Friday, April 05, 2013 BUSINESS

Skip Navigation Links
 
link
 
link
SUPPLEMENT
Visitor Login










Political unrest affecting economic activity in Bangladesh: IMF

Business Report

 
Though the exports are picking up, remittances remain strong and reserves continue to rise, political unrest in recent months is affecting economic activity in Bangladesh, according to International Monetary Fund (IMF).
“…unrest in recent months is affecting economic activity, with real GDP growth now expected to moderate to below 6 per cent in fiscal year 2013,” it said in a statement published on April 2.
The statement was made after an IMF mission visited Dhaka from March 20 to April 2 conducting discussions on the second review under a three-year Extended Credit Facility (ECF) arrangement.
The statement said upon the Executive Board’s completion of this review, which is expected by late May 2013, SDR 91.4 million (about US$137 million) would be made available to Bangladesh, bringing total disbursements under the arrangement to SDR 274.3 million (about US$412 million).
The global lending agency also said inflation pressures have eased, supported by restrained fiscal and monetary policies. 
“Quantitative targets under the ECF arrangement are broadly on track, with all performance criteria met at end-December 2012, except the ceiling on nonconcessional external debt, as reported at the time of completion of the first ECF review.”
It said progress continues to be made on structural measures, highlighted by a new VAT law now firmly moving in the implementation phase.
The IMF said the authorities reaffirmed their commitment to undertaking prudent policies and building external buffers to safeguard growth performance and consolidate macroeconomic stability gains.
“They will also advance critical structural reforms aimed at expanding tax revenues, improving public financial management, and ensuring a stable, well-governed financial system.” The ECF was approved on April 11, 2012 for a total amount equivalent to SDR 639.96 million (about US$ 957.90 million). 
The mission met with the Minister of Finance, Bangladesh Bank Governor, Finance Secretary, and other senior officials, and development partners. The mission welcomed the authorities’ continued commitment to the implementation of their reform program, which is being supported by the ECF. It also wishes to thank them for the excellent cooperation and warm hospitality during the visit. At the conclusion of the visit, David Cowen, the outgoing mission chief for Bangladesh, and Rodrigo Cubero, the incoming mission chief, made this statement. 
Bangladesh Bank (BB) remains committed to maintaining a restrained monetary policy to keep inflation in check, while providing adequate space to support private credit growth. 
New instruments will be introduced to help manage the impact of foreign inflows on monetary aggregates. 
The central bank will also take steps to facilitate a deepening of the government debt market. 
In keeping with IMF safeguard requirements, an external audit of BB by a global audit firm will be completed by December 2013, with the selection of the auditor now in train.
The authorities have submitted amendments to the Banking Companies Act to Parliament as a key plank of their efforts to strengthen banking system governance.
In light of the recent erosion in the financial performance of state-owned commercial banks (SOCBs), BB is conducting diagnostic examinations of these banks, focused on their internal controls. 
The results will be used to strengthen existing memoranda of understanding between BB and the SOCBs to better enforce financial discipline.

