The concept of Islamic banking first originated in the Sonali Bank Staff College in the Bangladesh banking arena. Mr. M. Azizul Haque, First Principal of Sonali Bank Staff College conducted a workshop on reviewing the Islamic banking practices of neighboring countries and how to introduce them in this country. By organizing the participants of the workshop, he started the first Islamic banking initiative in Bangladesh. In this country, Islami Bank Bangladesh Limited (IBBL) was established in 1983 and its ownership and working methods changed hands and came to the present state. Presently more than ten Islamic banks and NBFIs are providing Sharia based Islamic banking services in Bangladesh. Despite this, there are many misconceptions about Islamic banking in the public mind. The matter is very sad but it is true that not only Islamic banking, but due to the absence of a single leader, there are differences and arguments in the Muslim Ummah on various issues. I will limit the discussion here only to the confusing issues in the public mind about Islamic banking and not other issues of Islam.
The first statement that can be found about Islamic banking in the public opinion survey is that "they go around and eat", meaning that they do the same thing but in go around way. there is no time to talk about what they eat, after this statement, everything is said with a smile. The surprising tendency of the general public is that everyone will say with a smile that they do not actually charge interest but go around, if the statement is simplified, it can be understood that they want to say in one word that they are basically cheating in the name of Islam. It is not appropriate to give such a negative opinion without knowing the details of the Islamic banking system established on the basis of Shariah. Islamic products are completely free of interest if operated according to the principles but if one does otherwise it will not be correct. it is wrong to think that Islamic products are not free of interest because of someone's mistake. The defaulter will be liable for his misdeeds but the customer will be completely free of interest risk, as he is bound by an interest-free contract with the bank. Many people think that the conventional bank current account is non-interest bearing and it is interest-free, does he not understand that the agreement of the account itself is an interest based agreement? I have also heard many people say that he donates the interest money to the poor, he also thinks that in this way he is keeping his money pure. He may not realize that the original contract of keeping the money is related to interest and thus he remains in interest. It is unethical to speak against without knowing what interest is and how interest can be generated in economic transactions.
After this there is another huge misguided public opinion, many think that Islamic banking is only for Muslims, others religious people cannot take advantage of it. When I got up in 2017 to speak about Islamic banking at the Mirpur principal office of Sonali bank limited, those who were Hindus left. I personally knew several of them. Because of the name of religion associated with this economic system, many people think that this system is only for people of that religion. It is the failure of Muslims that they could not establish Islam as a system of life for all and for the good of all. Not everyone became Muslim in Madinah first, but Musab bin Umayr (R.A.) spread Islam from house to house, what kind of Islam was it that is not being spread from house to house today? I don't know how a community that cannot identify its own mistakes will correct them and undo them. As Islam is not only for Muslims but for the whole human welfare, Islamic banking is also open to serve all.
The third confusion is like that, when the word Islam is heard or when the word Islam is associated with something, the public mind expects narration, explanation and a lot of discussion in the light of the Holy Quran and Hadith. It has been described many times, in many ways, in the pamphlets. Still, one wonders why the general public is confused. Instead of the main purpose of Islam, public opinion seems to like its smell more. What is called flavor in English, many people are happy to put on fragrance, there is no desire to go to the main point and it seems that there is no way lately. No way because its promoters earn by promoting the smell so they are less interested in promoting the cause. A few days ago I had the chance to meet a madrasa khadem, he was lamenting that the cost of the madrasa had increased so much that last year he had to pay one and a half lakh taka from his own pocket. I wanted to know about his source of income, he said, he doesn't want to, but if he speaks at a function, he is given 20, 30 thousand Taka easily. It means he earns his living by preaching religion. But these preachers do not tell the public that even they have done a lot of worship throughout their lives but if there was a mistake in the Muamalat or transaction, in which case the huge amount of worship will not be of any use. There is no priest system in Islam, livelihood based only on religion was not in the beginning in this religion, but today it has been practiced in various ways. Do these so-called priests feel no need to tell the public about the prohibition of Usury or Riba? The opportunity to say what is known has been stopped by the mosque committee. These committees are their employer. Since it is not possible to displease them, they also remain silent on all these matters. Usury is prohibited not only in Islam, but in all Semitic religions. Not only Usury, discussions about muamalat (transactions) or Islamic polity or economics were rarely allowed in mosques, which is unfortunate for Muslims at this time.
Islamic banking system is a financial system which is a system of welfare for the people introduced by Islamic principles of life. No separate system for any particular group or caste or any particular religion. Conventional banking considers interest as a business incentive and Islamic banking system considers interest as a serious negative influence on the economy, the only major difference is here. Before taking sources or interpretations from the Holy Qur'an and Hadith, it is necessary to bring to the public's mind that usury sows the seeds of oppression in the economy. Islamic bankers are aware of the negative impact of interest on society and the need to curb it in the economic development of people. Before describing the Islamic ideals, everyone must be aware of the purpose of that ideal and its impact on the society, and then the need to know its justification from the Holy Qur'an and Hadith will be conveyed to the public. The Islamic banking system is not a vehicle of religious propaganda, rather it is a proper transactional process conducted for public welfare, this view needs to be established as public opinion.
