Millennium Information Solution Ltd. (Millennium) arranged a seminar on “Islamic Banking-A fallacy or reality” on Sunday at Hotel Sheraton.

The seminar was attended by a number of high officials of several Banks including Chairmen, Directors, Managing Directors, and Deputy Managing Directors.

Mr. Mahmud Hossain, CEO and Managing director of Millennium in his welcome speech mentioned “Although Islamic Banking has been a great success locally and globally due to its phenomenal growth in the last decade, a good number of our citizens are either ignorant or possess misconception about the Islamic Banking operation, which only can be overcome through information dissemination, detailed discussions and clarification through seminars, workshops and symposiums like this.”  He also mentioned “While designing, developing and positioning our ground up designed Islamic Banking solution “Ababil”, we encountered such reservations, ignorance and misconceptions among the citizens including some bankers".

The keynote paper was presented by Dr. Kabir Hassan, professor, University of new Orleans, USA. Mr. Kabir said Islamic Finance has been growing tremendously at an average rate of 15 per cent to 17 per cent per year in the world.

“In recognition to growing potential of the Islamic Finance Industry, global financial institutions including Merryl Lynch, HSBC, BNP Paribas, UBS, Citibank and Goldman Sachs entered the market, “he said.

He further said a regulatory framework for Islamic banks must be broadened to achieve the benefits of standardization and maturity.

Dr. Shoeb Ahmed, Former Adviser to the Caretaker Government was the Chief Guest of the event. He said that the country was already passed 25 years in Islamic banking and the gap between rich and poor should be reduced to a large extent with the adoption of Shariah-based financial systems.” He also added that Islamic Banking is an established reality today. He discussed about the economic aspects of Islamic Banking and its possible contribution to social equity and justice”.

Mr. Shah Abdul Hannan, former secretary of Bangladesh Government and Deputy Governor of Bangladesh Bank, who chaired the seminar, said in his speech “Even the simplest form of financing under Islamic Banking has its difference with conventional banking”.

Mr. Azizul Haque, Former EP of Islamic Bank and present consultant of AB Bank mentioned as a discussant that whether we like or not within 4/5 years the majority of our banking industry will be carried out their banking activities in Islamic Banking as well as shariah compliant mode and same is the trend in Muslim dominated countries in the world.

The seminar was co-sponsored by AB Bank Limited & Prime Bank Limited.