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Shahjalal Islami Bank PLC. signed an agreement with Turaag Active

 Publish : 11 October 2026 | Print View | Photo Card
Shahjalal Islami Bank PLC. signed an agreement with Turaag Active

Press Release: Shahjalal Islami Bank PLC. signed an agreement with Turaag Active on 11 October 2026 at the Bank's Corporate Head Office. The Deputy Managing Director of Shahjalal Islami Bank PLC. Mr. Md. Jafar Sadeq, FCA and the COO of Turaag Active Mr. Mohammad Nayeem Akhtar signed in the agreement on behalf of their respective organizations. After signing the agreement, the Deputy Managing Director of the Bank, Mr. Md. Jafar Sadeq, FCA handed over the documents with Mr. Mohammad Nayeem Akhtar, the COO of Turaag Active. Under the agreement Shahjalal Islami Bank's Visa Debit Card and Credit Cardholders will now be able to enjoy 20 percent discount on purchasing products from Turaag Active.

Among others, the Head of Human Resources Division of the Bank Mr. A. K. M. Hasan Rahim, the Head of Retail Business Mr. Md. Khirkil Nowaz, the Head of Retail Investment Department Mr. S. M. Mohiuddin, the Head of Card Division Mr. Md. Riad Hossain, the AVP of the Bank's Card Division Mr. Md. Shafiul Islam, the Head of Public Relations & Bank Foundation of the Bank Mr. K. M. Harunur Rashid, the COO of Wave Riders Ltd. Mr. Mohammad Monsur Rouf and senior officials of both the organizations were present at the agreement signing ceremony.

