IBBL to open 10 more SME Service Centres by yr-end
Sunday, 25 April 2010
FE Report
Islami Bank Bangladesh Ltd (IBBL) will open 10 more SME Service Centres by the end of this year aiming to help develop the country's home-grown economy.
"We opened 10 SME service centers last year and another 10 will be added in the rally to give a fillip to the growing economy of Bangladesh," M Fariduddin Ahmad, managing director of IBBL told the FE in an interview.
Giving importance on the SME investment, IBBL has already introduced a separate division for SME.
The bank gives a thrust on remittance earning accounting for 28 per cent of total remittance-inflow of the country.
Explaining the vision of the bank, the MD said conducted with a view to build up poverty -free Bangladesh, Islami Bank Bangladesh Limited has continued its flow of success in deposit, investment and foreign trade including banking operations.
The total deposit of the Bank reaches at Tk 251.97 billion upto March 31,2010 showing a growth rate of 22 per cent against the corresponding period of the last year.
The total investment reached Tk.249.93 billion showing a growth rate of 18 per cent.
The Bank handled foreign exchange business amounting to Tk.132.52 billion showing a growth rate of 26 per cent including import of Tk. 48.61 billion, export of Tk. 30.83 billion and collected remittance of Tk. 53.09 billion showing growth rate of 39 per cent, 20 per cent and 19 per cent.
IBBL opened 92 out of 200 Branches in rural areas. Besides, IBBL is trying to alleviate poverty from rural areas. IBBL introduced a special scheme named Rural Development Scheme for the rural people. Under this scheme small investment is allowed without security. Most of the investment clients under this scheme are women. About 0.6 million people are the beneficiaries of this scheme.
"IBBL is always aware about social responsibilities. It has a slogan "Pioneer in Welfare Banking", so IBBL remembers this in all its activities," Mr Farid said.
Conducting Banking operations with transparency, IBBL has been paying a huge amount of Tax to the Government Exchequer every year from its income, paying dividend and profit to the Shareholders and depositors respectively.
IBBL paid the highest tax in Banking Sector by paying Taka 3.24 billion corporate tax in the year 2008 and also paid Tk.3.25 billion as corporate tax for the year 2009.
The Bank disbursed 30 per cent stock dividend to its Shareholders in the year 2008. The Board of Directors recommended 10% cash and 20% stock dividend for the year 2009 for the Shareholders.
"Not only in Bangladesh, this Bank is also being treated as a model Islami Banking institution globally. This Bank has been awarded as the Best Bank in Bangladesh and Best Islamic Financial Institution in Bangladesh for the last five consecutive years by the New York-based financial magazine Global Finance, " Mr Farid mentioned.
The bank launched its banking operations in 1983 with a view to establishing an interest-free banking system.
"We have covered all the districts of the country including three hill tract districts. We have already opened 211 branches & 20 SME/Krishi branches in the country," Mr Farid added.
Islami Bank Bangladesh Ltd (IBBL) will open 10 more SME Service Centres by the end of this year aiming to help develop the country's home-grown economy.
"We opened 10 SME service centers last year and another 10 will be added in the rally to give a fillip to the growing economy of Bangladesh," M Fariduddin Ahmad, managing director of IBBL told the FE in an interview.
Giving importance on the SME investment, IBBL has already introduced a separate division for SME.
The bank gives a thrust on remittance earning accounting for 28 per cent of total remittance-inflow of the country.
Explaining the vision of the bank, the MD said conducted with a view to build up poverty -free Bangladesh, Islami Bank Bangladesh Limited has continued its flow of success in deposit, investment and foreign trade including banking operations.
The total deposit of the Bank reaches at Tk 251.97 billion upto March 31,2010 showing a growth rate of 22 per cent against the corresponding period of the last year.
The total investment reached Tk.249.93 billion showing a growth rate of 18 per cent.
The Bank handled foreign exchange business amounting to Tk.132.52 billion showing a growth rate of 26 per cent including import of Tk. 48.61 billion, export of Tk. 30.83 billion and collected remittance of Tk. 53.09 billion showing growth rate of 39 per cent, 20 per cent and 19 per cent.
IBBL opened 92 out of 200 Branches in rural areas. Besides, IBBL is trying to alleviate poverty from rural areas. IBBL introduced a special scheme named Rural Development Scheme for the rural people. Under this scheme small investment is allowed without security. Most of the investment clients under this scheme are women. About 0.6 million people are the beneficiaries of this scheme.
"IBBL is always aware about social responsibilities. It has a slogan "Pioneer in Welfare Banking", so IBBL remembers this in all its activities," Mr Farid said.
Conducting Banking operations with transparency, IBBL has been paying a huge amount of Tax to the Government Exchequer every year from its income, paying dividend and profit to the Shareholders and depositors respectively.
IBBL paid the highest tax in Banking Sector by paying Taka 3.24 billion corporate tax in the year 2008 and also paid Tk.3.25 billion as corporate tax for the year 2009.
The Bank disbursed 30 per cent stock dividend to its Shareholders in the year 2008. The Board of Directors recommended 10% cash and 20% stock dividend for the year 2009 for the Shareholders.
"Not only in Bangladesh, this Bank is also being treated as a model Islami Banking institution globally. This Bank has been awarded as the Best Bank in Bangladesh and Best Islamic Financial Institution in Bangladesh for the last five consecutive years by the New York-based financial magazine Global Finance, " Mr Farid mentioned.
The bank launched its banking operations in 1983 with a view to establishing an interest-free banking system.
"We have covered all the districts of the country including three hill tract districts. We have already opened 211 branches & 20 SME/Krishi branches in the country," Mr Farid added.