Edited by Nadirsyah Hosen
Chapter 6: Business in Islam: revisiting Islamic banking practices in Bangladesh
Shari’ah prohibits interest-based transactions and discourages monopolistic, deceptive and restrictive trade practices. Bangladesh embraced Islamic banking via the establishment of the Islamic Bank (IB) in 1983 and became the first nation in Southeast Asia to introduce it. This chapter investigates the Shari’ah compliance in devising ‘modes of financing’, and argues that the way in which IB functions in Bangladesh is fundamentally flawed and needs to be reviewed to achieve the pertinent goals of Shari’ah.
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