Islamic banking under consideration in Bangladesh

The central bank governor has hinted that a guideline on Islamic banking is being considered in Bangladesh.

“Time has come to formulate an Islamic banking guideline,” Salehuddin Ahmed told the launching ceremony of Islamic banking brand by Standard Chartered Bank in Dhaka.

He urged the Islamic thinkers, economists and bankers to come forward to outline such a guideline.
Standard Chartered Bank has launched its new Islamic banking brand, Saadiq, offering a range of Shariah-compliant financial solutions.

The bank also introduced two credit cards - Saadiq Gold and Saadiq Green, the first-ever Shariah-compliant interest-free credit cards in Bangladesh, which the Bangladesh Bank (BB) governor formally launched.

At present, banks in Bangladesh have their own Shariah councils and there has been a central Shariah Council to look into whether Islamic banking as a whole is in line with the Islamic principles.

The Bangladesh Bank in February last year finalised a new guideline on Islamic banking, but it could not issue a circular with regard to this due to last minute pressure from different Islamic groups, including a certain partner in the then ruling alliance as well as Bangladesh Shariah Council.
The BB chief said successful ventures of Islamic banking are linked to specialised skills and clear understanding of profit-sharing methods of financial transactions that meet the basic requirements of the Qur’an and Shariah.

Via Gulf Times.