Islami Bank Bangladesh PLC, a listed bank on the stock market, has decided to increase its authorised capital to Tk 10,000 crore from the existing Tk 2,000 crore.

The bank’s board of directors took the decision at a meeting held on Wednesday. The bank disclosed the information through the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on Thursday.

According to the disclosure, the proposed move will increase the bank’s authorised capital by Tk 8,000 crore. To implement the decision, the bank plans to amend its Memorandum and Articles of Association.

However, the proposal requires approval from the relevant regulatory authorities and shareholders before it can take effect.

The bank will convene an extraordinary general meeting (EGM) to seek shareholders’ approval for the proposed increase.

Following shareholders’ consent, the bank will need approval from Bangladesh Bank and the Bangladesh Securities and Exchange Commission (BSEC) to complete

the process.