DSE, Prime Bank Investment sign deal to share data on Shariah index

Prime Bank Investment Ltd (PBIL) has signed an agreement with the Dhaka Stock Exchange (DSE) for sharing data on the shariah-compliant index of the country's premier bourse.

ATM Tariquzzaman, managing director of the DSE, and Syed M Omar Tayub, managing director and CEO of PBIL, inked the deal at the DSE Tower in Nikunja, Dhaka recently, said a press release.

Under the terms of the agreement, the DSE will provide PBIL with the shariah-compliant stock list in a collaboration aimed at fostering transparency, integrity and compliance with shariah principles.

"This strategic collaboration is anticipated to set a precedent in the capital market, opening new avenues for shariah-compliant investments and reflecting the commitment of both institutions to drive positive change in the market ensuring investor's protection and regulatory compliance," said Tariquzzaman.

"We see immense potential for shariah-based products in the Bangladesh capital market given that our country is predominantly Muslim. Additionally, a noteworthy 25 percent of deposits in the banking sector is constituted by shariah-based deposit instruments," said Tayub.

Among others, Khairul Bashar Abu Taher Mohammad, chief regulatory officer of the DSE, Mohammed Mahfuzur Rahman, head of index management, and Khandoker Raihan Ali, chief operating officer of PBIL, along with other high officials from both organisations were present.