CSR activites of IBBL

5/24/2018 CSR activites of IBBL

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EXICUTIVE SUMMARY:

Islami Bank Bangladesh limited set up with the noble objective Of braining the fruits of I

Islamic economic system to the masses has broadened the ways of implementing this system

to solve economic crisis of the country.

30thmarch, 1983 is a memorable day in the banking history of Bangladesh Limited began its

journey with the commitment of interest-free and Shariah-based banking system.

The foundation has been working as welfare organization with separate account and and

administration. It is registered with Register of joint stock companies of of the peoples

republic Of Bangladesh under No-1214(25)1988 , dt25-06-88. it is also Registered with the

NGO Affairs bureau under No 668 Dated- 24-11-92.

Social responsibilities of Islami Bank foundation are income generation, service to thedistressed, promotion of people oriented mass education system , extension of health and

Medicare facilities , development of culture , art literature, science, technology and sports

assisting in research and propagation of Islamic ideology , creation of facilities

for productive self employment through human resources Development, help to disaster,

relief and rehabilitation Management.

Origin of the report:

We were authorized to prepare a report on corporate social responsibility of Islami Bank for

partial fulfillment of our course requirement we went to Islami Bank, head office where wefound necessary information regarding our report.

Objective of the study:

-To relate theoretical knowledge to practical experience in several corporate social

responsibility.

-To present our observation and suggestions to the bank.

-To make ourselves more confident.

-To know about the previous and present corporate responsibilities of IBBL.

Area of the study:

Our project was limited in overall corporate system. We studied only the corporate social

responsibilities of IBBL.

METHODOLOGY:

In order to make the report more meaningful and presentable, two sources of data and

information have been used widely.

1. Data Collection Method:

The data collection method of this study considered of both primary and secondary sources.

Majority of the information was collected from secondary sources.

2. Data Sources:
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The primary sources included interviews with the bankers.

The primary Sources are as follows-

-Face to face conversation with the respective officers and staffs of the branch.

-Informal conversation with the clients.

-Practical work enponsure from the different of the branch covered.

-Relevant file study as provide by the officers concerned .

The Secondary Sources of data and information are

The annul report, general report, official documents and foreign exchange manual of the bank

from the year 2005-2006.

All customers come to the bank to do their work and they have time pressure to do that work. So

when I told them to fill the questionnaire, they reply with sorry to me.

Limitation:_ It is obvious that every study has some limitation.. the study we have made is of great

importance and require us huge work

Whole conducting we had to face a number of problem ..

These limiting factors that hampered our smooth work in bank and finally in preparing this

report are as follows :

_ The organization maintain strict confidential about financial and other information

_Any type of such presentation requires along time .

But we did not have much busy time to concentrate on our work. Duration of this study wastoo short to have a sound understanding of the overall banking.

_Scope of our study is so wide that analytical and comprehensive study is not possible .

_ Lack of sufficient books paper and periodicals take us go on serious problem while preparing

this report.

-Some officials were not much prepare for giving data which cal help to prepare this report .

Overview of Corporate Social Responsibility:

Bangladesh is one of the largest Muslim countries in the world. The people of this country are

deeply committed to Islamic way of life as enshrined in the Holy Quran and the Sunnah.

Naturally, it remains a deep cry in their hearts to fashion and design their economic lives in

accordance with the precepts of Islam. The establishment of Islami Bank Bangladesh Limited

on March 13, 1983, is the true reflection of this inner urge of its people, which started

functioning with effect from March 30, 1983. This Bank is the first of its kind in Southeast Asia.

It is committed to conduct all banking and investment activities on the basis of interest-free

profit-loss sharing system. In doing so, it has unveiled a new horizon and ushered in a new

silver lining of hope towards materializing a long cherished dream of the people of

Bangladesh for doing their banking transactions in line with what is prescribed by Islam. With

the active co-operation and participation of Islamic Development Bank (IDB) and some other


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Islamic banks, financial institutions, government bodies and eminent personalities of the

Middle East and the Gulf countries, Islami Bank Bangladesh Limited has by now earned the

unique position of a leading private commercial bank in Bangladesh.

