The New Nation - Internet Edition

A.Z.M. Shamsul Alam

It is very difficult for women to compete with men and make their expected contribution due to multifarious hindrances, such as social, economic, physical and environmental, etc. The plights and sufferings of the women community in socio-economic aspects of lives not only in our country but even in the developed countries where women, are deprieved of equal rights and opportunities, are well known.

No mother loves her son less than her own life. All sons shed more tears at the death of their mothers than at that of fathers. But their love for mother does in a very few cases extend to mother community.

All over the world women are subjected to unkindness, exploitation and torture. It is necessary to create special institutions to protect and upheld the rights of women against injustices and unfairness.

Financial self-reliance of women

Women need more money than men for their personal and family purposes. Wealth at the disposal of women are spent more not only for their offsprings but also for the family needs of their husbands and in-laws.

Excess wealth in the hands of women do not turn them into sexual perverts, drunkards, drug addicts. They are not seen to indulge in anti-social activities which are more pronounced in the behavioural pattern of male.

Women are more responsible in money management in the family. If they get responsibility of running commercial houses, industrial enterprises, financial and banking institutes, they may provide abler leadership and make more fruitful contribution in nation building, in financial and economic activities.

The Governments in many developing countries adopted as the national policy to build up specialised financial institutions for underdeveloped areas and backward communities. Compared to male, female citizens are backward and neglected. They are numerically larger than farmers, traders, industrialists, fishermen and various professional groups. There is definitely need for specialised Women's Banks for the economic rehabilitation and development of mother community.

To facilitate industrial growth financially, the Government of Bangladesh set up Shilpa Bank, Shilpa Wrin Sangstha. In order to accelerate agricultural development we set up Agricultural Banks, Co-operative Banks. For the expansion of trade and for facilitating industries and commercial transactions, the Government is giving permission to set up commercial banks.

Foreign banks and export banks are helping external trade. There is need for a fisherman bank for the fishermen community. For the welfare and development of the unemployed youth there is an Employment Creation Bank or Karmasangsthan Bank. For the welfare of the Ansar, Village Defence Parties and other security forces we have got Ansar VDP Unnayan Bank and The Trust Bank, etc.

Backward regions need specialised banks in order to cater to their development and financial needs. Rajshahi Agricultural Bank provides banking services in specfic regions. The borrower of the special areas get more credit from regional banks. Women Bank when set up will give priority to the women when deciding about their investment port-folio.

In many countries, developed or developing, women are not getting equal pay as men for rendering same type of services, though they are compelled to do similar work. Women Heads of the States and of the Governments are leaving indelible impression in statecraft and are enriching their national heritage.

Not only in running the Government or the State, women are earning laurels in the field of education, science, technology and research. They are hailed for adding glory to the institutions they serve.

Inspite of great contribution in many other fields, the women are subjected to discrimination in professional jobs and investment opportunities in the banking institutions, insurance companies, financial houses, industrial and financial companies.

Women of Bangladesh are experiencing new life-patterns and their dreams are gradually coming true. Women are becoming Judges, Secretaries and in large number are being promoted and posted as Joint Secretary, Deputy Secretary, S.P. TNO and so on.

Women of this country are thrilled to see that they are entering defence services in Commission rank. Women of the last decade never thought of such glorious success in different spheres of our lives.

There are more than fifty commercial and specialised banks in Bangladesh; but there is no woman Chief Executive in any of the banks and financial houses here. Not to speak of the level of Chief Executive, even in the second and third and fourth tiers women executives are not available. Opportunities are not given for various excuses even if they are capable.

A Women Commercial Bank may start banking with a woman Chief Executive with special permission from the Bangladesh Bank. Of course, an experienced officer having all the records and qualifications of Chief Executive would be made available as Adviser to help and advise the first women Chief Executive of the initial Women Bank.

There are reasons and grounds for setting up specialised women banks in Bangladesh. In the past the specialised educational institutions, schools, colleges, Madrasas and social service organisations were established with the blessings of the leaders in authority and society. Kumudini Welfare Trust, Mirzapur set up Bharotehwory Home and Hospital through dedicated services and untiring efforts of late R.P. Shaha.

The first Women's Bank in Bangladesh will be a milestone in our march towards economic emancipation and self-reliance.

Women's Bank will provide well conceived financial incentives towards increasing deposit mobilisation among women and create new deposit products.

One of the purposes of the Women's Banks shall be to pick up promising and enterprising women businessmen, industrialists, entrepreneurs and patronise business houses. To achieve the objectives, Women's Banks will provide all possible types of incentives, priority and guidance. For this, various relevant studies, surveys and research would be undertaken.

