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Bangladesh Bank has issued new guidelines for reporting data on Islamic financial transactions by Islamic banks and Islamic finance companies operating in the country.
The directive was issued on Sunday by the Islamic Banking and Financial Database Unit of the central bank’s Statistics Department.
The instructions apply to all Islamic banks, Islamic banking branches and windows, Islamic banking branches and windows of conventional banks, and branches and windows of Islamic finance companies.
According to the directive, a new guideline has been prepared for reporting monthly data on Islamic financial transactions collected from Islamic banks and finance companies. The data template used under the guideline has been modified, expanded and restructured in several areas, with some data fields added or removed.
Under the new guideline, all Islamic banks, Islamic banking branches and windows of conventional banks, and branches and windows of Islamic finance companies must submit data on their Islamic financial transactions for each month by the 15th of the following month in the prescribed format.
The central bank has also introduced a transitional arrangement for submitting data under the new system.
Data for September, October and November this year must be submitted using the existing data template as well as the new data template prepared under the revised guideline.
From December onwards, all monthly data must be submitted only through the new data template in accordance with the revised guideline.
The directive said Islamic banks’ branches and windows must submit the relevant data through files named “STD_IBFD_monthname_BankCode”, while branches and windows of Islamic finance companies must use files named “STD_IBFD_monthname_FinComCode”.
The new directive is applicable to all relevant Islamic banks, Islamic banking operations of conventional banks and Islamic finance companies operating in Bangladesh.
The revised system is expected to establish a uniform structure for collecting and presenting monthly data on Islamic banking and Islamic financial transactions. The new data template will also allow relevant transaction information to be submitted to Bangladesh Bank in a more structured manner through the addition, removal and restructuring of data fields.
