Shahjalal Bank to complete 8 years on May 10
Wednesday, 29 April 2009
FE Report
Shahjalal Islami Bank Limited is going to complete eight years of service on May 10.
"With a thrust on small and medium enterprises (SMEs), our bank has played a proactive role in the development of the country's economy, and now we would like to strengthen the efforts to consolidate the position in near future," Managing Director of the bank Muhammad Ali told the FE in an interview recently.
He said SME and development of rural economy remain the vision of the SJIBL.
The Bank, which began commercial operation on May 10,2001, maintained and achieved strong position in all key areas covering capital adequacy, assets quality, management, earnings and liquidity in the year ended December 31, 2008.
The bank's net profit rose to Tk 817.70 million in 2008 against Tk 646.99 million in 2007. The bank's operating profit registered a 37.63 per cent growth in 2008 to Tk 1.81 billion.
The Bank began its journey with the initial capital of Tk 205 million and that surged to Tk 4.2 billion in 2008.
Deposits and total assets of the bank registered a whopping 61.54 per cent and 60.56 per cent growth respectively to reach Tk 36,538 million and Tk 45,515 million.
The paid-up capital rose to Tk 2.24 billion in 2008 against Tk 1.87 billion in 2007.
Capital adequacy of the bank stood at 14.24 per cent, which is 4.24 per cent above the stipulated rate of 10 per cent.
The chief executive of the third generation bank said: "We like to shift our focus from the big corporate houses to the micro areas so that the economic activities cannot remain confined, rather it spreads all over the country."
The Managing Director said he was optimistic that the new investment areas would play a vital role in creating adequate employment opportunities, income generation and poverty alleviation.
The investment under Rural Infrastructure Project will cover crop production and purchase of agriculture equipment through selected branches to develop the rural economy.
He said Shahjalal Islami Bank has been contributing in the national economy through financing industrialisation in tandem with the gradual expansion of the overall business.
He said the demand and popularity of Islamic banking has marked a rise globally due to transparency, justice, financing on the basis of profit-sharing, philanthropic activities and major contribution to socio-economic development.
The MD said the bank will open 15 branches (seven urban, eight rural), five SME service centers and eight Capital Market Operation branches during this year (2009).
Currently, there are 33 branches, five SME centers and five ATM booths of SJIBL across the country.
The bank is active in the stock market operation and grabbed 12th position among 238 members of Dhaka Stock Exchange (DSE) in the month of March.
The SJIBL is also active in the area of corporate social responsibility (CSR) with proper emphasis on health, habitat and education sectors.
"We have a plan to establish Shahjalal Islami Bank Hospital and Shahjalal Islami Bank International School & College," the MD said.
Shahjalal Islami Bank Limited is going to complete eight years of service on May 10.
"With a thrust on small and medium enterprises (SMEs), our bank has played a proactive role in the development of the country's economy, and now we would like to strengthen the efforts to consolidate the position in near future," Managing Director of the bank Muhammad Ali told the FE in an interview recently.
He said SME and development of rural economy remain the vision of the SJIBL.
The Bank, which began commercial operation on May 10,2001, maintained and achieved strong position in all key areas covering capital adequacy, assets quality, management, earnings and liquidity in the year ended December 31, 2008.
The bank's net profit rose to Tk 817.70 million in 2008 against Tk 646.99 million in 2007. The bank's operating profit registered a 37.63 per cent growth in 2008 to Tk 1.81 billion.
The Bank began its journey with the initial capital of Tk 205 million and that surged to Tk 4.2 billion in 2008.
Deposits and total assets of the bank registered a whopping 61.54 per cent and 60.56 per cent growth respectively to reach Tk 36,538 million and Tk 45,515 million.
The paid-up capital rose to Tk 2.24 billion in 2008 against Tk 1.87 billion in 2007.
Capital adequacy of the bank stood at 14.24 per cent, which is 4.24 per cent above the stipulated rate of 10 per cent.
The chief executive of the third generation bank said: "We like to shift our focus from the big corporate houses to the micro areas so that the economic activities cannot remain confined, rather it spreads all over the country."
The Managing Director said he was optimistic that the new investment areas would play a vital role in creating adequate employment opportunities, income generation and poverty alleviation.
The investment under Rural Infrastructure Project will cover crop production and purchase of agriculture equipment through selected branches to develop the rural economy.
He said Shahjalal Islami Bank has been contributing in the national economy through financing industrialisation in tandem with the gradual expansion of the overall business.
He said the demand and popularity of Islamic banking has marked a rise globally due to transparency, justice, financing on the basis of profit-sharing, philanthropic activities and major contribution to socio-economic development.
The MD said the bank will open 15 branches (seven urban, eight rural), five SME service centers and eight Capital Market Operation branches during this year (2009).
Currently, there are 33 branches, five SME centers and five ATM booths of SJIBL across the country.
The bank is active in the stock market operation and grabbed 12th position among 238 members of Dhaka Stock Exchange (DSE) in the month of March.
The SJIBL is also active in the area of corporate social responsibility (CSR) with proper emphasis on health, habitat and education sectors.
"We have a plan to establish Shahjalal Islami Bank Hospital and Shahjalal Islami Bank International School & College," the MD said.