic Core Banking’ software and ensure dedicated Islamic banking help desks staffed with trained personnel. Only customers of authorized Islamic banking branches or windows can conduct online financial transactions, deposits, withdrawals, and transfers through these facilities. Funds in general accounts held by Islamic banking branches cannot be used for conventional banking activities, aligning with Shariah principles. The directive, effective immediately under Section 45 of the Bank Companies Act, 1991, aims to expand Islamic banking outreach while ensuring compliance with Islamic finance standards.
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