The New Nation - Internet Edition

Seminar on Spinning and Dyeing of Textiles in city May 21

The Italian Trade Commission in collaboration with the Embassy of Italy in Bangladesh, the Association of Italian Textile Machinery Manufacturers the Bangladesh Textile Mills Association and the Bangladesh Specialized Textile Mills and Powerlooms Industries Association will conduct a day long seminar on 'Spinning, Weaving, Dyeing, Printing and Finishing of Textiles at Sonargaon Hotel on May 21. Ten leading Italian textile machinery manufacturers like M/s. Avantec Costruzioni Mecchaniche Srl, M/s Corghi Spa, M/s Corino Macchine Spa, M/s. Mario Crosta Srl, M/s MarzoliSpa, M/s. Obem Spa, M/s. Reggiani Macchine Spa, M/s. SMIT Spa, M/s. Unitech Textile Machinery Spa and M/s. JaeggliMeccanotessile Srl are going to demonstrate the most recent technological achievements incorporated in their textile machinery at the seminar. Italian experts from the textile industry will be available to discuss, answer specific queries relating to the probleills, encountered, if any, by technicians in Bangladesh. Participation in the seminar is open to all BTMA and BSTMPIA member mills.

ICB Islamic Bank starts formal operations: Signs deal with Malaysia-based company to offer advanced banking system

BUSINESS REPORT

The Switzerland-based ICB Islamic Bank, formerly known as Oriental Bank, started formal operations in Bangladesh from Sunday through opening of a new branch at the city's Banani area and pledging for better services to clients.

"Today's opening of the ICB Islamic Bank Banani branch and an equal emphasis on Shariah banking moving forward, will render us combat-ready to compete in this rapidly evolving globalised banking industry,' Chairman of the ICB Islamic Bank Tan Sri Dr Hadenan bin Abdul Jalil told newsmen at a press conference in a hotel in the city on Sunday.To mark its formal operation, the ICB Islamic Bank also signed a Memorandum of Understanding (MoU) with the Malaysia-based Silverlake Corporation for the technologically advanced Islamic Core Banking System.

Abdul Latif Yahaya, Chief Executive Officer of ICB Islamic Bank Limited and KP Tan, President of Silverlink signed the MoU on behalf of their respective organizations.

Under the agreement, Silverlake will provide the bank with Silverlake Axis Islamic Integrated Banking Software (SIIBS) license. The software will facilitate Sharia compliant banking operations of the bank, said Abdul Latif Yahaya.

He said, "Silverlake's SIIBS core banking solution will allow us to stay focused on our business. Its system-based functions coupled with the consolidated customer information, will also enable us to create more innovative ideas and concepts for new products and services which in tern will generate a wealth of new business opportunities."

"This partnership will enable ICB to scale and expand their requirements according to the bank's growth, and free the bank to focus on their core business. Silverlake has been involved in Islamic banking industry for more than 10 years," said KP Tan, President of Silverlake.

Dr Hadenan bin Abdul Lalil, Chairman of the bank, said, "The change of the bank's name from Oriental Bank Ltd to ICB Islamic Bank marks a significant development for the bank as it appropriately reflects the bank's focus on Sharia-compliant banking, presents a new corporate image and re-branding in tandem with the new name and business focus and new directions for moving forward."

To ensure efficiency of the ICB Islamic Bank and make it capable to compete both locally and globally various initiatives are being put in place, said the bank chairman. He said the bank will tap into the lucrative and fastest growing Islamic banking markets which currently has a global business value of an estimated US$ 200 billion and is expected to grow at 13-16 per cent growth a year over the next 8-10 years.

"We will continue with a five-year expansion programme that will see the setting up of 50 branches," said Dr. Hadenan bin Abdul Jalil.

He said total paid up capital of the bank has already been increased to Tk 4.02 billion, the highest in Bangladesh.

It will reach further to Tk 7 billion once the issuance of shares to the depositors is completed by May 31, 2008 next, he added.

