The New Nation - Internet Edition

Islami Bank Bangladesh Limited declared 25% Stock Dividend for the Shareholders i.e. one bonus share against 4 existing share for the year 2007. This Dividend was approved yesterday in the 25th Annual General Meeting at Bangladesh-China Friendship Conference Center. Presided over by Prof. Abu Nasser Muhammad Abduz Zaher, the meeting approved balance sheet as on 31st December 2007. Profit & Loss Account and Reports of the Directors and Auditors.

Earlier, Extra-ordinary General Meeting (EGM) was held in the same venue with Prof. Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors of the Bank in the chair. Authorized Capital of the Bank raised to Tk.1000cr from Tk 500cr.

Face value of IBBL share will be One Hundred Taka each instead of existing one Thousand Taka and market lot will be ten instead of existing one.

It was disclosed in the Annual General Meeting that Islami Bank Bangladesh Limited has been able to retain it's leading position among the private sector banks in deposit. investment and foreign exchange business.

The deposit of Islami Bank increased to Tk. 16,633cr as on 31.12 2007 showing the growth rate of 26% against the same period of the previous year. Investment of the Bank stood at Tk. 16,529cr as on 31.12.2007 showing the growth rate of 41pc. The Bank handled Foreign Exchange Business to the tune of Tk. 28,792cr; the growth rate in this regard is 43pc. Import of the Bank was Tk. 13,709cr. Export was Tk. 6,669cr and Remittance was Tk. 8,414cr registering the growth rate of 42pc, 30pc and 56pc respectively against the previous year.

Prof. Abu Nasser Muhammad Abduz Zaher said in his presidential speech, IBBL achieved stable growth and continuous progress to become one of the leading Private Sector Banks of the country.

The investment of the Bank has been formulated keeping in view the national economic priorities and aiming at diversification of the investment portfolios by size, sector, geographical area, economic purpose & securities to bring in phases all sectors of the economy & all types of economic activities and different economic strata of the society within the fold of Bank's investment operations.

He said the Bank, since it's inspection, has been working for the uplift and emancipation of the underprivileged downtrodden and neglected sections of the population and has taken up various financing schemes for their well being. The objectives of the investment are to raise the standard of living of low income group. Rural Development Scheme (RDS) was launched in 1995 with the objective to alleviate rural poverty by providing small & micro investment facilities to the agricultural & rural sector, to create opportunity for generation of employment and raising income of the rural poor.

The Bank has given top priority towards the Industrial development of the country. The Bank's investment portfolio is gradually being increased towards industrial finance along with commercial investment.

He extends thanks to the Ministry of Finance, the Bangladesh Bank and the Government Agencies for providing assistance, guidance, support and cooperation at various stages of operations of the Bank.

With deep sense of gratitude he recollected the wonderful co-operation, exchange and constant support of the Islamic Development Bank (IDB), other National and overseas Islamic Banks and Financial Institutions.