The New Nation - Internet Edition

BUSINESS REPORT

Shahjalal Islami Bank Ltd, one of the leading private commercial banks of the country, yesterday launched six attractive and profitable deposit and five investment schemes ahead of the bank's stepping into the eighth year.

Addressing the product launching ceremony at the bank's training institute in the city's Dilkusha Commercial Area, Managing Director of Shahjalal Islami Bank Limited Mohammad Ali told journalists that the bank introduced the deposit and investment schemes aiming at meeting dire necessity of the low-income groups of the society like small businessman, service holders and self-employment people.

Deputy Managing Director of the Bank Zillur Rahman and Senior Executive Vice Chairman Abduz Zabbar Chowdhury, among others, were present at the launching function.

The new deposit schemes are Mudaraba Lakhapati Savings Deposit Scheme,

Mudaraba Marriage Savings Deposit Scheme, Mudaraba Mohor Savings Deposit Scheme, Mudaraba Education Savings Deposit Scheme and Mudaraba Special Term Deposit Scheme.

On the other hand, the new investment schemes are Investment Scheme for Education, Marriage Investment Scheme, Investment Scheme for CNG Conversion, Investment Scheme for Doctors, Investment Scheme for Executives and Overseas Employment Scheme.

Mohammad Ali said the new investment schemes were prepared towards mitigating the key problems of the society and relieving low income groups from the financial problems.

"We want to see strong and vibrant small and medium enterprises in the country," he said.

The Managing Director also said the bank would establish its branches at each rural area of the country by 2040. Now the bank has 25 branches throughout the country and five more branches are expected to be opened by July and August next.

Shahjalal Islami Bank is a modern commercial bank in nature, which has been operating its activities based on Islami Banking and Shariah since 2001. It is now progressing rapidly in the country's banking sector.

As on 31 December, 2007, total deposit stood at Tk 2262 crore showing a robust growth of 25 per cent and total investment stood Tk 2062 crore with the growth rate of 33 per cent.

The Managing Director said that the deposit of the bank has stood Tk 2700 crore and investment Tk 2500 crore.

For 2008, the target of deposit of the bank was fixed at Tk 3100 crore, while the target of investment was fixed at Tk 2950 crore, he said.

"By the blessings of Almighty Allah, we have succeeded to achieve our targets in almost all areas by April 30, 2008, he added.

He said Mudaraba Monthly Income Scheme is the biggest among the existing nine deposit schemes of the bank. The share of the scheme is 40 per cent of the total deposit.

Mohammad Ali said the growth of import, exports and remittance businesses significantly increased last year. The volume of import business stood at Tk 2549 crore with growth rate of 36.43 per cent, while export business stood at Tk 1508 crore with growth rate of 33.70 per cent and remittance at Tk 430 crore with growth rate of 21.50 per cent as of December 31, 2007.

As on April 30, 2008, import business volume of the bank stood at Tk 1284 crore with the growth rate of 50 per cent, while export business amounted to Tk 738 crore with the growth rate of 61 per cent and remittance business reached at Tk 230 crore with the growth rate of 100 per cent.