Recent media reports regarding the solvency of certain Islamic banks in Bangladesh highlight existing hurdles. For a wider investment universe to emerge, there needs to be a tide that floats the entire Islamic finance system in Bangladesh. Foremost is the credibility of Islamic banks, which is imperative to the prosperity of Shariah mutual funds
Mymensingh City Corporation Mayor Ekramul Haque and two of his family members are going to acquire Bangladesh Welding Electrodes Ltd, which is listed on the country's stock market and has been out of production for years. Ekramul, his brother Aminul Islam, and Aminul's son Samiul Haque Shafa will buy the company's sponsor-directors' entire holdings for Tk23.40 crore.
The securities regulator has banned audit firm Ahmed Zaker and Co from the stock market for collaborating with an asset management company to embezzle investors' funds. In an order issued on Wednesday, the regulator said the firm would not be allowed to audit the financial statements of any mutual funds or listed companies. The Bangladesh Securities and Exchange Commission
In another financial felony in Bangladesh, UFS Asset Management has embezzled Tk 158 crore in investors’ funds, according to a probe of the stock market regulator.