Bangladesh and its banks are both crumbling under the name of Islam. From the National Bank Limited to the Sharia-compliant Social Islami Bank, financial institutions are buckling under pressure, leaving depositors in panic.
A viral video from Bangladesh shows how a woman was assaulted at Social Islami Bank simply for demanding her own money. This desperate act by the bank’s employees is just the tip of the iceberg. Sharia-compliant Bangladesh is in the grips of deep financial turmoil. For a nation that has allowed Islamist radicals to run unchecked, some may call it karma – a punishment long overdue for the escalating violence against Hindus.
Sharia Banks in Crisis: The Reality Behind Islamic Banking
Banking Sector Collapses in Bangladesh
For the past 15 years, banks in Bangladesh fell victim of rampant loot by oligarchs of #SheikhHasina government, who looted hundreds of billions of taka mostly through loans and smuggled-out the cash to foreign countries, especially to the… pic.twitter.com/R08ewhHhZ0
— Salah Uddin Shoaib Choudhury (@salah_shoaib) October 13, 2024
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For years, Sharia-compliant banks in Bangladesh marketed themselves as paragons of Islamic virtue. They promised to uphold religious values while protecting the financial interests of the faithful. Yet, the reality is far from it. These banks, including Social Islami Bank, Islami Bank Bangladesh, and First Security Islami Bank, are now facing severe liquidity shortages. In August, bank deposits dropped by Tk 100 billion. Thereby, affecting their ability to maintain cash reserves and statutory liquidity ratios has left depositors without access to their own funds. Hence, many devouts are unbale to access the money stored in the name of Allah with Sharia-complaint banks!
Bangladeshi expatriates who send hard-earned money back home are left in the lurch, wondering when or if they’ll ever see their savings again.
Dire Situation In Banks in Bangladesh!
This video is from ‘Social Islami Bank Limited’ (SIBL), where a female client is physically assaulted by the bank employees for the “crime” of demanding money she deposited. While most of the Sharia banks are becoming bankrupt, general… pic.twitter.com/w7f11LSCDL
— Salah Uddin Shoaib Choudhury (@salah_shoaib) October 14, 2024
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One can’t help but note the irony here. These same banks, which exploited religious sentiment to fill their coffers, are now drowning in debt and mismanagement. Their downfall is a stark reminder that no amount of religious posturing can compensate for a lack of sound financial management. The Islamist agenda, which once attracted a devout customer base, has backfired spectacularly.
A Financial Punishment For Years Of Anti-Hindu Violence?
Bangladeshi Banks have no cash?
Amid the dwindling economy and attacks on religious minorities, Bangladesh faces now another problem which seems to be aggravating — the Banking Crisis.
Explains @Yashfacts28 pic.twitter.com/vYoyr8m2Sa
— The Pamphlet (@Pamphlet_in) October 14, 2024
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This Sharia banking crisis arrives on the heels of increasing violence against Hindus in Bangladesh. With Sheikh Hasina’s exit, anti-Hindu pogroms have skyrocketed, leaving the Hindu minority community in constant fear. From idol immersion processions being attacked to Hindu journalists being murdered, the message has been clear: Islamists believe they can do as they please in the name of their faith.
But now, these very Islamists find themselves in a situation where they cannot access their own money – perhaps a taste of their own medicine.
Bangladesh’s financial woes extend beyond its Sharia banks. Even National Bank Limited, once considered stable, is experiencing an acute cash crisis. International banks are refusing to accept ‘Letters of Credit’ from Bangladeshi institutions, citing poor country ratings. Without external support, Bangladesh’s import trade is at risk of grinding to a halt. The situation is dire and the Nobel Laureate Economist Md. Yunus is busy thumping back and shaking hands in the US! However, this should not be surprising. It seems Yunus only came to Bangladesh to dismiss the cases filed against him! And the country is currently run by radical zombies who prioritize religious extremism over good governance and economic stability!
Global Media Silence On Anti-Hindu Progroms: Karma Comes Back?
Despite the grim situation in Bangladesh, human rights organizations around the world remain largely silent. Just as they have ignored the persecution of Hindus, they now turn a blind eye to Bangladesh’s financial collapse. The West, quick to condemn other nations for human rights violations, remains deaf-dumb-mute about the chaos in Bangladesh.
But perhaps this silence is just another layer of karma – Bangladesh, which allowed violence to go unchecked, now faces an economic reckoning that no one is willing to help them solve.
As Bangladesh’s devout Islamists grapple with its banking crisis, the consequences of years of communal violence are coming home to roost. The financial downfall of Islamist-run banks, the loss of trust in international institutions, and the growing unrest among depositors all point to a nation in decline. Maybe it’s time for the country to reflect on the cycle of hate and violence it has allowed to flourish. After all, in the end, karma spares no one.
