Islamic Finance: International & Bangladesh Prospect

Posted on March 26, 2010 at 10:45 AM

[ABSTRACT: Finance is the science of funds management. Finance includes saving money and often includes lending money. The field of finance deals with the concepts of time, money and risk and how they are interrelated. It also deals with how money is spent and budgeted. Islamic finance is accordance with Islamic law. Islamic finance has been growing rapidly since its launch in the 1970s. The major market for this industry is typically the Middle East and it is gaining popularity in the UK, USA and Southeast Asia. Malaysia is the leading Islamic finance industry in Southeast Asia while its same region Bangladesh is relatively a former market player. Islamic financing as a new paradigm started in Bangladesh in 1983 with the establishment of the first Islamic bank "Islami Bank Bangladesh Limited". After that, 6 more banks have been established in the country to reach the outcome of this welfare banking to the doorsteps of the people. In the past two decades, it has shown its great robustness in achieving the goal of Islamic Shariah. Through its strategy of integrated financial and economic development, Bangladesh can create new opportunities for Islamic finance and related financial products in the region. The paper also observes that the performance of the Islamic banks could be further improved by upgrading the quality of manpower by enhanced R&D spending and pro-poor investment decisions.]

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Categories: Aticles, Business

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