Islamic Bank Focuses on Shariah Compliance

Meghna Bank PLC recently entered an MoU with Ship International Hospital at its Dhaka Head Office. The multi-specialized private hospital, operating under Japanese management, will offer exclusive year-round discounts on registrations to all Meghna Bank cardholders and employees.

Modhumoti Bank Limited presented a Tk. 120 million cheque to the Bangladesh Red Crescent Society, Dhaka city unit during its 51st Annual General Meeting. The contribution, part of the bank's CSR program, was handed over at the Holy Family Red Crescent Medical College Auditorium, Dhaka.

Agent banking is gaining popularity in Bangladesh, with 86.14% of customers residing in rural areas, as per the latest Bangladesh Bank report. The total agent banking accounts reached 20.68 million by the end of September 2023, and the majority, 86.14%, belonged to villagers.

The Bangladesh Bank has instructed banks to provide details on defaulted loans of candidates contesting the upcoming national elections to the Election Commission. The national polls are scheduled for January 7, and the Financial Institutions Division of the Finance Ministry issued a circular on November 28, which the central bank forwarded to banks.

Microfinance institutions, Grameen Bank, and government entities in Bangladesh collectively disbursed Tk 2,85,757 crore in microcredits by June 2023. MRA-licensed MFIs led with Tk 2,49,302 crore in loans, showing a notable increase from previous years.

In Bangladesh, 61 individuals declared bankrupt in the last decade, owing a combined Tk3,000 crore to banks, managed to obtain stays on their judgments from the Supreme Court. Despite the Bankruptcy Act of 1997 overseeing around 800 cases in bankruptcy courts, loopholes in the law allow defaulters to seek High Court stays, hindering legal actions for debt recovery.