Switzerland-based ICB Financial Group Holdings AG has bought majority shares (50.10 per cent) of Oriental Bank at about Tk 350 crore ($51 million) early this year. The new owner of the majority stakes in the bank has taken over the management of the bank in March from the Bangladesh Bank.

ICB is operating in 12 countries with 134 offices.

Bangladesh Bank in June 2006 dissolved Oriental Bank's board of directors after detecting massive corruption. To safeguard the interest of the depositors, the central bank took over the management and appointed a BB executive director as the bank's administrator.

In August 2007, BB floated a tender to sell the bank's majority shares. Two bidders participated in the tender and Swiss-based ICB Group won the bid offering higher price than the competitor of a domestic consortium.

Negotiation with the bid winning ICB group started in December 2007.

IBBL Shari'ah Council meeting held

BUSINESS REPORT

A meeting of the Shari'ah Council of Islami Bank Bangladesh Limited was held recently at the Board Room of Islami Bank Tower in the city.

Moulana Mohammad Qutubuddin, Chairman of Shari'ah Council and President of Baitush Sharf Anjuman-E-Ittehad Bangladesh presided over the meeting.

The meeting was attended, among others, by Maulana Delawar Hossain Sayedee, Vice Chairman, Prof Dr Abu Bakr Rafique, Member Secretary of the Council and Pro-Vice Chancellor, International Islamic University Chittagong, Mufti Sayeed Ahmad, Member of the Council and Head Mufti of Al Jamiatus Siddikiah Darul Ulum (Madrasha-e-Furfura Sharif), Abdur Raquib, former Executive President of IBBL, Mufti Shamsuddin (Zia) Muhaddis Al-Jamiatul Islamia, Patiya, Chittagong, Advocate Mojibur Rahman, Senior Advocate of Bangladesh Supreme Court, Moulana Abdus Shaheed Naseem, President of Bangladesh Quran Teaching Society, Dr Hasan Muhammad Moinuddin, Asstt. Professor and Head of Dawa and Islamic Studies Department, Darul Ihsan University, Dhaka, Dr ASM Toriqul Islam, Associate Professor, Department of Islami Studies and Dawa, Islamic University, Kushtia, Dr Md Abdus Samad, Assistant Professor, Dept of Arabic Language and Literature, International Islamic University Chittagong, Dhaka Campus, Dr Manzur-e-Elahi, Assistant Professor of National University and Moulana Muhiuddin Rabbani, Muhaddis, Fayzul Ulum Madrasha.

The meeting was attended, among others by Moulana Zainul Abedin. Vice Chairman, Board of Directors, M. Fariduddin Ahmad, Managing Director, Mohammad Abdul Mannan and Md. Habibur Rahman, Deputy Managing Directors, Syed Abdullah Mohammed Saleh and Md. Habibur Rahman Bhuiyan, FCA, Executive Vice Presidents and Md. Shamsul Huda, Senior Vice President of Shari'ah Council Secretariat of the bank were present in the meeting.

LankaBangla Finance approves 15pc cash, 10pc stock dividends

BUSINESS REPORT

LankaBangla Finance Limited approved 15 per cent cash dividend and 10 per cent stock dividend for its shareholders for the year 2007.

The dividend was approved at the 11th Annual General Meeting of the company held in the city recently where the company also approved issuance of Zero Coupon Bond with total face value of Tk 1,000 million under private placement subject to the approval of the Securities and Exchange Commission and Bangladesh Bank. Mohammad A Moyeen, Chairman of the Board of LankaBangla Finance presided over the meeting.

LankaBangla posted a consolidated pre-tax profit of Tk 298.39 million in 2007, a 348.16 per cent increase from Tk 66.58 million of the year 2006 while consolidated post-tax profit increased from Tk 66.82 million to Tk 210.47 million registering a 215 per cent growth. Investment portfolio increased to Tk 4,717.46 million in 2007 from Tk 2,420.04 million of 2006 indicating a growth rate of over 94.93 per cent.

