HC rules on shariah framework for Islamic banks

The High Court yesterday asked the government to explain in six weeks why the absence of an appropriate legal framework for Islamic banks and financial institutions for implementing the shariah law should not be declared illegal.
The court came up with the rule after hearing a
writ petition filed by Mustaque Ahmed, a businessman from Uttara, challenging the legality of the lack of a framework for the institutions.
Islamic banks and financial institutions, which are running businesses on the basis of principles of the shariah law have not a
legal framework to implement the law, and there-fore, the stakeholders of these institutions are suffering, he said.
In the rule, the government was asked to explain why the lack of existence of an independent Cen-tral Shariah Supervisory Council at Bangladesh Bank to ensure proper implementation of the principles of shariah law should not be declared illegal.
Barrister Hassan MS Azim appeared for the petitioners.