Dhaka, March 31 -- A financial instrument once celebrated as a milestone in Bangladesh's Islamic finance market is now shadowed by uncertainty.

Beximco's flagship Sukuk, which is Bangladesh's first privately placed Islamic bond, is approaching maturity amid mounting concern over whether investors will recover the Tk 30 billion committed to the issue, much of it by institutions that say they were effectively pushed into the investment.

The bond is due to mature in December 2026. If the principal is not repaid before then, banks may come under renewed pressure to raise deposits to meet obligations to their own customers.

Against this backdrop, analysts in the banking sector are weighing two possible paths to salvage the investment: exten...