BAFF conference: Experts call for strengthening Islamic finance industry

Bangladeshi AAOIFI Fellows Forum (BAFF) will serve as an invaluable platform for knowledge exchange, networking, and professional development, said Bangladesh Institute of Bank Management Chair Professor Ahmed Jamal today.

The chairman during his keynote address at the 4th Islamic Finance Conference of BAFF in Dhaka, also called for strengthening the Islamic finance industry in Bangladesh by ensuring rigorous Shari'ah compliance at the operational level, read a press release.

"With Islamic banking and global Islamic finance 30% of the internal market share, Bangladesh stands as a significant player in the global Islamic finance arena," he said.

BAFF is an association of members of the Bahrain-based Islamic banking and finance standard-setting organisation Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), where Bangladeshi Islamic finance professionals share ideas.

Ahmed Jamal, also a former deputy governor of Bangladesh Bank, praised the central bank's role in establishing and supporting Islamic banking. He highlighted recent initiatives like revised guidelines and a draft Islamic banking act as signs of the government's commitment to the sector's growth.

Director General Md Syed Kamaluddin Abdullah Jafri, Bangladesh Islamic University Founder and Board of Trustees Chairman Mohammed Monirul Moula, Islami Bank Bangladesh PLC Managing Director and CEO attended the programme as special guests under the chairmanship of Akhtaruzzaman.

Monirul Moula said Islamic banking has become a global phenomenon, reaching 80 countries with a $3 trillion asset base and securing 6% of the global market share. He also said Bangladesh's Islamic banking system has also seen significant growth.