Islami Bank Bangladesh Limited(IBBL) the first interest free Islamic Shariah based bank in

Bangladesh incorporated on 13 March 1983 as a public limited company under the

Companies Act 1913. The bank obtained license from bangladesh bank on 28 March 1983

and started banking operations on 30 March 1983 through its main branch at Dhaka, which

was formally inaugurated later, on 12 August 1983. The bank is a joint-venture enterprise of

22 private sponsors of Bangladesh, the government of Bangladesh, Islamic Development

Bank, and 13 banks and financial institutions of the oil-rich Middle Eastern Muslim Countries

IBBL started its banking operations with an authorised and paid up capital of Tk 500 million

and Tk 67.50 million respectively. The capital is divided into ordinary shares of Tk 1,000 each.The paid up capital of the bank was enhanced to Tk 640 million in 2001. Of the 79,500

ordinary shares of the bank in 1985, foreign sponsors, including the Islamic Development

Bank (IDB), owned 56,000, while 23,500 shares were owned by local sponsors and the

general public. investment corporation of Bangladesh was allocated 20% of banks issued

capital, but the corporation subscribed shares of Tk 0.5 million only. The bank is listed with

both Dhaka and Chittagong Stock Exchanges.

IBBL conducts businesses on the basis of Islamic Shahriah and the modes of transaction

include Mudaraba,Musharaka, Hire Purchase ( under Shirkatul Melk), Bai-Murabaha, Bai-Muajjal, and Bai-Salam. The bank also provides all other kinds of commercial banking

services to the customers observing the provisions of the Bank Company Act 1991,

Bangladesh Banks directives and the principles of Islamic Shariah.

A 23-member board of directors oversees the aggregate business affairs of the bank. The

executive president is its chief executive officer. In December 2001, the bank had

121branches and a total of 3,060 employees including 145 executives. There is a 10-member

Shariah Council for the bank to ensure the compliance of Islamic rules in all spheres of its

banking and financial activities. IBBL has a training as well as a research institute in Dhaka.

The volume of deposits of the bank in December 2000 was Tk 31,536.5 million. Deposit-mix

includedMudarabasavings deposits, Mudarabaspecial notice deposits, Mudarabaterm

deposits ranging from 6 months to 36 months, MudarabaHajjsavings

deposits, Mudarabaspecial savings (pension) deposits andMudarabasavings bond of 5 and

8 years.

The investments (lending) of the bank are partnerships, profit sharing, capital in affiliated

projects, real estates, housing, transport, agriculture, export-imports, trade and commerce

and other economic activities. Such investments in December 2000 were Tk 29,529 million. In

addition, the bank has investments in other income generating assets like company shares


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and such investments totaled Tk 34.15 million. The bank lends money to its directors and

executives (insider lending) under Shariah principles. As of December 2000, investments

(lending) of the bank in industrial sector covered 174 projects in garments sector, 91in

textiles, and 174 in other industries. Total investments of the bank in the industrial sector

stood at Tk 9,849.80 million on 31 December 2000. With the increases in the banks

investments (lending), the amount of non-performing classified investments had also

increased over time. Total classified loans amounted to Tk 2,844.3 million (9.63% of total) in

December 2000. Total assets of the bank excluding off-balance-sheet items were valued at

Tk 39,366.09 million on 31 December 2000, when the off-balance-sheet items accounted for

Tk 8,914.24 million. The volume of foreign exchange business handled by the bank in 2000

was Tk 49,860.00 million, which comprised import financing (Tk 25,327.00 million), export

servicing (Tk 16,889.00 million) and remittances (Tk 7,644.00million). The bank hascorrespondent relationships with approximately 750 foreign banks and financial institutions.

Mission:

To establish Islamic banking through the introduction of welfare oriented banking system and

also ensure Equity and justice n the field of all economic activities achieve balance growth

and equitable development through diversified investment operation particularly in the priority

sectors and less developed areas of the country.

Vision:

Our vision is always strive to achieve superior financial performance be consider a leadingIslamic bank by reputation and performance

Our goal is to establish and maintain the modern banking technique to ensure the soundness

and development of the financial system based on the Islamic principle and to become the

strong .

