DU treasurer upholds vital role of Islamic banking in global economy

Dhaka University Treasurer Professor M. Jahangir Alam Chowdhury speaking at the closing of a Professional Certificate in Islamic Banking (PCIB) training course on Saturday in Dhaka,

Dhaka, Oct 11 – Dhaka University Treasurer Professor M. Jahangir Alam Chowdhury on Saturday said Islamic banking and finance continue to play an increasingly vital role in the global economy — not merely for being interest-free, but also for their ethical and socially responsible principles.

He made the remarks while addressing the closing ceremony of the week-long Professional Certificate in Islamic Banking (PCIB) training course, jointly organised by the Bangladesh Institute of Islamic Finance (BIIF) and National Credit and Commerce Bank PLC (NCC Bank PLC), held at the BIIF Training Hall in Motijheel.

Dr. Jahangir Alam Chowdhury said that from the perspective of sustainable development, both responsible borrowers and lenders are essential for ensuring the long-term benefits of Islamic banking.

“Interest-free banking is not only for Muslims or a purely religious matter — it plays an important role in poverty alleviation, job creation, and fostering financial inclusion,” he added.

He noted that operating an Islamic bank requires more than just seeking profit — it demands commitment, dedication, and a sound understanding of Islamic economics.

“The time is now to give greater attention to the Islamic banking sector. I believe BIIF is playing a pioneering role in this regard and will continue to do so in the future,” he said.

The event was presided over by Prof. M. Abdul Aziz, Founder Director of BIIF and Director General of the Bangladesh Institute of Islamic Thought (BIIT).

A.Q.M. Safiullah Arif, Executive Vice President and Head of Islamic Banking Division of NCC Bank PLC, attended the programme as special guest, while Mohammad Ali Kaiyum, Director General of the Institute of Islamic Banking and Insurance (IIBI), London, joined virtually as guest of honour. Aftab Uddin, Deputy Director of Bangladesh Bank, was also present.

Dr. Abdul Aziz said that BIIF, as an independent institution, has been working relentlessly to enhance the professional skills of banking, finance, and business professionals through policy research, publications, training, and consultancy.

“By combining knowledge, skill, and values, BIIF aims to develop world-class human resources equipped to meet future challenges,” he said.

He added that improved collaboration between academia and the financial industry could enable the Islamic banking sector to contribute even more significantly to the country’s economic development.

“Given that over 92 percent of the population in Bangladesh are Muslims, there is immense potential for the further growth of Islamic banking and finance,” Dr. Aziz said.

NCC Bank’s A.Q.M. Safiullah Arif noted that there is strong demand in Bangladesh for fully Shariah-compliant banking.

“Since interest-based banking contradicts religious values, the profit-and-loss-sharing system of Islamic banking has gained wide acceptance,” he said.

“NCC Bank is committed to developing its human resources in this area. This training, conducted through BIIF, marks the beginning of that journey for our first batch of 35 officials.”

Participants Nasrin Afrin Juma and Md. Sohel Parvez praised BIIF’s efforts in research, publication, and training, saying the course was highly beneficial in clarifying misconceptions about Islamic banking and reinforcing its importance for individuals, families, and institutions alike.

The course covered 24 sessions on Islamic economics, Shariah-based banking structures, Islamic contracts, Islamic money markets, risk management, and regulatory frameworks. Leading bankers, economists, and current and former officials of Bangladesh Bank served as trainers.

The Professional Certificate in Islamic Banking (PCIB) is internationally recognised by the Institute of Islamic Banking and Insurance (IIBI), UK, and is regarded as a globally standard professional programme for Islamic banking practitioners. - UNB