Shariah banking plays significant role in poverty alleviation: Khalid

Religious Affairs Adviser Professor Dr. AFM
Khalid Hossain has said that Sharia banking plays an important role in
poverty alleviation and ensuring income inequality.

“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 here 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 dollars are made in this
system worldwide.”

Dr. 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 religious affairs adviser added.

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

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

Earlier, the religious affairs advisor unveiled the plaque of the newly-
constructed building of Institute of Finance, Banking and Economics. (BSS)