I have recently noticed a plan of projects development implementation of Dhaka North City Corporation. Here, it has been said that the funds will be raised by launching city bonds. According to present context, the matter is quite thought provoking.
According to the report of The Daily Jugantor of March 28, 2022, “Initially, a plan has been taken to raise funds of one thousand crore TK. This money will be collected from people by releasing bonds. In phases, two modern markets will be set up at Gulshan-2 and Kawranbazar. Besides, Kalyanpur canal will be made aesthetic like Hatirjheel.”
Undoubtedly, this type of development project is praiseworthy. Although Nagar Bond system economy is going to be implemented first time in Bangladesh, there are a lot of instances of development work like this system in different countries of the world. We do politics to build the country. If we see a good plan, we sincerely expect it to be implemented properly.
But at the same time, we are confused too. At present, a horrible scene of looting behind development project is appearing before us. The people have been affected by one scandal after another in the banks and the stock market.
Besides, embezzlement of government funds by showing unsolicited value has become a very common occurrence. Numerous news about disappoint us. And we are suffering a lot as the prices of commodities are increasing day by day due to corruption. A situation like Sri Lanka is never desirable in our country.
We are not encouraged at all to take up mega projects as most of the officials of the government are involved in corruption. In addition, raising funds from the people is a matter of great concern. We do not want the people to be harmed by the opportunity of anyone’s corruption.
The city corporation may enter a business agreement with the developer companies to construct the building without raising money from people through bonds. Money may be raised by selling shops of the market in advance. But whatever it is, transparency and accountability are very important.
In fact, the city corporation is failing to provide the civic services. If they involve in this type of mega projects, it will lead to more fragile situation. We expect that City Corporation will focus on serving citizens civic services more.
By the way, the bond system is an interest-based system. However, the financial system of Bangladesh is run on interest system. At the private level, other financial systems, including Islamic banking keep going in a limited extent. We are well aware of the practical differences between interest and Islamic economics as the two systems are prevalent in the society.
In this context, we realize that interest-free Islamic economy is beneficial for the society and the state. We believe that this will ensure the safety of the both parties.
We dream an anarchy free Bangladesh where the security of all citizens will be ensured. Bangladesh will be free from looting. People will hopefully cooperate in the works of the city corporation and enjoy the civic services In-Sha-Allah.