Staff Correspondent: The Islamic banking industry in Bangladesh continues to show strong growth since its inception in 1983. At present, out of 48 banks, only 7 private commercial banks are operating as full-fledged Islamic Banks.

Besides, only 21 branches of 10 conventional banks are engaged in Islamic banking including two foreign banks, says ICC Bangladesh President Mahbubur Rahman while inaugurating the the day-long ICC workshop on ‘Islamic Trade Finance’ at a hotel in Dhaka Saturday.

He suggested that more commercial banks should be allowed by Bangladesh Bank to open Islamic Banking branches in view of the success in the Islamic Banking as well as order to provide better services to the clients.

ICCB President mentioned that the current global financial crisis has accentuated the urgent need to embark on one of the most radical reshape of the international financial system. The attitudes and the approaches articulated by the advocates and the opponents of both schools of thought (government intervention and free market economy) thus far have failed to deliver a viable long-term solution to the crisis or to prescribe a practical mechanism on how to deal with its consequences and implications. So has the time come to seek out alternatives? Islamic Banking has become very popular, particularly in the Muslim countries because, it offers an excellent alternative to the customers.

The principles of Islamic finance advocate fairness in payoffs and reward structures and embrace socio-economic justice amongst all. The rules of Shariah unconditionally prohibit Muslims from taking part in any transaction that might involve fraudulent, dishonesty, exploitation and ambiguity “Woe to those that deal in fraud”. Therefore, it would be fair and sensible to claim that each and every financial activity that complies with the Shariah rules and guidelines is a socially responsible activity, ICCB President observed.

Mamun Rashid, Chairman of ICC Bangladesh Standing Committee on Banking, Technique and Practices, ICC B Executive Board Member RM Khan, M Azizul Huq, Chairman of Shariah Supervisory Board of City Bank, Dhaka Bank and Pubali Bank, Saharuddin Jaafar, Head of the Trade Services Management of the Bank Islam Malaysia Berhad and ICCB Secretary General Ataur Rahman also spoke at the inaugural session.

Some 77 participants from banks attended the workshop. A similar workshop is going to be conducted by ICC Bangladesh in Chittagong today (Sunday).