IDLC Finance, a listed company, has decided to commence shariah-compliant business to diversify its operations.
The company's board of directors has taken the decision of providing shariah compliant services in a meeting held recently.
To commence the shariah compliant business, the company will open a separate wing.
Asked, a senior official of the IDLC Finance said around 25 per cent clients who prefer shariah services are presently out of the company's existing services.
"That's why, our company has decided to introduce shariah compliant business. The operations of our company will also be diversified at this," the official said.
He said their company will provide short term and long term financing through shariah operations.
"Our company is trying to commence shariah compliant business soon subject to the approval of the central bank," the official said.
IDLC Finance, presently an 'A' category company, was listed with the stock exchanges in 1992.
The company's sponsor-directors hold 56.66 per cent shares, institutes 25.64 per cent, foreigners 3.74 per cent and general shareholders 13.96 per cent as on April 30, 2021.
Of the listed financial institutions, Islamic Finance & Investment has been conducting sharaih business operations since inception.
Apart from Islamic Finance, Bangladesh Finance is the first one which started shariah compliant business beyond conventional business operations in January, 2022, said an official of the Bangladesh Finance.
© 2024 - All Rights with The Financial Express
