Suriname's Trust Bank plans conversion to Islamic banking

Suriname's Trust Bank will convert its operations to become a full-fledged Islamic bank, after it signed an agreement with the private sector arm of the Islamic Development Bank to advise on the transition. Trust Bank would become the first full-fledged Islamic bank in South America. The lender, which decided on the transition in June, is implementing a strategy focused on small- and medium-sized businesses and adopting Islamic finance principles would support this aim, Chief Executive Maureen Badjoeri said. Suriname is the only country from the Western hemisphere to be a member of the IDB group. It has received financing from the IDB worth a combined $149 million for 18 projects.