Islamic Banking Gains Momentum in Bangladesh

Islamic banking has gained significant traction in Bangladesh, with key players and stakeholders actively promoting its principles and benefits. A recent seminar organized by NRBC Bank PLC highlighted the importance of interest-free transactions and profit-and-loss sharing in creating a just and equitable financial system. The event brought together experts, Shariah scholars, and professionals to discuss the growth and potential of Islamic banking in the country.

Key Takeaways:

• The fundamental principle of Islamic banking is interest-free transactions, which creates a foundation for a just and equitable financial system.
• Shariah-based Islamic banking promotes profit-and-loss sharing between clients and banks, fostering a fair and transparent financial system.
• NRBC Bank is committed to providing Shariah-compliant financial services through all its branches and sub-branches alongside conventional banking.
• Deposits and investment through Islamic banking windows are increasing day by day, indicating growing demand for Islamic financial services.
• Islamic banking is growing annually by 10 to 12 percent globally, with more than 80 countries operating Islamic banks.
• In Bangladesh, Islamic banks are playing an essential role in the overall development of the economy, highlighting the need for wider awareness and education on Islamic finance.

Syed Mohammad Mosaddek Billah Al Madani, Chairman of NRBC Bank's Shariah Board, emphasized the importance of interest-free transactions and profit-and-loss sharing. Dr. Md. Touhidul Alam Khan, Managing Director and CEO of NRBC Bank, stated that the bank is committed to building a fair, transparent, and socially responsible financial system.

Statistics:

• Islamic banking is operating in more than 80 countries worldwide.
• The global growth rate of Islamic banking is 10 to 12 percent annually.
• Deposits and investment through Islamic banking windows are increasing day by day in Bangladesh.
• NRBC Bank provides Shariah-compliant financial services through all its branches and sub-branches.

Sources:

• HT Digital Content Services with permission from The New Nation.
• Published on September 19 (no specific date mentioned).