Workshop on Islamic Banking and Finance jointly held by IIBFE and Prime Bank PLC

Dr. Chenaker Zakia, Associate Professor at the Faculty of Economics, Abbes Laghrour University, Algeria, visited UIU on December 17 and attended a meet-and-greet event with several faculty members from SOBE and the Department of Economics. Prof. Dr. Salma Karim (BBA Director), Prof. Dr. Mohammad Omar Farooq, and Prof. Dr. Shariful Alam (IQAC Director) were among those present.

On behalf of her university, Dr. Zakia is visiting several countries with significant Islamic finance industries to gain insights into the sector. The goal of her university-sponsored visit is to enhance the Islamic finance industry in Algeria and improve her university’s Islamic finance program, aligning it with global best practices.

On December 18, accompanied by Prof. Shariful Alam, Dr. Zakia held a special meeting focused on Islamic finance with Prof. Farooq, Founding Director of the Institute of Islamic Banking, Finance, and Economics. During the meeting, ideas were exchanged to foster mutual learning about Algeria and Bangladesh, and possibilities for developing substantive collaboration in the near future were explored.

On December 7, 2024, a workshop on Islamic Banking and Finance was jointly organized by the Institute of Islamic Banking, Finance and Economics (IIBFE) at United International University (UIU) and Prime Bank PLC. This marked the first event of IIBFE since its recent inception. Prime Bank PLC sponsored this day-long workshop to raise awareness about Islamic Banking and Finance in general, its Hasana program in particular, and to engage students by sharing guidelines on career opportunities.

The workshop was held at the UIU permanent campus in United City (Madani Avenue), with over 100 students registering for the event. During the workshop, the participating students learned about: the history of Islamic Banking and Finance over the past fifty years, beginning with the launch of the first full-fledged Islamic bank, Dubai Islamic Bank, in 1975; the development of Islamic Banking and Finance in the Bangladeshi context since the early 1980s; the concepts and applications of Shariah compliance; various Shariah-compliant modes and products; Prime Bank’s Hasana line of products; and career opportunities for students and the relevant preparations required.

The event began at 9 a.m. with opening remarks by the Founding Director of IIBFE, Prof. Dr. Mohammad Omar Farooq. He welcomed the guests and participants to this inaugural event of IIBFE, introducing the Institute and the context of its establishment at UIU. He underscored the great potential, especially in the context of the new Bangladesh and the importance of fostering dynamic interaction between IIBFE and the Islamic finance industry to collaboratively build the desired human resource capacity.

In the opening session, the speakers included Mr. Nazeem Anwar Choudhury (Deputy Managing Director, Prime Bank), Dr. Muhammad Amir Hossain (Director, Statistics, Bangladesh Bank), and the honorable Vice Chancellor of UIU, Prof. Dr. Md. Abul Kashem Miah. Mr. Nazeem acknowledged the steady growth of Islamic financial products and services in Bangladesh and highlighted Prime Bank’s pioneering role as the first Islamic Window in the country. Prof. Kashem Miah welcomed the participants and expressed optimism about IIBFE’s potential to address the gap in academic support for the Islamic Finance industry in Bangladesh, contrasting the country’s situation with nations that have a robust Islamic Finance ecosystem.

Both Prof. Farooq and Prof. Kashem Miah thanked Prime Bank PLC for its proactive role in collaborating with IIBFE to enhance awareness and engage students in capacity-building initiatives for Bangladesh’s Islamic Banking and Finance sector.

The workshop comprised four sessions led by: Prof. Dr. Mohammad Omar Farooq (Founding Director, IIBFE); Dr. Md. Mahabbat Hossain (Associate Professor, Bangladesh Institute of Bank Management); Mr. Syed Ibne Shariar (Head of Islamic Banking, Prime Bank PLC); and Mr. Zulkar Nayn (Executive Director on PRL and former Head of Bangladesh Bank Training Academy, Bangladesh Bank).

The workshop concluded with a panel discussion featuring the guest speakers and moderated by Prof. Farooq. Participating students received certificates of participation. Abir Hasan Jisan, a student from the Department of Economics, was especially recognized for his valuable contribution during the panel discussion.