We will try to encourage savings in the form of direct investment

We will also try to encourage investment particularly in projects which are more likely to lead

higher employment

Aims and Objectives:

To conduct interest-free bankingTo establish participatory banking instead of banking on debtor-creditor relationship

To invest on profit and risk sharing basis

To accept deposits on Mudaraba & Al-Wadeah basis

To establish a welfare-oriented banking system

Functions:

The functions of Islami Bank Bangladesh Limited are as under

To maintain all types of deposit accounts

To make investmentTo conduct foreign exchange business


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To extend other banking services

To conduct social welfare activities through Islami Bank Foundation

Equity:

As per Capital Adequacy Policy prescribed by Bangladesh Bank, the Central Bank of the

Country, banks has maintained 10.09% Capital on its Risk-Weighted Assets against which

total equity of the Bank as on June 30, 2008 stood at Taka 17,789.29 million (Un-Audited).

This was:

Taka 15,765.94 million in 31st December 2007,




Taka 5,266.47 million in 31st December 2003,Taka 3,540.52 million in 31st December 2002,







Taka 813.09 million in 31st December 1995,Taka 537.35 million in 31st December 1994 and

Taka 420.06 million in 31st December 1993.

Achievements:

National and international ratings of IBBL

IBBLs past performances have been evaluated by Bangladesh Bank, several credit rating

agencies home & abroad and by the local press.

International Press:

In the midst of a difficult Banking system known to be plagued by high non-performing loans

(NPLs), one could easily conclude that it would be difficult to find a bank that is different from

norm. However, IBBL provides a refreshing change and is, thus, a pleasant surprise.

Although it does not command the market share as the 4 public sector banks, IBBL, which

claims to have little interference in lending from the government, has nonetheless, managed

to find a niche market of its own-says the BANK ATCH a New York based international

Credit Rating Agency in its January 30, 1998 issue. As a market leader offering banking

services based on the Islamic rule of Shariah, IBBLs profitability trend has been quite

impressive. The Banks ability to keep its return on asset (ROA) well above the industrys

average, reflected its resilience to possible shocks in the banking system. Concerns over


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massive NPLs and under provisioning are common amongst local banks. But this seems well

resolved in IBBL. IBBLs good performance and solid capital base have indeed provided

refreshing change found within a banking system saddled and held back by huge NPLs the

above agency continued to comment in the same issue.

National Press:

It is one of a few local banks according to CAMEL (Capital, Assets, Management, Earnings &

Liquidity) rating made by the Bangladesh Bank. It holds the highest amount of liquidity among

all banks and its ability to keep return on assets at 1.07 percent is well above the banking

sectors average of 0.33 percent- The Financial Express, Dhaka commented in its issue of

May 28,1998.

The Holiday in its 29th August, 1997 issue carried out a report under the heading Setting a

precedence of sound banking and commented While the countrys banking system isburdened with bad debt portfolios and also suffers from a liquidity shortage, the Islami Bank

Bangladesh Ltd. (IBBL) has created a unique precedence by improving its reserve and

deposit positions substantially, making handsome profits, and offering attractive dividends to

its share holders and depositors.

IBBLs World rating:

As per Bankers Almanac (January 2001 edition) published by the Reed Business

Information, Windsor Court, England, IBBLs world Rank is 1771 among 3000 banks selected

by them. This position was 1902 among 4500 selected banks as on January 1999 edition.IBBLs country Rank is 5 among 39 banks as per ratings made by the above Almanac on the

basis of IBBLs Financial Statements of the year 2001.

Award and Prizes: International & National Perspective

IBBL was awarded for several times by international & national organisations. The Global

Finance, a reputed London based quarterly magazine, awarded IBBL as the best bank of the

country for the year 1999 and 2000.

IBBL has got the 2nd

prize of National Export Fare for its pavilion of Service Organisation in

1985.

Membership of Different Organization / Chamber

Local:

1. Bangladesh Institution of Bank Management (BIBM)

2. The Institution of Bankers Bangladesh (IBB)

3. Bangladesh Association of Banks (BAB)

4. Bangladesh Foreign Exchange Dealers Association (BAFEDA)

5. Central Shariah Board for Islamic Banks of Bangladesh

6. International Chamber of Commerce-Bangladesh

Foreign:1. International Association of Islamic Banks (IAIB), Jeddah, K.S.A.
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2. Accounting and Auditing Organizations for Islamic Financial Institutions (AAOIFI), Manama,

Bahrain.

