Bangladesh Bank has made a new guideline for Islami banks in which no official of banks can be a member of the Shariah Board, BB sources said.
According to the existing guideline, Islami banks will form an independent Shariah Board. It only mentions the academic qualification of the members. The guideline does not mention whether bank officials can be member of the Shariah Board or not.
Sources said the new guideline specify who can be member of the Shariah Board. According to the new guideline, no officer of the bank can be a member of the Shariah Board from now on.
Sources said that two round of letter have been sent to Islami banks to know opinion on the new guideline. The work of preparing the guideline is now in the final stage. It will be revealed in a few days.
An official of Bangladesh Bank told The News Times that the existing guideline has instructed banks to form an independent Shariah board. It is not specified who can be member of this board. So some banks are misusing it. Bank officials are putting pressure on the Shariah Board by becoming member and forcing them to act against Sharia. Bangladesh Bank has also taken action against some such banks. The new guideline specifys who can be member of the Shariah Board. No officer of the bank can be on the Shariah board anymore.
Ahmed Ullah, Vice President of UCB Islami Bank, told The News Times that the new guideline will be good. We welcome it.
An official of Al Arafah Islami Bank told The News Times on condition of anonymity that Bangladesh Bank is developing a good guideline. Some banks have set its officials at the Shariah Boards who put pressure on the board in different ways. According to the new guideline, that will no longer be the case. This is a good point.
A head of shariah board of a bank told The News Times on condition of anonymity that Islami banks needed such a guideline. In some banks the officers are also members of the Shariah Board as there is no clear reference in the existing guideline. Sometimes they put pressure on the board that Islami Shariah does not allow. It is hoped that the new guideline will be helpful in Shariah compliance.
