This research examines the financial performance of Islami Shariah and non-Shariah commercial banks in Bangladesh from 2015 to 2024, employing the CAMELS rating framework to assess efficiency, stability, and contributions to economic growth. The study utilizes secondary data derived from the annual financial statements of three Shariah banks (First Security Islami Bank Ltd., Al Arafah Islami Bank Ltd., Export Import Bank Limited) and three non-Shariah banks (BRAC Bank Limited, Bank Asia Limited, Arab Bangladesh Bank Ltd.), which were selected through simple random sampling from a total of 62 operational banks. The primary findings suggest that Shariah banks typically demonstrate superior capital adequacy, asset quality, and management efficiency, characterized by lower non-performing loans and operating expense ratios, indicative of effective risk management and cost control. In contrast, non-Shariah banks exhibit a stronger return on assets, while Shariah banks reveal significant growth in return on equity. Liquidity levels are generally sufficient across most institutions; however, certain Shariah banks are experiencing declining trends that may pose potential risks. Sensitivity analysis indicates that Shariah banks are more exposed to interest rate fluctuations due to their profit-loss sharing models. The composite CAMELS ratings categorize all banks as satisfactory overall, although some non-Shariah entities, such as BRAC Bank, receive occasional fair ratings. These findings highlight the operational strengths and weaknesses within Bangladesh's dual banking system, providing valuable insights for policymakers aimed at improving regulations for sustainable development, financial inclusion and sector balance.