Murabahah is a sale contract whereby the seller adds a markup with cost and discloses the amounts to the buyer. Islamic banks apply this concept to finance their customers on a short- and long-term basis. In fact, about 70 per cent of the total investments of the Islamic banks in Bangladesh is based on the murabahah concept. However, the application of this concept varies from bank to bank and product to product. Some of the practices face heavy criticism from different stakeholders. This research aims to identify the application of murabahah by the Islamic banks in Bangladesh in offering various investment products and compare these practices with the Shari'ah requirements of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and other reputed Shari'ah authorities. The research adopted a content analysis approach whereby the murabahah contract documents of all full-fledged Islamic banks in Bangladesh are examined. The research further conducted interviews of Islamic banking practitioners to establish the process flow of different murabahah-based investment products and conducted focus group discussions to validate the findings. The research finds the scope for improvements that the Islamic banks of Bangladesh may consider in achieving greater compliance with the AAOIFI Shari'ah standards. The research also proposes relevant recommendations for consideration of the Islamic banks of Bangladesh. The findings and recommendations of the research would be a reference for the Shari'ah governance functions of Islamic banks including the Shari'ah supervisory boards in identifying the potential weaknesses and to take steps in addressing those weaknesses

As of December 2025, Bangladesh has issued six government sukuk and two corporate sukuk. All of these, except for the second corporate sukuk, have integrated a sustainability agenda for the use of proceeds. This paper aims to analyse the evidence on how these sukuk incorporate sustainability agendas; and to assess their impact on the sukuk issuance process and post-issuance reporting practices. A descriptive research design, utilising both primary and secondary sources, was employed. Existing literature was reviewed to identify the drivers and challenges influencing the issuance of sustainability-based instruments globally. Additionally, the prospectuses and information memorandums for sukuk issued in Bangladesh were examined to identify sustainability-related disclosures. The regulations governing both government and corporate sukuk were also reviewed. Semi-structured interviews were conducted to validate the findings from the secondary data and to gain deeper insights into experiences related to incorporating sustainability agendas in sukuk. The research finds that, although regulatory bodies have introduced initiatives to promote sustainability, additional steps are necessary. Additionally, third-party verification and impact reporting for sustainability-based issuances are inadequate. Although issuers generally demonstrate awareness of sustainability issues, there is a significant lack of investor demand, primarily due to insufficient awareness and incentives. To the best of the researchers� knowledge, this is the first study to systematically examine how sustainability is operationalised in sukuk issuance in Bangladesh, addressing a significant research gap, as the existing literature predominantly focuses on theoretical frameworks and empirical analyses of causal impacts. This study examines sukuk in Bangladesh�s nascent market, which has seen only a few issuances. This may constrain the generalisability of the findings to more mature markets. The limited disclosure practices also restrict the ability to assess the causal impacts of the findings. The research findings provide valuable insights into the challenges an emerging market such as Bangladesh faces when incorporating a sustainability agenda in sukuk. These insights will aid in developing effective sustainability policies for Bangladesh and similar markets, standard setters, and multilateral organisations.

The purpose of this paper is to examine the concept of Hire Purchase under Sharikat al-Milk (HPSM) and identify the issues in its application by the Islamic banks in Bangladesh, a major Islamic finance market, with reference to the Shariah and accounting standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The research identified the essential requirements of AAOIFI Shariah and accounting standards, conducted content analysis of HPSM documents and audited financial statements of Islamic banks, held a focus group discussion with Islamic banking executives and Shariah experts and interviewed professionals in Islamic banking and members of Shariah supervisory committees. Although the HPSM concept was introduced in Bangladesh in 1990, there is no standardisation in its application. The research finds several issues in the application and financial reporting of HPSM by Islamic banks in Bangladesh. HPSM is a widely used mode of financing by Islamic banks in Bangladesh. The identification of the issues underlying HPSM will attract the attention of the practitioners, Shariah scholars, regulators and standard setters to introduce better controls, compliance, regulations and standards. This research provides valuable insights into HPSM by identifying issues in its application by Islamic banks in Bangladesh. Despite its widespread use in the country, there is a significant lack of research highlighting these issues and proposing potential solutions. Addressing these issues is essential for enhancing Shariah compliance and maintaining stakeholder confidence in Islamic banking.