3. General Council of Islamic Banks & Financial Institutions (GCIBFI), Manama, Bahrain (IBBL is

a member of its Executive Council)

Society for Worldwide Inter-bank Financial Telecommunication (SWIFT)STAFF WELFARE SCHEMES:

The Bank believes in supporting its employees and offering incentives and motivation

for its continued profitability . With a view to supporting these lofty

objectives ,the Bank operates a contributory provident fund ,social security fund ,gratuity fund

and a benevolent fund for the employees of the Bank. These fund are managed by a

separate Board of Trustees.

1. Contributory Provident Fund:

The provident fund is for the regular confirmed employees who work minimum 5 years for

IBBL. And it came into force with effect from the1.03.1986. The fund received contributions

10% of the basic pay both from employees.

2. Social Security Fund:

The scheme came into force with effect from the 8thDecember 1988. It was formed for

financial help to the members of the IBBL Employees Social Security fund and their family in

case of death, physical disability of the employees while in service or of any thing of like

nature acceptable to the Board of Trustees and retirement from the service.

3. Gratuity Fund:

The gratuity fund for the regular employees of IBBL started from 1stday of March 1986. The

employees who serves at least 7 years in IBBL are normally entitled to get gratuity equivalent

to one months basic salary of the employees for their completed year of services in the

Bank. Gratuity for the employees of IBBL has been increased from 1 month basic pay

to 1. 5 months and 2 months basic pay considering the length of services and also for

premature death in

harness.

4. Benevolent Fund:

The benevolent fund for the regular and confirmed employees of IBBL was established in

year 1986. This fund is mainly used scholarship to the meritorious students among the

children of IBBL s staff and sub staff to allow sort term quard for the unexpected and certain

needs of the staff of IBBL like accident of the staff and their dependents.

Human Resource

Total number of employees of the Bank stood at 9,397as on 31.12.2008.The manpower position of last 5 years are givenbelow:

Category 2003 2004 2005 2006 2007 2008


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Executive & Officers 2,924 3,3273,876 4,430 4,776 5,603

Sub-Staff828 934 1,030

1,2321,357 1,483

RDS employees669 757 978 1,486 1,944 2,311

Total4,421

5,018 5,884 7,133 8,0959,397

Total Branch141 151 169 176 186 196

SME Service Centre- - - - - 10

Per- Bran. Manpower(Approx.) 33 35 37 42 45 46


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Deposit Scheme Mudaraba Monthly Profit Deposit Scheme

There is a substantial demand of monthly profit paying long term deposit schemes among the retired service holdersand wage earners residing abroad who want to help their dependants and relatives by contributing a certain amount ofmoney on monthly basis from the profits of their one-time deposit with the bank. Again there are persons who want tomeet the day to day expenses of their families out of the monthly profits that may be received on their long-term

deposits. Trusts and Foundations who desire to offer monthly scholarship and stipends to the students from themonthly generated profits of their funds deposited on long term basis with banks and parents who want to bear theeducational expenses of children from the monthly profits of their savings are also very much interested for such amonthly profit paying deposit.Islami Bank Bangladesh Limited, as a pioneer of welfare banking, is receiving demandsfrom the vast majority of our clientele and many other Shariah abiding people for introduction of attractive monthly profitbased deposit schemes on the basis of Islamic Shariah so as to encourage them to meet their above needs out of theearnings of their deposits.

Considering the above aspects and prospects Islami Bank Bangladesh limited has launched a new

deposit product under the name and style Mudaraba Monthly Profit Deposit Scheme in

accordance with the principles of Islamic Shariah.

Objectives:

This is a Deposit Scheme based on Shariah Principles where the depositor/investor gets monthly

profit out of his/her deposit/investment. The scheme is designed to attract:

The retirement benefits of service holders,

The investment of Wage Earners who want to pay a fixed amount monthly to their

families/dependants in Bangladesh from the profit of their investment,

The deposit of those persons who intend to meet the monthly budget of their families from the

income out of their deposit,

Investment of fund of Trusts and Foundations who award monthly scholarship/stipends to students

and

Parents who want to defray the educational expenses of their children from the monthly profit of their

deposit with the Bank.

