The New Nation - Internet Edition

ECONOMIC REPORTER

The Arab Bangladesh Bank Limited (AB Bank) has signed a Memorandum of Understanding (MOU) with the prime ornament producing company 'GoldSmith Bangladesh' to issue personal jewellery loans "Gold Grace."

President and Managing Director of AB Bank Kaiser A Chaudhury and ATKM Azmal from GoldSmith formally signed the agreement on Tuesday Night at a local hotel in the capital.

When the price of gold is increasing day by day, middle income families find it immense difficult to purchaser the gold ornaments, which is a pert of our Bengali traditions, said President AB Bank. Since, Bengali wedding and other occasions are unthinkable without gold jewellery, we have introduced jewellery loans with easy and affordable conditions to enable our middle income families meet the tradition, he said while speaking on the occasion.

"With our launching Gold Grace jewellery loan scheme, our clients could borrow money according to their requirements from Tk 50,000 to Tk 3,00,000 range," he said. According to him, the loans could be repayable through 12, 24 or 36 affordable installments. Interest rate with this scheme is only 16 per cent, he added. This scheme was targeted to self employed personals and employed male and female between 22 to 52 age group who earns minimum Tk 10,000 per month, he added.

This agreement between a Jewellery manufacturer with a financial organization is expected to make history, said ATKM Azmal from GoldSmith.

"When the price of gold has gone beyond the reach of common people, bank loans like this would relief our customers. This would increase the price of our customers as well," he added.