Govt yet to reply

The government is yet to reply to a High Court (HC) rule on making legal framework for the Shariah-based banks and financial institutions, lawyer concerned said.

Almost 10 months ago, the HC issued the rule asking the government to explain within six weeks as to why absence of an appropriate legal framework for the banks and financial institutions, running under the Shariah principles, should not be declared illegal, lawyers said.

In the rule, the HC also wanted to know as to why lack of existence of an independent Central Shariah Supervisory Council at the Bangladesh Bank, country's central bank, should not be declared illegal.

In response to a writ petition, the HC issued the rule on June 20, 2013.

A businessman from Uttara, Mustaque Ahmed filed the writ petition challenging legality of the lack of such a framework for the Shariah principles-based banks and other financial institutions.

"I am yet to receive any reply from the government authorities to the HC rule," Barrister Hassan MS Azim, counsel of the petitioner, told the FE Tuesday.

It indicated that the government didn't reply to the HC till now; because, if the government would reply, that would obviously be served to me as a party in the case, he said, adding that hearing on the rule was not held at the HC.

Mr Azim, however, said that he will immediately move to the HC for holding hearing on the matter.

The petitioner in the petition said that the shareholders of the country's Shariah-based banks and other financial institutions are suffering from absence of such a legal framework, which is urgently needed to properly run the institutions.