Dhaka: The Bangladesh Bank is introducing a Dual Banking System to expand customers' access to both conventional and Shariah-based Islamic banking services according to their religious and financial needs and to further integrate the country's financial sector with the international Islamic finance system. Finance Minister Amir Khosru Mahmud Chowdhury disclosed this today while replying to a written question from Syed Zainul Abedin, a Jamaat-e-Islami lawmaker from Dhaka-4, in the Jatiya Sangsad.
According to Bangladesh Sangbad Sangstha, the finance minister stated that Bangladesh Bank has already taken steps to introduce the dual banking system to expand customers' options to choose between conventional and Shariah-based Islamic banking services. He emphasized that the government has also initiated efforts to strengthen Bangladesh's integration with the international Islamic finance system.
The minister revealed that as of June 30, the Bangladesh Bank had approved 1,699 branches for full-fledged Islamic banks. Out of these, 1,074 branches are situated in urban areas, while 625 are in rural locations. Islami Bank Bangladesh PLC operates 400 branches, Al-Arafah Islami Bank PLC has 226, Shahjalal Islami Bank PLC runs 141, Standard Islami Bank PLC has 138, and Sammilito Islami Bank PLC operates 761 branches.
Within the 761 branches of Sammilito Islami Bank PLC, 206 belong to First Security Islami Bank PLC, 181 to Social Islami Bank PLC, 155 to EXIM Bank PLC, 114 to Union Islami Bank PLC, and 105 to Global Islami Bank PLC. Additionally, ICB Islamic Bank manages 33 branches under the arrangement.
The finance minister also noted that 35 conventional banks currently offer Islamic banking services through 75 dedicated Islamic banking branches and 1,102 Islamic banking windows. Furthermore, two additional conventional banks have received approval to commence Islamic banking operations. The minister reiterated that the government has been making continuous efforts to further expand the scope of the dual banking system since taking office.