Internship Program is a great opportunity to justify the theoretical knowledge in respect to the practical world. So, it is a proper decision from the Department of Finance to introduce this type of Program for the students for better understanding and orientation with the practical job environment.
Internship report is prepared as a requirement of BBA program of Jagannath University. This report gives or focuses with clear idea with working experiences in IBBL to learn about the activities and operational strategies of IBBL and how its activities are separate from the activities of conventional banks of Bangladesh. Especially this report focuses on “Foreign Exchange Operations of IBBL”.
The organization of Islamic conference (OIC) defines an Islamic bank as “a financial institution whose statutes, rules and procedures expressly state its commitment to the principles of Islamic Shariah and to the banning of the receipt and payment of interest on any of its operation.”
According Islamic banking Act 1983 of Malaysia Islamic bank is a “company, which carries on Islamic banking business. Islamic banking business means banking business whose aims and operations do not involve any element which is not approved by the religion of Islam.”
It appears from the above definitions that Islamic banking is system of financial intermediation that avoids receipt and payment of interest in its transactions and conducts its operations in a way that it helps achieve the objectives of an Islamic economy. Alternatively, this is a banking system whose operation is based on Islamic principles of transactions of which profit and loss sharing (PLS) is a major feature, ensuring justice and equity in the economy. That is why Islamic banks are often known as PLS-banks.
The objective of Islamic banking is not only to earn profit, but also to do good and welfare to the people. Islam upholds the concept that money, income and property belong to Allah and this wealth is to be used for the good of the society.
Islamic banks operate on Islamic principles of profit and loss sharing, strictly avoid
interest, which is the root of exploitation and is responsible for large-scale information and unemployment.
An Islamic bank is committed to do away with disparity and establish justice in the economy, trade, commerce and industry and build socio-economic infrastructure and create employment opportunities.
by Shakib khan Tushar
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