Dhaka, Bangladesh (BBN)- More commercial banks should be allowed by Bangladesh Bank to open Islamic Banking branches in view of the success in the Islamic Banking as well as order to provide better services to the clients, ICC Bangladesh President Mahbubur Rahman said on Saturday.
Mr. Rahman said this while inaugurating a day-long ICC Workshop on Islamic Trade Finance at a local hotel in the capital on the day.
He also said the Islamic banking industry in Bangladesh continues to show strong growth since its inception in 1983.
Currently, out of 47 scheduled banks, only 7 private commercial banks are operating as full-fledged Islamic Banks.
Besides, only 21 branches of 10 conventional banks are engaged in Islamic banking including two foreign banks.
The ICCB President also mentioned that the current global financial crisis has accentuated the urgent need to embark on one of the most radical reshape of the international financial system.
The principles of Islamic finance advocate fairness in payoffs and reward structures and embrace socio-economic justice amongst all. The rules of Shariah unconditionally prohibit Muslims from taking part in any transaction that might involve fraudulent, dishonesty, exploitation and ambiguity “Woe to those that deal in fraud”.
Therefore, it would be fair and sensible to claim that each and every financial activity that complies with the Shariah rules and guidelines is a socially responsible activity, ICCB president added.
Some 77 participants from banks attended the workshop. A similar workshop is going to be conducted by ICC Bangladesh in Chittagong on Sunday.
BBN/SSR/AD-23JUly11-2:22 pm (BST)