After the global financial meltdown, Islamic banking — interest-free method of banking which also means sharing of risks between the parties — has drawn attention of clients at different corners around the world. Islamic banking is growing almost silently in Bangladesh, which stands at 12th position in terms of Islamic financial services. A number of scams in the banking sector has sparkled debates about ethical banking.
In our cover story titled ‘Growth Without Interest’, we have tried to describe the growth of Islamic banking, its current state, how it is contributing to the national economy and whether it can sustain through separate Shariah councils. Despite lack of proper regulations from the central bank, Islamic banks have gained credibility, offering modern banking services to meet the growing demand.
In an exclusive interview with ICE Business Times, Dr Muhammad Abdul Mazid, former NBR chairman and currently chairman of Chittagong Stock Exchange, regretted a serious lack of investors’ confidence in the share market. He suggested ways to create resources and promote business in a country like Bangladesh when there are signs of stagnation in private investments.
With the national budget placed in parliament in early June, we delved into its pains and gains. There seems to be winners and losers every time the taxes in categories are cut or raised. The ongoing share market and banking trends are also reported as usual.
IFC’s South Asia Director Serge Devieux termed Bangladesh an important country in view of its size and potential to grow. In an interactive session, he expressed the interests of the private sector lending agency to make investment in a number of areas in the country.
The recent visit by India’s external affairs minister Sushma Swaraj only validates Indian premier Narendra Modi’s efforts to strengthen New Delhi’s ties with Dhaka. That has also been featured in our ‘regional focus’ in this issue.
Articles include the surge in mango cultivation in Chapainawabganj, where the number of mango trees is close to 2 million, higher than the population of the district. And it’s still growing in the mango-growing hub inclusive of Rajshahi, which produces 60% of the national mango output. There is an emerging trend of mango tourism there.
On the occasion of the Ramadan, we have included an article, proving how fasting can improve productivity of employees. We are expecting a shopping spree before the Eid-ul-Fitr, the biggest Muslim festival. So, we hope both Ramadan and Eid will contribute to higher business and economic activities.
