The New Nation - Internet Edition

BB to monitor loans given by commercial banks

BUSINESS REPORT

Bangladesh Bank will start monitoring the quality of loans sanctioned by commercial banks to ensure that the productive sectors are financed properly, the Governor has said.

"We will monitor the quality of loans to know which sectors are getting priority. We have asked the banks to give emphasis on the productive sectors," BB Governor Dr Salehuddin Ahmed told reporters after a bankers meeting held in Bangladesh Bank on Wednesday.

Meanwhile, credit flow to the private sector rose by 24.53 per cent to Tk 363.27 billion (US$5.30 billion) in May from 15.57 per cent to Tk 199.51 billion ($2.91 billion) of the corresponding period last year, according to the Bangladesh Bank statistics.

The credit flow to the private sector increased during the period due to the rise in financing mainly productive sectors and import to recover the losses by natural disasters and price hike of oil and commodities in the global market, according to central bank officials.

Ahmed also asked the bankers to take measures in line with the existing monetary policy to achieve maximum economic growth through continued expansion of credit to the productive sectors.

On 17 July, 2008, the BB declared its monetary policy for the first half of fiscal 2008-09 (FY09) that targets a real gross domestic product (GDP) at 6.5 per cent and an average inflation rate at around 9.0 percent in the fiscal 2008-09.

"Creating employment by achieving expected GDP growth and poverty reduction have been given emphasis in the monetary policy," Ahmed said, while explaining the key objectives of the policy.

UK to raise aid to Bangladesh to cope with climate change

BUSINESS REPORT

The United Kingdom will increase its annual aid for Bangladesh to reduce losses caused by effects of climate change.

Stefan Evans, British High Commissioner to Dhaka, announced Wednesday that the aid will be increased gradually from current 114 million pounds (about $218 million) annually to 150 million pounds (about $287 million) by 2010.

Evans after a meeting with Finance Adviser Dr AB Mirza Azizul Islam said that there should be a partnership in place between private and public sectors to deal with losses caused by effects of climate change.

Scientists say that Bangladesh is one of the worst victims of global warming, as the country is facing with floods, cyclones, prolonged dry season and erosion of river banks.

And the effects of climate change would be disastrous for Bangladesh if the issue is not addressed properly, and it needs global funds.

The government has allocated Tk 3 billion in the national budget for current fiscal (July 2008-June 2009) to deal with climate change.

Fareast Islami Life Insurance opts for GP Business Solutions

Grameenphone Ltd has signed an agreement with Fareast Islami Life Insurance Company Ltd recently to provide complete communication facilities under its Business Solution's package.

Grameenphone Business Solutions is an integrated telecommunications service specially designed for the business entities of Bangladesh, providing customized telecommunications solutions through a consultative approach, tailored to the needs of individual businesses or organization.

Fareast Islami Life Insurance Company Ltd, established in 2000, is the first full-fledged Islami life insurance company in Bangladesh. The company has 400 branches all over the country and earned the 'Shresta Bima Company' in the years 2002, 2003, 2004 and 2005.

Grameenphone Business Solutions, comprising of modern mobile telecommunications services for any business needs, provides voice, text messaging and mobile data and internet services.

Also on offer is a complete mobile-office solution, including mobile email, mobile high-speed data access, internet access, mobile fax and more, providing the freedom to work from anywhere within Grameenphone's wide network coverage.

According to the agreement, Fareast Islami Life Insurance Company is being provided complete communications solutions tailored to the needs of its members, including voice, data and other services. Fareast Islami Life Insurance will use the services to further improve communication among it offices, at an affordable cost.

The agreement was signed by Dr M Mosharraf Hossain FCA, Deputy Managing Director of Fareast Islami Life Insurance Co Ltd, and Ishtiaq Hussen Chowdhury, General Manager and Head of Direct Sales of Grameenphone, on behalf of their respective organisations. Al-hajj M. Tajul Islam, Chairman, Executive Committee, and Jahurul Islam Chowdhury, Chairman, IRDC, of Fareast Islam; Life Insurance Co. Ltd., and Khandaker Omar Farhan, Deputy General Manger, Md. Rajib Khan, Group Manager, Shankhamala and Md. Sazzad Hossain, Account Managers, Direct Sales, Sales Division of Grameenphone, were present at the signing ceremony.

Credit card holders to enjoy discount at Singapore Raffles

Eastern Bank Ltd. (EBL), has made a special arrangement with Raffles Hospital, a renowned health care provider of Singapore. Under this arrangement, EBL Credit Card holders, upon showing their cards at Raffles Hospital, will enjoy special discount on some medical & hospital facilities like, outdoor consultation fee, standard health screening package, published room rates and others.

