The New Nation - Internet Edition

IBBL deposit stands Tk 16,990cr, investment Tk 17,948cr: Chairman Prof Abu Nasser Muhammad Abduz Zaher asks IBBL officials to take services to doorsteps of people

BUSINESS REPORT

Total deposit of Islami Bank Bangladesh Limited (IBBL), a leading private commercial bank of the country, reached at Tk.16,990 crore as on February 29, 2008 registering an increase of Tk3,043 crore in the same period of the previous year with a growth rate of 22 per cent.

On the other hand, total investment reached at Tk 17,948 crore, registering an increase of Tk 4,504 crore with a growth rate of 34 per cent, while total foreign exchange business reached at Tk.7,272 crore, registering an increase of Tk 3,711 crore in the same period of the previous year with a growth rate of 104 per cent.

This was disclosed in a meeting of Review of Performance of Islami Bank Bangladesh Limited held on March 3 last at the Board Room of Islami Bank Tower.

Prof. Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors of the IBBL was present in the meeting as the chief guest. Presided over by M Fariduddin Ahmad, Executive President, the meeting was attended by Mohd Shamsul Haque, Mohammad Abdul Mannan and Md Habibur Rahman, Deputy Executive Presidents, and Heads of different Wings, Divisions, Departments of Head Office, Zones and Corporate Branches of the bank.

In his speech, Prof Abu Nasser Muhammad Abduz Zaher said that Islami Bank is the symbol of hope and expectation of the people of the country.

He congratulated all concerned for the success achieved so far and said that all the employees should work unitedly to build up Islami Bank as people's bank. 'This Bank has become one of the top banks of the country. To sustain this respectable position all should work relentlessly with sincerity. The land of the country is fertile. There are a lot of potentialities in every nook and corner of the country," he said.

He called upon all to utilise the possibilities with a view to bringing the people of the country from darkness of poverty to the light of affluence and to promote Islami Bank as well.

Prof Zaher said, Islami Bank is the asset of the people of this country. He said that all its services should be reached at the doorsteps so that all might feel that their houses are the branches of Islami Bank.

Prof Zaher said, Islami Bank Bangladesh Limited is the largest private Bank in the country. It is not only a matter of pride but also responsibility.

He stressed upon securing the receipt of remittance in the possible sholiest time sent by the expatriates to the recipients of the country. He also suggested to behave well with the relatives of the expatriates.

In his presidential speech, M Fariduddin Ahmad said that earning profit was not the only objective of Islami Bank. 'Rather, Islami Bank is caring out corporate social responsibilities for the sake of humanity,' he said.

He suggested all to raise consciousness among the clients about Shari'ah.

Thai Exhibition 2008 begins in city: Bangkok proposes FTA with Dhaka

BUSINESS REPORT

The four-day Thailand Exhibition 2008 began at Dhaka Sheraton Hotel yesterday with Bangkok renewing its proposal for bilateral FTA with Dhaka for boosting the two-way trade.

Secretary for the Ministry of Planning Jafar Ahmed Chowdhury inaugurated the exhibition.

Thai Ambassador in Dhaka Chalermpol Thanchitt and Kazi Habib Sattar, president of Bangladesh-Thai Chamber, among others, addressed the opening ceremony.

In his speech, the Planning Secretary said the diplomatic and economic relations between Bangladesh and Thailand have increased much over the years and the bilateral relationship will continue to strengthen in the coming days.

However, Jafar Ahmed Chowdhury observed that the trade balance between the two countries is now in favour of Thailand.

'Thailand is the second-largest economy in this region. Despite huge

potential of trade and investment, Bangladeshi traders are not utilising the scope properly, that is why the existing bilateral trade balance is now in favour of Thailand,' he said.

Jafar Chowdhury said Bangladeshi traders have comparative advantages of exporting chemical fertilisers, lather products, medicines to the Thai market. 'Now the investors should take such advantage.'

Speaking on the occasion, Thai Ambassador Chalermpol Thanchitt reiterated their proposal for signing a Free Trade Agreement (FTA) with Bangladesh as he said both the countries' economy would be benefited to a great extent for such development.

Trade between the two countries has increased substantially within a

few years and now fluctuating in the range of approximately US$425 to US$525 million.

