Development of Islamic Banking and Finance in Bangladesh

Abstract

From the beginning of Islamic history, Muslims had the option to set up a framework without interest in assembling assets to fund profitable exercises and buyer needs. Bangladesh is the 3rd largest Muslim nation on the planet with a populace of 161 million Muslims, so it tends to be a consideration for rehearsing and applying Islamic Finance. Islamic banking is seeing amazing development in Bangladesh. One well-known Islamic Bank, IBBL was set up in 1983. Since its initiation in 1983, the Islamic financial industry has recorded solid execution and it can expand further in the future. This study aims to assess how Islamic banking is developing in Bangladesh and ident6 the present status of Islamic banking in Bangladesh. To attain the objectives of this paper, the required information has been collected from secondary sources. This paper also explores the challenges that are being faced by Islamic banking in Bangladesh and the possible suggestion of how to overcome those challenges is also discussed.