Subject : Corporate Shahjalal Islami Bank

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1

Ensuring quality alongside the expansion of Islamic BankinvEnsuring Quality Alongside the Expansion of Islamic Banking Is a Major Challenge By Md. Mukhlesur Rahman Islamic Finance Specialist, Economist, Social and Political Thinker, Geopolitical Analyst, and Human Rights Activist The objectives of Islamic banking extend beyond establishing an interest-free transaction framework. They include ensuring equitable financing, productive use of resources, protection of depositors’ rights, promotion of ethical conduct in economic activities, and an effective connection between financial transactions and the real economy. Achieving these objectives requires honest, competent, well-trained, and accountable human resources. Expanding banking activities in the name of Islam without developing the necessary capabilities may create new risks rather than deliver the expected benefits. The success of Islamic banking does not depend solely on promotional activities, the number of branches and sub-branches, or the use of Shariah-related terminology. Its credibility depends on the integrity, professional competence, Shariah knowledge, training, and accountability of the people responsible for its operations. Banking is a sensitive profession in which incompetence, negligence, conflicts of interest, or unethical decisions can harm depositors, investors, entrepreneurs, and the wider economy. In Islamic banking, these risks are compounded by the specific obligation to ensure Shariah compliance. Religious Identity Alone Is Not Enough The expansion of Islamic banking is important. However, achieving the desired results will be difficult unless the development of skilled human resources, strong corporate governance, and effective Shariah oversight keeps pace with that expansion. Establishing new banks or converting conventional banks into Islamic banks is not enough. Implementing the underlying philosophy, principles, and methods of Islamic finance is far more important—and considerably more complex—than changing the external structure. Employees of Islamic banks must understand conventional banking rules as well as the nature, conditions, risks, and practical application of contracts such as Murabaha, Ijara, Mudaraba, Musharaka, Salam, and Istisna. They must also possess sound knowledge of accounting, investment analysis, risk management, financial crime prevention, customer due diligence, and banking laws. In particular, the requirements of Murabaha must be properly observed, including the purchase of goods, acquisition of ownership, taking possession, bearing the associated risks, and subsequent sale. In partnership-based financing arrangements such as Mudaraba and Musharaka, a clear understanding of profit distribution, loss allocation, accounting transparency, and the rights of the parties is essential. A transaction does not automatically become Shariah-compliant simply because it carries an Islamic name; the relevant conditions must also be fulfilled in practice. Integrity and Competence Must Go Hand in Hand Integrity is as essential as professional competence in banking. Even a highly skilled employee can cause substantial financial losses if unethical conduct leads to the misuse of that expertise. Conversely, a sincere and honest employee may make mistakes in complex investments, risk assessments, or the implementation of Shariah contracts without adequate training. Integrity and competence must therefore not be treated as alternatives to one another. Both must be supported by professional responsibility, safeguards against conflicts of interest, and effective accountability. The Holy Qur’an instructs believers to return trusts to their rightful owners and to uphold justice when making judgments among people (Surah An-Nisa, 4:58). In light of this principle, institutions that depend on public trust, such as banks, should give priority to integrity, qualifications, and competence in recruitment, promotion, and the assignment of responsibilities. Appointing people to important positions solely on the basis of religious or political identity, formal certificates, or recommendations from influential individuals may not produce the desired results. Recruitment should assess relevant knowledge, practical skills, professional experience, and ethical standards. Continuous training after recruitment and regular performance evaluations are equally necessary. Combining Shariah Knowledge with Modern Banking Expertise Both Shariah scholars and banking professionals have important roles to play in Islamic banking. Shariah scholars examine the jurisprudential validity of contracts, while banking professionals assess their practical implementation, financial risks, accounting requirements, and regulatory obligations. Without effective coordination between them, a gap may emerge between policy decisions and actual banking operations. Effective coordination is therefore necessary among Shariah boards, management, internal Shariah audit, risk management, and general audit departments. The independence of Shariah boards must be safeguarded so that commercial interests or pressure from management do not influence Shariah-related decisions. They must also have adequate staffing, access to information, and audit facilities to verify whether their decisions are being implemented properly. It would be incorrect to conclude that every transaction is Shariah-compliant simply because it has received approval from a Shariah board. Regular checks are needed to determine whether approved policies and procedures are being followed in practice. When irregularities are identified, their causes must be investigated promptly, responsibility established, and corrective measures taken. The Risks of Islamic Banking in Name Only If the expansion of Islamic banking becomes merely a strategy for commercial competition, market growth, or attracting customers by appealing to religious sentiment, it raises serious questions about the sector’s fundamental purpose. If banks conduct their business by simply changing the names of financial products without maintaining the necessary contractual distinctions between conventional interest-based lending and Islamic financing, the credibility of their Shariah compliance may be called into question. Weak investment appraisal, irregular financing, conflicts of interest, political or personal influence, and a lack of accountability can also expose Islamic banks to serious problems. An Islamic identity does not automatically protect an institution from these risks. Indeed, if depositors and customers place additional trust in a bank because of its religious identity, the consequences of misconduct may be even more serious. Irregularities at one bank can undermine public confidence in the entire sector. Shariah compliance must therefore become an integral part of institutional culture and internal control systems, rather than merely a subject of promotional campaigns. What Needs to Be Done to Develop Human Resources? First, a standardised and continuous training framework must be established for Islamic banking. Depending on their responsibilities, officers, branch managers, investment officers, auditors, and senior executives should receive training in Shariah principles, accounting, risk management, financial analysis, banking laws, customer protection, and professional ethics. Second, training must not be reduced to a formality for obtaining certificates. Employees’ capabilities should be assessed through practical case studies, contract reviews, investment appraisals, and exercises in identifying irregularities. Competency assessments and refresher training should also be introduced where necessary. Third, cooperation among universities, training institutions, banks, and Shariah scholars should be strengthened. Research-based education in Islamic economics, Islamic finance, banking technology, and risk management should be expanded, and research findings should be used to inform policymaking. Fourth, transparency in recruitment and promotion must be ensured. Integrity, competence, experience, and performance should take precedence over political affiliations, personal connections, or loyalty to influential individuals. Independent mechanisms for investigating irregularities, protection for whistleblowers, and accountability proportionate to individual responsibilities must also be established. Fifth, banks should publish reliable reports on Shariah compliance and financial governance. Depositors and regulatory authorities should receive appropriate information about deficiencies identified through audits, corrective measures taken, and relevant risks. Effective transparency is possible while respecting legal requirements and customer confidentiality. Strengthening the Foundations Before Expanding Further The future of Islamic banking does not depend solely on opening new branches or increasing the number of customers. Its success must also be measured by how safely depositors’ money is managed, how productively investments are used, how transparently contracts are executed, how effectively Shariah compliance is maintained, and how accountable the institutions are. The objective, therefore, should not be to discourage the expansion of Islamic banking, but to improve the quality of its human resources, institutional capacity, and control systems in line with that expansion. Sustainable Islamic banking cannot be built on the work of employees who are honest but incompetent, or competent but dishonest. It requires a combination of integrity, professional expertise, Shariah knowledge, continuous training, and effective accountability. Bridging the gap between the outward identity of Islamic banking and its actual operations is a shared responsibility of banks, regulatory authorities, Shariah scholars, and training institutions. The credibility of Islamic banking is not merely a business asset; it is also closely connected to people’s religious trust, the security of their deposits, and the stability of the financial system. Ultimately, the sustainable development of Islamic banking depends on building a workforce that is honest, competent, well-trained, and accountable. Expanding banking activities in the name of Islam without strengthening this foundation may jeopardise Shariah compliance, depositor confidence, and overall financial stability instead of delivering the benefits that Islamic banking is major challenge

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শুক্রবার, ২৩ অক্টোবর ২০২৬

Shahjalal Islami Bank PLC. signed an agreement with Turaag Active

Publish Date : 11 October 2026

featured Image
Press Release: Shahjalal Islami Bank PLC. signed an agreement with Turaag Active on 11 October 2026 at the Bank's Corporate Head Office. The Deputy Managing Director of Shahjalal Islami Bank PLC. Mr. Md. Jafar Sadeq, FCA and the COO of Turaag Active Mr. Mohammad Nayeem Akhtar signed in the agreement on behalf of their respective organizations. After signing the agreement, the Deputy Managing Director of the Bank, Mr. Md. Jafar Sadeq, FCA handed over the documents with Mr. Mohammad Nayeem Akhtar, the COO of Turaag Active. Under the agreement Shahjalal Islami Bank's Visa Debit Card and Credit Cardholders will now be able to enjoy 20 percent discount on purchasing products from Turaag Active. Among others, the Head of Human Resources Division of the Bank Mr. A. K. M. Hasan Rahim, the Head of Retail Business Mr. Md. Khirkil Nowaz, the Head of Retail Investment Department Mr. S. M. Mohiuddin, the Head of Card Division Mr. Md. Riad Hossain, the AVP of the Bank's Card Division Mr. Md. Shafiul Islam, the Head of Public Relations & Bank Foundation of the Bank Mr. K. M. Harunur Rashid, the COO of Wave Riders Ltd. Mr. Mohammad Monsur Rouf and senior officials of both the organizations were present at the agreement signing ceremony.
The Daily Capital News

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