The severe liquidity crunch-hit Islami Bank Bangladesh Ltd or IBBL has offered mobile financial service Nagad to provide an 8 percent interest rate against a large cash deposit. A letter to that end was sent to Nagad earlier this week, according to officials of both financial institutions. As IBBL follows Shariah-based banking regulations, the institution terms interest rate as ‘profit’, which is determined after the finalisation of the annual financial report. The bank, which used to be known as the most profitable private commercial bank for decades, is facing a serious liquidity crisis of late since the news of the financial irregularities and loan debacles came to light a couple of months ago.

Source: bd News24 December 28, 2022 03:38 UTC