LankaBangla Finance is a joint venture financial institution established with multinational collaboration of foreign equity investors from Sri Lanka and Kingdom of Saudi Arabia with Bangladeshi entrepreneurs. LankaBangla has been offering diverse financial services including Lease Finance, Term Finance, Short Term Finance, Working Capital Finance, Work Order Finance, Car Finance, Domestic Factoring of Accounts Receivables, Real Estate Developers' Finance, Home Loan, Corporate Services like Syndication of Lease/Loan, Corporate Advisory Services, Investment Counseling, Credit Card under MasterCard brand, Merchant Banking Operations like Investors' Portfolio Management Services, IPO Advisory, Issue Management, Underwriting, ete.

The company has a fully owned subsidiary named LankaBangla Securities Limited which has been offering stock brokerage services.

City Bank teams up with G4S to provide cash service solution

BUSINESS REPORT

As part of its commitment to provide quality and comprehensive service to its customers, The City Bank Limited, country's one of the largest private banks has teamed up with Group 4 Securicor to provide complete cash services solutions to the bank's customers.

Under the deal, City Bank customers will be able to enjoy secured transit service (of valuables). Electronic Machine Management, Secured Trainst Service, Cash Processing Service, Salary Packing Service, Teller/MIS Service from the globally renowned security company.

Sohail R. K. Hussain, Deputy Managing Director (Business), The City Bank Limited and Selim A Chowdhury, Managing Director of G4S Security Services Bangladesh (P) Ltd. signed the deal on behalf of their respective companies recently.

Among others, Raihan UI Ameen, DMD (Operations), Ehsan Khasru, Head of Credit Risk Management, Yusuf Saeed, Head of Corporate & Investment Banking, Masrur Arefin, Head of Retail Banking of City Bank and Sherif Bukhtiar Daula, VP & Head of Cash Services of G4S were present on the occasion.

City Bank, through its countrywide 83 branches offers full range of financial services covering from corporate banking to structured finance, cash management (online banking, i-banking, STD, collection A/c, Salary A/c etc.), SME, Retail, Treasury, International Trade, etc.

Moreover, the bank offers Islamic Finance Products, Brokerage Services, Lease Financing facility, etc. which distinguishes the bank from other conventional banks.

Italian textile machinery sector: Excellence in global markets

There are few countries boasting the essential elements of textile tradition, know-how and professional skills, which create excellence in the production of textile machines. Italy is one of these few and its producers continue to deal with the international challenge with a constant commitment to the search for new technological solutions for the evolving requirements of their customers.

The age-old tradition in machine construction, the versatility and flexibility within the Italian system of small and medium-sized enterprises and close contact with customers make Italian textile machinery companies leaders and highly-valued partners for textile operators in global markets.

The continuous development of the applied technology is assured by the daily contact with the creativity and high quality of the leading Italian fashion industry.

The excellent quality of the range offered, however, is not alone sufficient for maintaining world leadership. Italian machine manufacturers are focused on understanding the needs of their customers in the belief that customers' needs are also their own. Instead of simply selling a machine, Italian companies work with textile operators to create a custom solution that will guarantee greater efficiencies on production line and bottom line.

Italian textile machinery: the figures : In Italy, there are approximately 300 companies who produce textile machines and related accessories, for a total of about 20,000 employees

In 2007, production for the sector was Euro 2,794 million, with exports worth Euro 2,151 million.

Exports represent 77% of total sales, made in foreign markets (approximately 130 destination countries). This process of internationalization, together with the considerable vocation for innovation in the sector, allowed Italian companies to consolidate and further improve the leading position held by the Italian textile machinery industry all over the world.

In 2007, Italian sales abroad of textile machines were divided as follows: Asia 43% of Italian sector exports, followed by Europe (38%), Latin America (9%), North America (5%) and Africa (5%).

The biggest contributions to the Italian exports of textile machinery in 2007 came from China, for a turnover of Euro 360 million. China is followed by Turkey (Euro 202 million), India (Euro 135 million) and Germany (Euro 78 million).