Comment

Business Report

 
Though the exports are picking up, remittances remain strong and reserves continue to rise, political unrest in recent months is affecting economic activity in Bangladesh, according to International Monetary Fund (IMF).
“…unrest in recent months is affecting economic activity, with real GDP growth now expected to moderate to below 6 per cent in fiscal year 2013,” it said in a statement published on April 2.
The statement was made after an IMF mission visited Dhaka from March 20 to April 2 conducting discussions on the second review under a three-year Extended Credit Facility (ECF) arrangement.
The statement said upon the Executive Board’s completion of this review, which is expected by late May 2013, SDR 91.4 million (about US$137 million) would be made available to Bangladesh, bringing total disbursements under the arrangement to SDR 274.3 million (about US$412 million).
The global lending agency also said inflation pressures have eased, supported by restrained fiscal and monetary policies. 
“Quantitative targets under the ECF arrangement are broadly on track, with all performance criteria met at end-December 2012, except the ceiling on nonconcessional external debt, as reported at the time of completion of the first ECF review.”
It said progress continues to be made on structural measures, highlighted by a new VAT law now firmly moving in the implementation phase.
The IMF said the authorities reaffirmed their commitment to undertaking prudent policies and building external buffers to safeguard growth performance and consolidate macroeconomic stability gains.
“They will also advance critical structural reforms aimed at expanding tax revenues, improving public financial management, and ensuring a stable, well-governed financial system.” The ECF was approved on April 11, 2012 for a total amount equivalent to SDR 639.96 million (about US$ 957.90 million). 
The mission met with the Minister of Finance, Bangladesh Bank Governor, Finance Secretary, and other senior officials, and development partners. The mission welcomed the authorities’ continued commitment to the implementation of their reform program, which is being supported by the ECF. It also wishes to thank them for the excellent cooperation and warm hospitality during the visit. At the conclusion of the visit, David Cowen, the outgoing mission chief for Bangladesh, and Rodrigo Cubero, the incoming mission chief, made this statement. 
Bangladesh Bank (BB) remains committed to maintaining a restrained monetary policy to keep inflation in check, while providing adequate space to support private credit growth. 
New instruments will be introduced to help manage the impact of foreign inflows on monetary aggregates. 
The central bank will also take steps to facilitate a deepening of the government debt market. 
In keeping with IMF safeguard requirements, an external audit of BB by a global audit firm will be completed by December 2013, with the selection of the auditor now in train.
The authorities have submitted amendments to the Banking Companies Act to Parliament as a key plank of their efforts to strengthen banking system governance.
In light of the recent erosion in the financial performance of state-owned commercial banks (SOCBs), BB is conducting diagnostic examinations of these banks, focused on their internal controls. 
The results will be used to strengthen existing memoranda of understanding between BB and the SOCBs to better enforce financial discipline.

Login to post comments


(0)



BOURSE SUFFERS THE WORST

Strikes, violence affecting economy: Mozena

Business Report

 
US Ambassador Dan Mozena warned of severe loss to the economy and business from strikes and violence and suggested that the daily loss from such shut dwm may stand at around $200 million.
Bdnews24adds: “Bangladesh simply cannot afford such losses month after month. 
This must stop,” he said while speaking at the Dhaka Stock Exchange on Wednesday.
“The strikes, violence and turbulence of the past several months have stymied growth, driven away both domestic and international investment, created greater risk, and undermined prospects for success.”
Trade, investment deal first priority: Mozena
He was visiting the stock exchange even as the market index was falling.
Citing his ‘analyst friends’, he said the recent fall in the DSE’s general index was ‘largely because political unrest had undermined investor confidence’.
The US ambassdor has often spoken of Bangladesh’s ‘potential to be Asia’s next tiger’, but on Wednesday he said: “but Asian Tigers don’t emerge from vapour.”
“Rather Asian Tigers can emerge only from an environment that fosters growth, that promotes investment, that encourages risk, that produces success,” he said.
Citing media reports, the ambassador said, there were only nine regular working days in March.
“Buyers and investors reasonably are taking their businesses and investment dollars elsewhere … this is not the way to build an Asian Tiger.”
He said political differences can be resolved in ‘an open and constructive fashion’ that promotes dialogue.
He said in America, Europe and around the world, “consumers, governments, and buyers are increasingly concerned about working conditions, especially fire safety, and labour rights in Bangladesh’s factories in the RMG and household textile sectors and beyond.
“In America, these concerns are manifested in the on-going review of whether Bangladesh is qualified to receive trade benefits under the Generalized System of Preferences or GSP.”
Citing last week’s hearing in Washington, he urged the government and industry “to engage deeply over coming weeks”.
“Before the actual review discussions begin in late May … to institute needed reforms of the labour law, to take concrete measures to ensure safe working conditions, to accord workers their rights to freely associate and organise, to protect the rights of those individuals and organisations seeking to help workers exercise their rights, among others.”
He once again mentioned that the loss of GSP would send ‘negative message’ around the world and could prevent Bangladesh benefiting from duty free or quota free access to the American market if the on-going WTO negotiations conclude ‘successfully’.
Since its founding nearly 60 years ago, the DSE has grown along with Bangladesh’s business community, listing more than 280 companies with a combined market capitalisation of nearly $30 billion.
The ambassador said he believed that “more can be or must be done to attract greater domestic and foreign investment into Bangladesh’s capital markets.”
“The key to attracting these investments in Taka and Dollars is confidence.”
Citing America’s steps after the collapse of the financial institutions in 2008, he said Bangladesh, like America, “needs a strong regulatory framework that provides effective oversight to the financial sector and capital markets.”
DSE President Rakibur Rahman was present with other bourse officials during his visit.