Term:

The Deposit shall be for a period of 5(five) years. The amount is refundable on maturity as per

Mudaraba principle.

Ceiling of Deposit:

Under this Scheme Deposits shall be received on Mudaraba principles in the amounts of

Tk.100,000/- and multiples thereof. Specially designed Monthly Mudaraba Profit Deposit Receipt

will be issued there-against.

Payment of profit


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The deposits shall receive estimated monthly profit out of the share of investment income

calculated on the basis of the weightage determined for such deposits and to be adjusted on

completion of each accounting year and declaration of final rate of profit.

Opening of Account:

Any bonafide adult citizen of Bangladesh with sound mind may open this account in his/her name or

in the name of his/her dependants in any of the Branches of the Bank by application in Banks

printed Account Opening Form designed for this purpose. The depositor will be issued a specially

designed Receipt for the deposit under the Scheme in the same manner as is issued in case of

MTDR. This receipt shall not be transferable.

The depositor shall have to maintain a separate Mudaraba Savings/Al-Wadeeah Current Account at

the concerned branch where the monthly profits on his deposit shall be credited as per his written

request. No separate introducer and photograph shall be required to open account under the

scheme.

At the time of the opening of the account besides filling in the relative Account Opening Form the

client has to give his/her specimen signature in the specific place of the AOF as provided for the

purpose.

No cheque book shall be issued against this account.

Profit Sharing & Weightage:

The depositor of Mudaraba Monthly Profit Deposit Scheme shall share income derived from

investment i.e. income from the use of the funds in economic activities permitted by Islamic Shariah.

This includes profit, dividend, capital gains, rent and any other income derived from investment.

The depositor under this scheme along with other Mudaraba depositors shall get the share of

minimum 65% of the income derived from the deployment of all Categories of Mudaraba Fund in theinvestment during any accounting year according to their proportion applying the weightage of 1.05.

Benefits of full weightage shall become payable if withdrawn on maturity. In case of premature

withdrawal before 1(one) year, no profit shall be payable.

In case of pre-mature withdrawal after 1(one) year profit shall be payable at the rate applicable for

Mudaraba Savings Deposit. In such cases excess monthly profits so far paid shall be adjusted.

Estimated profit calculated on the basis of weightage fixed for deposits under this scheme shall be

payable on monthly basis.

The payment of monthly profit shall start from the subsequent month after a clear minimum gap of

30(thirty) days from the date of deposit. The monthly profit shall be credited each month to a

separate Mudaraba Savings/Al-Wadeeah Current Account of the depositor to be opened at theconcerned branch for this purpose if not maintained earlier.

Pre-mature encashment:

Normally, the deposit will not be encashable before 5(five) years. But if any depositor intends to

withdraw his deposit before maturity due to certain unavoidable reasons, he would be allowed to do

so, on the basis of written application.

Nomination:

The depositor may nominate one or more persons as his nominee of the account. In case of more

than one nominee, he should fix their respective share in the nomination.

Minors may also be named as nominee. In such a case he may also give written instruction as to


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Special Scheme Agriculture Implements Investment Scheme:

who is to receive the amount in the event of his death before the attaining of maturity of the

nominee(s). Otherwise payment will be made to the legal guardian approved by the court.

The depositor may at any time nominate a new nominee canceling the previous nominee in writing.

In the event of the death of the nominee during the life time of the depositor and before the

withdrawal of the balance of the account, the nomination shall be treated cancelled.

The nominee(s) shall be entitled to receive the money of the account according to apportionment

only after the death of the depositor. In such case there shall be no need for Succession Certificate

and the matter shall be settled at the branch level. The nominee (s) shall be responsible to distribute

the portion of other heirs, if any, as per rule of Islamic Shariah

Special Benefits:

Mudaraba Monthly Profit Deposit Account may be opened in single name or in joint name and there

will be provision for nominating nominee(s).

