Chittagong Stock Exchange (CSE) will work together with IFA Consultancy and Adl Advisory, a Malaysia-based global Shariah advisory entity, to jointly promote and develop a Shariah-compliant product segment within Bangladesh’s capital market.

To this end, CSE Managing Director M Shaifur Rahman Mazumdar IFA Consultancy founder Mufti Abdullah Masum and Adl Advisory founder Mufti Dr Yousuf Sultan signed a tripartite at a programme held at CSE’s Dhaka Office on Sunday, says press release.

The MoU emphasises the importance of Shariah-compliant financial products and services while parties’ shared commitment to advancing Islamic finance and Halal investment.

Cooperation under the MoU will include developing Shariah index advisory services for CSE, building linkages with Malaysian regulators and institutions for knowledge-sharing, supporting the creation of Shariah-compliant product platforms, and providing consultancy on fintech innovations such as crowdfunding, robo-advisory, and digital assets, in line with Islamic principles and local regulations.

CSE Managing Director M Shaifur Rahman Mazumdar has highlighted future plans for the CSE which include among others development of commodity market, separate Islamic capital market, Shariah-compliant REITs (Real Estate Investment Trusts) and other investment tools.