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Abu Dhabi Group donates 10cr
to CA's relief fund
Responding to the Government's appeal to the international community, Warid Telecom, Abu Dhabi Group and Bank Al-Falah Limited donated Tk 10 crore to the Chief Adviser's Relief and Welfare Fund.
A four-member-delegation of Abu Dhabi Group and its corporate bodies led by Marwan Suleiman Zawaydeh, Adviser to the Board and Group Chief Technical Officer, Warid Telecom International handed over the cheques to Honorable Chief Adviser Dr. Fakhruddin Ahmed at his office.
Muneer Farooqui, Chief Executive Officer, Ashraful H. Chowdhury, General Manager (Government and Operators Relations) from Warid Telecom International Limited and Majedur Rahman, Country Head, Bank Al-Falah Limited were present on behalf of their organisations.
Of the donated amount Abu Dhabi Group contributed Tk. seven crore Warid Telecom International Limited Tk Two crore and Bank Al-Falah Tk One crore.
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ICC chief 's call for exploring
new RMG markets
President of International Chamber of Commerce (ICC) - Bangladesh Mahbubur Rahman urged all concerned to made all-out efforts not only for exploring new markets for apparel export but also for diversifying export products, says a press release. He cautioned that the small export basket of Bangladesh is likely to face heightened competition as the EU and US restrictions on RMG export from China will be withdrawn from January 1, 2008. In this new competitive scenario, he said sustaining the current high export growth will be an uphill challenge in coming years.
Mahbubur Rahman made the appeal while inaugurating a daylong ICC workshop on "Incoterms 2000" at the Bangladesh China Friendship Conference Centre on September 1, 2007 organised for commercial executives of RMG sector and export oriented industries in collaboration with GTZ, Germany. This is for the first time ICC has organised such a workshop for export oriented industries to make them aware of the latest tools used for exporting goods.
In order to be competitive the country as a long-term strategy must create an industrial base, which will not only help in supporting export diversification but will also help in establishing a smooth supply chain and control the present price spiral that is seriously affecting the low and middle income group.
Rahman pointed out that the International Commercial Terms, in short known as "Incoterms", are a set of uniform rules codifying the interpretation of trade terms defining the rights and obligations of both Buyer and Seller in an international transactions where commercial, legal and insurance responsibilities pass from one party to the other. Incoterms are periodically revised by ICC. Incoterms 2000 is a revised version of Incoterms 1990 which clearly and accurately reflects trade practice. Incoterms 2000 contains substantive changes which were made in two areas i.e. 1) the customs clearance and payment of duty obligations under (FAS) and (DEQ) and 2) the loading and unloading obligations under (FCA).
He also said that FDI inflow to Bangladesh has been on the decline in the past year and the country is falling behind compared to other developing countries in terms of attracting FDI. Diversifying the FDI basket is also emerging as a major challenge. The Board of Investment (BOI) has been saying that investment proposals worth billions of dollars have been received. But how much of these, in real terms, are good investment proposals, he questioned. He suggested BOI to change its decision making procedures and make quick decisions; otherwise, he said whatever worthwhile proposals that are in the basket will be diverted to other countries.
While mentioning that every nation is pursuing new market niche with an unleashing effort President of Bangladesh Garment Manufacturer and Exporters Association (BGMEA) said that Bangladesh needs to explore new market to increase productivity as well as to sustain in the competitive world market.
BGMEA President also said that global business and trade scenario are very competitive.
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IBBL declare 15pc cash,
10 pc stock dividend
Islami Bank Bangladesh Limited (IBBL) declared 15 per cent cash and 10 per cent stock dividend for the shareholders for the year 2006 subject to the clearance from Bangladesh Bank.
This dividend was approved in the 24th annual general meeting held on Friday, August 31, 2007 at Bangladesh-China Friendship Conference Centre. Presided over by Prof. Abu Nasser Muhammad Abduz Zaher, the meeting approved balance sheet at 31st December 2006, profit and loss account and reports of the directors and auditors.
Ahmed Mohammed Thani, Representative of Kuwait Awqaf Public Foundation, Kuwait and Washim Ahmed, Representative of Islamic Development Bank, were elected and Kazi Harun-ar-Rashed, Md. Fayekuzzaman, Representative of ICB Asset Management Co. Ltd. and Mominul Islam Patwary, Representative of Maruf Foundation, were re-elected as directors of the bank in the meeting.
Dr. Ahmad Mohamed Ali, President of Islamic Development Bank, was also present in the meeting. In his speech he said that IBBL has made tremendous progress by establishing itself as the leading banking institution in Bangladesh, and soon Insha'a Allah, worldwide. He congratulated the shareholders, the management, the staff, the customers and all stakeholders of IBBL for its achievement in the field of Islamic banking as well as social services through the Islami Bank Foundation. "This is an achievement we can all be proud of."
Dr. Ahmed Ali said that Proverty reduction is the overarching goal of 1DB. Recently a ten billion dollar Islamic Solidarity Fund for Development has been established as the flagship of the Ummah to reduce poverty. From this fund IDB will disburse two billion dollar for Bangladesh through Islami Bank Bangladesh Limited. The 1DB looks forward to work closely with development partners, such as IBBL is designing projects and programmes that will impact lives and give dignity.
He said that with a view to effectively dealing with these challenges the 1DB Group has adopted poverty alleviation and the development of Islamic financial services as the two key strategic objectives in addition to promoting cooperation among member countries.
He said, "Bangladesh has shown the way to the world as to how to reduce poverty by working with the poor and making them bankable. 1DB is very keen to replicate your model and Islamic products throughout the Muslim world. In this perspective, we expect 1BBL going global to disseminate its rich experiences in Islamic Banking to other member countries. In particular, we look forward to IBBL participating in the equity capital and management of new Islamic Banking institutions in Africa and elsewhere.
Prof. Abu Nasser Muhamad Abduz Zaher said in his presidential speech, "All of our efforts are for the well-being of the people of our country. As such, the bank has become the Bank of all the mass people of the country irrespective of race, colour and creed. Islami Bank is the Bank of 14 crore people of the country. The country is ours, the land is ours and the flag is ours. We have to work in unison for the welfare and development of the country and the people."
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