Tagged: The Daily Star

IIDFC reappoints managing director

IIDFC reappoints managing director

Md Asaduzzaman Khan has recently been reappointed as managing director of IIDFC. A career central banker, Khan joined IIDFC after taking voluntary retirement as executive director of Bangladesh Bank in 2008. He is an MA in economics from Dhaka Universi…

Sustainable banking is the way forward

Sustainable banking is the way forward

According to chief the executive officer of Alternative Bank of Switzerland (ABS), financial institutions worldwide must change their profit-mongering mindset. It is essential for them to replace the current principles with value-based banking practice…

Islamic branding: Is Bangladesh ready to cash in?

Islamic branding: Is Bangladesh ready to cash in?

Bangladesh has seen the importance of the “halal” branding to its local market. Although Islamic finance started off early in the 90s in Bangladesh, the industry suffers from several imperative foundations such as lack of unified Shariah rulings, absence of an Islamic inter-bank money market , absence of courses in universities on Islamic financial products, shortage of skilled personnel who are well-versed in the complexities of this specific sector, and difficulty in identification of Shariah-compliant production and service chains are holding back potential of local financial institutions, local manufacturers, and service providers from signing up on this new economic wave.

Not much success has been achieved over the years when Bangladesh worked with Malaysia’s Halal Development Corporation and other partners of the D-8 (eight developing Islamic countries) despite the fast setting up infrastructure, guidelines and facilitative bodies to cash in on the Islamic branding potential in Japan, Korea, Indonesia, Malaysia, China and even India.