BB Governor Speaks about Islamic Banking Guideline
Newspapers have reported that standard Chartered Bank has
launched new Shariah –based financing product under the brand name of Sadiq. In
the opening function The central bank governor has called for a guideline on
Islamic banking in Bangladesh. 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 Shari'ah-compliant financial solutions through the
bank's service. The bank also introduced two credit cards -- Saadiq Gold and
Saadiq Green, the first-ever Shari'ah-compliant interest-free credit cards in
Bangladesh . The BB chief said successful ventures of Islamic banking linked to
specialised skills and clear understanding of profit-sharing methods of
financial transactions that meet the basic requirements of the Quran and
Shari'ah. Imparting training on distinctive features of Islamic banking
principles and techniques to the practicing bankers is therefore of paramount
importance, Dr Salehuddin said.
Speaking in the function Mr.Shah Abdul Hannan, a former secretary
of the government said that the concepts, modes , accounting and auditing
principles have been made almost fully clear by the scholars and bankers who
are working in the field of Islamic Banking.It has also the necessary
institutions now such as an international bank,a supervisory organization
Islamic Financial Services Board, Association of Accounting and Auditing for
Islamic Financial Institutions. He also said that Islamic Banking has come to
this stage facing the doubts of doubters, taunts and enmity of many
others.Theattempt by many forces to link Islamic banking with terrorist
financing after 9/11 has failed.
Speaking at the function, Standard Chartered Bank Chief Executive
Officer Osman Morad said StanChart's global Islamic business has more than
doubled since 2006, and continues to grow at a rapid pace. "With the launch of
our global Islamic banking brand, Saadiq, we aim to capitalise on all future
worldwide growth in this emerging industry for the benefit of our customers and
stakeholders alike, and lead the way with our innovative, best-in-class
Shari'ah-compliant financial products," he said. The bank's new brand is
offering Saadiq current account, Saadiq savings account, Saadiq term deposit,
Saadiq personal finance and Saadiq auto finance services. All Saadiq customers
will also enjoy the bank's ATM network, online banking and call-centre
facilities. Standard Chartered Bank Head of Consumer Banking Vikram Issar and
Head of Islamic Banking Abida Ali also spoke at the function.Abida Ali sought
the co-operation of all concerned.
We welcome the new Islamic banking initiative of Standard
Chartered.We also welcome the speech of the Governor Bangladesh Bank.We request
the Governor to speedily finalise a practical and forward looking guideline for
Islamic Banking which falls under his jurisdiction.
