CSBIB and BIBM Host Seminar on Islamic Banking in Dhaka

The Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) and the Bangladesh Institute of Bank Management (BIBM) jointly organized a national seminar titled “Accounting, Auditing, and Governance of Islamic Banks” on Saturday at a prominent hotel in Dhaka—the event aimed to deepen the understanding and implementation of Shariah principles in the banking sector.

Keynote Presentations and Discussions

The seminar featured three insightful keynote presentations, which sparked detailed discussions among the attendees. Md Abdullah Sharif, Secretary General of CSBIB, opened the event with a warm welcome speech. The inaugural session was chaired by Md Akhtaruzzaman, Director General of BIBM.

Inaugural Session Highlights

Kazi Akram Uddin Ahmed, Chairman of the Executive Committee of CSBIB and Chairman of Standard Bank inaugurated the seminar as the chief guest. He emphasized the importance of Shariah-compliant banking, stating, “Allah the Almighty has prohibited interest. Therefore, I have transformed my bank into a Shariah-based institution. I believe that most banks and financial institutions in Bangladesh will soon adopt Islamic Shariah.”

Special Guests’ Contributions

The seminar also featured several distinguished guests. Professor Sayed Kamaluddin Abdullah Zafree, Chairman of the Fiqh Committee of CSBIB and Shariah Supervisory Committee of Mutual Trust Bank Limited, delivered an inspiring address. Mughees Shoukat, Senior Manager of Capacity Building Programmes at AAOIFI (Kingdom of Bahrain), highlighted the government’s Vision-2041, which aims to elevate the economy from $500 billion to $1 trillion. He stressed that achieving this goal is impossible without Shariah-based banking and finance.

Syyid Siddique, Senior Manager of Standards Implementation and Regulatory Authority at AAOIFI, praised the increasing number of Bangladeshi fellows of AAOIFI, now exceeding 600. He also announced an 80% discount for Bangladeshis on AAOIFI courses conducted by CSBIB.

Panel Discussions and Sessions

The seminar was divided into three sessions, each focusing on critical aspects of Islamic banking:

Session 1: Strengthening Shariah Governance of IFIs in Bangladesh

Md Mohabbat Hossain, Associate Professor at BIBM and Academic Advisor to CSBIB, presented the first keynote. The panel included Abdul Awwal Sarker, former Executive Director of Bangladesh Bank, Mosleh Uddin Ahmed, Managing Director of Shahjalal Islami Bank, Md Alamgir, Director of Training at BIBM, and Zubair Mohammad Ehsanul Haque, Professor and Chairman of the Department of Arabic at the University of Dhaka.

Session 2: Financial Reporting of Islamic Banks

Mezbah Uddin Ahmed, Research Fellow at ISRA Research Management Centre, INCEIF University, Malaysia, and Academic Advisor to CSBIB, delivered the second keynote. The panel comprised Md Mahamud Hosain, Council Member of ICAB, Maria Howlader, Vice-President of ICAB, Mohammad Abul Hashem, Director at BIBM and Bangladesh Bank, and Mohammad Abdur Rahim, Managing Director and CEO of Islami Bank Capital Management.

Session 3: Shari’ah Audit and Compliance Functions in Islamic Banks

Md Shamsuddoha, Senior Executive Vice President and Head of Shariah Secretariat at IBB PLC, presented the final keynote. The panelists included Professor HM Mosharraf Hossain from the Department of Finance at the University of Dhaka, Akhtar Sanjida Kasem, Managing Partner of A Qasem and Co, Chartered Accountants, A K M Golam Mahmud, Director at DBI 6, Bangladesh Bank, and A K M Saif Ullah Kowchar, DMD and Head of ICCD at City Bank PLC.

The closing session featured Mohammad Omar Farooq, Professor and Head of the Department of Economics at United International University, Shah Mohammad Wali Ullah, Chairman of the Shariah Supervisory Committee at NRB Bank, and Md Arup Haider, DMD and Head of Retail Banking. The seminar was moderated by Md Alamgir and Md Mohabbat Hossain.

This seminar marked the beginning of a five-day training course titled “Shariah Audit of Islamic Banking Operations” at the CSB Training Institute. It was attended by about 150 participants, including 40 trainees from 23 banks and various local and international guests.

The collaborative efforts of CSBIB and BIBM in organizing this seminar underscore the growing importance of Shariah-compliant banking in Bangladesh’s financial landscape. As the nation aims to achieve its Vision-2041 economic goals, the implementation of robust Islamic banking practices will play a crucial role in fostering sustainable economic growth.