Islamic Finance unveils new logo

The government should formulate shariah law to regulate the fast growing Islamic banking and financing in Bangladesh, said Abul Quasem Haider, chairman of Islamic Finance and Investment Ltd (IFIL).

It will be difficult for the regulator to ensure discipline and expansion of Islamic financing without the shariah law, he said.

He spoke at the launch of IFIL's new logo at Hotel Purbani International in the capital yesterday.

The non-bank financial institution that started its journey in 2001 changed the logo to rebrand itself, according to Haider.

He said the company has six branches across the country and an investment of Tk 1,000 crore.

“We will raise our investment to Tk 2,000 crore in the next two years.”

Islamic Finance declared handsome dividends at the time when the banking sector was hit hard by corruption, he said.

IFIL declared 14 percent dividend last year and it would give more dividend in the coming year, he said.

The company has gone through internal restructuring with special focus on human resource and risk management, said AKM Shahidul Haque, managing director of IFIL.

Haque said the company has also taken steps to buy a brokerage house to increase its participation in the stockmarket.

Afzalur Rahman, vice chairmen, was also present.