Hrm Practice in Islami Bank

In: Business and Management

Submitted By shishirr
Words 573
Pages 3
Financial Institution in Bangladesh known as Islami Bank Bangladesh
Limited (IBBL). The aim of the study was to see how Islamic banking activities differ from a conventional bank and also to see how Islamic banks may contribute to render financial services towards small and rural sector. By discussing various aspects of the IBBL, it is shown in detail how interest-free bank functions besides many established conventional banks in the country.
Although conventional banks are rendering financial services in Bangladesh for a long period still, the innovation of interest-free banking systems, proved its worth in the country’s money market, since IBBL started rendering banking services without any interest in the nation’s financial market in recent years. The article mainly consists of two sections. In the first section, an introduction of Islamic banking systems and various financing modes or techniques used by Islamic banks, are discussed. The second section includes a short history of the Islami Bank Bangladesh Limited (IBBL) along with an empirical based detailed accounts of its financial activities in the country since the introduction of this financial institution in the financial system of Bangladesh.
The introduction of interest-free and equity-based financing by the Islamic banking system is based on the principles of Islamic economics. The aim of Islamic economics, as observed by Molla (1988), is not only the elimination of interest based transactions and the introduction of the zakah (contribution to poor) system but also the establishment of just and balanced social order free from all kinds of exploitation. The Islamic banking system is highlighted in the World Development report (1989, Box 6.3), as under;
“ Islamic banks offer savers risky open-ended mutual fund certificates instead of fixed-interest deposits. (This is…...

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