Bank Asia starts Musharaka financing
Tuesday, 12 January 2010
FE Report
Bank Asia Limited started Musharaka financing through its Islamic Banking Division, said a press release.
Musharaka is a mode of finance, where two or more parties participate in a business with joint contribution to capital. Profit of the business is shared as pre-agreed ratio and genuine loss, if any, is borne as per equity.
Bank Asia has initiated Musharaka through financing Noor Enterprise, a client of its Islamic wing of Uttara Branch.
President and Managing Director (MD) of the bank Erfanuddin Ahmed handed over the payment order of the first disbursement of Musharaka finance to Proprietor of Noor Enterprise Md Mofazzal Hossain at a function at the bank's corporate office in the city recently.
Also present at the function were Bank Asia Deputy Managing Director (DMD) SM Khorshed Alam, Senior Executive Vice-president (SEVP) Irteza Reza Chowdhury, First Vice-president (FVP) and head of Investment Risk Management (Islamic Banking Division) AKM Mizanur Rahman, and First Assistant Vice-president (FAVP) and In-charge of Islamic Window, Uttara Branch ABM Burhan Uddin.
At the initial stage, the bank will finance upto Tk 1.0 (one) million per client under the Musharaka financing to facilitate SME sector through its Islamic Banking operations.
Bank Asia is the first among the conventional banks operating Islamic Banking activities in Bangladesh, which is operating Musharaka financing.
Bank Asia Limited started Musharaka financing through its Islamic Banking Division, said a press release.
Musharaka is a mode of finance, where two or more parties participate in a business with joint contribution to capital. Profit of the business is shared as pre-agreed ratio and genuine loss, if any, is borne as per equity.
Bank Asia has initiated Musharaka through financing Noor Enterprise, a client of its Islamic wing of Uttara Branch.
President and Managing Director (MD) of the bank Erfanuddin Ahmed handed over the payment order of the first disbursement of Musharaka finance to Proprietor of Noor Enterprise Md Mofazzal Hossain at a function at the bank's corporate office in the city recently.
Also present at the function were Bank Asia Deputy Managing Director (DMD) SM Khorshed Alam, Senior Executive Vice-president (SEVP) Irteza Reza Chowdhury, First Vice-president (FVP) and head of Investment Risk Management (Islamic Banking Division) AKM Mizanur Rahman, and First Assistant Vice-president (FAVP) and In-charge of Islamic Window, Uttara Branch ABM Burhan Uddin.
At the initial stage, the bank will finance upto Tk 1.0 (one) million per client under the Musharaka financing to facilitate SME sector through its Islamic Banking operations.
Bank Asia is the first among the conventional banks operating Islamic Banking activities in Bangladesh, which is operating Musharaka financing.