Islamic Banks Consultative Forum (IBCF), the apex organization of Islamic banks of the country organized the ‘Industry Leaders Dialogue’ to discuss on the draft Islamic Bank Company Act-2024 at the Bangladesh Institute of Bank Management (BIBM), Dhaka meeting room on 25 November 2024,Monday. Mohammad Abdul Mannan, Chairman of IBCF and First Security Islami Bank PLC presided over the program. Dr. Md. Akhtaruzzaman, Director General of BIBM anchored the program. Among others, the program addressed by Mohammed Nurul Amin, Vice Chairman of IBCF and Chairman of Global Islami Bank, Md. Farid Uddin Ahmed, Advisor of IBCF and Chairman of Union Bank,A K M Nurul Fazal Bulbul, Advisor of IBCF, Md. Azizur Rahman, Vice Chairman, First Security Islami Bank, Md. Abdur Rahman Sarker, Chairman of Audit Committee, Jamuna Bank, Md. MahamudHosain, FCA, Chairman of Audit Committee and Nurul Islam Khalifa, Chairman of Executive Committee, Global Islami Bank, Mohammad MonirulMoula, Managing Director ofIslami Bank Bangladesh, Syed Waseque Md. Ali, Managing Director ofFirst Security Islami Bank, Mohammad Ali, Managing Director of Pubali Bank,Shafiuddin Ahmed, Managing Director (C.C) of Union Bank, Md. Abdul AwwalSarker, Former Executive Director, Bangladesh Bank, Prof. Dr. Hasina Sheikh, Chairman of Banking & Insurance Department, Dhaka University, Prof. Dr. Mohammad Omar Farooq, Head of Economics Department, United International University. Mezbah Uddin Ahmed, research fellow of INCEIF University, Malaysia,Dr. Md. Mahabbat Hossain, Associate Professor of BIBM and Mohammad Habibur Rahman, Senior Vice President of Islami Bankjointly presented a keynote paper with 25 recommendations on the draft Act. A.K.M Mizanur Rahman, Executive Vice President of Eastern Bank, Md. Abdur Rahim Khan, Secretary of Shariah Supervisory Committee of Al-ArafahIslami Bank, K.M Rahmatullah, Head of Shariah Secretariat of Standard Bank and Representatives, Economists, Educationists, Researchers and Shariah experts from different organizations related to Islamic Banking sector presented their personal and organizational recommendations on the draft Act. IBCF will send the final recommendations to Bangladesh Bank in nextafter reviewing these recommendations.

Mohammad Abdul Mannan said that Islamic Banking system spread worldwide andbecome a role modelbeyond the borders of Bangladesh. Afterfour decades of its journey, IBCF thanked the Bangladesh Bank and other concerned persons for taking the initiatives to formulate ‘Islamic Bank Companies Act 2024’. He said that the views and recommendations of the real stakeholders have been reflected through this dialogue. He urged the Bangladesh Bank to consider the recommendations of all stakeholders in finalizing a complete Islamic banking law by maintaining the global standards of Islamic banking and prioritising the objectives of Shariah.

Other speakers said that, due to the absence of a complete law in Islamic banking, corruption occurred in the recent past in this sector. Including IBCF, several organizations and boards working on Islamic banking system in the countrythough outside the regulatory bodies, have also provided policy support to this sector. Therefore, if the recommendations of all are considered, the journey of Islamic banking will be smoother, they said.