Social Islami Bank PLC stands out among crisis-hit banks with no “untraceable” loans, a factor that will catalyse its swift recovery, according to M Sadiqul Islam, the new chairman of the Shariah-based lender.

When most non-bank financial institutions (NBFIs) in Bangladesh are in hot water with high ratios of non-performing loan (NPL), a handful have been successfully able to keep the rate low.

Moody’s has downgraded Bangladesh’s banking sector to “very weak” from “weak”, citing worsening client confidence, limited transparency and inadequate financial safeguards over the past year.

“Depositors kept their hard-earned money in banks so efforts will continue in order to ensure that deposits are unaffected,” he added.

Of the traded shares, 213 advanced, 89 declined, and 67 remained unchanged

The letter and Saiful Alam’s threat to pursue international arbitration mark his most serious pushback yet against Bangladesh’s interim government.

The Bangladesh Association of Banks (BAB), the private bank owners’ forum, will work with the central bank governor and the finance adviser to rejuvenate the banking sector, weakened under 15 years of Awami League rule, said its new chairman Abdul Hai Sarker.

Steelmakers in Bangladesh have placed a five-point demand to the interim government, which includes accelerating infrastructure development projects, to address ongoing challenges in the industry..“The government needs to intensify its development efforts to resolve the economic crisis tha

The defaulted loan figure is set to double as the Bangladesh Bank is set to tighten the classification rules for all types of loans by March next year to meet the International Monetary Fund’s loan conditions.

The government has permitted the import of 18.80 crore eggs through 42 designated firms to boost supply of the key source of protein in the local market and help contain rising prices.

The new shipping route directly linking Karachi and Chattogram has opened new horizons for Bangladesh’s foreign trade, Chittagong Port Authority (CPA) Chairman Rear Admiral SM Moniruzzaman said yesterday.

The interim government’s decision to repeal the Cyber Security Act (CSA) of 2023 signals a commendable commitment to civil liberties but raises critical concerns about the country’s readiness to combat escalating cyber threats. Bangladesh now faces the dual challenge of protecting individual freedoms while ensuring robust defences against cybercrimes like hacking, cyberterrorism and data breaches.

Chittagong Port Authority (CPA) is preparing to float an open tender to appoint a temporary operator for New Mooring Container Terminal (NCT) of the Chattogram port until a foreign one is entrusted with the role.

Shariah-based Union Bank yesterday sacked 262 of its staff, with some of its officials alleging that their appointments were based on directives of Mohammed Saiful Alam alias S Alam bypassing due procedures.

The Bangladesh Securities and Exchange Commission (BSEC) has sought detailed information, including portfolio statements, of 117 beneficiary owner (BO) accounts with which the owners of Beximco Ltd are allegedly involved.

Five scheduled banks have received the nod from the Bangladesh Securities and Exchange Commission (BSEC) to raise a total of Tk 2,000 crore to strengthen their capital base by issuing bonds.

Moody’s downgrade of Bangladesh’s economic outlook from stable to negative is expected to have limited immediate impact on the economy, but may affect international trade for banks, leading to higher costs for letters of credit (LCs) and more stringent reviews of private sector credit, experts stated.

Bangladesh is losing $355 million in tax annually because of outward profit shifting by the corporates, particularly multinational firms, and abuses by individuals who have wealth, especially in tax havens.

Young entrepreneurs in the pipe and tube-well industry of Bangladesh have urged the interim government to address bottlenecks that are hindering their investments and operations..They made this plea at a “views exchange for facilitating business among youths”, organised by the Bangladesh P

In July last year, the price of gold crossed the Tk 1 lakh mark for the first time in Bangladesh.