Comment

Business Report

 
US Ambassador Dan Mozena warned of severe loss to the economy and business from strikes and violence and suggested that the daily loss from such shut dwm may stand at around $200 million.
Bdnews24adds: “Bangladesh simply cannot afford such losses month after month. 
This must stop,” he said while speaking at the Dhaka Stock Exchange on Wednesday.
“The strikes, violence and turbulence of the past several months have stymied growth, driven away both domestic and international investment, created greater risk, and undermined prospects for success.”
Trade, investment deal first priority: Mozena
He was visiting the stock exchange even as the market index was falling.
Citing his ‘analyst friends’, he said the recent fall in the DSE’s general index was ‘largely because political unrest had undermined investor confidence’.
The US ambassdor has often spoken of Bangladesh’s ‘potential to be Asia’s next tiger’, but on Wednesday he said: “but Asian Tigers don’t emerge from vapour.”
“Rather Asian Tigers can emerge only from an environment that fosters growth, that promotes investment, that encourages risk, that produces success,” he said.
Citing media reports, the ambassador said, there were only nine regular working days in March.
“Buyers and investors reasonably are taking their businesses and investment dollars elsewhere … this is not the way to build an Asian Tiger.”
He said political differences can be resolved in ‘an open and constructive fashion’ that promotes dialogue.
He said in America, Europe and around the world, “consumers, governments, and buyers are increasingly concerned about working conditions, especially fire safety, and labour rights in Bangladesh’s factories in the RMG and household textile sectors and beyond.
“In America, these concerns are manifested in the on-going review of whether Bangladesh is qualified to receive trade benefits under the Generalized System of Preferences or GSP.”
Citing last week’s hearing in Washington, he urged the government and industry “to engage deeply over coming weeks”.
“Before the actual review discussions begin in late May … to institute needed reforms of the labour law, to take concrete measures to ensure safe working conditions, to accord workers their rights to freely associate and organise, to protect the rights of those individuals and organisations seeking to help workers exercise their rights, among others.”
He once again mentioned that the loss of GSP would send ‘negative message’ around the world and could prevent Bangladesh benefiting from duty free or quota free access to the American market if the on-going WTO negotiations conclude ‘successfully’.
Since its founding nearly 60 years ago, the DSE has grown along with Bangladesh’s business community, listing more than 280 companies with a combined market capitalisation of nearly $30 billion.
The ambassador said he believed that “more can be or must be done to attract greater domestic and foreign investment into Bangladesh’s capital markets.”
“The key to attracting these investments in Taka and Dollars is confidence.”
Citing America’s steps after the collapse of the financial institutions in 2008, he said Bangladesh, like America, “needs a strong regulatory framework that provides effective oversight to the financial sector and capital markets.”
DSE President Rakibur Rahman was present with other bourse officials during his visit.

