The New Nation - Internet Edition

BUSINESS REPORT

Islami Bank Bangladesh Limited (IBBL) is celebrating Silver Jubilee on the occasion of its 25th founding anniversary today (Sunday).

IBBL started its journey on March 30, 1983 with Tk 50 crore authorised capital and Tk 6 crore 75 lac as paid up capital. Now it reaches at Tk 500 crore authorised capital and Tk 380 crore 16 lac paid up capital.

Presently IBBL is operating with its 186 branches, among which 81 (44%) are situated in rural and 105 (56%) in urban areas.

The total deposit of IBBL reached at Tk 17,000 crore presently with a growth rate of 22% as against the same period of the previous year. A number of deposit schemes are run by the bank, among which, Mudaraba Waqf Cash Deposit Scheme, Mudaraba Hajj Savings Scheme, Mudaraba Muhor Scheme and Mudaraba Savings Bond are prominent.

The total investment of IBBL is more than Tk 18,000 crore at present. The growth rate of investment is 40% against the same period of the previous year.

IBBL plays a vital role in poverty alleviation by creating employment facilities through investing 55% of the total investment in the industrial sector. Among the investment schemes, investment schemes for doctors, transport investment scheme, car investment scheme, SME investment scheme and rural development scheme are mentionable.

Islami Bank is the pioneer for introducing rural development scheme in the country's banking sector. The scheme has given investment facilities to 3,55,598 recipients of 10,184 villages under 129 branches of the country since 1995. Approximately Tk 1,397 crore has been disbursed at the rate of maximum 10% profit among the clients, 92% of whom are women.

Islami Bank has occupied the position of market leader in foreign exchange business. The bank has operated foreign exchange business of Tk 28,792 crore in 2007 which means 43% growth rate compared to the previous year.

Total import business was Tk 13,709 crore and the growth rate was 42% while export business was Tk 6,669 crore with 30% growth. And total remittance was Tk 8.414 crore with 56% growth rate.

Islami Bank has introduced Expatriate Welfare Desk in every branch to deliver their money to their relatives within short time. IBBL has started new products to hand over the money of the remittance to its clients promptly. Modern technologies like SWIFT and Internet are being used in this programme. New countries are being involved in the drawing arrangements. Seven representatives of IBBL are working in four countries of Middle East to serve the expatriates. The bank is going to send representatives to some other countries soon. Activities of drawing money are running with more than 64 banks and exchange houses. The figure is going to touch the number 80 soon.

IBBL has established banking correspondence with 870 Institutions of 90 countries around the globe.

Islami Bank serves the distressed people through Islami Bank Foundation. It also gives financial help to the poor people through 26 projects including income generating activities, health care, relief and rehabilitation, educational and humanitarian activities. lslami Bank has achieved the recognition of the 'Best Bank' by different institutions at home and abroad. The Institute of Cost and Management Accountants of Bangladesh has awarded as the 'Best Corporate Bank Award' to Islami Bank Bangladesh Limited. New York based financial magazine Global Finance awarded IBBL as the Best Bank of Bangladesh in 1999, 2000,2004 and 2005.

Through the journey of a quarter century, IBBL has led many a distressed people to the peak of success and made the destitute happy. The bank stretched hands to help the affected people in flood and Sidr. It has brought international recognition for the country. Undoubtedly IBBL is a partner of development and advancement of the country.

Islami banking system is now a reality for the present economic world. It is our expectation that Islami Bank will develop the standard of customer services and continue its past success.