Dhaka, March 9 -- Islami Bank Banglaesh has decided to bring in about Tk 2.45 billion in foreign investment as a strategic investment for its mobile financial service (MFS) "mCash".

It said the funds will come from "B100 Holdings LLC", an investment institution in the United States.

The decision to take the investment was made at the bank's board of directors meeting on Sunday and it announced the decision to investors through the Dhaka Stock Exchange (DSE) on Monday.

The bank said that through the investment, the capital of the subsidiary company mCash will increase to Tk 5 billion.

According to Bangladesh Bank rules, 51 percent ownership of mobile banking services must remain with commercial banks.

Islami Bank said the foreign inst...