Foreign Exchange Management Janata Bank Ltd
EXECUTIVE SUMMARY
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Islam is not only a religion but also a complete code of life and Islami Banking & finance is an integral part of life of a Muslim. Similarly Shari’ah Concept and principles are unavoidable code of business operations of the Bank. An Islami Bank is a financial institute whose status, rules and procedures expressly state its commitment to the principles of Islamic Shari’ah. * The main objectives of the bank are: a) To conduct interest-free banking, b) To establish participatory banking instead of banking on debtor-creditor relationship, c) To invest through different modes permitted under Islamic Shari’ah, and d) To accept deposits on profit-loss sharing basis. The mission of the bank is to establish Islamic Banking through the introduction of welfare oriented banking system and also ensure equity and justice. The functions of Islami Bank Bangladesh Limited are a) To maintain all types of deposit accounts. b) To make investment. c) To conduct foreign exchange business. d) To extend other banking services. * The special feature of the investment policy of the Bank is to invest on the basis of profit-loss sharing system in accordance with the tenets and principles of Islami Shari’ah Earning of profit is not the only motive and objective of the Bank’s investment policy rather emphasis is given in attaining social good and in creating employment opportunities. * There are three types of Investment Modes, these are :I) “Bai” Mode (Trading) ii) “Ijarah” Mode (Leasing) and iii) Share Mode. “Bai” Mode is further divided into four types: 1.Bai Murabaha 2.Bai Muazzal 3.Bai Salam 4.Bai Istishna’a. “Ijarah” Mode is further divided into two types: 1.Hire purchase (Ijarah) 2.Hire purchase under Shirkatul Melk. Share Mode is further divided into two types: 1. Mudaraba 2. Musharaka. * "Bai-Murabaha” may be defined as a contract between a buyer and a seller under which the seller sells certain specific goods (permissible
*
Islam is not only a religion but also a complete code of life and Islami Banking & finance is an integral part of life of a Muslim. Similarly Shari’ah Concept and principles are unavoidable code of business operations of the Bank. An Islami Bank is a financial institute whose status, rules and procedures expressly state its commitment to the principles of Islamic Shari’ah. * The main objectives of the bank are: a) To conduct interest-free banking, b) To establish participatory banking instead of banking on debtor-creditor relationship, c) To invest through different modes permitted under Islamic Shari’ah, and d) To accept deposits on profit-loss sharing basis. The mission of the bank is to establish Islamic Banking through the introduction of welfare oriented banking system and also ensure equity and justice. The functions of Islami Bank Bangladesh Limited are a) To maintain all types of deposit accounts. b) To make investment. c) To conduct foreign exchange business. d) To extend other banking services. * The special feature of the investment policy of the Bank is to invest on the basis of profit-loss sharing system in accordance with the tenets and principles of Islami Shari’ah Earning of profit is not the only motive and objective of the Bank’s investment policy rather emphasis is given in attaining social good and in creating employment opportunities. * There are three types of Investment Modes, these are :I) “Bai” Mode (Trading) ii) “Ijarah” Mode (Leasing) and iii) Share Mode. “Bai” Mode is further divided into four types: 1.Bai Murabaha 2.Bai Muazzal 3.Bai Salam 4.Bai Istishna’a. “Ijarah” Mode is further divided into two types: 1.Hire purchase (Ijarah) 2.Hire purchase under Shirkatul Melk. Share Mode is further divided into two types: 1. Mudaraba 2. Musharaka. * "Bai-Murabaha” may be defined as a contract between a buyer and a seller under which the seller sells certain specific goods (permissible