The New Nation - Internet Edition

BUSINESS REPORT

The 13th Annual General Meeting of Social Investment Bank Ltd (SIBL) was held on September 11 at City Grand Hall, Bashundhara City, Dhaka.

At the AGM, 17 percent stock dividend for the financial year 2007 was approved by the ordinary shareholders.

Besides, 5th Extraordinary General Meeting was also held where 1:1 right share and change of bank's name from Social Investment Bank Ltd to Social Islami Bank Ltd were approved. SIBL Chairman Abdul Awal Patwary presided over the meetings. SIBL Vice Chairmen Md Saidur Rahman and Alhaj Nasiruddin, Directors Major (Retd) Dr Rezaul Haque, Kamaluddin Ahmed, Sultan Mahmud Chowdhury, Md Anisul Islam, Mrs Nargis Mannan, Md Rabban Ali, Md Humayun Kabir Khan, Managing Director KM Ashaduzzaman, Deputy Managing Director Abu Sadek Md. Sohel, Company Secretary Mahamud Hassan, shareholders and other senior executives of the bank attended the meetings.

SIRL Chairman Abdul Awal Patwary said that as a joint venture Shariah based bank, SIBL has defined its operation in three different sectors--formal, non-formal and voluntary. While formal sector deals in full- fledged commercial activities as a scheduled bank, non-formal sector aims at "Empowering Family"- by creating investment opportunities to micro and SMEs clients and voluntary sector deals in cash waqf certificate scheme--an innovative financial product to do welfare to the mankind.

He thanked all the shareholders for showing their interest to the bank.

The managing director gave vivid description of the achievements performed during the year 2007 and expressed confidence that the bank is moving towards the right direction with the cooperation of all.