Islami Bank Bangladesh Limited (IBBL) Rangpur organised the webinar "Compliance of Shari'ah in Banking Operations" Saturday. Mohammed Nasir Uddin, director of the bank, spoke at the webinar as chief guest. Muhammad Qaisar Ali, additional managing director, addressed the programme as a special guest. Read: IBBL board of directors' meeting held Hasan Moinuddin, a member of the Shariah supervisory committee of the bank, was the key speaker at the webinar. Md Shamsuddoha, head of the Shariah secretariat, also spoke. IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.

Bangladesh Bank governor Abdur Rouf Talukder said that banks must comply with rules in debt management and other activities assuring that the central bank will ensure good governance in the banking sector. The governor was addressing the media at Jahangir Alam Conference Hall at Bangladesh Bank Bhaban on Thursday, his second meeting with journalists after assuming office on July 12. The central bank, meanwhile, identified the weak banks and it plans to talk to them one-to-one basis. These banks will get a three-year business plan for improvement under direct observation of Bangladesh Bank, he said. Failure in one bank would affect other banks and financial institutions. So, it is better to improve banks by good governance, he pointed out. The central bank has already assured banks’ managing directors (MDs) and chief executive officers (CEOs) of support regarding good governance, he said. Deputy Governors Ahmed Jamal, Kazi Sayedur Rahman, A.K.M Sajedur Rahman Khan, Abu Farah Md. Nasser, BFIU chief Masud Biswas, executive director (ED) and chief economist Habibur Rahman, ED and spokesperson Md Serajul Islam, and senior officials were present at the event. Rouf said the central bank has taken essential policy measures for a stable exchange rate, increasing the supply of dollars, curtailing unnecessary luxury imports and increasing vigil in the exchange market. But, it will take time to get results, he said. “We should be patient.” Ruling out raising the lending interest rate, the governor said that the BB prefers demand cut, imposing higher taxes to curb the inflation rate in the domestic economy due to external effects. Read: FY23: Bangladesh Bank raises agro credit target to Tk30,911 crore He also hinted at strengthening the bond market along with enhancing the equity supply in the stock markets. Reply to a query Rouf said banks have to ensure compliance in each sector and serve every citizen, influential or ordinary. Regarding the current account deficit, the governor said, “Our economy is heavily import-oriented. Fuel oil, gas, edible oil, food and even over 60 per cent raw materials for export-oriented industries are imported. This created an imbalance or deficit.”   The BB’s chief economist Habibur Rahman gave a presentation on different policy measures that have been taken by the central bank recently to stablise currency and money flow. The BB sold USD $ 7.4 billion in the FY2021-22 to keep foreign exchange supply smooth. The BB bought $7.7 billion from banks in FY 21 due to keeping a stable forex exchange rate.  The licenses of 10 exchange houses have been cancelled and notices were sent to another 45 houses to explain their transaction report and alleged violation of  money exchange rules. The BB has increased the interest rate on non-resident foreign currency deposits (NFCD) and benchmark (Eurocurrency deposit rate) by an additional 2.25 and 3.25 per cent to attract more foreign currency deposits.

Islami Bank Bangladesh Limited (IBBL) Dhaka South Zone organised the webinar "Compliance of Shari'ah in Banking Operations" recently. Major General (retd) Abdul Matin, chairman of Risk Management Committee of the bank, addressed the webinar as chief guest and Mohammed Monirul Moula, managing director and CEO, as special guest. Read:Bangladesh Bank, IBBL sign automated challan system agreement Mufti Mohammad Muhibbullahil Baqee, member of the IBBL Shari'ah Supervisory Committee, addressed the webinar as chief discussant. Abu Sayed Md Idris, head of Dhaka South Zone, presided over the programme while Md Shamsuddoha, executive vice-president, addressed the programme, according to a press release.