Shariah-based financial system getting popular

Despite challenges, the shariah-based banking or financial system is getting popular day be day in Bangladesh and elsewhere in the world due to having its special and innovative features, a workshop was told.
Speakers at the workshop identified the lack of skilled and honest workforce, liquidity management and classified loans as the main obstacles to the system for the banks and non-bank financial institutions (NBFIs).
Islamic Finance and Investment Limited (IFIL) organised the workshop on 'Shariah Based Banking' at the Institution of Diploma Engineers, Bangladesh (IDEB) in the capital on Saturday.
The workshop was aimed at improving knowledge and presenting the significance of the system for its employees. More than 100 executive officers from its head office and local offices took part in the event.
Inaugurating the workshop, IFIL Chairman Shibbir Mahmud said the IFIL would go forward in future through ensuring Islamic shariah compliance.
A.Z.M. Saleh, Managing Director & CEO of IFIL, and Hazrat Maulana Shaykh Kamaluddin Zafree, Chairman of the central shariah board for Islamic banks in Bangladesh, also spoke at the workshop.
Mr. Saleh said the Quran and the Hadith provide guidelines of all aspects of life for the human being. "We get all kinds of solutions from Islamic shariah all the time as per its demand and need," he added.
Mr. Kamaluddin Jafree said the shariah-based banking system encourages expansion of business and trade, and discourages the interest-based banking system as it brings welfare for the people. The world as well as our country is advancing towards the shariah-based financial system by overcoming all sorts of obstacles, he added.
Mr. M Azizul Huq, Chairman of the Shariah Supervisory Committee of IFIL, and Mr. Muhammad Ruknuzzaman, Deputy Managing Director of IFIL, were also present at the event.
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