Rebuilding banking sector based on ethics a big challenge

Renowned economist Dr AB Mirza Azizul Islam on Saturday said rebuilding the banking sector based on ethics has emerged as a large challenge globally and emphasised avoidance of 'unethical practice' in the sector.
"A lot of nations have faced economic disasters due to unethical activities by banks," the former finance adviser to the caretaker government said while addressing an award-giving ceremony in the city as the chief guest. Mirza Aziz said if banks deviate from ethics, it will not only harm banking sector but as well the society will be affected.
The reputed economists cited examples of the late 90s Asia Economic Crisis, 2007-2008 world economic meltdown and the recent Euro-zone economic crisis, and said the unethical activities of banks were largely responsible for these crises.

The Industry, an economic weekly of the country, arranged the function at National Press Club to award 10 best-rated banks based on the international assessment method of capital, many, management, earning, liquidity and sensitivity to the market risk (CAMELS) rating.

Eminent lawyer and former attorney general Barrister Rafique-ul-Huq, World Economist Forum, Bangladesh president Shah M Nurul Alam and Bangladesh Commerce Bank chairman AQ Siddiqui were as well present at the function as the special guest with The Industry editor Enayet Karim in the chair.
Recognising the role of banking sector in socioeconomic development, Mirza Aziz said banks have been playing a significant role in industrialisation and in general development of the nations like Bangladesh. "Because, our capital market is from now on to emerge as a strong force in economic development," the economist explained.
He advised the banks approaching up with proper data so that the clients can easily make up their minds to choose right banks for getting desired services.

Mirza Aziz as well urged the authorities concerned to evaluate banks' ethical practice and give recognition to the best performers in line with that.
Barrister Rafique-ul-Huq described how he was associated with the country's banking sector in 1972 joining hands with Bangabandhu Sheikh Mujibur Rahman. He said he knew how the country's banking sector emerged. "Credit goes to Bangabandhu."
Later, the guests handed over crests and certificates to the managing directors of the award winning banks. The award-winning banks are Prime Bank, Standard Bank, Pubali Bank, Islami Bank Bangladesh Limited, Dhaka Bank, Al-Arafah Islami Bank, Commercial Bank of Ceylon, The Premier Bank, Southeast bank and First Security Islami Bank.
The weekly as well awarded legendary professionals Barrister Rafique-ul-Huq, AQ Siddiqui and Green Delta Insurance Company Limited managing director Nasir A Chowdhury and those who have been working in their respective fields for 50 years and above with significant contributions.