The Role of SharÊÑah Observer (MurÉqÊb) in the Process of Review and Analysis of Current SharÊÑah Compliant: A Case of Islami Bank Bangladesh Limited

Abstract

The first Islamic bank was established in Bangladesh in 1983 which is currently a leading Islamic Bank among the Islamic banks in Bangladesh and one of the efficient financial institutions in the globe based on sharÊÑah compliance. There is no doubt, Islamic banking in modern world aims to promote and develop the application of Islamic principles, law and traditions to the transactions of financial, banking and related business affairs that are acceptable and consistent with the sharÊÑah guidelines comprehensively. However, Islamic banking system safeguards the Islamic communities as well as societies from all activities that are forbidden in Islam. So therefore, this study will discuss the role of sharÊÑah observer (murÉqÊb) in monitoring the process of review and analysis system in Islamic banking operation. It will also explain the sharÊÑah guidelines that have been applied by the Islami Bank Bangladesh Limited since its commencement. Finally, the researcher will come up with some suggestions and recommendations for further improvement.