IBBL recommends 35pc stock dividend

The board of directors of Islami Bank Bangladesh Limited has recommended 35 per cent stock dividend for the shareholders for the year that ended on December 2010, subject to the approval of the 28th annual general meeting (AGM). The decision came out in a meeting of the board of directors held in the city Thursday, said a company statement. Chairman of the bank Prof Abu Nasser Muhammad Abduz Zaher presided over the meeting. The meeting was attended by foreign and local directors including Yousif Abdullah Al Rajhi, representative of Al Rajhi Company for Industry and Trade, KSA, Dr Abdulhameed Fouad AlKhateeb, KSA, Mohamad Adnan Midani, representative of Islamic Development Bank and Mohammad Abdullah Al Jalahma, representative of Kuwait Awqaf Public Foundation. The meeting approved the profit and loss account for the year 2010 and balance sheet as on December 31, 2010. The 28th AGM and extra-ordinary general meeting will be held on May 18. The record date in connection for entitlement of dividend is April 13. Thursday's meeting also decided that the profit of Mudaraba Perpetual Bond will be 12.35 per cent. The profit of the bond will be distributed within 30 days from holding of AGM. The shareholders of the bond recorded on April 13 will be entitled for the profit.