The supply of Italian manufacturers covers all the classic sectors into which we can divide textile machines: spinning, weaving, knitting, finishing and laundry. To back up the comprehensive range produced, it is also worth noting that Italian sales abroad are divided almost equally among the main sectors. Exports are divided as follows: 17% spinning machines, 14% weaving machines, 15% knitting machines, 18% dyeing, finishing and printing machines, 18% accessories and 18% laundry and other machines.

The textile machinery industry: an Italian success story : The competitiveness of Italian textile machinery industry and its leading role have deeprooted causes which may differ from company to company and from sector to sector. However, we can highlight some common features which are core reasons for the success of Italian companies, a success which is derived from the special nature of the Italian system.

The majority of Italian textile machinery companies are localized in areas where the textile industry has been operating since its beginnings. This has been an excellent laboratory for the profitable exchange of ideas and experience aimed at improving the current stock of textile machinery or for studying new machines to satisfy new requirements. The district system consists of bringing together all the companies operating in the various textile sectors within the same geographical area. This has a huge impact on the efficiency of the industry.

Another significant element is the size of the companies. Traditionally, there are many Italian companies operating in this sector and these companies are small and mediumsized ones.

In general, this business model, typical of the Italian system, facilitates constant attention to the customers during the machine preparation and set-up stages, with the creation of customised machinery which guarantees maximum results from the fibres used, the operating conditions and the experience and suggestions of the customers themselves.

Furthermore many Italian companies specialize in a specific production sector: the hallmark of deep skills for their particular sector and an ability to deal with the problems facing their customers during every single stage of the production cycle.

The result is a very high number of small, very competitive and highly innovative companies within the same market segment.

Every customer can select from several alternatives with different technical solutions and levels of innovation, automation and flexibility, relating to the same type of machine, but created by various design teams from various companies.

Italian textile technology plays a leading role in many Asian markets : For 2007, Asia remained the major destination for Italian exports of textile machinery, with sales in all Asian markets attaining 793 million euro, representing fully 43% of Italy's total exports in the sector. Yet Asia's textile and garments industry is a very diversified market. Next to China and India, the industry's global powers, other manufacturing CJreas are seeking recognition on the increasingly competitive international scene. For these relative newcomers, acquiring greater knowledge of existing technologies is of vital importance

This is why ACIMIT and the ICE have scheduled two technology seminars in Indonesia (Bandung, 15 May 2008) and Bangladesh (Dakka, 21 May 2008), two of the main markets in the area for Italian manufacturers of textile machinery. In 2007, Italian exports to Bangladesh reached a value of Euro 31 million. Machinery most in demand included finishing (41% of the total) and spinning machines (35%). In Indonesia, Italian sales for 2007 topped Euro 17.5 million, divided into spinning (37% of the total), finishing (20%), knitting (17%), weaving (14%) and accessories (12%).

Both Bangladesh and Indonesia are two countries with ancient textile traditions, whose modern textile and garment industries require significant upgrading in technology to raise the quality of products destined for foreign markets. In this sense, the technology seminars programmed for next month provide local textile operators with a great opportunity to get to know the primary technology innovations offered by Italian textile machinery manufacturers in a variety of sectors, from spinning to weaving, knitting and ennobling machinery.

These technology seminars fall into the many initiatives already carried out as part of the ongoing promotional activities organized by ACIMIT and ICE over the years in these emerging markets. In 2007, a training course was organized in Italy for 20 operators from Bangladesh and Indonesia.

An ACIMIT profile : ACIMIT (the Association of Italian Textile Machinery Manufacturers) brings together the majority of Italian textile machinery companies which account for over 80% of Italian turnover.

The Association, which is a private non-profit making body, has the main objective of promoting the Italian textile machinery sector and supporting its activities, mainly abroad, through the most up-to-date and innovative promotional means, which have been constantly improved during its 63 years existence.

In order to promote knowledge of Italian textile machinery throughout the world, ACIMIT provides information on Italian manufacturing products and organizes a wide range of promotional activities (such as exhibitions, technical seminars, missions in Italy and abroad, etc.) usually in cooperation with ICE (Italian Institute for Foreign Trade).