An MoU to this effect has been signed recently in Singapore between these two organisations. EBL Managing Director and CEO Ali Reza Iftekhar and Raffles Hospital Deputy Director, Hospital Marketing (International) Dr. Saw Chit Aung singed the MoU on behalf of their respective sides.

Speaking on the occasion, Ali Reza Iftekhar said" As a part of our continued efforts to provide more value added services to our clients, I am happy to sign the deal with a renowned health care provider of Singapore. This I believe, will help our valued clients, in getting world class medical care".

Raffles Hospital is a 380 bed multidisciplinary tertiary care hospital at the heart of Singapore, and is rated as a leading health care provider of this region. Large numbers of International Patients from various countries receive health care services at the Hospital every year. The Hospital maintains a representative office at Dhaka.

Two directors from depositors for commercial bank must: BB

BUSINESS REPORT

Bangladesh Bank has issued a regulation requiring the country's private commercial banks to appoint two directors from among depositors. The regulation meets Bank Companies Act requirements.

The Bangladesh Bank (BB), the country's central bank, on Wednesday issued a circular explaining the regulation and asked banks to implement the rule immediately, officials said.

Under the new rule, the bank's board of directors must submit proposed directors'names to the Bangladesh Bank for approval.

"The appointment will be effective after receiving approval from the central bank," the regulation said, adding that the BB, if necessary, can seek more names for appointment of the directors from the board of directors of the bank concerned.

"We have formulated the rule on the basis of stakeholders', including bankers', opinions," a BB senior official told The New Nation yesterday.

On May 29 2008, the Bangladesh Bank issued a public announcement seeking opinions from the public to finalize the rule.

The official said the new rule would help banks ensure better management and transparency.

Certificate Awarding Ceremony of NDT Training of BAEC held

The Certificate A warding Ceremony of 4th National Training Course of "Foundation Course on NDT" held on 24 July 2008 at Atomic Energy Centre (AECD) Auditorium of Bangladesh Atomic Energy Commission (BAEC), Dhaka, Organised by BAEC & NDT Academic Committee.

Dr. Shafiqul Islam Bhuiyan, Chairman, Bangladesh Atomic Energy Commission attended the function as Chief Guest. Dr. Fariduddin Ahmed, member physical SC present as special guest. The function was Presided over by Engr. Md. Razaul Bari, Director of AECD while Eng. Jafar Sadique, Head, NOT Division. AECD was present as a Course Coordinator.

Chief Guest Shafiqul Islam Bhuiyan in his speech said that, NDT is the science of testing materials used to find out the presence of exterior or interior defects hidden in an item which may impair its physical integrity or cause the catastrophic failure of the item during its service or intended use. And this is done without sectioning or destroying the item or shutting down the plant. Thus it's proper use can give rise to many advantages in terms of increasing and ensuring the productivity, reliability, safety, customer satisfactions and reputations etc.

As a result, this technology has been using globally as a quality control tool of the industry and its demand is increasing day by day.

He believes that the technical knowledge and experience gathered from such training courses will be utilised properly in the respective industries to solve their existing problems and the country will be benefited on both socially and economically. Later he distributed the Certificate among the participants.

Engr. Md. Razaul Bari, Director, AECD delivered his Presidential address while Welcome address was given by Engr. Jafar Sadique Head, NDT Division and vote of thanks was given by Mr. Faruk Hossain Chowdhury, PSO of NDT Division, AECD. 14 participants from different Industrial organisations of the country participated in the training Course.

Mufti Abdur Rahman Elected Chairman of CSBIB

Mufti Abdur Rahman has been elected chairman of the Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) for the rest of the tenure of 2007-2010. He took the place of late Moulana Ubaidul Huq, Khatib of Baitul Mukarram National Mosque. The Chairmen and Managing Directors of the member-banks and the Chairmen and the Member Secretaries of the relevant Shariah Supervisory Boards took part in poll held on Tuesday 22nd July, 2008 at the Chairman's Office of Islami Bank Bangladesh Ltd (IBBL). Janab ANM Abduzzaher, Chairman of IBBL conducted the poll as the Chairman of Election Commission while Prof. Maulana Salahuddin and Janab M. Azizul Huq worked as the election Commissioner.

