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IPDC Finance has received in-principle approval from Bangladesh Bank to launch Shariah-based financing through an Islamic Finance Wing, subject to fulfilling regulatory requirements.
In a disclosure on Sunday, the non-bank financial institution said it would take the necessary steps to meet the central bank’s conditions, including amending its Memorandum and Articles of Association and forming an independent Shariah Supervisory Committee.
IPDC will also establish a separate Islamic Finance Division, segregate Islamic funds and introduce separate accounting arrangements, along with prescribed policies and an operational manual.
After meeting all stipulated conditions, the company will apply to Bangladesh Bank for final approval to commence Islamic Shariah-based financing operations.
The initiative will enable IPDC Finance to offer Shariah-compliant financing products alongside its existing conventional financing business.