Bangladesh exports yarn and fibers, frozen fishes and meat to Thailand, while imports cement clinkers, polymers, fabrics, machinery and parts, iron and steel, refrigeration and parts, rubber and rubber products from Thailand.

The Thai Embassy and the Thai Trade Centre in Dhaka are jointly organizing the exhibition participated by some 43 companies featuring their products under 11 categories.

The products include chemical products, construction materials, hardware and machinery, auto parts and accessories, electrical appliances, food and beverages, garments, textiles and fashion accessories, gift and decorative items, health and beauty, household and kitchenware products, leather products and footwear, and textiles and garments.

Besides, information on visa application, tourism and medical care in

Thailand will also be available in the exhibition.

The exhibition will remain open for traders from 10:00am to 3:00pm and for public from 3:00pm to 8:00pm everyday till March 8.

Workshop on 'International Trade Payment Practices': BB move to pursue banks for interest rate cut hailed

BUSINESS REPORT

Praising the Bangladesh Bank initiative to pursue the commercial banks for reducing the interest rate margin between deposit and lending, business leader Latifur Rahman expressed the hope that such a move would help business to invest more in setting up basic industries in the country which is very crucial for any sustained development.

Rahman, who is also the Vice-President of International Chamber of Commerce (ICC)-Bangladesh, said this while inaugurating a day-long ICC workshop on 'International Trade Payment Practices' at the city's Bangladesh-China Friendship Conference Centre organised for the commercial executives of RMG sector in collaboration with GTZ, Germany.

He said problems between importers and exporters often arise when they get involved in any business deal with a foreign counterpart and do not use appropriate wordings in their contracts for avoidance of any potential dispute.

"If a dispute arises, neither the concerned bank nor we at ICC could help them because of inappropriate provisions in the contract.

President of BGMEA Anwar-ul-Alam Chowdhury Parvez said that though the banks have lowered the interest rate by meager one percent only, but it s still much higher than interest rates of 3-5% given by the neighbouring countries, in particular to export-oriented industries to be competitive.

President of BKMEA Md. Fazlul Hoque requested the ICC,B to formulate a body that can settle the disputes in the international trade payment system.

ICC,B Banking Commission Chairman and Citibank N.A. Managing Director Mamun Rashid said that the country would be facing the growing demand for open account transactions, which was still missing in the current Import Policy. In Bangladesh scenario, open account transactions are still restricted to Type-A industry in EPZ which should be gradually and selectively liberalized, specially towards the RMG sector in the face of growing demands from their buyers. "Nowadays documentary collection and open account procedures are dominating the cross border trade settlements. Although documentary collection is allowed in Bangladesh but it is still restricted to importing capital machineries, industrial raw materials and perishable food items. This list also needs an expansion but immediately it should cover, at least, the spare parts and accessories of the capital machinery to support the growing industrialization of the country," Mamun mentioned.

ICC expert on UCP Vincent O'Brien also spoke at the inaugural session. Business leaders including A.S.M. Quasem and JCCB Secretary Ataur Rahman, BGMEA Secretary Muhammad Fasihur Rahman, GTZ Progress Senior Business Adviser Ameena Chowdhury also attended the inaugural session. About 125 participants from apparel and knitwear sectors attended the workshop.

Premier Bank signs deal with Uttara Finance & Investments

BUSINESS REPORT

The Premier Bank Ltd has extended a multi-line credit facility of Tk 200 million to Uttara Finance and Investments Limited to finance for its business activities.

Khondker Fazle Rashid, Managing Director of The Premier Bank Ltd and SM Shamsul Arefin, Managing Director of Uttara Finance and Investment Limited signed the agreement on behalf of their respective organisations, at a simple ceremony held at the Premier Bank's Head Office, Banani, Dhaka on March 3, 2008.

Among others, Md. Mokhlesur Rahman, Additional Managing Director, Sahdat Hossain, Head of Credit and Wahidur Rahman, Branch Manager of Kakrail of the bank and Shamsul Tawhid, Executive Vice President and Md. Mainuddin, Principal Officer of Uttara Finance and Investments Limited, were present on the occasion.

Dhaka Bank business centre now at CEPZ

BUSINESS REPORT

Dhaka Bank Limited has formally commenced its Business Center at Zone Service Complex, CEPZ, South Halishahar, Chittagong on March 3 last.

