Staff Reporter:  A high-level delegation led by Khaja Shahriar, Chairman, Al-Arafah Islami Bank PLC & Chairman, Islamic Banks Consultative Forum (IBCF) met with the Chairman of the National Board of Revenue (NBR) at the NBR headquarters in Agargaon.

The meeting focused on resolving the existing difference between conventional banking and Islamic banking on imposition of excise duty on trade facility loans and investment facilities. The IBCF delegation presented the issue in details emphasizing the need to resolve the matter for smooth operations of Islamic Banking.

The Authorities of the National Board of Revenue heard the problem with due consideration & assured the delegation that necessary steps would be taken to address the issue within the prevailing legal framework.

According to sources, the Chairman of the National Board of Revenue, Md. Abdur Rahman Khan FCMA, along with senior NBR officials—including A. K. M. Badiul Alam, Member, Taxes Legal and Enforcement, Ahsan Habib, Director General, CIC and Md. Mashiur Rahman, First Secretary, VAT Policy were present at the meeting.

Members of the IBCF delegation included Professor Dr. M. Zubaidur Rahman, Chairman of Islami Bank Bangladesh PLC; Mosleh Uddin Ahmed, Managing Director of Shahjalal Islami Bank PLC; Md. Omar Faruk Khan, Managing Director of Islami Bank Bangladesh PLC; Rafat Ullah Khan, Managing Director of Al-Arafah Islami Bank PLC; Nurul Islam Khalifa, Honorary Secretary of IBCF; Md. Siddiqur Rahman, Deputy Managing Director of Standard Bank PLC; M. Nazim A. Chowdhury, Deputy Managing Director of Prime Bank PLC; and Jahangir Alam, Assistant Secretary of IBCF.