General Concept of Islamic Banking

“General Concept of Islamic Banking”

(Fundamentals of Deposit and Investment Products of Exim bank under Islamic Shariah Principle)
















INTRODUCTION
      Export Import Bank of Bangladesh Limited (Exim Bank) was incorporated on 02 June 1999 as a public limited company under the Banking Companies Act 1991 and Companies Act 1994 and started its operation on 03 August 1999.

      Exim Bank is one of the best Islamic Bank in Bangladesh committed to conduct all Banking activities under Islamic Shariah principle since its conversion on 04.07.2004 from conventional banking to “Shariah Based Islami Bank”. The responsibility of the Board of Directors, Management of the Bank is rendering their utmost efforts to ensure that all the activities of the bank and its products are Shariah Compliant. It is also exclusively required to ensure that the activities of Exim Bank are carried out properly and uniformly according to the principles of Islamic Shariah. With this end in view to formulate an integrated handbook embodying different Terminologies, Definitions of the principles, Modes of deposits and Modes of investments has been prepared detailing the particulars including strength and superiority of the specific products for improving the knowledge base of all concerned of EXIM Bank. Though there are specific guidelines/operational manuals for every aspects of Islamic banking business, this will add the key points as ready reference.

      This book contains the basic operational/functional termswhich would increase our knowledge base about the banking under “Islamic Shariah Principle” and create bindings/obligations upon its compliances for the benefit of the day of end judgement.


Definitions of Terms used in Islamic Banking Operations

  a) “Shariah” means such rules and regulations as have their origin in the holy Qur’an and Sunnah to govern all aspects of human life.


  b)   “Islamic bank” means such a banking company or an Islamic banking...