IFIL approves 16pc stock dividend**

Islamic Finance and Investment Limited (IFIL) has approved 16 per cent stock dividend for the year that ended on December 31, 2010, said a press statement. The approval came at its 10th annual general meeting (AGM) in the city recently. Chairman of the company Fazlul Hoque presided over the meeting, while a large number of shareholders were also present. The financial statements of the company for the year that ended on December 31, 2010 were also placed at the AGM and members made a critical review of the performance of the company. Vice chairmen, directors, managing director M Rabiul Islam, deputy managing director and CFO Qazi Aziz Arshad, company secretary Rezauddin Ahmed and other high officials of the company attended the meeting.