Dear member of the list, Assalamualikum. You may know that there is a move to make Shariah Council for the islami Banks optional, not mandatory and there are some newspapers writing against Sharaiah Council. Today (14 march 2006) there is a news published in The New Nation regarding this issue including the opinion of Shah Abdul Hannan, former finance secretary and former chariman of Islami Bank Bangladesh Ltd. I am forwarding the portion of that report which contains his opinion about the matter. SHAKIL ABDULLAH
Move to change structure of Islami banks opposed A move initiated to make for making Shariah Councils for Islamic Banks optional ,not mandatory, has been opposedby a majority of members of the focus group on Islami Banks.Experts in Banking and Finance find the move unnecessary because the Islami Banks have been faring better than other Private Commercial Banks(PCBs)Success of Islami Banks has prompted somePCBs to openIslamibanking branches in Dhaka and some other parts of the country,they pointed out. When contacted former finance secretaryShah Abdul Hannantold this correspondent that there was some misleading news in some news papers about the Central Shariah Board(CSB) and Shariah Councils of Islami Banks in Bangladesh. The CSB was established on August 16, 2001 in a meeting of all the chairmen and managing directors of Islami banks. Each bank was represented by four members. The meeting was chaired by Shah Abdul Hannan. Khatib of Baitul Mukarram mosque and chairman of shariah council of several banks Obaidul Huq was made chairman of Central Shariah Board. He also said the formation of the CSB started following a meeting of the managing directors of the Islami banks and Bangladesh Bank authority. The decision of the meeting drew the attention of all the Islami banks and asked them to form Joint Shariah Board. The matter was considered by each Islami banks and they proposed to the Islami Bank Consultative Forum (IBCF) to form the Central Shariah Board. Shah Abdul Hannan also said there might be conflict of opinions among the scholars of Shariah Council of various Islami banks regarding the permissibility or non-permissibility of some modes of investment. If opinion of various Islami Banks differ on permissibility, the people may get confused. So the need was felt of a higher collective body of scholars where the difference can be resolved or where banks can refer their problems on islamic issues. And this was the reason why the central bank and individual banks at that time felt the need for the Central Shariah Board. He further said all the Islami banks are now members of the CSB and Bangladesh Bank refers issues to the CSB for advice. He claimed that CSB never violate any law, operating within the legal system and it only advices the member banks and the central bank on their request and references, he added. He said CSB was not a regulatory body; it neither issues any regulation on banking nor violates any Bangladesh Bank regulation. The CSB only research on Islami banking, publishes a journal and advice the banks on Shariah issues. So any understanding to the contrary of operation of the CSB is misconceived and due to ignorance of history of the formation of it. He also said the central bank issued the license or charter to Islami banks with the condition that there shall be a Shariah Council. According to the order all the Islami banks have Shariah Council in line with the islami banks of the world He said it is working fine and there is no need to change a good thing. He argued the government and the central bank authority not to compound problems, which might threaten Shariah Board for the betterment of the Islami banking in Bangladesh. ------------------------ Yahoo! Groups Sponsor --------------------~--> Join modern day disciples reach the disfigured and poor with hope and healing http://us.click.yahoo.com/lMct6A/Vp3LAA/i1hLAA/TXWolB/TM --------------------------------------------------------------------~-> *************************************************************************** {Invite (mankind, O Muhammad ) to the Way of your Lord (i.e. Islam) with wisdom (i.e. with the Divine Inspiration and the Qur'an) and fair preaching, and argue with them in a way that is better. 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