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ICSB for a Shariah Board in BB

| Updated: September 23, 2020 10:31:35


ICSB for a Shariah Board in BB

Institute of Chartered Secretaries of Bangladesh (ICSB) organized a webinar on "Islamic Banking and Financing- an emerging need of promoting corporate governance in the banking sector” on Saturday on virtual platform.

Dr. Mohammed Haider Ali Miah, Managing Director & CEO, Exim Bank Ltd, graced the occasion as the Chief Guest and Main Discussant. Md. Shafiqul Alam FCMA, FCA, ACS, Council Member and Chairman, Seminar & Conference Sub Committee of ICSB, moderated the session.

Muzaffar Ahmed FCMA, FCS, President of ICSB, presented the Keynote Paper on the subject.

Muzaffar Ahmed FCMA, FCS in his presentation discussed about conceptual framework of Islamic banking, its driving forces and how this Shariah based banking, as a part of social life and society can assist to achieve success in life focusing on guidance of Allah vis a vis achieving the objective of human creation. Mr Ahmed focused on the weaknesses of the existing banking sector and stated that the poor corporate governance is the major causes of the present state of affairs of the banking Sector.

In his presentation Mr Ahmed focused the OECD Corporate Governance and its weakness and what Shariah Governance can assist to improve the Corporate Governance in the banking sector. Mr Ahmed suggested to encourage the Shariah based banks in the country vis vis suggested to have a Shariah Board in the central bank. He also suggested Shariah Board within banks with full responsibility and power to decide on the compliance of Shariah principles in every segment of the operation. Mr Ahmed suggested that the existing appointment of Independent Director under Governance Code of BSEC be modified to have a list of independent directors by sector within BSEC and to appoint the independent directors by BSEC from the list on the basis of expertise and integrity of the persons to be appointed as independent directors.  

Dr. Mohammed Haider Ali Miah, the Chief Guest and Main discussant said that Islamic banking system is gaining its popularity day by day. He also discussed about the brief history and different methods of Islami products. He also expressed his hope that Sukkuk, an Islamic product of long-term finance will be popular to steer a robust economy aiming to serve the teeming millions under a Shariah-based way.

-rmc/

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