Research Handbook on Islamic Law and Society
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Research Handbook on Islamic Law and Society

Edited by Nadirsyah Hosen

The Research Handbook on Islamic Law and Society provides an examination of the role of Islamic law as it applies in Muslim and non-Muslim societies through legislation, fatwa, court cases, sermons, media, or scholarly debate. It illuminates the intersection of social, political, economic and cultural factors that inform Islamic Law across a number of jurisdictions. Chapters evaluate when and how actors and institutions have turned to Islamic law to address problems faced by societies in Muslim and, in some cases, Western states.
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Chapter 6: Business in Islam: revisiting Islamic banking practices in Bangladesh

Afroza Begum

Abstract

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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