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Bangladesh: Separate fund market for Islami banks

Posted on 03 January 2012

The central bank has decided to form a separate fund market for the Sharia-based banks, financial institutions and the Islami banking branches of scheduled banks. A Bangladesh Bank circular on Tuesday said that Sharia-based banks will be able to conduct transactions in the Islamic Interbank Fund Market (IIFM).
Under the arrangement, IIBF will act as a custodian of the banks’ excess liquidity, which they will be able to hand over on a daily basis. All transactions will be based on Mudaraba………………………………………..Full Article: Source

 
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