The theoretical knowledge and practical training is not the same theme. The theoretical knowledge is fulfilled when it can be used in the practical field.
The study evaluates the effects on operational areas of those banks, which have converted themselves into full-fledged Islamic banks from conventional banks.
Organizational structure, operational areas, reaction of the employees and clients of the banks after conversion are considered as the research areas. General banking activities, investment activities and foreign exchange activities of 16 years data have been used to evaluate the effects of conversion.
Study finds that banks innovate new products and services after conversion.
Positive effects are seen in investment and foreign exchange activities of the banks after conversion. Study also observed that the banks introduce new committee and new heads of expenses like Zakat expenses and allowances for the members of Shariah supervisor committee after conversion.
Banks also modified their mission, vision and objectives after conversion. Study found that conversion helps them to build a strong banker customer relationship. Study concluded that the overall effects of conversion are positive.
G2 Financial Institutions and Services Introduction Bank conversion is a process of converting one type of bank into another type.
In the banking industry of Bangladesh, conversion indicates the transformation of conventional bank into Islamic bank.
Among eight 08 full-fledged Islamic banks in Bangladesh, six 6 banks are by born Islamic banks. These two banks started their operation as interest based conventional bank.
After passing few years, they have converted themselves as full-fledged Islamic bank. This study attempted to analyze the pre-conversion period conventional activities and after-conversion period Islamic activities of the banks.
Bangladesh Bank guidelines for Islamic Banks narrated that Islamic Banking has experienced a phenomenal growth and expansion in Bangladesh in the backdrop of strong public demand and support for the system along with its gradually increasing popularity across the world.
As a result, a number of full-fledged Islamic banks have been established, while a good number of conventional banks have come forward to offer services compliant with Islamic Shariah through opening of Islamic branches along with conventional ones.
There is also a trend of conversion of conventional banks into Islamic bank. This article evaluates the effects on operational areas of banks after conversion. Some operational areas are general banking activities, investment activities cash flow from investment activities, foreign exchange activities, online banking activities etc.
Banking industry in Bangladesh can be benefited by observing the findings of the study. Literature Review Few works have been done regarding bank conversion. Banks, especially are trying to capture this huge market by either converting themselves into a full fledge Islamic banks or opening a window for the Islamic based transactions.
This study highlights the reasons why traditional banks turned towards Islamic model. Ahmed mentioned some points of conversion of conventional bank into Islamic bank in their research articles.
Setup necessary procedures and required tools of conversion; Changing operating license according to Sharia; Restructure organizational structure to fit conversion process; Changing employing procedures to fit conversion process; Formation of a Sharia supervisory board; Formation the Sharia auditing department in the bank; Reformatting contracts to comply with Sharia standards; Open local and international Islamic banks accounts; Revamping accounts that are maintained with conventional banks.
Johari found positive effect on the success of the experience in converting into Islamic banks. Fatma in her article provides an important opportunity to advance the understanding of the Sharia requirement to conversion process. She also discussed the requirements of the conversion into Islamic bank.
In addition, it discusses the jurisprudential and financial reasons for why traditional banks turned towards Islamic banking.Apr 10, · Check out our top Free Essays on Report On Brac Bank Limited to help you write your own Essay.
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