The Islamic banks in Bangladesh are seeking a Shariah-compliant money market and separate laws to govern the fast expanding Islamic banking in the Muslim-majority country.
"We have already raised the issue and discussed with the senior officials of the Bangladesh Bank, the central bank of the country," Mohammad Abdul Mannan, Managing Director of Islamic Bank Bangladesh Limited (IBBL), said on Sunday.
Mannan told Reuters in an interview that at the moment around 20 percent business of the banking industry of the country is being handled by shariah-based banks and the scope is widening at a faster pace.
The size of the banking industry in Bangladesh is 800 billion taka ($10.7 billion), an official said. At present seven fully fledged Islamic banks, among which two converted from conventional system, 17 traditional banks through their Islamic banking branches or windows are offering sharia-compliant services to their clients in Bangladesh, and some more are known to be in the process of converting their operations. "Introducing Islamic money market is a demand of the time to efficiently manage liquidity," Mannan said.
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