Separate photographs will not be needed to apply for opening this account.

Monthly Mudaraba Profit Deposit receipts will be acceptable as security.

Monthly Mudaraba Profit Deposit account holders along with other Mudaraba depositors shall get

preference in the matter of investment of their deposits over the Bank Equity and other cost-free

funds.

Gross investment income derived from deployment of mudaraba fund during the accounting year,

will at first be allocated to the Mudaraba depositors according to their proportion in the total

investment as per principle of distribution of profit to Mudaraba Depositors.

Other Terms & Conditions:

Deposits under Mudaraba Monthly Profit Deposit Scheme shall be accepted strictly on Mudaraba

principles of Islamic Shariah and accordingly the deposits so received shall also be invested as per

Shariah principles.

The depositors must preserve the Receipts properly and carefully. In case of loss or damage of the

Receipts, the depositor must inform the Bank immediately for taking necessary precautions.

Duplicate receipt may be issued after observing necessary formalities in that regard as per Bank s

existing rules.

Profits of any accounting year will be declared after certifying the Accounts of the Bank by the

auditors appointed by the shareholders in the Annual General Meeting. If the deposit is withdrawn on maturity of the account but before finalisation of the Annual accounts

of the Bank, profit will be paid as per provisional rates. However, on declaration of final rates of profit

for that year, the difference amount between the provisional and final rates, if any payable, will be

allowed to the account holder on submission of written claim there against.

Profits will be calculated on the basis of weightage pertaining to the particular deposit.

The Bank reserves the right to change, amend, modify or cancel any rules, terms and conditions and

the client shall have to abide by the same


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Bangladesh is predominantly an agricultural country with vast majority of people living in rural

areas. Most of our people, for their living, are dependent on agriculture. Agriculture still contributes

the lion share of the gross domestic product. But we could not as yet become self-sufficient in food

production. We still import a bulk quantity of food grains from abroad to meet the deficit. This

reliance on import has made us dependent on others. We must modernize our agriculture and

establish more and more industries in order to minimize imports.

Islami Bank Bangladesh Limited is a welfare oriented Bank. It can play positive and important role

in the economic development, progress and uplift of the country by investing in the agricultural

sector. The Bank has, therefore, introducedAgriculture Implements Investment Schemeto

provide power tillers, power pumps, shallow tube wells, thrasher machine etc. on easy terms to the

unemployed youths for self-employment and to the farmers to help augment production in

agricultural sector.Objectives:

To create opportunities for self-employment of unemployed rural youths.

To help farmers to augment agricultural production.

To assist in the introduction and use of modern technology in the agricultural sector.

To play auxiliary role in achieving self-sufficiency in food production.

q Power tillers

q thrasher Machine

q Any other agricultural implements proposed by the branch and which has local demand.

These implements may be of any popular brand. Any locally manufactured brand, which has large

demand, is also acceptable. The choice of investment clients shall be given preference in this

regard.

Rules for openingL: The deposit is accepted in the AWCA under Al-wadeah principle of Islamic Shariah. The

deposited money is invested along with other deposits by the Bank according to Islamic

Shariah. Here, the customer does not have any share in the profit. The transaction can be

made more than once during the banking hour.

The account can only be opened with the introduction of any acceptable client/ current account

holder of the Bank. In order to open Al-wadeah Current Account, a minimum amount of

Tk.500/= is to be deposited and the minimum balance with minimum amount of Govt. tax is to

be maintained in the account. The Bank reserves the authority to return cheque, if otherwise.

Withdrawal may be made through the cheques supplied by the Bank. In that case all articles of

Negotiable Instrument Act are applied.

Types of Agriculture Implements


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Incidental charge @ Tk.50.00 half yearly basis is deducted from the account where minimum

balance is not maintained. Closing charge @Tk.50.00 will be realized while closing the account

For the first cheque book, the customer has to apply in a specified form (F-6) and then for new

cheque book the customer shall have to apply through the requisition slip supplied with the

previous cheque book.

The customer has to count the pages of the cheque book at the time of receiving the same.

The book should be maintained safely so that no cheque may be misused or stolen or

destroyed. The Bank will not be responsible for any forgery if occurred by the stolen cheque

(s).