Login to post comments


(0)



Ministry recommends punishment for Hall-Mark scam perpetrators

Business Reporter

 
Ministry of Finance outlining its policy regarding the scandal-hit Hall-Mark Group strongly recommended punishment for the big scandal and appointment of an administrator to run the group business. 
“Necessary measures need to be taken for those activities of the Hall-Mark group that create employment opportunities and generate income while an administrator may be appointed, if necessary, to this end,” said a statement of the Ministry on March 30. 
The statement said those individuals of the Group involved in forgery and corruption starting from the members of its Board of Directors and officials at different levels will have to be punished. Referring to various media reports on the Group, it said the reports regarding understanding with the Hall-Mark Group or the government is taking a soft line about the Group are not correct.
It further said the government has no intention to save anyone involved in the Hall-Mark scam and it has already issued a directive to this end. The directive stated that it should be considered to reopen the mills and factories of the Hall-Mark Group in a bid to generate its earnings, create employment opportunities and repay the debt of the Sonali Bank Ltd.
The statement also said there is no base of the allegation that the Ministry of Finance has softened its stance towards the Hall-Mark Group.
It said recommendations from Sonali Bank are yet to come to the ministry regarding reopening of factories and mills of the Hall-Mark Group and the Ministry would take its decision after getting the recommendations from the Sonali Bank. Opinions from the civil society will also be considered prior to taking the decisions.

Comment

Business Reporter

 
Ministry of Finance outlining its policy regarding the scandal-hit Hall-Mark Group strongly recommended punishment for the big scandal and appointment of an administrator to run the group business. 
“Necessary measures need to be taken for those activities of the Hall-Mark group that create employment opportunities and generate income while an administrator may be appointed, if necessary, to this end,” said a statement of the Ministry on March 30. 
The statement said those individuals of the Group involved in forgery and corruption starting from the members of its Board of Directors and officials at different levels will have to be punished. Referring to various media reports on the Group, it said the reports regarding understanding with the Hall-Mark Group or the government is taking a soft line about the Group are not correct.
It further said the government has no intention to save anyone involved in the Hall-Mark scam and it has already issued a directive to this end. The directive stated that it should be considered to reopen the mills and factories of the Hall-Mark Group in a bid to generate its earnings, create employment opportunities and repay the debt of the Sonali Bank Ltd.
The statement also said there is no base of the allegation that the Ministry of Finance has softened its stance towards the Hall-Mark Group.
It said recommendations from Sonali Bank are yet to come to the ministry regarding reopening of factories and mills of the Hall-Mark Group and the Ministry would take its decision after getting the recommendations from the Sonali Bank. Opinions from the civil society will also be considered prior to taking the decisions.

Login to post comments


(0)



BIBORTON opens 4th outlet at Wari

Business Report

 
Biborton Boutiques -- a fashion shop with a promise to promote young creative designers opened its 4th outlet on March 30 at a function held at Wari in the capital with its exclusive collection of dresses for women and children. 
It offers 10 per cent discount in the first month. It was formally inaugurated by fashion Model and Actress Shokh at a ceremony at Ihsan Plaza (Ground Floor), 30/1, Rankin Street in the afternoon.  
Runa Mustafa, Proprietor of Biborton Boutiques was present at the ceremony, besides media and show-biz celebrities and social dignitaries.
Shokh commended the initiative saying, ‘this is a fantastic move to promote our local heritage, it is praise worthy. The wide range of hand stitched and embroidered clothes bring a difference in the current market scenario. I really like the hand embroidered clothes rather than the machine done. Especially the kid’s collection is really awesome’. 
Runa Mustafa, Proprietor of Biborton Boutiques expressed her feelings saying, ‘we are happy to formally launch this new outlet. And we earnestly hope that we would be able to pace up with our objectives, especially to promote the designs developed by the young generation artistes’. Biborton Boutiques is offering a special discount of 10% for one month to mark this occasion.
Biborton Boutiques offers fully hand generated design without embroidery work. Meant for women and children its offers include Salowar Kamiz, Fatua, tops for children along with bed cover, cushion cover and wall mat. Runa Mustafa informed that her fashion shop would promote the young creative designers who have passed from Dhaka Fine Art Institute. Their designed items will be displayed for sale at Biborton Boutiques. 

