Islamic finance to grow over $ 2.0 trillion in 2014

Islamic finance to grow over $ 2.0 trillion in 2014

Dhaka, Bangladesh (BBN)- Islamic finance is expected to grow in 2014 significantly and its volume will reach more than US$ 2.0 trillion.

According to a new report from the chief executive of the AlHuda Centre of Islamic Banking and Economics Muhammad Zubair Mughal, who said the volume of the industry will exceed $2 trillion in 2014.
Growth will be driven by increased uptake of Islamic finance in north African countries like Libya, Morocco, Senegal and Tunisia, as well as across Europe and the UK.
Sukuk - Islamic bonds - will also become more popular, with Mr Mugal estimating it will make up 16 percent of the total industry in 2014.
Islamic banking will dominate - consisting of 78 percent of the industry - while Islamic funds, Takaful - an Islamic insurance concept - and Islamic microfinance will hold four per cent and one percent each respectively.
However, the industry will also face challenges, he warned, noting that religious and political issues could stem growth in Nigeria and Tunisia, while recession could harm operations in Indonesia.
Dubai and London are expected to be strong competitors in 2014 to become the global hub of Islamic banking and finance, according to reports.
BBN/SSR/AD-05Jan14-9:20 am (BST)

Source: www.businessnews-bd.com

Final Election Result from EC

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Highlights of AL election manifesto-2014

Highlights of AL election manifesto-2014

 

DHAKA, Dec 28, 2013 (BSS) - Following is the highlights of the Awami League (AL) election manifesto-2014 announced today.

* Advancing Bangladesh to the level of the first line developed countries of the world by 2050.
* The per capita income will surge to 1500 dollars in 2021 from the present 1044 dollars.
* The growth rate of the economy will rise to 10 percent from the present 6.2 percent and the poverty indicator will come down to 13 percent from the present 26 percent.
* The production of electricity will boost to 24,000 megawatts from the present 10,000 MW.
* The priorities for this term: Good governance, democratization and decentralization of power.
* Establishing peace, discipline and stability in all spheres of national and social life by eliminating violence, terrorism and communalism.
* The safety of the lives of the citizens and their basic rights of actions and movements will be ensured.
* The constitution will be protected and the democracy and the democratic institutions will be established on more solid basis.
* All necessary steps will be taken to make the Jatiya Sangsad effective.
* Taking initiatives to create a national consensus among all political parties, classes and professional organizations, civil societies irrespective of groups and opinions on basic issues like upholding democratic process and ensuring uninterrupted development.
* The trial of war criminals will be completed and the verdicts will be executed.
* The criminals involved in murder, terrorism, burning holy Quran, setting fire to the mills and factories and destroying public and private properties, attacking the minorities, destroying the places of worship, looting and felling tress in the name of the movement to foil the trial of war criminals will be tried.
* Steps will be taken to rehabilitate the economy including the mills and factories, give assistance to the affected persons and reconstruct the institutions destroyed by sabotage.
* The independence and the esteem of the judiciary will be integrated. The Ombudsman will be appointed and the Human rights Commission will be made a more effective institution.
* The initiatives taken in the mean time to establish a reliable and permanent election system will be integrated and put on a solid foundation. The EC will be made more powerful in future and reforms in election system will continue as per the needs of the time.

* Power will be decentralized with a view to empowering the people and having more participation of them in the operation of the governmental and development activities.
* Legal, political, social and institutional initiatives in curbing corruption will be strengthened. The effectiveness of the Anti-Corruption Commission will be enhanced further by increasing its power and efficiency.
* Taking steps for improving the standard of living of the people continuously, enhancing their means of earning and keeping the prices of food and essentials stable within their purchasing capacity.
* In order to ensure socioeconomic progress and growth, the balance of macro economics will be strengthened.
* The initiatives to introduce pension schemes in private institutions in the light of the present experience will start from 2018. A national pension system for ensuring social security to all will be finalized in 2021.
* The present education system will be implemented on the priority basis and the necessary allocation in the education sector will be increased. The improvement of the standard of education will get the highest importance.
* The programmes of building Digital Bangladesh will go on and a knowledge-based society will emerge.
* Implementation and expansion of health policy and programmes will continue.
* Women development policy-2011 shall be firmly followed and implemented.
* Completion of the ongoing construction of Padma Bridge in the own funding, building a tunnel under the river bed of Karnaphuli River in Chittagong.
* Start construction work of the second Jamuna Bridge and the second Padma Bridge in the next five years after completing necessary technical and other ancillary steps speedily.
* A project for building a deep seaport as Sonadia will be taken and implemented.
* All factory workers, agriculture laboures and those below the poverty line will be provided with rationing facility.
* Unhindered freedom for the media and free flow of information will be maintained.
* Necessary guidelines will be formulated to prevent the abuse of online newspapers and social networks and ensure that they act responsibly. Security for the newsmen while at work will be ensure.
* The policy followed by the Awami League-led government to nurture and nourish the secular and democratic traditions of Bengali culture will maintained.
* A modern mosque will be built in every district and upazila, while other religious institutions will be renovated and developed/
* Communalism and terrorism will be uprooted at any cost.
* In all the spheres of our national and social life, the values and pride of our War of Liberation will be held high. Site-museums and libraries will bebuilt on the sites which bear the memories of our fight for freedom and its fighters.
* The still-unimplemented pledges and clauses of the CHT Peace Accord will be implemented.
* The policy adopted by the Awami League to keep the armed forces above all controversies will be upheld.
* No concession will be given to forces of terror, international terrorism and separatism.
* No interference will be made in the NGO Bureau and from the part of other governmental authorities into the legal activities of registered organizations.