The closing session of a two day long International Seminar on ‘The Global Financial Crisis and the Strength of Islamic Banking System’ organized by Islamic Banks Consultative Forum (IBCF) was held on 25 May, 2011 at Sonargaon Hotel. Presided over by Shah Abdul Hannan, former Secretary the program was attended by Prof. Abu Nasser Muhammad Abduz Zaher, Chairman, IBCF, Nazrul Islam Mazumder, Vice Chairman, IBCF, Dr. Ausaf Ahmad and Dr. Shirak Nisar from India, Prof. Dr. Kabir Hassan, New Orleans University, USA, Professor Dr. Zubair Hassan, Kualalumpur, Dr. Abdel Kadir Chachi and Dr. Nasim Shah Siraji from IDB, Jeddah.
The five sessions of the keynote paper presentation on the second day were Presided Over respectively by Dr. A.B. Mirza Md. Azizul Islam, Dr. Akbar Ali Khan and Abdul Mueed Chowdhury, former Advisors, Caretaker Government of Bangladesh, Mahbubur Rahman, Chairman, International Chamber of Commerce, Bangladesh and Mohammed Mohsin, former Assistant Secretary General, OIC. Five keynotepapers were presented in the seminar on ‘The Global Financial Crisis: Some Suggestions for Reform of the Global Financial Architectural in the Light of Islamic Finance’ of Prof. Dr. M. Umer Chapra, ‘The Global Financial Crisis and Islamic Finance Solution’ by Professor Dr. Kabir Hassan, New Orleans University, USA, ‘Global Fiancial Crisis and Emergent Islamic Finance Trend’ by Yakub Bobat, Global Head, HSBC, Amanah Commercial Banking, UAE, ‘Status of Islamic Banking in Bangladesh and the Agenda for 21st Century’ by M. Azizul Huq, Islamic Banking Consultant, ‘Scarcity, Self Interest and Maximization from Islamic Angle’ by Professor Dr. Zubair Hassan, International Center for Education in Islamic Finance (INCIEF), Malaysia. Eminent Islamic Economists, Bankers and Researchers along with three hundred delegates from local and abroad attended the Seminar.
Recommendations of the seminars are Seminar feels the need of integrated study & research to develop a comprehensive Islamic financial system as a reliable alternative to the present world financial system that has exposed its weakness in the recent crisis. A uniform regulatory and legal framework supportive of an Islamic financial system has not yet been developed. Development of such framework will enhance the sustainability of Islamic Financial Institutions. The development and further growth of the Islamic Banking Industry will largely depend on Innovative and creative shariah compliant structured products which should be taken into active consideration. The Seminar feels the need for forming a focus group to work for framing & structuring different policies, products and regulations for implementation of recommendations in the context of Bangladesh. A separate Division in the Central Bank may be introduced to look for the whole affairs of Islamic Banking.