There is no women's market in Bangladesh. Population are increasing in tremendous speed in the urban growth centres. It is becoming increasingly difficult for women to walk in the foot-path without-rubbing shoulders with the motivated and callous male.

It is often uncomfortable for self-respectful women to do shopping without compromising their dignity and respectable distance becoming of women. Women Banks will encourage the establishment of women market and sales centres at suitable places.

Interest-based Banks charge and count interest at compound rate.

At fifteen percent rate of interest, Tk. 1000/= turn into 9800/= in fifteen years under the present banking practices. Though rate of interest is told to be 15% but interest is added to the capital at compound rate and compounding goes on quarterly basis. If a person borrows Tk. 1000/= and it becomes classified, he has to pay 9800/= as capital and interest at the end of 15 years. Then yearly rate of interest is actually 65.3% though it is camouflage at 15%.

In a growing society trade and commerce may be very profitable but is not as profitable as to enable to repay the yearly rate of interest 65.3%. The doom of any business entrepreneur, indifferent to his business enterprises is inevitable.

If one is not adept in business enterprises, his entry into a commercial bank in Bangladesh may be compared to the entry of a docile lamb in a tiger cage.

Islami Banks are becoming great success in the western countries for which Bank of England has stopped giving permission to opening of new Shariah based bank which provide credit to the borrowers at non-compound profit rate.

With all the moral sympathy for a Women's Bank, this may not run at the beginning as efficiently as the male-run interest based Banks. Besides, Women's Banks would like to provide credit to those who are in many respects, handicapped in a male dominated society.

Though Woman Banks may run on Shariah principle, their services will not be restricted to pious Muslim ladies or to simply Muslim women. Shariah based Bank is run on Shariah and not on interest but in a profit based system. Though it is run on Islami Shariah its deposit and investment and other services are open to all men and women of any religion irrespective of caste, culture and sex. Non-Muslim clients find Islami Banks as more hospitable, not hostile and avail the services Islamic Banking without harassment.

Begum Rokeya Sakhawat Hossain and Nowab Faizunnessa Chowdhurani faced and countered much more religious fanaticism and dogmatism than what is prevailing now. But they have left unforgettable contribution to the contemporary society. Modern Western educated women find much more congenial atmosphere and play a leading role in setting model money management and banking opportunities and services.

The Women Banks may be modern banks based on religious values but rich in modern banking knowledge and services. It is quite possible to bring harmony of religious values and economic prosperity and thereby meet the demands and contemporary challenges.

"The Women Commercial Banks" registered under Company Act, 1994 run in accordance with Bank Company Act. 1991 will be guided by rules, regulations, instructions issued by Bangladesh Bank, Security Exchange Commission, Register of Joint Stock Companies. The activities of the Women's Bank as any other commercial bank in the country.

The Women's Bank will conduct all types of banking activities as per Shariah and undertake all types of banking businesses, transactions, operations and render banking services.

Woman's Banks will carry on and undertake any business, transaction or operations commonly carried out by bankers, promoters, financiers, entrepreneurs which are lawful for a banking company to engage in Bangladesh.

In addition to banking functions and services, Women's Bank will have multifarious socio-economic, welfare services.

Besides, deposit mobilisation and investment, Women’s Banks will help and train the borrowers and depositors to improve their entrepreneurial abilities and ensure supervised credit operations.

Health and Medical services are big socio-economic needs and problems. Some banks in Bangladesh run hospital and clinics. Women Banks should advance loans to set up diagnostic centres, clinics, hospitals for women and children on priority basis. In addition, they are to run their own non-profit based and charitable health clinics, diagnostic and treatment centers. Establishment of a specialised women and children hospital will be a priority of Women Banks.

Women's Banks should aim at establishment of Women's Universities, Colleges etc. with permission of appropriate authority. From the very outset Women's Banks must give attention to run educational institutions suitable for children, juveniles and youth on non-profit basis.

Problems of women are the problems of the entire society. Women's Banks should surely encourage and patronise research and studies on all aspects relating to women and children.

Women's Banks should have a Sadaqa Fund. Sadaqa and donation may be collected from the depositors, borrowers, shareholders, sponsors, directors and employees which may be kept in Sadaqa Fund. The Fund accumulated will be spent for the needy, handicapped and distressed.

Women's Banks should maintain a Jakat Fund. Jakat at the rate of two and a half percent on the profit earned by the banks may be donated to this Fund. The accumulated fund will be spent for welfare purposes.

Women's Bank should have Women's Bank Foundations. These will co-ordinate, administer and execute all the non-banking social, financial, educational, health, rehabilitation, relief and other welfare activities. Women's Bank Foundation should be non-profit organisation and welfare organ of the Women's Banks.