Noakhali Zone of Islami Bank Bangladesh Limited organised a webinar on ‘Compliance of Shari’ah in Banking Sector’ on Saturday.
Professor Dr Md Salim Uddin, FCA, FCMA, Chairman, Executive Committee of the bank addressed the programme as chief guest while Md Mahbub ul Alam, Managing Director & CEO of the bank, as special guest and Mufti Sayeed Ahmed, Vice Chairman of IBBL Shari'ah Supervisory as chief discussant.Presided over by Mahmudur Rahman, Head of Noakhali Zone, the event was also addressed by Md Shamsuddoha, Executive Vice President. Besides, head of branches, executives and officials under Noakhali Zone attended the webinar.
Professor Dr Md Salim Uddin said Shari’ah is the backbone of Islamic Banking. The purpose of Islamic Banking system is achieved through the compliance of Shari’ah at all levels of the personal lives of employees in addition to professional responsibilities in banking activities. He said this banking system is implemented by spontaneously following and imitating social norms, religious regulations, tolerance, principles, procedures and parameters of Shari’ah. He emphasised on the need to act responsibly in the compliance of Shari’ah, avoiding ceremonial and liberal compliance.
He said Father of the Nation Bangabandhu Sheikh Mujibur Rahman, the then Prime Minister of Bangladesh, attended the OIC Conference in 1974. There, it was decided to establish an International Bank of the Muslim states. In a follow-up to this plan, Islamic Banking came into operation in Bangladesh. He paid tribute to those who have contributed to the establishment of Islamic banking in the world, including Bangladesh.
He also added that Islamic Shari’ah is the source of solution to all problems. Islamic Shari`ah and Islamic banking are essential to serve the humanity, better life and dignity, he added.
He said 25 percent banking of Bangladesh is being conducted under Islamic banking financial system. Islamic banking is governed by both Shari’ah principles and traditional rules and regulations.
In order to implement Shari’ah banking, bankers, clients and stakeholders need to nurture social and human values, welfare, sincerity, devotion, transparency, accountability and compliance in the personal and professional life.Md Mahbub ul Alam said Islamic banking is a universal system. By providing welfare services to all people irrespective of caste, creed and class, IBBL has achieved global recognition beyond state boundary.
He said IBBL has achieved position of excellence by dint of honesty and Shari’ah principles, apart from resorting to sincerity, dedication and modern technology.