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Objective Functions of Islamic Bank Bangladesh: A Critique of Islamic Economics

In: Islamic Economics as Mesoscience

Author

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  • Masudul Alam Choudhury

    (Trisakti University
    University of Toronto)

Abstract

The failure of Islamic banks in general that is exemplified by Islamic Bank Bangladesh is pointed out by their absence of any true direction of wellbeing in the Tawhidi sense of methodology of organic unity of theory and application. In the end, Islamic banks as exemplified by the case of Islamic banks Bangladesh, are shown to be capitalist shareholding banks with blind reliance on shari’ah as human concocted jurisdictional approach contrary to the Tawhidi methodological worldview. Consequently, many of the actions by IBBL under the guidance of Islamic Development Bank (IDB) and Organization of Islamic Conferences (OIC) while claiming to be Islamically legitimate are flawed. There remain much room for improvement to know the legitimate understanding in accordance with the Tawhidi law.

Suggested Citation

  • Masudul Alam Choudhury, 2020. "Objective Functions of Islamic Bank Bangladesh: A Critique of Islamic Economics," Springer Books, in: Islamic Economics as Mesoscience, chapter 0, pages 95-113, Springer.
    • Handle: RePEc:spr:sprchp:978-981-15-6054-5_5
    DOI: 10.1007/978-981-15-6054-5_5
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