"Time has come to formulate a Islamic banking guideline," Dr Salehuddin Ahmed told the launching ceremony of Islamic banking brand by Standard Chartered Bank in Dhaka on Wednesday night.

He urged the Islamic thinkers, economists and bankers to come forward to outline such a guideline.

Standard Chartered Bank has launched its new Islamic banking brand, Saadiq, offering a range of Shari'ah-compliant financial solutions through the bank's service.

The bank also introduced two credit cards -- Saadiq Gold and Saadiq Green, the first-ever Shari'ah-compliant interest-free credit cards in Bangladesh, which the Bangladesh Bank (BB) governor formally launched.

Presently, banks have their own Shari'ah councils and there has been a central Shari'ah council to look into whether Islamic banking as a whole is in line with the Islamic principles.

The BB in February last year finalised a new guideline on Islamic banking, but it could not issue a circular with regard to this due to last minute pressure from different Islamic groups, including a certain partner in the ruling alliance as well as Bangladesh Shari'ah Council, and others.

The BB chief said successful ventures of Islamic banking linked to specialised skills and clear understanding of profit-sharing methods of financial transactions that meet the basic requirements of the Quran and Shari'ah.

Imparting training on distinctive features of Islamic banking principles and techniques to the practicing bankers is therefore of paramount importance, Dr Salehuddin said.

He said there are more than 300 Islamic banks operating all over the world - from Africa and Europe to Asia and America. "I am told that the Islamic banking industry is worth more than $ 200 billion and is growing at 15 percent annually, a rate much higher than that of conventional banking," he said.

Speaking at the function, Standard Chartered Bank Chief Executive Officer Osman Morad said StanChart's global Islamic business has more than doubled since 2006, and continues to grow at a rapid pace.

"With the launch of our global Islamic banking brand, Saadiq, we aim to capitalise on all future worldwide growth in this emerging industry for the benefit of our customers and stakeholders alike, and lead the way with our innovative, best-in-class Shari'ah-compliant financial products," he said.

The bank's new brand is offering Saadiq current account, Saadiq savings account, Saadiq term deposit, Saadiq personal finance and Saadiq auto finance services. All Saadiq customers will also enjoy the bank's ATM network, online banking and call-centre facilities.

Shah Abdul Hannan, chairman of executive committee of Central Shari'ah Board, Bangladesh, and Standard Chartered Bank Head of Consumer Banking Vikram Issar and Head of Islamic Banking Abida Ali also spoke at the function.