The foreign bank now offers services such as current account, personal finance and auto finance in compliance with the Islamic Shariah.

Besides, customers under the scheme will also get the regular banking services including online banking, evening banking, ATM services, 24-hour call centre, Bills Pay services, e-statement and SMS banking.

Osman Morad, CEO of Standard Chartered Bank, Bangladesh, inaugurated the Islamic banking centre.

Speaking on the sidelines of the inauguration ceremony, Morad told The Daily Star that the products have been designed in compliance with the Shariah to serve the clients.

He also said the Islamic banking products of StanChart are not based on conventional interest rules, which prevail in traditional banking.

Speaking on the expansion of the services, he said based on the outcome of these consumer products, the bank may introduce wholesale products, which include trade finances.

Afaq Khan, head of Islamic Banking of Standard Chartered Bank, Dubai, told this correspondent that as a part of the group's strategy to develop Shariah-approved financial solutions, the Islamic banking has been launched here and will be launched in other Muslim countries.

Usually the bank offers Islamic services in two categories -- wholesale and consumer. In Bangladesh, services under the consumer category have been launched.

The services are also available in Malaysia, Indonesia, the UAE, and Pakistan.

Instead of transferring loan amount to the accountholders' accounts, the bank will buy the product on behalf of the clients after signing murabaha and musharaka agreements, according to the officials.

The amount of Islamic personal finance will range from Tk 60,000 to Tk 10,00,000 for which no cash collateral will be required.

The Islamic auto finance is extended to the clients for purchasing new, reconditioned or used cars. Buyers will get 75 percent of the car value with a maximum total of Tk 40,00,000 under this scheme in musharaka mode.

Although the banking centre is located at Gulshan, accounts can be operated from any of the branches of the bank in Bangladesh, the bank officials said.