IPDC gets nod to open Islamic wing

Bangladesh Bank has given IPDC Finance permission to launch shariah-based financing business through a newly formed “Islamic Finance Wing”, subject to the fulfilment of stipulated terms and conditions.

In a disclosure to the Dhaka Stock Exchange (DSE) yesterday, IPDC said it would take several steps to meet the central bank’s requirements. The company will amend its Memorandum and Articles of Association, form an independent Shariah Supervisory Committee and set up a separate Islamic Finance Division.

Tap here to add The Daily Star as a trusted source

It will also keep Islamic funds separate and introduce the required policies, an operational manual and separate accounting arrangements, it said.

After meeting all the conditions, IPDC will apply to Bangladesh Bank for final approval to start its Islamic Shariah-based financing business.

The move comes at a time when Islamic banking continues to expand across the country.

As of March 2026, 10 full-fledged Islamic banks operated 1,700 of the 11,422 branches system-wide, according to Bangladesh Bank data.

A further 49 Islamic branches of 17 conventional banks and 976 Islamic windows of 21 conventional banks provided Shariah-based financial services.

IPDC Finance reported a 37.6 percent year-on-year rise in net profit after tax to Tk 20.7 crore in the first six months of 2026, driven by higher net interest income, increased investment earnings, and prudent cost management, according to its financial statements.

Shares of the company rose 0.86 percent to Tk 35.10 yesterday on the DSE.As of June 30, 2026, sponsors and directors held 40 percent of the company’s shares, while the government held 21.88 percent. The remaining shares were held by institutions, foreign investors and the public, according to DSE data.