The regulatory body Bangladesh Bank has lifted the obligation of 100 percent margin for opening LCs of 6 Sharia-based banks.
The central bank informed the banks of this information in a letter on Thursday (December 5).
The banks are Islami Bank Bangladesh PLC, Social Islami Bank, First Security Islami Bank, Union, Global Islami and Bangladesh Commerce Bank.
These banks were under the control of controversial businessman S Alam’s group during the previous government.
Until now, when these banks opened LCs, they had to keep a margin of 100 taka against a 100 percent LC, 100 taka. Now, according to the general rules, the margin can be determined based on the bank-customer relationship.