Comment

Business Report

 
Biborton Boutiques -- a fashion shop with a promise to promote young creative designers opened its 4th outlet on March 30 at a function held at Wari in the capital with its exclusive collection of dresses for women and children. 
It offers 10 per cent discount in the first month. It was formally inaugurated by fashion Model and Actress Shokh at a ceremony at Ihsan Plaza (Ground Floor), 30/1, Rankin Street in the afternoon.  
Runa Mustafa, Proprietor of Biborton Boutiques was present at the ceremony, besides media and show-biz celebrities and social dignitaries.
Shokh commended the initiative saying, ‘this is a fantastic move to promote our local heritage, it is praise worthy. The wide range of hand stitched and embroidered clothes bring a difference in the current market scenario. I really like the hand embroidered clothes rather than the machine done. Especially the kid’s collection is really awesome’. 
Runa Mustafa, Proprietor of Biborton Boutiques expressed her feelings saying, ‘we are happy to formally launch this new outlet. And we earnestly hope that we would be able to pace up with our objectives, especially to promote the designs developed by the young generation artistes’. Biborton Boutiques is offering a special discount of 10% for one month to mark this occasion.
Biborton Boutiques offers fully hand generated design without embroidery work. Meant for women and children its offers include Salowar Kamiz, Fatua, tops for children along with bed cover, cushion cover and wall mat. Runa Mustafa informed that her fashion shop would promote the young creative designers who have passed from Dhaka Fine Art Institute. Their designed items will be displayed for sale at Biborton Boutiques. 

Login to post comments


(0)



BUILD holds talks on public-private partnership

Business Report

 
Business Initiative Leading Development (BUILD), which offers platform for public-private dialogue launched its publication recently at a local hotel titled ‘Business Start-up Licenses: A Regulatory Guide (2nd Edition).
Shaikh Wahid-uz-Zaman, Principal Secretary. PMO AT Prime Minister’s office was the chief guest on the occasion.  Md. Sabur Khan, President of DCCI welcomed the participants to the BUILD gathering while  Chairman, Board of Governors, BUILD  Asif Ibrahim spoke at the concluding of the session.  Syed Monjurul Islam, Secretary, Ministry of Shipping, Manzur Hossain, Secretary, Ministry of Agriculture, Shaikh Altaf Ali, Senior Secretary, Ministry of Water Resources were present among host of senior government officials. MCCI Directors and Secretary General, representatives of SME Foundation, past Presidents and Directors of DCCI, and representatives of others chambers and trade associations were present. 
Ms. Ferdaus Ara Begum, CEO of BUILD, spoke about the role of public-private dialogue in Bangladesh and BUILD’s activities in this regard. BUILD is a pioneering initiative in Public-Private Dialogue (PPD) platform that works to identify ways to make the investment climate more business-friendly and advocates for positive changes in the regulatory framework of Bangladesh. 
BUILD has been launched by DCCI in partnership with MCCI and SME Foundation.

Comment

Business Report

 
Business Initiative Leading Development (BUILD), which offers platform for public-private dialogue launched its publication recently at a local hotel titled ‘Business Start-up Licenses: A Regulatory Guide (2nd Edition).
Shaikh Wahid-uz-Zaman, Principal Secretary. PMO AT Prime Minister’s office was the chief guest on the occasion.  Md. Sabur Khan, President of DCCI welcomed the participants to the BUILD gathering while  Chairman, Board of Governors, BUILD  Asif Ibrahim spoke at the concluding of the session.  Syed Monjurul Islam, Secretary, Ministry of Shipping, Manzur Hossain, Secretary, Ministry of Agriculture, Shaikh Altaf Ali, Senior Secretary, Ministry of Water Resources were present among host of senior government officials. MCCI Directors and Secretary General, representatives of SME Foundation, past Presidents and Directors of DCCI, and representatives of others chambers and trade associations were present. 
Ms. Ferdaus Ara Begum, CEO of BUILD, spoke about the role of public-private dialogue in Bangladesh and BUILD’s activities in this regard. BUILD is a pioneering initiative in Public-Private Dialogue (PPD) platform that works to identify ways to make the investment climate more business-friendly and advocates for positive changes in the regulatory framework of Bangladesh. 
BUILD has been launched by DCCI in partnership with MCCI and SME Foundation.