Modern banking facilities like offshore banking, retail banking, SME banking, etc along with other services will also be included with it form the beginning.

Brigadier General Ashraf Abdullah Youssuf, Executive Chairman of BEPZA, formally inaugurated the branch as the chief guest. Among others, Khondokar Monir Uddin, Chairman, Shahed Noman, Managing Director, Sirajul Haque, Head of Operations, and Azam Khan, AVP (Operation Division) were present on the occasion.

Ogilvy & Mather holds brand forum See.Beyond>

BUSINESS REPORT

As part of presenting its 'Thought Leadership' agenda, Ogilvy & Mather Bangladesh organised a brand forum celebrating creativity. The forum was themed 'See. Beyond>.'

Its objective was to inspire young professionals to think out-of-the-box and to challenge them to harness their full creative potential and their entrepreneurial spirits.

Ogilvy believes that creativity is not just a marketing privilege rather it's a mindset that, with unbridled exploitation, can lead to many great things for the society.

Miles Young (Chairman, Ogilvy & Mather Asia Pacific) chaired the See. Beyond> forum and presented a paper on the evolution of branding. He was followed by Mrs. Geeteara Safiya Choudhury (a leading advertising practitioner of the country) who spoke about building big brands in small steps.

Jerry Smith (President OgilvyOne Asia Pacific) presented a paper on the creative exploitation of new media-namely digital.

Piyush Pandey (Co-Chairman & National Creative Director, Ogilvy & Mather India and South Asia) co-chaired the forum and presented a paper on how to be creative everyday. The forum ended with enthusiastic audience participation in an interactive Q&A session. The See. Beyond> forum was held at a prominent local hotel, and it was attended by executives from across many companies of Bangladesh.

It is worthwhile to mention that Ogilvy & Mather is one of the largest marketing communications network in the world, having 497 offices in more that 125 countries. This inaugural See. Beyond> forum was part of the celebrations marking the official launch of Ogilvy & Mather Bangladesh.

Orangebd opts for GP Business Solutions

BUSINESS REPORT

Grameenphone Ltd has recently signed an agreement with the orangebd to provide complete communication facilities under its Business Solutions package.

Grameenphone Business Solutions is an integrated telecommunications service, specially designed for the business entities of Bangladesh, providing customised telecommunications solutions through a consultative approach, tailored to the needs of individual businesses.

orangebd is a leading software exporter and developer. At the same time they sell licensed software to various multinational and corporate businesses in Bangladesh. The company commenced its business from beginning of 2005. At present the company is exporting its high quality software to France and the USA.

Grameenphone Business Solutions, comprising of modern mobile telecommunications services for any business needs, provides voice, text messaging and mobile data and internet services. Also on offer is a complete Mobile-Office solution, including mobile email, mobile high-speed data access, internet access, mobile fax and more, providing the freedom to work from anywhere within Grameenphone's wide network coverage.

According to the agreement, orangebd is being provided complete communications solutions tailored to its needs, including voice, data and other services. orangebd will use the services to further improve its communication amongst, at an affordable cost.

The agreement was signed by Md. Rezaul Haque, Managing Director, orangebd and Yasir Azman, Additional General Manager, Sales Division of Grameenphone Ltd on behalf of their respective organisations. Ashraful Kabir Jewel, Director, Nuruzzaman, Director, of orangebd, and Khandaker Omar Farhan, Deputy General Manager, Sales Division, Choudhury Shahriar Noor, Group Manager, Asaf-ud-daula, Account Manager, of Grameenphone Ltd were present at the signing ceremony.

Sayedul Hasan new DMD of First Security Bank Ltd

BUSINESS REPORTER

First Security Bank Ltd has appointed Md Sayedul Hasan as Deputy Managing Director (DMD).

Before joining the First Security Bank Ltd, he was serving in the Dutch-BangIa Bank Ltd as Senior Executive Vice President. After completion of Master with Honours from the University of Dhaka, he joined the IFIC Bank Limited in 1984 as Probationary Officer.

Later, he shouldered the responsibilities of different departments in IFIC Bank Ltd and the Dutch-Bangla Bank Limited during his stay there. During his long active service in the banks, he receivedtraining on various important issues of banks at home and abroad.