FE Report

The Dhaka Stock Exchange (DSE) is planning to introduce an 'Islamic Shariah Index' to increase investment of Islamic Shariah-based banks in the stock market, official said.

DSE president and coordinator of the Stock Market Coordination Committee Rakibur Rahman said this after a meeting of the committee at the DSE board-room Thursday.

Convener of the committee and president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akram Uddin Ahmed chaired the meeting.

DSE senior vice-president Ahmad Rashid, director Md Shajahan, Investment Corporation of Bangladesh (ICB) managing director Md Fayekuzzaman, Association of Bankers, Bangladesh (ABB) chairman Mohammed Nurul Amin, and Islami Bank Bangladesh Limited chairman Professor Abu Nasser Muhammad Abduz Zaher, managing director Mohammad Abdul Mannan and chairman of its executive committee Md. Eskander Ali Khan were also present at the meeting.

"We have held a meeting with the representatives of Islami Bank Bangladesh for preparing a guideline to introduce the proposed 'Islamic Shariah Index'. We will also form a committee in near future in this regard," said Rakibur.

"Islami Bank is the biggest bank in our country. If they enter the stock market, the market will be more vibrant."

He also informed that the DSE is also talking with the Standard and Poor's (S&P) for introduction of the new index.

Earlier, on January 30, a 10-member special committee was formed with the representatives of the FBCCI, the ABB, the Bangladesh Insurance Association (BIA), the Bangladesh Association of Publicly Listed Companies (BAPLC) and the Bangladesh Merchant Bankers Association (BMBA) to bring stability in the volatile stock market.