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Bangladesh became a member of the Organisation of Islamic Cooperation (OIC) in February 1974 and signed the charter for Islamic Development Bank in September that year. In April 1978, the 9th conference of OIC foreign ministers recommended for reorganizing the banking system of the member countries to Islamic operations systems gradually.
The Islamic Development Bank (Arabic: البنك الإسلامي للتنمية, abbreviated as IsDB) is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi Arabia.
Bangladesh Bank is the central bank of Bangladesh and the chief regulatory authority in the banking sector. According to the Bangladesh Bank Order, 1972 the Government of Bangladesh reorganized the Dhaka Branch of the State Bank of Pakistan as the central bank of the country and named it Bangladesh Bank with retrospective effect from 16 ...
Since its inception in 1395H (1975G), the aim of the Islamic Development Bank (IDB) has been to improve the lives of ordinary people across the Islamic world by raising economic standards and increasing prosperity within the member countries of the Organisation of Islamic Cooperation (OIC, formerly the Organisation of the Islamic Conference).
The economy of the Organisation of Islamic Cooperation (OIC) combines the economies of 56* member states. 49* are predominantly Muslim states. As of 2013 [update] , the combined GDP (nominal) of 48* Muslim majority countries was US$ 12.97 trillion. [ 1 ]
Khan also helped arranged the largest ever direct loan given to a Bangladeshi company in 2016 for $210 million by Asian Development Bank, International Finance Corporation and Islamic Development Bank. [29] Khan has also indicated that Summit may list on the Singapore Stock Exchange, making it the first Bangladeshi company to do so. [5]
Bangladesh has eight Islamic banks, while several non-Islamic banks offer Islamic-banking services alongside their normal operations. [12] As of 2017, Islamic banking, led by Islami Bank Bangladesh Ltd, controls 20% of deposits in Bangladesh. [12] Bangladesh operates the world's biggest Islamic microfinance scheme. [12]
The Rural Development Scheme (RDS) of the Islamic Bank Bangladesh Limited (IBBL) are inspired via his notable research in Islamic social finance. [15] Recently, Hassan has indicated his views in the favor of rapid economic growth for Bangladesh keeping in mind the high potential in garment, fishing, and agriculture sectors.