Int'l workshop on liquidity management for Islamic FIs begins

A two-day international technical workshop titled 'Liquidity Management Tools for Islamic Financial Institutions' began Wednesday, said a statement.

Islami Bank Bangladesh Limited and General Council for Islamic Banks and Financial Institutions (CIBAFI) jointly organised the event.

Dr. Mashiur Rahman, adviser to the Prime Minister's Economic Affairs inaugurated the workshop at Pan Pacific Sonargaon on the day as the chief guest.

Presided over by Arastoo Khan, Chairman of Islami Bank, the program was attended by Abdelilah Belatik, Secretary General, CIBAFI as guest of honor and Abdur Rouf Talukder, Acting Secretary, Ministry of Finance as special guest. Md. Mahbub ul Alam, Managing Director and CEO of Islami Bank addressed welcome speech. Researchers and top executives from various local and foreign banks and financial institutions participated in the workshop.

Dr. Mashiur Rahman in his speech of chief guest said that Islamic banking industry in Bangladesh through its Shariah compliant banking activities has been contributing to economic growth of the country and towards realising the vision of the Government to achieve higher middle income status by 2021. Bangladesh Bank is working to develop instruments such as Islamic Treasury Bills, Government Ijarah Sukuk, etc. which will enable Islamic banks to participate in Repo and Reverse Repo operations, he added.

Arastoo Khan in his speech said, liquidity management is critically important for every financial institution. Although there are different instruments for liquidity management for conventional banks and financial institutions, there is not enough separate financial instruments for Islamic banks and financial institutions, he added.

He called upon the concerned to introduce Islamic Financial Tool 'Shukuk' for Islamic banks and financial institutions in Bangladesh.

Other speakers said, Islamic banking industry is fast growing in the world. There has been significant growth in the last decade. In keeping pace with the global Islamic financial development, they urged the researchers to introduce new Shari'ah based instruments in the money market of Bangladesh.

-rmc//