Information about Italian textile machinery companies, their products, contact data and more can be found on ACIMIT website (www.acimiLit ).

BIA holding basic course on life insurance in city

To meet the growing need of trained manpower, the Bangladesh Insurance Association inaugurated a basic course on Life Insurance on May 15 at the office premises of the Association. Twenty-seven officers from eight life insurance companies are participating in the course.

AKM Rafiqul Islam, FCA, Chairman, Bangladesh Insurance Association (BIA), Nizam Uddin Ahmed, Vice-Chairman, Bangladesh Insurance Association and Chairman Meghna Life Insurance Company Limited, Mollah Md Nurul Islam, Secretary General, Bangladesh Insurance Association and ER Khan, Adviser, Bangladesh Insurance Association spoke on the occasion. The course was inaugurated by AKM Rafiqul Islam, FCA, Chairman of the Association.

Novo Nordisk researchers nominated for Europe's top innovation prize

A team of researchers from Novo Nordisk is nominated for Europe's top innovation prize, Inventor of the Year 2008 Award that was presented at a ceremony in Ljubljana, Slovenia, on May 6 by the European Commission.

The invention for which the Novo Nordisk researchers are nominated concerns Levemir® (insulin detemir), a long-acting modern insulin that covers the body's basic insulin need and which today is used by more than one million people with diabetes. They have been nominated for 'significantly improving the safety and quality of life of diabetes patients with a new insulin derivative for once-daily administration.'

The team of Novo Nordisk researchers are Svend Havelund, John Broberg Halstrom, Ib Jonassen, Asser Sloth Andersen and Jan Markussen.

Novo Nordisk is a healthcare company and a world leader in diabetes care. Novo Nordisk manufactures and markets pharmaceutical products and services that make a significant difference to patients, the medical profession and society. With headquarters in Denmark, Novo Nordisk employs approximately 26,000 employees in 80 countries, and markers its products in 179 countries.

Discussion on Executive Development Programme on 'BASEL-II' held

BUSINESS REPORT

A discussion on Executive Development Programme on "BASEL-II" organised by Islami Bank Training and Research Academy (IBTRA) was held on May 18 at Mohammad Younus Auditorium of Islami Bank Tower in the city.

Presided over by Md Zafar Ullah, Director General and Executive Vice-President of IBTRA the key discussion was delivered by K.M. Abdul Wadud, Deputy General Manager of Bangladesh Bank. The programme was attended among others by Mohd Shamsul Haque, Deputy Managing Director and Head of Operations Wing, Md. Habibur Rahman Bhuiyan, FAC, Executive Vice President and Head of Financial Administration Division and Md. Rafiqul Islam, Senior Vice President of the bank.

Fareast DMD off to Pune

Dr M Mosharraf Hossain FCA, DMD (A&F) has flown to Pune at National Insurance Academy to attend Micro Insurance Programme recently. He will visit LIC and other insurance companies in India and meet with some senior executives.

Dr Mosharraf will also exchange views and ideas regarding micro insurance operations and its recent development including 'Service Product' diversification worldwide. He will also examine the prospect of micro insurance as a link product with the micro credit in this sub-continent for the poor people. He has been sent to Pune to devise some forced savings tools for the people who live below the poverty line using micro insurance concepts.

Rupali Bank training courses conclude

Md Joynal Abedin, Deputy Managing Director, Rupali Bank Ltd addressing the officers who participated in two of the training courses on 'Management of Branches in Computerized Enviornment" and "Precautionary Measures against Fraud and Forgery and Ethical Issues " arranged by Rupali Bank Training Institute, Dhaka that ended last Saturday.

The bank's General Manager Md Harisul Haque, Director RBTI, MA Mannan Miah and the Faculty Members were also present.

The Deputy Managing Director advised the participants of both the courses to implement the knowledge acquired from the training courses in branch banking. The participants were 33 in number.