Home | Databases | WorldLII | Search | Feedback Edited Legal Collections Data

Begum, Afroza --- "Business in Islam: revisiting Islamic banking practices in Bangladesh" [2018] ELECD 669; in Hosen, Nadirsyah (ed), "Research Handbook on Islamic Law and Society" (Edward Elgar Publishing, 2018) 159

Book Title: Research Handbook on Islamic Law and Society

Editor(s): Hosen, Nadirsyah

Publisher: Edward Elgar Publishing

ISBN: 9781781003053

Section: Chapter 6

Section Title: Business in Islam: revisiting Islamic banking practices in Bangladesh

Author(s): Begum, Afroza

Number of pages: 19

Abstract/Description:

Shari’ah prohibits interest-based transactions and discourages monopolistic, deceptive and restrictive trade practices. Bangladesh embraced Islamic banking via the establishment of the Islamic Bank (IB) in 1983 and became the first nation in Southeast Asia to introduce it. This chapter investigates the Shari’ah compliance in devising ‘modes of financing’, and argues that the way in which IB functions in Bangladesh is fundamentally flawed and needs to be reviewed to achieve the pertinent goals of Shari’ah.