Regulatory Alerts2014-09-18
Added · Updated
BRPD Circular No. 13: Islamic Refinance Fund for Agro-processors, Small Enterprises, Renewable Energy and Environment-friendly Ventures
The document establishes an Islamic Refinance Fund Account at Bangladesh Bank, allowing Islamic banks and financial institutions to invest excess cash reserves for three-month renewable terms, which qualify as approved assets for Statutory Liquidity Requirement. These institutions may obtain refinancing against their financing to Agro-based Product Processing Industries, Small Enterprises, and Renewable Energy and Environment-friendly Ventures, with profit rates capped at the lower of the applicant's mudaraba savings account rate or 5%. Repayment is due at the end of each quarter, with arrears adjusted by debiting the institution's current account, and the circular takes immediate effect.
More like this from BB
BB published 33 documents in the last 30 days. We email you each new one the day it's published.