Sukuk to 'widely contribute to development activities'

Participants at the closing ceremony of the 'Workshop on Issuance and Management of Sukuk in Bangladesh' held virtually on Tuesday

The government is going to introduce Sukuk in the country, which is a very time-befitting step, said Prof. Shibli Rubayat Ul Islalm, chairman of Bangladesh Securities and Exchange Commission, on Tuesday.

Sukuk, once introduced, will widely contribute to various development-oriented activities of Bangladesh, he added.

Prof. Shibli made the remarks while speaking at the closing ceremony of a 'Workshop on Issuance and Management of Sukuk in Bangladesh' as the chief guest.

The four-day workshop was jointly organised by the Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) and the International Shariah Research Academy for Islamic Finance (ISRA), Malaysia on a digital platform, says a statement.

Chairman of Fiqh Committee of Central Shariah Board Principal Sayed Kamal Uddin Zafree was the chief discussant. Chairman of the Department of Research Development and Innovation of ISRA, Malaysia Dr. Said Bouheraoua was the international guest and speaker.

Shah Abdul Hannan, Advisor of Central Shariah Board, Chairman of Shari'ah Supervisory Committee of ICB Islamic Bank Md. Fariduddin Ahmed, and Managing Director of Social Islami Bank Quazi Osman Ali were present as special guests.

Former finance secretary Arastoo Khan presided over the event while Central Shariah Board's Secretary General Md. Abdullah Sharif moderated it.

Arastoo Khan said Sukuk is a new product to the people of Bangladesh, but if it is introduced by the government, it will be able to gain confidence of the people.

The sponsors of the workshop included Islami Bank, Shahjalal Islami Bank, Al-Arafah Islami Bank, Pubali Bank, Standard Bank, Bank Asia and Social Islami Bank.

ATN Bangla Television, The Financial Express and Daily Bonik Barta broadcasted and published special news highlighting the significance of the event.