Md Nazrul islam Mazumder, Vice Chairman, IBCF and Chairman of EXIM Bank Ltd, speak at a seminar on ‘Shariah Banking and Iftar Mahfil at a city hotel in Dhaka on Saturday. 

Speakers at a seminar on Saturday opined that Islamic Banking can effectively help eradicate poverty from the society and the globe as well.

They said, Islamic banking, for its excellent characteristics like interest-free Shariah-based banking, upholding humanity and preserving the interests of general people, has been expanding rapidly across the globe.

Islamic Banking Consultative Forum (IBCF) organised the seminar on ‘Shariah Banking’ and Iftar Mahfil at a city hotel.

Former Foreign Minister Syed Abul Hasan Chowdhury, former secretary and Adviser of IBCF Shah Abdul Hannan, President of Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Qazi Akram Uddin Ahmed, former FBCCI president and Chairman of Shahjalal Islami Bank Ltd AK Azad, Assistant General Secretary of OIC Ambassador Mohsin, industrialist Salahuddin Quader were present in the seminar.

Md. Abdul Mannan, Managing Director of Islami Bank Bangladesh Ltd (IBBL) presented the key-note paper while Md Nazrul islam Mazumder, Vice Chairman, IBCF and Chairman of EXIM Bank Ltd presided over the seminar.

AKM Nurul Fazal Bulbul, Convener, Seminar Preparatory Committee, IBCF delivered welcome address.

While addressing FBCCI President Qazi Akram Uddin Ahmed said the characteristic of interest-free loan is an excellence of Islamic Banking and for this Islami Banking has already got a strong foundation in Bangladesh.

Akram said being impressed with the ideology and characteristics of Islamic Banking, he will turn Standard Bank Ltd completely into a Islamic Bank immediately.

While addressing, Consultant of Islamic Banking, M Azizul Haque hoped that Shariah-based Islamic banking will be the mainstream banking in the country soon.

“The primary objectives of Shariah Banking is to promote human development by enabling them discharge services and thus human resource development is the key objective of Shariah banking at micro level.

Compliance of Shariah ensures protection and preservation of religion, life, progeny-family unit, property, intellect and honor”, he added.

In his key-note paper, IBBL Managing Director Md. Abdul Mannan said Islamic Banking is not only an interest-free tool but it also discharges responsibility of implementing the objectives of Islamic Economy.

Besides making all the financial activities interest-free, the other objectives of Islamic Banking include running everything based on shariah, engaging the banking activities in welfare of people, establishing order, principle, justice and rules in the business and commercial activities, coordinating the economic activities with social development, he said.

Abul Hasan Chowdhury stressed the need for government role in turning the payment of Zakat mandatory for all because it can tremendously help alleviate poverty in a country like Bangladesh.

AK Azad said people will be able to understand Islamic Banking after they practice Islam and learn the religion perfectly.