IFIC to become Islamic bank

Bangladesh's International Finance Investment and Commerce Bank (IFIC Bank) has decided to become a full-fledged Islamic bank. The proposal has already been approved by the bank's board, and the government, being the bank’s majority shareholder, has also given clearance. The conversion is now subject to approval from different regulators. Shah A Sarwar, managing director of the bank, could not give a definite time on how long the conversion process would take. The government holds 32.75 percent of the bank, directors and sponsors 11.31 percent, institutions 33.91 percent, foreign investors 0.28 percent and the rest 21.75 percent is held by the general public.