Shariah banking plays significant role in poverty alleviation: Adviser Khalid

Sharia banking plays an important role in poverty alleviation and ensuring income inequality, Religious Affairs Adviser AFM Khalid Hossain said today (15 March).

"Shariah banking works for the welfare of the underprivileged people of the society through systems like Zakat, Sadaqah and Waqf... It plays a very significant role in the alleviation of poverty and ensuring income inequality," he said.

The religious affairs adviser was speaking as the chief guest at a seminar titled "Institute of Islamic Banking, Finance and Economics" at the United International University (UIU) in Badda this morning.

Noting that the Shariah Banking is also being considered a reliable and profitable banking system internationally, he said, "Many other countries across the world, including the UK, the US, Malaysia and the United Arab Emirates [UAE] are considering this type of banking as reliable as well as profitable . . . The transactions of $1.8 trillion are made in this system worldwide."

Khalid Hossain termed the Islamic finance as a fair and ethical economic system that transacts on the basis of profit and loss instead of interest.

"It is not only for Muslims, but anyone can be part of a fair and transparent economic system," the adviser added.

UIU Vice-Chancellor (VC) Prof Abul Kashem Mia presided over the event while Director of the Institute Prof Muhammad Umar Faruk delivered his welcome speech. 

Among others, Prof Gias Uddin Talukder and President of the Central Sharia Board Fellows Forum Muhammad Abdullah Sharif also spoke on the occasion.

Earlier, the religious affairs adviser unveiled the plaque of the newly-constructed building of Ithe nstitute of Finance, Banking and Economics.