Legal and Regulatory Framework in Islamic Banking System: Bangladesh Perspective
Islamic finance is one of the prominent phenomena over the last decade in the Middle-East and South-East Asia especially in banking industry. The role of Islamic banking in economy is still heavily debated.  The legal and regulatory framework in Islamic banking is more important rather than its function. But there is no independent body for regulating Islamic banking sector in Bangladesh. This paper argues that an independent body should be established for the regulation of Islamic banking in Bangladesh. Keywords: Regulation, Law, Islamic Banking, Bangladesh
The Reasons Behind the Absence of a Comprehensive Shariah Governance Framework of Islamic Banks in Bangladesh
Purpose: The main objective of the study is to examine the reasons behind the absence of a comprehensive Shariah Governance Framework (SGF) of Islamic banks in Bangladesh. Design/Methodology/Approach: The study has covered 17 respondents through semi-structured interviews from the Islamic banks and the Central Bank of Bangladesh with a combination of Shariah supervisory board members, Shariah department executives, Central Bank executives, and banking experts. Findings: Based on findings, this study outlines that the knowledge gap of management, unqualified Shariah supervisory boards members, executives in Central Bank and Islamic banks, and intention of the regulators, policymakers, Shariah experts, government executives, Islamic bankers, Board of directors, stakeholders and civil societies are responsible for the absence of a comprehensive SGF. Practical Implications: The study has significantly contributed to the national regulators, government, and the Central Bank of Bangladesh on the subject for developing a comprehensive Shariah Governance Framework. Originality/Value: The study highlights the reasons for the absence of a comprehensive Shariah Governance Framework which was unexplored for more than 30 years.
The Use of Qualitative Information in Macro-Economic Policy Analysis
The majority of macro-economic policy models takes for granted that conflicts among objectives can be assessed by means of a tradeoff analysis. Such tradeoffs imply that sacrifices and benefits of various impacts of decisions can be measured on a cardinal scale, so that a conventional macro-economic utility or welfare analysis can be applied.