BB to appoint administrative teams

The five banks slated for consolidation are First Security Islami Bank, Union Bank, Global Islami Bank, Social Islami Bank and Exim Bank.

Says Moody’s, warns solvency, governance and reporting rules to deepen challenges

The reviews, initiated in January with backing from the ADB, expose deep-seated financial mismanagement at those banks

Depositors continued to move their funds out of full-fledged Islamic banks in the October-December period last year, a sign that many savers have yet to regain confidence in the Shariah-compliant banks due to alleged irregularities.

Islamic banks’ liquidity coverage ratio (LCR) tumbled to 58.7 percent at the end of last year compared to 87.7 percent in 2022 and 188.5 percent in 2021.

Islamic banks' outstanding loans rise by 1.43%, deposits 1.27% in February than January