Central Shariah Board for the Islamic Banks organized a views-exchange meeting with media parsons in Dhaka on October 28, 2017. Photo: BBN
Dhaka, Bangladesh (BBN) - Bangladesh’s leading experts have urged the government to introduce a separate and comprehensive act for regulating and promoting Islamic banking business.
The appeal was made at a views-exchange meeting with media parsons held at Bangladesh Association of Banks (BAB) office in the capital Dhaka on Saturday.
Currently, the Islamic banking business is being run under a guideline issued by Bangladesh Bank (BB), the country’s central bank, in 2009.
M Azizul Huq, chairman of the Central Shariah Board for the Islamic Banks, a separate and comprehensive Islamic banking act needs to run the business properly.
“We cannot run our Islamic banking business at its optimum level mainly due to the lack of an act,” the senior Islamic banking expert noted.
He also said the law would help issuing different Islamic products, including Sukuk Bond.
Some Muslim countries including Malaysia have already introduced separate law for operating their Islamic banks.
“We’re trying heart and soul to establish real Islamic banking system in Bangladesh,” Mr. Huq said.
AKM Nurul Fazal Bulbul, vice-chairman of the Islamic Banks Consultative Forum (IBCF) and Central Depository Bangladesh Limited (CDBL), said the Islamic banking is playing a vital role to eliminate social disparity.
Among others, AQM Safiullah Arif, secretary general of Central Shariah Board for Islamic Banks of Bangladesh, also spoke on the occasion.
Eight private commercial banks (PCBs) are now operating under the Islamic Shariah. The banks have their own Shariah Councils to dictate terms of banking under the Islamic rules and regulations.
Besides, as many as fifteen conventional banks are running Islamic banking branches or windows side by side their conventional banking, according to the central bank records.
A total of 57 scheduled banks are now running their business across the country.
BBN/SSR/AD