The New Nation - Internet Edition

BUSINESS REPORT

The authorised capital of Islami Bank Bangladesh Limited (IBBL) has been proposed to be raised from Tk 5 billion (Tk 500 crore) to Tk 10 billion (Tk 10,000 crore) by amending Memorandum and Articles of Association of the bank subject to the approval of Bangladesh Bank and by shareholders in an extraordinary general meeting (EGM).

The face value of the bank's share will be Tk 100 each instead of existing Tk 1,000 and the market lot will be 10 (ten).

The EGM of the bank will be held on August 29, 2008 at 9:00 am and the record date for EGM is July 29, 2008.

The decisions have been taken in a meeting of the board of directors of the bank at the IBBL head office in the city on Thursday with its Chairman Abu Naser Muhammad Abduz Zaher in the chair.

IBBL foreign and local directors including Yousif Abdullah Al-Rajhi, representative of Al-Rajhi Company for Industry and Trade in KSA, Abdulhameed Fouad Al-Khateeb, Jeddah in KSA, Wasim Ahmed, representative of Islamic Development Bank, Jeddah in KSA, and Ahmed Mohammed Thani, representative of Kuwait Awqaf Public Foundation were also present in the meeting.

The meeting evaluated the performance of the bank and expressed its satisfaction over the success and progress achieved so far and took some important business decisions.