The central bank should allow more commercial banks to open lslamic banking branches to provide better services to the clients, as demand for such banking has marked a rise, suggested a workshop Saturday. “Islamic banking has become very popular, particularly in the Muslim countries because it offers an excellent alternative to customers,” said Mahbubur Rahman, president of ICC, Bangladesh inaugurating the workshop on Islamic Trade Finance.

Held at a city hotel, it was organised by the ICC-B, according to a press release.

Rahman pointed to the fact that out of 48 banks, only 7 private commercial banks are now operating as full-fledged lslamic banks.

He said besides, only 21 branches of 10 conventional banks, including two foreign banks, are engaged in lslamic banking.

The ICC-B chief also pointed out that the current global financial crisis has accentuated the urgent need to embark on one of the most radical reshape of the international financial order.
The attitudes and the approaches articulated by the advocates and the opponents of both schools of thought (government intervention and free market economy) thus far have failed to deliver a viable long-term solution to the crisis or to prescribe a practical mechanism on how to deal with its consequences and implications.

“So has the time come to seek out alternatives,” Rahman said. The principles of lslamic finance advocate fairness in payoffs and reward structures and embrace socio-economic justice amongst all, he further said.

Mamun Rashid, chairman of ICC-B standing committee on banking, technique and practices, R.M. Khan, the organisation’s executive board member, M Azizul Huq, chairman of Shariah Supervisory Board of City Bank, Dhaka Bank and Pubali Bank, and Ataur Rahman, ICC-B secretary general, also spoke on the occasion.

Some 77 participants from banks attended the workshop. A similar workshop is going to be conducted by ICC-B.