Islamic banks must be operated by the people who founded those banks based on Shariah to serve financial inclusion for the ordinary people of the country, according to a prominent economist.
Professor Abu Ahmed said this while speaking as the chief guest at a 'customer rally' organized to protect Sharia-based Islamic banking, held in a hotel at Motijheel, Dhaka on Saturday.
He said, “Islamic banks will be run well when they would be operated fully based on Shariah. On this aim these banks were established, but some people snatched it at gunpoint for looting money from these banks.”
Economist Abu Ahmed said those who established Islami banks did not expect profit. Because of this, the assets of the bank were increased. And this increase in wealth has become the death knell for the bank due to some greedy people in the society.
“S Alam Groups looted more than Tk75,000 crore from Islami Bank. Those of us who have done business honestly are now unable to open LCs. Not getting the US dollars as needed. The business has been greatly affected by this crisis. Businessmen have called for a 10-year rescheduling of the loans of loss-making traders,” he pointed out.
Former Chairman of NBR Mohammad Abdul Mazid said, “The SME sector and economy has been severely damaged through the forcible occupation of Islami Bank and the loss of a large amount of money.”
He said that customers are the greatest strength of the bank; according to their demand, S Alam Group, who embezzled the money of this bank, should be brought to justice.
Islami Bank Bangladesh alone received around 40 percent remittance of the country, which was destroyed by the illegal occupation of the bank by S Alam Group, he opined.
Abdul Haque, the former director of FBCCI, said that the investigation will reveal how the Islamic banks were mishandled by the wrong people.
“I tried to understand the Bangladesh Bank governor and finance minister of that time. But then it was not possible to understand. Everyone knows what happened after that,” he said.
“But soon the new governor dissolved the board of Islami Bank. At the same time, a new board has been formed. The Islami Banks management should hand over the people who operated before occupied by S Alam Groups,” said Abdul Haque.
FBCCI former vice-president Abul Kashem Haider said that S Alam had illegally employed many people with the pay-scale benefits of Islami Bank. Their appointment should be canceled as soon as possible.
“We cannot open LCs with Islami Bank due to a shortage of US dollars, the bank cannot sanction loans. But everything is going well for S Alam as they looted dollars from the bank,” he pointed out.