Dhaka, 4 Sep 2019 – As part of the effort to develop human capital for the global Islamic finance industry, INCEIF has teamed up with local partners to conduct knowledge sharing and training sessions in the capital city of Bangladesh.
The Islamic finance industry has experienced phenomenal growth and expansion in Bangladesh, whose 160 million population is 95 per cent Muslims. With estimated assets worth US$31 billion, market research on Islamic finance has positioned Bangladesh as 17th among 131 countries. Islamic banks hold about 24% of the total asset of the local banking sector, despite not having a diverse range of products to offer.
Against this background, INCEIF partnered with the Academy of Business Professionals (ABP), Bangladesh, to conduct a two-day workshop on Islamic Capital Market (ICM) and Sukuk which was attended by 42 participants including Shariah scholars, financial managers, capital markets practitioners and regulators.
The workshop, delivered by INCEIF Associate Dean of School of Graduate & Professional Studies (SGPS) Assoc Prof Dr Eskandar Shah Mohd Rasid and Associate Dean & Director of Executive Education & E-Learning Assistant Prof Dr Ziyaad Mahomed, provided a well-grounded knowledge about the development, structural preferences and drivers of the international and domestic Sukuk markets.
INCEIF President & CEO Prof Dato’ Dr Azmi Omar said INCEIF continued collaboration with partners from diverse industries globally was part of the university’s initiatives to support Islamic finance core principles of socio-economic empowerment and upliftment.
“Sukuk, an innovative instrument to raise financing in a Shariah-compliant manner, is one of the most popular instruments of the Islamic finance industry. Bangladesh, a major Islamic finance market has great potential to expand the Sukuk market not only domestically, but globally. Malaysia as the earliest and most active issuers of Sukuk has a lot to share that would benefit new entrants such as Bangladesh,” Dato’ Azmi added.
ABP Chairman Md Sahid Ullah Mazumder said the challenge for Bangladesh was to overcome its late entry into the market against well-stablished jurisdictions all over the world.
“Bangladesh has developed a sizeable Islamic finance industry but a lack of Shariah-compliant instruments is limiting further growth of the industry. The workshop would help the participants to learn the core of Islamic financial instrument, that is Sukuk,” he added.
Apart from the workshop, Dr Ziyaad shared Malaysia’s zakat management experience with the board members of Center for Zakat Management, Bangladesh.
Dr Eskandar and Dr Ziyaad also delivered a seminar on `Islamic Finance: How It Is Contributing To A Better World’ to 200 students of University of Dhaka (DU) at its campus. DU, the oldest university in the country, is also its largest public university. The faculty members also delivered similar talks to 50 students of University of Liberal Arts Bangladesh, and 100 students of Ahsanullah University of Science and Technology, respectively.
The faculty members, joined by Business Development Executive Sofia Wan Shukri and SGPS Manager Wan Halina Wan Mustapha, also held separate meetings with representatives from Bangladesh Bank (the country’s central bank), Bangladesh Securities And Exchange Commission, Islami Bank Bangladesh Limited (the country’s largest Islamic bank) and Bangladesh Institute of Bank Management which is the national training institute for the banking industry.
The workshop received wide coverage in the local leading business daily, Financial Express.