Bangladesh Approves Islamic Instruments

In a bid to accelerate the country’s economy, Bangladesh has launched a new interest-free financial instrument, highlighting the need for a strong Islamic Shari`ah board or council to operate and supervise the new instrument. Professor Mujahidul Islam, senior teacher and former chairman of the banking department of Dhaka University, said however, that this kind of bond was not popular with Islamic banks, financial institutions and people. He opined that this bond fund should be invested in power sector, water treatment plants and any other profitable and economically viable projects which contribute to the welfare of the country and accelerate the economy.