Business

No comprehensive regulatory framework yet for Islamic finance

Experts at BIBM workshop


Published : 13 Oct 2021 09:31 PM | Updated : 14 Oct 2021 06:00 PM

Speakers at a workshop said that Sukuk mechanism has some challenges in Bangladesh.

They observed that despite having a thriving industry, Bangladesh is yet to formulate a comprehensive legal and regulatory framework for Islamic finance.

Bangladesh Institute of Bank Management (BIBM) organised the research workshop virtually on Monday.  

Ahmed Jamal, Chairman of BIBM Executive Committee and Deputy Governor of Bangladesh Bank was present in the research workshop as the chief guest while Dr. Mohammad Kabir Hassan, Professor of New Orleans University of USA was present 

While addressing, Deputy Governor said that Sukuk mechanism has some challenges in Bangladesh. Despite having a thriving industry, Bangladesh is yet to formulate a comprehensive legal and regulatory framework for Islamic finance he added.

Director General of BIBM said, findings of the study along with opinions and observations made today will help BB to take future actions.

Mohammed Sohail Mustafa CFA, Associate Professor & Director (Training & Certification Program) of BIBM delivered welcome address. 

Dr. Md. Akhtaruzzaman, Director General of BIBM Chaired the Program. A paper “Introducing Sukuk in Bangladesh: Key Issues”  was presented in the research workshop by Dr. Md. Mahabbat Hossain, Assistant Professor of BIBM.

Other members of the research team are Mohammed Sohail Mustafa CFA, Associate Professor & Director (Training & Certification Program) of BIBM; Md. Alamgir, Associate Professor of BIBM; Md. Abdullah Sharif, Secretary General of Central Shariah Board for Islamic Banks of Bangladesh (CSBIB); Mezbah Uddin Ahmed, Researcher of ISRA (Malaysia).

Dr. Barkat-e-Khuda, Dr.  Muzzafer Ahmed Chair Professor of BIBM & Former  Professor of Dhaka University; Arastoo Khan, Former Secretary of Economic Relations Division and Managing Director & CEO of Impress Capital Limited; Syed Tariquzzaman, Executive Director of Bangladesh Bank; Mohammed Monirul Moula, Managing Director & CEO of Islami Bank Bangladesh Limited spoke on the occasion as designated discussants. 

Senior executives from different banks, academicians, media representatives, faculty members of BIBM took part in the online research workshop.

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