Islami Bank postpones onboarding of US investor in mCash
The bank's board decided to postpone the earlier decision on onboarding B100 Holdings LLC until necessary due diligence and regulatory clearances are completed.
Islami Bank Bangladesh has decided to postpone its earlier decision to bring a US-based firm as a strategic investor in its mobile financial services subsidiary, mCash Ltd.
The decision was taken at the bank's 396th board meeting held on 12 March at its head office in Dhaka.
According to a disclosure, the board reviewed the progress of the proposed strategic investment involving B100 Holdings LLC as a strategic equity investor in mCash.
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After deliberations, the board decided to postpone the earlier decision on onboarding B100 Holdings LLC until necessary due diligence and regulatory clearances are completed.
Following the postponement announcement, the bank's share price dropped 2.76% on the Dhaka Stock Exchange, reaching Tk42.30.
Earlier, the board of Islami Bank had approved in principle a proposal to bring the New York-based B100 Holdings as a strategic partner in mCash in order to strengthen the platform's capital base and expand its digital financial services.
Under the proposal, the paid-up capital of mCash was planned to be increased in phases to Tk500 crore. Islami Bank would retain at least 51% ownership of the subsidiary, while B100 Holdings could acquire up to 48.99% of shares through subscription, subject to approval from the mCash board and relevant regulators.
According to regulations of Bangladesh Bank, commercial banks must hold a minimum 51% stake in mobile financial service providers. Islami Bank said it would comply with the requirement while allowing the foreign investor to hold up to 48.99% of shares.
Based on the proposed capital structure, B100 Holdings could invest nearly Tk245 crore in the company.
According to the New York company registry, the firm was established on 22 December 2025 in New York. Arman Chowdhury is listed as its co-founder and chairperson.
Online information indicates that Arman Chowdhury has been serving as national executive director of the Muslim Ummah of North America since 2021 and is also associated with New York's Baitul Mamur Masjid and Community Center as its president.
According to the company's website, B100 Holdings aims to invest in Bangladesh's economic infrastructure by supporting 100 large business enterprises through institutional capital, governance frameworks and operational expertise.
Islami Bank launched the mCash service in December 2012 and operated the platform directly through its own infrastructure for more than a decade. In January this year, the bank spun off the service into a separate subsidiary to strengthen governance and attract external investment.
The newly formed mCash Ltd has an authorised capital of Tk1,000 crore and an initial paid-up capital of Tk50 crore.
