A trillion dollar economy is not possible without Islamic finance

People of the country are more interested and confident in Islamic finance. A trillion dollar economy is not possible without Islamic finance. In the near future, most financial institutions will be governed in the light of Shariah.

On Saturday (June 8) at a hotel in the capital city of Dhaka, the eminent persons said these things in a seminar titled ‘Accounting, Auditing and Governance of Islamic Banks’ organized jointly by the Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) and the Bangladesh Institute of Bank Management (BIBM).

In the opening session, Director General of BIBM. Md. Akhtaruzzaman presided over the welcome speech by Secretary General of Central Sharia Board. Abdullah Sharif. Central Shariah Board Executive Committee Chairman and Standard Bank Plc Chairman Kazi Akram Uddin Ahmed inaugurated the seminar as the chief guest.

The special guest was Principal Syed Kamaluddin Abdullah Jafari, Chairman of Fiqh Committee of Central Shariah Board and Chairman of Shariah Supervisory Committee of Mutual Trust Bank, Senior Capacity Building Program of Accounting and Auditing Organization for Islamic Financial Institutions (AoIFI), a global standard setter for Islamic banks and financial institutions based in Bahrain. Manager Mugis Shawkat, Senior Manager of Standards Implementation and Regulatory Authority of AOIF Syed Siddique and Director of Training Department of BIBM. Alamgir.

In the speech of the chief guest, Kazi Akram Uddin Ahmed said, ‘Allah has forbidden usury. We have transformed the bank from a conventional bank to a Shariah based bank. Currently there is no alternative. In the near future, most of the banks and financial institutions in Bangladesh will be run according to Islamic Shariah. There is no substitute for enriching the country.’

Special guest Mugis Shawkat said, ‘Bangladesh government’s vision 41 has a vision to increase the economy of 500 billion to trillion dollars. Without Shariah-based banking and finance, its implementation will not be possible in any way. Here, Islamic banking professionals have to prepare and make important contributions.

Syed Siddique announced 80 percent concession facility for Bangladeshis in courses introduced by Aofy and conducted by CSBIB, which was earlier 70 percent.

President’s speech. Md. Akhtaruzzaman said, except for the Shariah-based banking system, it is not possible for the benefits of banking to reach the doorsteps of all levels of people.

Three keynotes were presented in the seminar and discussed in detail by expert speakers.

A five-day training course titled ‘Shariah Audit of Islamic Banking’ is being held from June 8-12. The finale will be held on June 12 at BIBM Milnayan. 40 participants from 23 banks, around 150 people including local and foreign important guests participated in the seminar.