Examining Awareness regarding Islamic Banking among Business Graduates in Bangladesh Mohammad Noman Hossain Chowdhury 1 S.M. Arifuzzaman 2 Abstract Islamic finance is a form of ethical investment and ethical lending. Under this system, loans and investments are made without interest. At the heart of Islam is a sense of cooperation — helping one another according to principles of goodness and piety (and not cooperating in evil or malice). At present, though of solid presence of Islamic banking in Bangladesh, there is no way to ignore the fact that, still there is a great deal of misconception about doing banking in islamic way. Due to lack of proper understanding of conceptual framework of Islamic banking, there exist skeptical views in general people, and as well as in business graduates also. This survey proves the reality. The survey found that, the awareness level of Islamic Banking and Finance (IBF) among business students is quite inadequate and in some cases, far away from real concepts. This is primarily caused by very insignificant presence of IBF in their academic curriculum. Despite their poor knowledge or perception of IBF, most of the students are found to be very interested in knowing about it. So, this report recommends all business educational institutes to come forward in offering courses and other programs, in any format, in order to uplift the general level of awareness among the future bankers of the country and thus engage in catering the demand of huge number of Islamic bankers for our fast growing Islamic banking industry. Key Words: Islamic Banking, Awareness Level, Educational institutions, Business Students, Riba, Conventional Banking, Difference, Ethical banking, Interest-free banking. 1. Introduction For an expanding economy, a developed and efficient banking system is indispensable. The role of banking is comparable to what an artery system does in the human body. Nevertheless some economists consider the role of interest in the conventional banking mechanism as a major negative factor that contributes to cyclical fluctuations in the economy. In response, though not exactly to that exigency but for quite a few other reasons, the second half of the twentieth century witnessed a distinctly separate line of thinking on banking called Islamic Banking. 1 Senior Analyst (Islamic Banking Solutions), Millennium Information Solution Limited, Dhaka, Bangladesh Email : chowdhury_noman@yahoo.com 2 Assistant Professor, Department of Finance, Faculty of Business Administration, American International University – Bangladesh, Email : arifzaman@aiub.edu