Guidelines for developing the shari'ah‐compliant products and shari'ah governance for sustainable banks in Bangladesh

• DOI: 10.1002/bsd2.309
• Publication Date: 2023-10-26T12:15:35Z
• Authors: Mohammad Nazim Uddin; Mosharrof Hosen; Md. Abul Kalam Azad; Hatıra Günerhan; Nazamul Hoque; Mahi Uddin; Abdullahil Mamun
• Keywords: Financial institution; Sukuk

Abstract The industry of Islamic banking and finance (IBF) has undergone rapid expansion over the past forty years. However, it's imperative that this sector continues to evolve—making sure it aligns with contemporary market trends while staying abreast modern financial practices. With offerings becoming more complex than ever before, adhering closely shari'ah principles certainly poses a newer level daunting challenges need urgent attention in burgeoning field. Moreover, infamous products current governance banks have been widely debated following publication an article titled “Terrible November for banks” reputable newspaper, Prothom Alo, 2022. In order bridge gap study investigates drivers, enablers, inhibitors shari'ah‐compliant successful implementation sustainable Bangladesh. qualitative data collected through in‐depth personal interviews focus group discussions 41 well‐known scholars. analysis shows board research division are required collaborate develop as outlined Qur'an Hadith. Additionally, strong legislative framework product development is essential promote industry. Good compliance institution significantly dependent on good intentions its members operational managers. offers legal core value‐based develops unique fully uphold goals (SDGs). Important policy implications discussed.