Islami Bank borrows Tk breaching shariah rules, Mixed reaction in social media
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"Even though the term of liquidity assistance has expired, Islami Bank has not yet paid the full amount."
Abdul Kader: Cash-strapped Islami Bank borrowed Tk 1,000 crore from the state-run Sonali Bank offering interest, in violation of the Bangladesh Bank guidelines for Shariah-based banking.Shariah-based banks cannot receive or pay interest at all levels.
The incident has sparked mixed reactions on social media platforms, with individuals expressing their opinions on the matter. Time News BD has compiled a cross-talk, capturing diverse perspectives from social media posts.
Abdur Rahman voiced his discontent in a Facebook post, Stating that the criticism of Islami Banks for taking interest is now irrelevant after the bank's takeover. He suggested that Islami Bank has transformed into an entity more aligned with a family-owned structure rather than maintaining its Islamic banking principles. Rahman emphasized the need to focus on discussions about the bank's ownership rather than engaging in critiques related to interest.
Dr. Showmik Ijaz provided a contrasting view in another Facebook post, Arguing that banks worldwide function on interest, and it is an integral part of the global economy. He contended that if someone receives interest from an Islamic bank, it is considered halal interest, challenging the notion of it being a heinous sin.
On the other hand, Karim Kumarkhali expressed a skeptical stance on banks in general, Asserting that banks inherently involve usury. He cautioned against expecting an Islamic bank to be free from usury, claiming that no bank can exist without it.
The controversy surrounding Islami Bank's borrowing and involvement in interest-based transactions has prompted a diverse range of opinions on social media, highlighting the ongoing debate about the compatibility of Islamic banking principles with conventional financial practices.