Future of Islamic Banking, Challenges, Issues, Prospects & Action plan of Islamic Banking:
লিখেছেন লিখেছেন ওসমান গনি ০৫ জানুয়ারি, ২০১৬, ১১:৫১:২৪ সকাল
Future of Islamic Banking:
Islamic Banking is the reality of the age.
Why this reality?
We see turmoil situation in Europe/America.
Famous economist Dr. Keans says” For greater industrialization of a country the rate of return should be bring down to o level’. He is saying about PLS system.
The then PM of UK Gordon Brown says' We should introduce another third methodology in banking & economic arena.
Present PM of UK Cameroon says' England will be the hub of Islamic banking & finance in coming future.
They have already formed a task force to bolster & foster Islamic financial credentials.
Islami Banking already flourished all over the world.
It is in Canada, India, Srilanka, Nigeria, Luxemburg, England, Iran, and Pakistan elsewhere.
IDB established in the yr. 1975.
Thus more than 500 banks and financial institutions are involved with Islamic banking throughout the world.
In Islamic banking now more than 1.7 trillion US Dollar business in the world.
In Bangladesh there are 8 full pledged Islamic banks & 17 other branches & windows are rendering services.
Total share of money circulation in Bangladesh of Islamic banks is about 22%.
About ¼ th of total population of Global countries are involved with Islamic banking.
In Global countries in Islami Banking IBBL’s position s 53rd.
Challenges of Islami Banking:
Inadequate legal & institutional frame work.
Lack of Main stream education.
In sufficient skilled HR.
Lack of customer’s orientation scarcity of financial derivatives.
Low exposure in pls modes.
Less attention in Research & Development.
Distortion/Deviation in operational activity.
Lack of publicity & literature.
Lack of extraordinary leadership quality.
Issues of Islamic Banking:
Islamic Banking act.
Islamic capital market & share index.
Capacity building for practitioners & policy makers.
Review to Bangladesh Bank Policy guidelines.
Making Islamic Bond lacerative for investors.
Regular idea sharing between Islamic Banks & Central Bank.
Prospects of Islamic Banking:
Superiority of the system.
Peoples demand & confidence.
Growing National & International acceptance.
Strong liquidity base & central bank support.
Expansion of act works.
Involvement in Micro finance activities.
Diversification of investment port folio & finance in poverty alleviation.
Cooperation among Islamic banks.
Motivated customers & employees.
Honesty & integrity in operational activity.
The root from divinity.
Acceptance due to prohibition of interest.
Action plan:
Publicity in print & electronic media Publishing Articles & arranging talk show.
Distribution books, booklets, leaf lets, among Mufti, Khatib, Imam & intellectual.
Arranging seminar, symposium random.
Awareness program by Shariah Council.
Interview with electronic media on Islamic banking & finance,Sponsoring TV program.
Important task:
Having vision to lead the bank to the next consolidated level.
Development of Human Capital.
Action plan for NPI reduction.
Developing rules/systems as required.
Developing corporate culture in all respect.
Rigid to plan & review periodically.
Md.Osman Gani,
SVP,IBTRA,CRC
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