A legal notice has been served to the Bangladesh Bank governor requesting the establishment of a separate “Shariah banking division” to supervise and regulate Shariah-based banks, financial institutions, and Islamic windows. The notice also calls for the formation of a “shariah board” comprising national and international experts to oversee Islamic banking products in the country within 30 days. If the demand is not met within the stipulated time, the issuer of the notice has warned of filing a writ petition with the High Court. Currently, Bangladesh has 10 full-fledged Islamic Sharia-based banks, along with Islamic banking branches and windows. There is a public perception that these institutions may not fully adhere to Islamic principles, and the absence of a dedicated regulatory division and Shariah board has been highlighted as a concern.
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