Abstract
Sustainable economic growth is the prime concern of today’s globalized world. Money markets around the world are functioning as key players to realize that goal and often looking for new avenues to increase the capital that may embolden overall growth of economy of a country. This paper in adopting doctrinal method has tried to explore the legal barriers responsible for nonpracticing the Islamic capital market in Bangladesh. The study has mainly focused on certain laws of Bangladeshi legal system which function as key legislative directives in governing Islamic financial services with special reference to the capital market through legal infrastructure in Bangladesh. It has examined the relevant laws and regulations of the existing legal system prevalent in the capital market of Bangladesh influencing the promotion and proliferation of capital through strict compliances by the companies and protection of the investors in terms of realizing profit without any hindrance. The study has further investigated the modus operandi of Islamic banks as found in the Capital Market of Bangladesh and scrutinized the major challenges and potentials thereto. Having looked into the legal and regulatory practices prevalent in the Islamic capital market of Bangladesh, the present work has maintained that capital market of Bangladesh suffers from the lack of integrated shariah compliant legislations which would govern and regulate the Islamic capital market in a more proper fashion. Given that the paper has tried to propose a set of recommendations which would help the Islamic capital market grow accordingly and hence, trigger the speedy amelioration of national economy globally.
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