Login to post comments


(0)



DHAKA-BERLIN TRADE HITS $4BN

German business delegation shelves visit

Business Report

 
A high-level delegation of the Association of German Chamber of Commerce and Industry was scheduled to visit Bangladesh in March in recognition of the Bangladesh-German Chamber activities, but they shelved the plan because of recent political situation.
They were expected to visit Dhaka now on Jun 14.
Meanwhile the two-way trade between Bangladesh and Germany has increased by 80 per cent over the last three years, the President of the Bangladesh-German Chamber of Commerce and Industry (BGCCI), Chamber president Shawkat Abu Khair said.
He said with the increase in volume of trade, the BGCCI has also become the biggest Chamber in Bangladesh within its 10 years of inception.
The Chamber inducted its 400th member, Robert Bosch Bangladesh Limited, on Friday night in a colourful ceremony.
The current bilateral trade a year between the two countries is more than $4 billion, which is dominated by Bangladesh’s exports worth $3.5 billion.
The trade figure was close to $2.5 billion in 2009 when the Chamber had only 69 members.
“We are growing fast,” Khair has said. “Many German companies are active in Bangladesh in sectors like trade finance, logistics, energy and transport.”
He said duty free access made European Union ‘an attractive market’ for Bangladesh with its more than 50 per cent export products going to the region.
The readymade garment is the key export sector, despite the fact that Bangladesh has the opportunity to diversify the market with ships, footwear and leather goods.
The IT services still remained untapped, he said.
Khair said German expertise can also contribute in the fields of ‘high-end engineering, healthcare, vocational training, renewable energy and green tech.’

Comment

Business Report

 
A high-level delegation of the Association of German Chamber of Commerce and Industry was scheduled to visit Bangladesh in March in recognition of the Bangladesh-German Chamber activities, but they shelved the plan because of recent political situation.
They were expected to visit Dhaka now on Jun 14.
Meanwhile the two-way trade between Bangladesh and Germany has increased by 80 per cent over the last three years, the President of the Bangladesh-German Chamber of Commerce and Industry (BGCCI), Chamber president Shawkat Abu Khair said.
He said with the increase in volume of trade, the BGCCI has also become the biggest Chamber in Bangladesh within its 10 years of inception.
The Chamber inducted its 400th member, Robert Bosch Bangladesh Limited, on Friday night in a colourful ceremony.
The current bilateral trade a year between the two countries is more than $4 billion, which is dominated by Bangladesh’s exports worth $3.5 billion.
The trade figure was close to $2.5 billion in 2009 when the Chamber had only 69 members.
“We are growing fast,” Khair has said. “Many German companies are active in Bangladesh in sectors like trade finance, logistics, energy and transport.”
He said duty free access made European Union ‘an attractive market’ for Bangladesh with its more than 50 per cent export products going to the region.
The readymade garment is the key export sector, despite the fact that Bangladesh has the opportunity to diversify the market with ships, footwear and leather goods.
The IT services still remained untapped, he said.
Khair said German expertise can also contribute in the fields of ‘high-end engineering, healthcare, vocational training, renewable energy and green tech.’

Login to post comments


(0)



