IPDC gets permission for shariah-based financing

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

According to a disclosure on the Dhaka Stock Exchange (DSE) today, IPDC said it would undertake several measures to meet the central bank’s conditions.

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The conditions include amending its Memorandum and Articles of Association, forming an independent Shariah Supervisory Committee, and establishing a separate Islamic Finance Division.

The company will also segregate Islamic funds and implement prescribed policies, an operational manual, and separate accounting arrangements, it said.

Once these conditions are fulfilled, IPDC will apply to Bangladesh Bank for final approval to commence the 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 went up 0.86 percent to Tk 35.10 today to close trading on the DSE.

As of June 30, 2026, sponsors and directors held 40 percent of the shares, the government held 21.88 percent, and the rest were owned by institutions, foreign investors, and the public, according to DSE data.