Religious Advisor Professor Dr. AFM Khalid Hossain said that currently Islamic banking is becoming popular not only in Muslim countries but also in various countries including the UK, USA, Malaysia and the United Arab Emirates. It is also considered a reliable and profitable banking system internationally. 1.8 trillion dollars worth of transactions are made in this system worldwide.

He said this while speaking as the chief guest at a seminar titled Institute of Islamic Banking, Finance and Economics at the United International University in Badda, Dhaka on Saturday (March 15) morning.

The Religious Advisor said that Islamic finance is a fair and ethical economic system, which 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.

He said that Shariah banking works for the welfare of the disadvantaged people of the society through systems like Zakat, Sadaqah and Waqf. It plays an important role in poverty alleviation and income inequality.

The program was presided over by United International University Vice Chancellor Professor Dr. Abul Kashem Mia and welcomed by Institute Director Professor Dr. Muhammad Umar Farooq. Among others, Professor Dr. Gias Uddin Talukder and President of the Central Sharia Board Fellows Forum Muhammad Abdullah Sharif spoke.

Earlier, the religious advisor unveiled the plaque of the newly constructed Institute of Finance, Banking and Economics building.