IslamicFinance.de

The Central Bank of Suriname has granted the Trust Bank a licence to commence Islamic banking. Trust Bank plans to be in operation by the first quarter of 2017. A year ago, Trust Bank signed an advisory services agreement with the Islamic Corporation for the Development of the Private Sector (ICD), to support its conversion into Islamic compliant operations. CEO of Trust Bank, Maureen Badjoeri said that Trust Bank wants to facilitate SMEs in more ways than just financially. With this approach, SMEs will be able to start-up or expand production of goods and services with a spin-off in job creation, trade, export and adding to GDP growth. With the Trust Bank closer to reality, Suriname may emerge as a hub for Islamic banking and finance in the region.

Suriname's Trust Bank plans to complete a conversion of its operations to Islamic banking by the end of this year, becoming the first full-fledged Islamic bank in South America. CEO Maureen Badjoeri said the bank aims to expand financing to small businesses and build stronger commercial links with Muslim countries. The advisor of the coversion is the Islamic Corporation for the Development of the Private Sector (ICD), which may also take a strategic stake in the bank after the transition is completed.

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.