As the country's largest commercial bank and as a large part of Sonali Bank's customers respect Islamic values, during the time of Honorable CEO and MD Mr. S A Chowdhury of Sonali Bank, received approval for five windows from Bangladesh Bank Head office BRPD Circular no. (P-3) 745(1)/2009-1180 Date 19-April-2009. On 29-Jan-2010 Honorable CEO and MD Mr. Humayan Kabir inaugurated the Islamic Banking Window at Sonali Bank, Fakirapool Branch. Honorable CEO and MD Pradeep Kumar Dutta during his tenure HO/MDD/IBD/F-073/Windowtransfer/407 and Bangladesh Bank's Banking Regulations and Policy Department (Policy Branch-3) letter No. 2014-91 dated 15-Jun-2015 Pursuant to the instructions, the Fakirapool branch window was shifted to Sonali Bank Limited, Wage Earner’s Corporate Branch, 62 Dilkusha, Dhaka on 15-May-2015. Five Islamic banking windows were being operated from 2010 under the control of Sonali Bank Limited, Marketing and Development Division, Islamic Banking Department, Head Office, Dhaka. With the concerted efforts of Honorable CEO and MD Mr. Obaidullah Al Masood, Sonali Bank Ltd. has received permission to operate 6 more windows and after few months 46 more in total of 57 Islamic windows with the approval of Bangladesh Bank. Bringing arrangements to all 1200 branches of Sonali Bank Limited are in process. Hopefully by the end of 2023 we might be able to see all branches of Sonali Bank has Islamic banking services available for its customers.
Sonali Bank Limited, Wage Earner Corporate Branch Dhaka, distributed brochures in public during 2017, feeling the need to inform potential customers about the ongoing activities of Islamic Banking Window, introduction of deposit and investment products, correctness of Islamic Banking in the light of Quran and Hadith. At the time of distributing brochures and giving lectures in the workshops organized by Sonali Bank Limited, Mirpur Principal Office and Sonali Bank Staff College, it can be seen from the experience that there is ambiguity and ignorance about Islamic banking products among the internal officers/employees of the bank as well as among the customers. Adverse opinions received from various officials/employees regarding Islamic banking, it is understood that the Islamic banking activities of Sonali Bank are progressing through various obstacles. Every organization has a business goal or corporate objective, if the officers/employees do not agree with that goal, there is no possibility of growth in that organization. Business expansion is not possible in today's world without extensive campaigning, if strong campaigning is not done to promote Islamic products, the overall progress will slow down. In addition, if there is a lack of clear knowledge about this among their own people, they will not be able to provide clear information to the customers.
Several years ago (2004 to 2010) while working at the head office of Sonali Bank, I had the opportunity to discuss the basic concepts of Islam with the officers/employees on Islamic topics. What I felt from that time experience is that since the issue is not directly related to the current economic activities of people, time is wasted by repeating the same debates over and over for the sake of talking. I have noticed a tendency to argue for the sake of arguing instead of being interested in learning about the real issue. Rather than debate for debate's sake, if a realistic solution should be formulated, research is needed on how Islamic banking products can be reviewed and accepted. Above all, it will be better for all if the system of supervision of all Islamic banks and NBFIs is adopted more vigorously through Central Sharia Council of Bangladesh Bank. Apart from conventional banking, instead of opening an Islamic banking window, if Islamic banking branches are opened, this service will be easier and faster. Different from conventional banking concept, this banking system has many possibilities and opportunities to open new products and therefore motivation, training and recruitment of talented bankers in this sector is very important and a demand of time.
An important point to be considered is that capitalist economy encourages people to save while Islamic economy directs people to invest fully without any savings. Because of this opposite concept, running Islamic banking alongside conventional banking is not an easy task. Those who are engaged in this work are carrying out the activities with great courage. Those who strive in this work will at least be able to say at the final judgment day on the Maidan of Hashar that they fought against usury with Allah and His Messenger (PBUH). According to many, what is new in the wine business? Will the alcohol be pure in the hundred purification? Of course not, but if a non-alcoholic water window opens next to a liquor store, where is the harm. If a person who does not drink alcohol buys from it? I remember once on the staff bus on the way back home after office, I went to explain the comparison between Islamic banking and conventional banking to a person and said that one is with formalin and the other is free of formalin. After this speech he remarked to others, I have been brainwashed. I replied that you also need to be brainwashed then your brain will also be formalin free. Despite such a lot of hurdles, the activities of the Islamic banking window of Sonali Bank are growing rapidly and we hope that Islamic banking will play a huge role in the development of the country as well as Sonali Bank in the near future.
Update history 29Nov17> 25Sep2018> 08Aug19> 14Aug19> Translated to English on 31dec22> 04jan2023
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