Recently, a news titled 'The situation of Shariah-based banks is worse now' has been published in some media. Earlier, the situation of 6 Shariah-based banks is worse now, "The loan of Shariah-based banks is 9 times more than deposits in a month," "Deposits of Shariah-based banks are slow, loans are high," "Islamic banks' loans are increasing even though deposits are decreasing." Every day, six Shariah-based banks are paying fines,'' 'Five Shariah-based banks are about to close their transaction services due to cash crunch,'' 'The entire banking sector is in liquidity shortage due to Shariah banks', news are being published regularly.

In the wake of all this news, the question arises in the public mind, all kinds of irregularities, crisis and mismanagement in the country's bank sector around this 'Shariah'! In the context of consistently adding the word 'Shariah-based' at the beginning of the news, various questions are being created in people's minds about Shariah. Many people think that Sharia management is unable to take up the challenges of the current market. In fact, it is in a vain attempt to make the Islamic banking system questionable to the public that such headlines and news are being published consistently.

It goes without saying that the country's banking sector is very stable due to global factors. There are various irregularities and instability in more or less all banks. In 2023, two American banks were declared bankrupt within three days. These are Silicon Valley Bank (SVB) and New York-based Signature Bank. Shariah-based banks are not the root of all problems. Bangladesh Bank has recently finalized the list of weak banks of the country to be merged with the strong banks. The absence of any Shariah-based bank in that list proves that these banks are not at risk.

The path of Islamic banking in Bangladesh started in 1983. In the last four decades, the Shariah-based style of banking has become quite popular. Along with 10 fully Islamic banks, conventional commercial banks have also been forced to switch to Shariah-based banking operations. Islamic banking operations are conducted through specialized branches and windows.

Services like Islamic banks, bonds, mutual funds and insurance – have now gained a significant place in the global financial sector. Islamic banking system is expanding globally through risk sharing, inclusion and real asset based transactions. In keeping with the global trend, Islamic banking system is building a strong position in Bangladesh day by day.

Islamic banking continues to contribute significantly to the growth and economic development of Bangladesh. It is gradually becoming attractive and profitable even for conventional banks. Various related information-data, awards, achievements and accounts are published by Bangladesh Bank and related banks. It can be emphasized that the people of Bangladesh have accepted Islamic banking with ease. As a result common people are willingly turning towards Islamic banking with confidence. In this situation, many have taken a stand against the Shariah concept as a whole, fearing their unknown future.

In 1962, the first interest-free organization named 'Pilgrims Savings Corporation' was established in Malaysia for the purpose of collecting Hajj money in installments. Then in 1963, the first interest-free Islamic bank of the modern world was established in the name of Egypt's Mitvagama Bank. In 1974 OIC conference decided to introduce Islamic banking system. In that light, Islami Bank was established in Bangladesh in 1983. Currently, there are Islamic finance institutions in 100 countries around the world, including about 60 non-Muslim majority countries. Many interest-based international financial institutions are also already turning to Islamic banking systems.

There are many successes, awards and achievements in the Islamic banking sector in Bangladesh. It can be said that Shariah-based banks are one of the architects of developing the country's banking sector. People are interested in Islamic banking for various reasons. Ordinary people, from expatriates to simple men and women of villages and even a minimally saving person, first find a Shariah-based bank for their transactions or savings. For them, this trust, faith has been gained because of Sharia. This did not require a lot of marketing and promotion, which is why a handful of banks managed to control 30 percent of the banking sector. Such success is not easy. So, it is natural that anyone who is anti-Sharia will be burned. As a result, Shariah-based banks should be questioned by reporting three to four times a month.

Usury is haram and business is halal in the eyes of Islam. So many customers are not comfortable doing transactions in conventional banks. For the same reason many entrepreneurs are turning to Islamic banking. There is a matter of trust and faith here. It is natural that Shariah-based banking will succeed in a country where nearly 90% are Muslims. The common people of this country think that these banks are run according to Islamic ideals, unlike other banks, there is no corruption here. Islami Bank selects investment projects by prioritizing the needs of the society and analyzing the integrity and past record of the customer, relevance of the venture, adequacy of collateral etc. So the investment risk of these banks is always minimum.

Even so, in view of the irregular disbursement of loans and money embezzlement published in the media in contemporary times, there is a good reason.Rashan comes, this banking system that is successful worldwide is not successful in Bangladesh? Shariah-based banks are responsible for creating various problems in the banking sector? Is the security of millions of people under threat?

In answer to such a question, it can be said that Islamic banking system is a successful reality in the world. Since its establishment in Bangladesh, this system has achieved enviable success in all aspects of the country's economy and social policy. Jealous of that success, with the help of anti-Islamic forces, forces that do not like Islam have never sat against the Islamic banking system. They have stepped up their conspiracy against Islamic banking, threatening to destroy the entire sector. Through this, anti-Islamic forces have a blueprint to defeat Islamic finance. Trying to prove that there is no such thing as finance or banking in Islam.

If the current accusations heard in the media about Sharia-based banks are true; But Islam and Islamic banking system are not responsible for that. Even true followers of Islam are by no means failures. According to the media, the failure, if anything, is an expression of the conspiracy and greed of anti-Islamic and self-interested circles, which is also happening in many other sectors of the country.

Islamic banking is possible in this era and as many Islamic banks as there are - may they prosper and more banks should join this ranks. However, all Islamic banks must be uncompromising in terms of Shariah compliance. Anything with just an Islamic name is not desirable. Everyone from the owners to the central bank should be sincere to ensure the Shariah compliance of Islamic banks. Along with that, the concerned officers and employees should be made efficient by giving necessary training on Shariah compliance. Demonstration is not a 2-4 day or a few hour workshop, effective training.

A Shariah Council is most needed to ensure Islamic banks are Shariah compliant. Those with more powers will be supervisory councils rather than advisory councils. They will be competent and experienced scholars in banking, they will not allow the impermissible and makruh under any pretext. Don't give the certificate of being Islamic because you are in the committee. Apart from this, simply keeping the facility of helping and advising people in Shariah compliance. Shariah related desk, cell and call center to provide immediate Shariah advice to bank clients and others in branches if necessary.

Islamic banking has developed the fastest in the country in the last four decades. About 30 percent of the country's banking sector is now controlled by Shariah-based banks. Despite the peak of popularity and growth, Islamic banking continues without any specific laws. Islamic banking in the country is being conducted only based on a guideline issued by Bangladesh Bank in 2009. Extending the scope by making it more effective. Without discussing the fact that there is no law on Islamic banking in Bangladesh even after four decades of operation, without acknowledging its need; The imposition of Shariah is certainly motivated and regrettable. Due to this, the welfare oriented banking system like Islamic banking has been questioned by the people. And a class of media is giving air to this work.

The controversy that has arisen around Islamic banks is undesirable. The picture of all the banks is the same, only Islamic banks have been deliberately brought forward. However, since the matter has been raised, now is the time to review the relevant issues including savings, defaulted loans, loan disbursements of Islamic banks.

In the last four decades there has never been a controversy about Islamic style banks. The deposits of these banks were always in surplus. When other banks need deposits, they take deposits from Islamic banks. Now the opposite is happening. Such a situation is by no means desirable. It would be good if the proper authorities take the matter seriously. Because it is not only about business and profit, but also about upholding the Islamic ideology.