Written by The Banking Post
Khondaker Rashed Maksud, Chairman of the Bangladesh Securities and Exchange Commission (BSEC), believes that not only the bond market but the entire infrastructure of Shariah-based markets requires restructuring. He stated that the majority of Bangladesh’s population are Muslims, and most prefer Shariah-compliant investment over interest-based options.
He made these remarks during a meeting of the Shariah Advisory Council formed by BSEC on Monday (July 21).
The BSEC Chairman highlighted that the “Bangladesh Securities and Exchange Commission (Shariah Advisory Council) Rules 2022” were enacted with investors in mind, aiming to encourage investment in Shariah-compliant securities. This initiative is expected to open up new opportunities for Islamic Shariah-based securities within the country’s capital market.
Attendees at the meeting included BSEC Commissioner Md. Ali Akbar; Professor Dr. Mohammad Oli Ullah, Dean of the Kamil (Postgraduate) Education, Training and Research Center of Islamic Arabic University; Maulana Mahfuzul Haque, Secretary General of Befakul Madarisil Arabia; Professor Dr. H.M. Mosharraf Hossain, Chairman of the Finance Department at the University of Dhaka; Professor Dr. A.B.M. Siddiqur Rahman Ashrafi, Dean of the Theology and Islamic Studies Department at Islamic University; Dr. Waliur Rahman Khan, Muhaddith of the Research Division of the Islamic Foundation Bangladesh; Mufti Muhibullahil Baqi Nadvi, Imam of the Baitul Mukarram National Mosque; and Sheikh Md. Lutful Kabir, Additional Director of BSEC and Convener of the Shariah Advisory Council Secretariat.
