Central Shariah Board & BIBM Jointly hold a National Seminar

A national seminar titled ‘Accounting, Auditing, and Governance of Islamic Banks’ was held on June 8, 2024 Saturday at a hotel in Dhaka under the joint auspices of the Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) and Bangladesh Institute of Bank Management (BIBM). Three keynotes were presented in the seminar and detailed discussions were held.
Mr. Md. Abdullah Sharif, CIPA, CSAA Secretary General of Central Shariah Board, delivered the welcome speech in the inaugural session, Chaired by Dr. Md. Akhtaruzzaman, Director General, BIBM. Mr. Kazi Akram Uddin Ahmed, Chairman, Executive Committee, CSBIB & Chairman, BoD, Standard Bank PLC, inaugurated the seminar as the chief guest. The special guests included Prof. Sayed Kamaluddin Abdullah Zafree, Chairman, Fiqh Committee, CSBIB & Chairman, Shariah supervisory committee of Mutual Trust Bank Limited, Mr. Mughees Shaukat, Senior Manager, Capacity Building Programs, AAOIFI (Kingdom of Bahrain), Mr. Syed Siddiq, Senior Manager, Standards Implementation and Regulatory Authority, AAOIFI and Mr. Md. Alamgir, CIPA, CSAA, Director (Training), BIBM.
The chief guest Mr. Kazi Akram Uddin Ahmed in his speech said Allah the Almighty has prohibited interest. So, I have converted my bank from a conventional system into a Shariah-based one. At present, there is no alternative to it. I hope most of the banks and financial institutions of Bangladesh will be conducted as per Islamic Shariah in the near future. There is no alternative to it to flourish the country.
The Special Guest Mr. Mughees Shaukat said the government has a plan in its Vision-41 to upgrade the economy from 500 billion dollars to a trillion dollars. It cannot be implemented without Shariah-based banking and finance. Islamic banking professionals will have to prepare themselves and make important contributions in this regard.
Mr. Syed Siddiq congratulated Bangladeshi fellows of AAOIFI whose number has already exceeded 600. He also declared a discount of 80% for Bangladeshis in the courses that were introduced by AAOIFI & are conducted by CSBIB which was 70% in the meantime.
The Chairman of the seminar Dr. Md. Akhtaruzzaman in his speech said the benefit of banking cannot be reached to the doorsteps of people from all walks of life without a Shariah-based banking system.
In the 1st session of the seminar, Dr. Md. Mahabbat Hossain, DIB, CSAA, CIPA, Associate Professor, BIBM & Academic Advisor, CSBIB presented the keynote on ‘Strengthening Shariah Governance of IFIs in Bangladesh: International Standard Perspective’. The panelists who gave their valuable opinions on the keynote included Mr.Abdul Awwal Sarker, Former Executive Director, of Bangladesh Bank, Mr. Mosleh Uddin Ahmed, Managing Director, Shahjalal Islami Bank PLC, Mr. Md. Alamgir, CIPA, CSAA, Director (Training), BIBM and Dr. Zubair Mohammad Ehsanul Haque, Professor & Chairman, Department of Arabic, University of Dhaka.
In the 2nd session, Mr. Mezbah Uddin Ahmed, FCCA, CSAA, CIPA, Research Fellow, ISRA Research Management Centre, INCEIF University, Malaysia & Academic Advisor, CSBIB, presented the keynote on ‘Financial Reporting of Islamic Banks: Essential Considerations from the Shariah Perspective’. The panelists included Mr. Md. Mahamud Hosain FCA, Council Member, ICAB & Managing Partner, Mr. Mahamud Sabuj & Co. Chartered Accountants, Mrs. Maria Howlader FCA, Vice President, ICAB, Mr. Mohammad Abul Hashem, Director, BIBM and Bangladesh Bank and Mr. Mohammad Abdur Rahim, FCA, CSAA, CIPA, Managing Director & CEO, Islami Bank Capital Management PLC.
In the 3rd session, Mr. Md. Shamsuddoha CSAA, Senior Executive Vice President and Head of Shariah Secretariat, IBB PLC, presented the keynote on ‘Shari’ah Audit and Compliance Functions in Islamic Banks: Things We are Doing Right and Things Need Further Improvement’. The panelists of the session included Professor Dr. H.M. Mosharraf Hossain, Department of Finance, University of Dhaka, Mrs. Akhtar Sanjida Kasem FCA, FCMA, CFE, Managing Partner, Mr. A. Qasem & Co., Chartered Accountants, Mr. A K M Golam Mahmud, Director, DBI 6, Bangladesh Bank and Mr. A K M Saif Ullah Kowchar FCA, DMD and Head of ICCD, City Bank PLC.
Guests of the closing session were Dr. Mohammad Omar Farooq, Professor and Head, Department of Economics, United International University, Mr. Shah Mohammad Wali Ullah CSAA, Chairman, Shariah Supervisory Committee, NRB Bank, Mr. Md. Arup Haider, DMD & Head of Retail Banking and Coordinators from BIBM and CSBIB.
The seminar was jointly moderated by Mr. Md. Alamgir, CIPA, CSAA, Director (Training), BIBM & Dr. Md. Mahabbat Hossain, DIB, CSAA, CIPA, Associate Professor, BIBM & Academic Advisor, CSBIB, Mr. Syed Sakahwatul Islam, Ph.D., Vice President & In-charge (Admin) and Mr. Md. Abdullah Al-Faruque, CSAA, Principal Officer, CSBIB.
It may be noted that this seminar has been organized on the 1st and opening day of the 5-day training course titled ‘Shariah Audit of Islamic Banking Operations’ from 8-12 June 2024, the 2nd-4th day (9-11 June 2024) in the CSB Training Institute and the 5th day (12th June 2024) will be held on BIBM campus. The seminar was attended by about 150 participants who include 40 trainees from 23 banks, as well as local and foreign guests.

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