Conversion to Islamic banking: SBL to suspend some services for 6 days
These services are batch (clearing) activity, BEFTN and digital banking (EFT), and real time gross settlement or RTGS transaction
Some services of Standard Bank Limited (SBL) will be closed for six days during its conversion from a conventional bank to an Islamic bank.
The Department of Off-sight Supervision (DOS) has issued a circular on Thursday, saying the bank has been given permission to suspend some of their activities from 6pm on December 30 to 10pm on January 4.
The services are as follows: batch (clearing) activity, BEFTN and digital banking (EFT) and real time gross settlement or RTGS transaction.
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The Managing Director and CEO of the Bank, Khondokar Rashed Maqsood, told The Business Standard, "SBL will start its new journey as an Islamic bank on the first day of 2021."
Standard Bank received approval from Bangladesh Bank to convert from a conventional bank to an Islamic bank in February, 2020.
The chairman of the bank is Kazi Akram Uddin Ahmed, former president of FBCCI and a member of Awami League Advisory Council.
