Renowned economist Dr AB Mirza Azizul Islam on Saturday said rebuilding the banking sector based on ethics has emerged as a big challenge globally and emphasised avoidance of ‘unethical practice’ in the sector. “Many countries have faced economic disasters due to unethical activities by banks,” the former finance adviser to the caretaker government said while addressing an award-giving ceremony in the city as the chief guest.

Mirza Aziz said if banks deviate from ethics, it will not only harm banking sector but also the society will be affected. The reputed economists cited examples of the late 90s Asia Economic Crisis, 2007-2008 global economic meltdown and the recent Euro-zone economic crisis, and said the unethical activities of banks were largely responsible for these crises.

The Industry, an economic weekly of the country, arranged the function at National Press Club to award 10 best-rated banks based on the international assessment method of capital, asset, management, earning, liquidity and sensitivity to the market risk (CAMELS) rating.

Eminent lawyer and former attorney general Barrister Rafique-ul-Huq, Global Economist Forum, Bangladesh president Shah M Nurul Alam and Bangladesh Commerce Bank chairman AQ Siddiqui were also present at the function as the special guest with The Industry editor Enayet Karim in the chair.

The Daily Sun/Bangladesh/ 22th Jan 2012