Discussion on digital transactions in Islamic finance held

Business Desk Published: 25 April 2022, 05:43 PM
Discussion on digital transactions in Islamic finance held

A discussion meeting was held on Monday on digital transactions in Shariah-based financial management of the country.

The event discussed the overall growth in this sector, particularly the role and advancement of digital transactions in Islamic financial management, reports BSS.

Bangladesh Secretariat Reporters Forum (BSRF) arranged the discussion with the general cooperation of the Bangladesh Postal Department's mobile financial services Nagad.

State Minister for Religious Affairs Md. Faridul Haque Khan addressed the programme as the chief guest held at the BSRF auditorium, said a press release.

Director of Imam Training Academy, Islamic Foundation of Bangladesh, Md. Anisuzzaman Sikder, Chairman of Shariah Supervisory Committee of Nagad Islamic Prof. Dr HM Shahidul Islam Barakati, its Executive Director and member of Nagad Islamic's Shariah Supervisory Committee Mohammad Aminul Haque, President of BSRF Tapan Biswas and its general secretary Masudul Haque were present, among others, on the occasion.

Faridul Haque described 'Nagad Islamic' as an exceptional success in the realm of digital Shariah-based transactions.

"Mobile financial service Nagad is growing popular day by day. For the last three years, Nagad Islamic has been providing various sorts of Shariah-based transactions, allowing the people of the country to conduct financial transactions digitally in accordance with the Islamic way of life," he added.

Faridul said customers may manage their own accounts and keep their hard-earned money in an interest-free way, and thus they can also conveniently pay for other costs such as Hajj and Umrah travel and Islamic life insurance payments while staying at home.

In addition, the portal includes a zakat calculation, contribution advantages and prayer-specific features.

Mohammad Aminul Haque, Executive Director of Nagad and a member of Nagad Islamic's Shariah board, stated that Nagad today has 60 million subscribers in just three years.

"Our country's Muslim community accounts for around 90 percent of the total population. With this in mind, we've included the Nagad Islamic account.

Nagad Islamic is a watershed moment in the country's Islamic digital transactions, and we think that individuals from all walks of life will reap the advantages." he added.

Nagad Islamic's Shariah Supervisory Board Chairman Prof HM Shahidul Islam Barakati said: "The service of Nagad Islamic is not only for the marginal population but it's also for all classes of people in the country."