National and Global Islamic Financial Architecture:
Problems and Possible Solutions for the OIC Member Countries
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4.1.7. Human Capital & Knowledge Development Framework
Bangladesh Bank, for the first time, has devised a five year (2010-2014) strategic plan (BB
2009c) to build an efficient and dynamic financial sector capable of withstanding any shock.
This is in order to produce skilled human resources for the banking sector, the central bank
strengthening project of BB, Human Resources Department, Bangladesh Bank Training
Academy (BBTA), The Institute of Bankers Bangladesh (IBB), Bangladesh Institute of Bank
Management (BIBM) are taking measures beyond their traditional activities to produce
significant change and development. BBTA and BIBM regularly conduct, among others, courses
on Islamic banking and finance. The central Shariah Board for the Islamic Banks of Bangladesh
also conduct different Shariah-based courses for the bankers and muraqibs. The second
strategic plan (2015-2019) of Bangladesh Bank (BB 2015b) has also put a greater emphasis on
the human resources development.
While professionals of Islamic banks and financial institutions can avail the training on Islamic
banking and finance from BBTA and BIBM, BB has urged the apex body of Islamic banks
"Islamic Banks' Consultative Forum (IBCF)" to establish an apex training institute like BIBM to
cater to the research and training services needed to enhance the knowledge and skills base for
the Islamic financial sector.
In the Bangladesh context, each bank has its own training institute apart from the apex training
body like BIBM. The 8 Islamic banks have their own training institutes where different training
courses on Islamic banking and finance are conducted. The largest Islamic bank, Islami Bank
Bangladesh Limited has its definite training calendar including a referral quarterly journal
named "Journal of Islamic Economics, Banking and Finance". 25 IBTRA also conducts a Diploma
in Islamic Banking examination twice a year. IBBL always strives for excellence in improving
the ethical and professional standard of its employees.
In line with the Second Strategic Plan (2015-2019), BB invests heavily in developing talent and
professionalism for the financial sector by sending its employees to work both at home and
abroad. The banks in the country, especially the Islamic banks, have been urged to develop
their talents and professionals by modernizing their training institutes with cutting-edge
knowledge and experts. The second strategy document BB (2015c) identifies the talent
development to support a more dynamic financial sector to be a key enabler of the
development of the financial sector in the country.
4.1.8. Summary and Conclusions
While Islamic banking has become a significant sector in Bangladesh, the developments in the
takaful sector and Islamic capital markets have been relatively small. Given the significant
share of Islamic banking in the country, Bangladesh Bank has taken some initiatives to support
the liquidity framework for Islamic banks. While some other initiatives such as issuing
Guidelines for Islamic Banks have been taken, the overall regulatory responses have not been
proactive in general. As a result, various infrastructure institutions to support the banking
industry still need to be developed.
25 Islami Bank Training and Research Academy (IBTRA), training wing of Islami Bank Bangladesh
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