Rebuilding the banking sector based on ethics has emerged as a big challenge in the globe, said a former caretaker government adviser yesterday.
AB Mirza Azizul Islam also stressed the need for avoiding "unethical practice" in the sector.
“Many countries have faced economic disasters due to unethical activities by banks,” he said while addressing a programme of The Industry, an economic weekly, at National Press Club in the capital.
Islam said if banks deviate from ethics, it will not only harm the banking sector but the society will also be affected.
The economists cited examples of the late 90s Asian economic crisis, 2007-2008 global economic meltdown and the recent Eurozone economic crisis. He said the unethical activities of banks were largely responsible for those crises.
In the event, The Industry awarded 10 best-rated banks based on the international assessment method of capital, asset, management, earning, liquidity and sensitivity to the market risk (Camels) rating.
Recognising the role of banking sector in socio-economic development, Islam said banks have been playing a significant role in industrialisation and overall development of countries like Bangladesh.
He advised the banks to come up with proper information so that the clients can easily make up their minds to choose right banks for getting desired services.
He also urged the authorities concerned to evaluate banks' ethical practice and give recognition to the best performers.
The awardees are: Prime Bank, Standard Bank, Pubali Bank, Islami Bank Bangladesh, Dhaka Bank, Al-Arafah Islami Bank, Commercial Bank of Ceylon, Premier Bank, Southeast Bank and First Security Islami Bank.