Janab Mufti Abdur Rahman graduated from Darul Uloom Deuband, India and discharged his duty in different Madrasahs' including Potiya Madrasah Chittagong and Jamil Madrasah Bogra as a teacher and Muhtamim (Principal). He is the founder of Islamic Research Centre, Bashundhara, Dhaka and Jamiatul Abrar of Riverview. He is the Chairman of the Federation of Qawmi Madrasah Education Board of Bangladesh. He played important role as a Shariah Supervisor in Islami Bank Bangladesh Limited since its inception and later he worked as the Chairman of Shariah Council in AI-Arafah Islami Bank Ltd. He participated in different seminars and traveled Saudi Arabia, USE, Bahrain, Qatar, India and Pakistan.

Mufti Abdur Rahman had been working as the vice Chairman of CSBIB for six years in two tenures from its inauguration. Now, he is working as the Chairman of Shariah Supervisory Board of Shahjalal Islami Bank Ltd.

Etihad places order for up to 205 aircraft

BUSINESS REPORT

Etihad Airways has placed yesterday one of the largest aircraft orders in commercial aviation history at the Farnborough International Airshow in the UK. The total deal for up to 205 wide-body and narrow-body planes is worth approximately

US $43 billion, at list prices. It comprises 100 firm orders, 55 options and 50 purchase rights in a combination of Boeing and Airbus aircraft. Etihad Airways' Chairman Dr Sheikh Ahmed bin Saif Al Nahyan and Chief Executive James Hogan, announced the orders on the first day of the air show signing separate contracts with Boeing Chairman, President and Chief Executive Officer, Jim McNerney and also with Airbus President and Chief Executive Officer, Tom Enders. The agreement with Airbus comprises firm orders for 55 aircraft: 20 A320 aircraft. The engine type is subject to further discussions. 25 A350 aircraft, powered by Rolls Royce Trent XWB engines 10 A380 aircraft.

The engine type is subject to further discussions. There are also options for five A320s, 10 A350s and five A380s together with purchase rights for a further 15 A320s, 15 A350s and five A380s. The agreement with Boeing comprises firm orders for 45 aircraft: 35 B787 aircraft. The engine type is subject to further discussions. 10 B777-300ER aircraft, powered by GE90 engines. There are also options for 25 B787s and 10 B777-300ERs and purchase rights for a further 10 B787s and five B777s.

The new aircraft are scheduled for delivery between 2011 and 2020 for Abu Dhabi-based Etihad Airways and when delivered will give the national airline of the United Arab Emirates a fleet of more than 150 aircraft. James Hogan said, "This is a momentous day for Etihad Airways and Abu Dhabi and represents one of the largest aircraft orders in commercial aviation history. It reflects the strength and pace of economic growth in the Emirate and the integral role Etihad will play in Abu Dhabi's future."

Skywards members earn double miles July through October

During the months of July, August, September and October 2008, members of Skywards the frequent flyer programme of Emirates, can earn double Miles on more than 100 flights across the network. All Skywards members who registers and flies Emirates in First, Business and Economy Class on select flights are eligible for the double Miles bonus.

The offer is applicable to over 60 popular cities such as Munich, Sao Paulo, Doha and Mumbai.

This exciting promotion allows new and existing members to earn Double bonus Miles on eligible flights, even if just part of their overall itinerary. For instance, a member flying from London to Sydney in Business Class still earns Double Miles for an eligible London-Dubai sector. There is no limit to the number of Miles that can be earned, with every eligible flight earning members the bonus and allowing them to reach their desired rewards even faster.

Skywards total Miles earned offer immediate flight or upgrade rewards on Emirates, or a host of other exciting rewards including inspirational shopping at www.TheEmiratesHighStreet.com .

Members can then book their flights on www.emirates.com , by calling their local Skywards service centre, via Emirates reservations or by contacting their local travel agent.

The Skywards Global Double Bonus Miles Offer represents an exceptional opportunity to experience a world of exclusive rewards both for Emirates flights and beyond the travel experience.

Nizam Uddin Ahmed re-elected Chairman of Meghna Life Insurance

Prominent Insurance personality Nizam Uddin Ahmed has been re-elected as the Chairman of Meghna Life Insurance Co, Ltd. for the next two years. This was declared in the meeting of the Board of directors of the Company recently.

Nizam Uddin Ahmed is a Chairman of Karnaphuli Insurance & founder of Maghna Life Insurance. He is a Vice-chairman of Bangladesh Insurance Association and Editor of Weekly Muktibani.

Ahmed borned in 1947 in Bhola. He did his MA in Journalism in 1972 from the University of Dhaka and also passed the L.L.B.

Nizam Uddin is associated with various social development works. He is a founder Chairman of Nizam-Hasina welfare foundation. He visited many countries like French, Belgium, England, Holland, Switzerland, Egypt, Thailand, Hongkong, South Korea, Philipine, Saudi Arabia, Japan, Singapore and Malaysia in conncetion with his business matters.