Islami Bank approves 25pc dividend

Business Report

 
The Board of Directors of Islami Bank Bangladesh Limited (IBBL) earmarked 25 percent dividend for 2012 including 17 per cent in stock and 8 per cent in cash for the shareholders. 
It is subject to approval of the annual general meeting to be held on May 22. This was decided in a meeting of the Board of Directors of the Bank held on March 28 at the slami Bank Tower in the city. 
The Board expressed deep sorrow at the death of President Md. Zillur Rahman and prayed for salvation of his departed soul remembering his contribution to the country and nation. 
Chairman, Board of Directors of the Bank Prof. Abu Nasser Muhammad Abduz Zaher, presided over the meeting; which was attended among others by Engr. Mustafa Anwar, Vice Chairman and Representative of The Public Institutions for Social Security, Kuwait, Engr. Md. Eskander Ali Khan, Chairman, Executive Committee and Representative of Al-Rajhi Co. for Industry & Trade, K.S.A..
Moreover Professor Dr. NRM Borhan Uddin, Chairman, Audit Committee, Md. Abul Hossain, Representative of Investment Corporation of Bangladesh, Adnan Midani, Outgoing Representative of Islamic Development Bank and Dr. Areef Suleman, Representative of IDB, Salauddin Ahmed, Representative of Kuwait Finance House were present.
Others who were present included Mominul Islam Patwary, Hafizul Islam Mian, Md. Shahidul Islam, Prof. Mohammed Nazrul Islam, Md. Abdul Salam, FCA, FCS, Humayun Bokhteyar, ACPA, FCA, Prof. Dr. A.K.M Sadrul Islam and Barrister Mohammed Belayet Hossain, Directors and Mohammad Abdul Mannan, Managing Director of the Bank.   
The meeting approved the Profit and Loss Account for the year 2012 and Balance Sheet as on 31 December 2012. The Record date for Dividend has been fixed on April 11. 
It was decided the annual profit rate of Mudaraba Perpetual Bond at 13.58 percent for 2012 which is the sum of 11.08 per cent. The Profit of the Bond will be distributed within 30 days from holding of Annual General Meeting of the Bank.

Comment

Business Report

 
The Board of Directors of Islami Bank Bangladesh Limited (IBBL) earmarked 25 percent dividend for 2012 including 17 per cent in stock and 8 per cent in cash for the shareholders. 
It is subject to approval of the annual general meeting to be held on May 22. This was decided in a meeting of the Board of Directors of the Bank held on March 28 at the slami Bank Tower in the city. 
The Board expressed deep sorrow at the death of President Md. Zillur Rahman and prayed for salvation of his departed soul remembering his contribution to the country and nation. 
Chairman, Board of Directors of the Bank Prof. Abu Nasser Muhammad Abduz Zaher, presided over the meeting; which was attended among others by Engr. Mustafa Anwar, Vice Chairman and Representative of The Public Institutions for Social Security, Kuwait, Engr. Md. Eskander Ali Khan, Chairman, Executive Committee and Representative of Al-Rajhi Co. for Industry & Trade, K.S.A..
Moreover Professor Dr. NRM Borhan Uddin, Chairman, Audit Committee, Md. Abul Hossain, Representative of Investment Corporation of Bangladesh, Adnan Midani, Outgoing Representative of Islamic Development Bank and Dr. Areef Suleman, Representative of IDB, Salauddin Ahmed, Representative of Kuwait Finance House were present.
Others who were present included Mominul Islam Patwary, Hafizul Islam Mian, Md. Shahidul Islam, Prof. Mohammed Nazrul Islam, Md. Abdul Salam, FCA, FCS, Humayun Bokhteyar, ACPA, FCA, Prof. Dr. A.K.M Sadrul Islam and Barrister Mohammed Belayet Hossain, Directors and Mohammad Abdul Mannan, Managing Director of the Bank.   
The meeting approved the Profit and Loss Account for the year 2012 and Balance Sheet as on 31 December 2012. The Record date for Dividend has been fixed on April 11. 
It was decided the annual profit rate of Mudaraba Perpetual Bond at 13.58 percent for 2012 which is the sum of 11.08 per cent. The Profit of the Bond will be distributed within 30 days from holding of Annual General Meeting of the Bank.

Login to post comments


(0)



METROPOLITAN
EDITORIAL
COMMENTS
INTERNATIONAL
BUSINESS
INFOTECH
CULTURE
MISCELLANY
AVIATOUR
LETTERS
FOUNDING EDITOR: ENAYETULLAH KHAN; EDITOR: SAYED KAMALUDDIN
Contents Copyrighted © by Holiday Publication Limited
Mailing address 30, Tejgaon Industrial Area, Dhaka-1208, Bangladesh.
Phone 880-2-8170462, 8170463, 8170464 Fax 880-2-9127927 Email weeklyholiday65@gmail.com
Site Managed By: Southtech Group
Southtech Group does not take any responsibility for any news content of this site