The New Nation - Internet Edition

BUSINESS REPORT

Islami Bank Bangladesh Limited organised a get-together and lunch on Tuesday at a local hotel in honour of Dr Ahmad Mohamed Ali, President of Islamic Development Bank (IDB).

Dr Ahmad Mohamed Ali, President of IDB, Prof. Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors and M Fariduddin Ahmad, Managing Director of IBBL addressed the function.

The function was attended by top executives of the government and non-government institutions, diplomats, academicians, editors of different national dailies, news agency and heads of electronic media.

Moreover, a memorandum of understanding of US$4.5 million for operating and administering the agricultural component of Fael Khair Programme for cyclone victims in Bangladesh was signed between Islamic Development Bank and Islami Bank Foundation at a local hotel on Tuesday.

Dr Ahmad Mohamed Ali, President of IDB and Shah Abdul Hanan, Chairman, Islami Bank Foundation signed the MoU on behalf of their respective sides. The function was attended, among others, by Prof Abu Nasser Mohammad Abduz Zaher, Chairman, Board of Directors of IBBL, Mir Quasem Ali, Member Secretary of Islami Bank Foundation and Member of IDB Group.

Seed, fertiliser, insecticides, agricultural machinery, livestock, small motorised boats and nets, fish feed will be provided to the affected families along with training for agricultural inputs recipients.

At the get-together, Dr Ahmad Mohamed Ali said that with a view to effectively dealing with challenges the IDB Group had adopted poverty alleviation and the development of Islamic financial services as the two key strategic objectives in addition to promoting cooperation among the member countries.

He expressed gratitude to the Bangladesh government and Islami Bank Bangladesh Limited for helping implement the services.

He said that Bangladesh has shown the world the process as how to reduce poverty by working with the poor and making them bankable. IDB chief urged Islami Bank helping them to introduce IBBL model and Islamic products througout the Muslim world.

He said, Islami Bank has gained recognition of a model in international Islamic economic arena as a source of knowledge and skilled manpower. He praised the Rural Development Scheme of Islami Bank.

He said, a rumour is being spread across Bangladesh that IDB takes interest. 'I like to inform the brothers and sisters of this country that IDB does not conduct any interest related service. All investments of IDB have done by Bi-Murabaha in Bangladesh.'

Prof. Abu Nasser Muhammad Abduz Zaher congratulated the IDB President on behalf of his bank for helping the SIDR affected people of the country.