The Bangladesh Bank (BB) yesterday set guidelines for Islamic banking.
Under the guidelines, the board of directors of Islamic banks have now been empowered more, instead of the Shariah Council.
The central bank had been trying to issue the guidelines for years to establish proper control on the Islamic banking system, but it did not take place because of political interests.
The Central Shariah Council is working as the parallel regulator of the central bank for the Islamic banks.
In line with the guidelines, an Islamic bank can form an optional Shariah supervisory committee, but there will be no central council.
Islamic banking was first introduced in Bangladesh in 1983. Now, a total of seven banks operate as full-fledged Islamic banks. Another dozen commercial banks have Islamic banking wings to cater to the growing market.
Link: http://www.thedailystar.net/newDesign/news-details.php?nid=113545
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