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Prospect Of Islamic Banking In Bd

6394 words - 26 pages

Proceedings of 3rd Asia-Pacific Business Research Conference 25 - 26 February 2013, Kuala Lumpur, Malaysia, ISBN: 978-1-922069-19-1

Prospects of Islamic Banking in Bangladesh
Md. Maruf Ullah and Md. Shahnur Azad Chowdhury
In a developing country like Bangladesh, the Islamic banking system as a whole has a vital role play in the process of economic development. The study has been concentrated on “Prospect of Islamic Banking in Bangladesh”. The paper mainly emphasizes on analyzing the performance of Islamic banks and it has also identified some problems & opportunities and provided some suggestions. It has been tried to provide some information about future performance. The study also ...view middle of the document...

1. Introduction
Islam, like all other religions have laid down special codes of ethics for doing business in principle and practice. Numerous studies on the subject confirmed that the sources of Islamic financial system regulation could be traced back from four main books which from the core of the Islamic legal system, also known as “Shariah”: The    Holy Quran The Sunnah The Ijma The Qiyas

The Islamic banking transaction model of “Profit-and-Loss Sharing (PLS)” was first formed in 1963 by an Egyptian. However, the first Islamic bank of the world was ___________________
Md. Maruf Ullah, Lecturer, Department of Business Administration, International Islamic University Chittagong. Bangladesh. E-mail: mdmaruf_ullah@yahoo.com Md. Shahnur Azad Chowdhury, Assistant Professor, Department of Business Administration, International Islamic University Chittagong, Bangladesh. E-mail: Email:tipu_iiuc@yahoo.com

Proceedings of 3rd Asia-Pacific Business Research Conference 25 - 26 February 2013, Kuala Lumpur, Malaysia, ISBN: 978-1-922069-19-1
considered to be Dubai Islamic Bank. Now-a-day Islamic banking made a phenomenal progress in the global economic activities. The purpose of this paper is to study prospect and challenges of Islamic banking in Bangladesh. Islamic banks have been operating in Bangladesh for about one and half decade alongside with the traditional banks. Today total number of Shariah based Islami bank is 11, which is situated in Bangladesh.

Objectives of the study
1) To introduce the Islamic legal system as the foundation of Islamic banking laws & regulation. 2) To identify the challenges and problems in Islamic banking practices and evaluate the performance of Islamic banks in Bangladesh. 3) To offer some recommendations to be adopted by different authorities to implement Islamic Banking successfully.

2. Literature Review
Islamic banking (Arabic: ‫مية ال م صرف ية‬ ‫ )ا‬is banking or banking activity that is consistent with the principles of Shariah law and its practical application through the development of Islamic economics. Shariah prohibits the fixed or floating payment or acceptance of specific interest or fees (known as riba, or usury) for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also haram ("sinful and prohibited"). Although these principles have been applied in varying degrees by historical Islamic economies due to lack of Islamic practice, only in the late 20th century were a number of Islamic banks formed to apply these principles to private or semi-private commercial institutions within the Muslim community. Islamic banking has the same purpose as conventional banking except that it operates in accordance with the rules of Shariah, known as Fiqh al-Muamalat. Amongst the common Islamic concepts used in Islamic banking are profit sharing (Mudarabah), safekeeping (Wadiah), joint venture (Musharaka), cost plus (Murabaha), and leasing...

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