The account holder shall have to use the specimen signature put in the Bank while withdraw

money and in case of other correspondence with the Bank. In order to change the specimen

signature put earlier the operator shall have to apply in writing before well in time.

The bank usually allots separate A/c. Nos. to different A/c. holders. The depositors have to

mention name and No. of the account while fill-up the deposit slips for depositing the

cash/cheque and obtain receipt duly signed by the authorised bank officials. The cheque to bedeposited should be marked Crossed i.e. A/c. Payee/ & co. etc. in the proper place of the

cheque. If the deposited cheque(s) etc. is/are returned unpaid to the bank, charge/commission

will be realised as per norms.

The Bank records the instruction of Stop Payment` with care. But the Bank will not be held

responsible if any fraudulent withdrawal is/are made through stopped cheque (s).

The Bank supplies statement of account every month.

The bank has right to deduct any account to realize necessary expenditure/postal charge.

Moreover, any tax imposed by the Govt. will be deducted from the account.The Bank preserve

the right to close the account without showing any cause.

The changed address (if applicable) should be informed to the Branch immediately. The bankmakes correspondence with the customer through postal services. The Bank will not be held

responsible if any letter (cheque/Bill) is not delivered in time or not delivered at all, ]

In case of joint account, if any of the A/c. holders expired the operation in the account will be

stopped just after getting report and balance in that account will be paid as per norms to the

heirs of the deceased and the alive A/c. holder(s); if there is any outstanding investment

liabilities, the alive account holder/heirs of the deceased is/are bound to adjust the same. [

The Bank consciously sums up the credit/debit of the account. If any amount is

credited/debited through mistake, Bank can re-write the balance.

The unused cheque(s) must be returned to the Bank at the time of closing of the account.

The account holder(s) can select nominees) to receive the balance of the account in case ofdeath of the account holder.

In case of death of the account holder, the nominees) has to submit the following

papers/documents in support of his/their nomination to receive the balance of the concerned

account:

a) Death Certificate regarding death of the account holder.

b)Certificate from 2 (two) valued clients of the Bank or 2 (two) officers of the Bank or the

Chairman/Ward Commissioner of the Union Perished/Municipality in support of the

identification of the nominees).

c) Attested Passport size photographs of the nominees).


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d) Indemnity Bond (C.F.-12) duly executed by the nominees) under sureties of 2 (two) valued

clients each good for the amount and acceptable to the Bank

The Bank reserves the authority to change, develop or reform/modify the rules of the account

any time and the client is bound to abide by the same.

Publications:

The Bank, since its birth, has been relentlessly working to project and promote the lofty ideals

of Islam in the fields of economics and banking and to reach the people of all walks of life and

bring home to them the concept of Islamic banking.

Thus, it has been able to create a favorable image about Islamic banking among the people.

The Bank releases advertisements through radio, television, magazines and newspapers to

make urban and rural masses aware of the ever growing concept, modes of operation,

schemes and services of the Bank and to focus on its progress and motivate traders,businessmen and industrialists to establish and broaden their business links with the Bank.

To promote healthy growth of art and literature in the country, literary magazines are

patronized.

The Bank has so far published a number of books, booklets, souvenirs and folders on

different aspects of Islamic banking and Islamic economics. Attractive multi-colored posters

were also published depicting the aims and objectives, people-oriented special investment

schemes of the Bank.

National and international newspapers and magazines published features and in-depth reports on

the progress of the Bank and made editorial comments praising the welfare activities of the Bank.

Banks quarterly research journal Islami Banking highlighting the concept of Islamic economy,

banking, insurance, prospect of economic collaboration among the Muslim countries etc. started

its publication in 1992 which has been widely acclaimed by all sections of people including

academicians, economists, bankers, journalists, judges, intellectuals etc. A periodical house

magazine named Islami Bank Parikrama is being published regularly as the mouthpiece of the

Bank. Discussion meetings, seminars, symposia, workshops are also being arranged to apprise

the people of the Islamic banking system. Stalls and booths were opened in different national and

international fairs for projecting the activities of the Bank

RURAL DEVELOPMENT SCHEME:

Bangladesh with its 40% people living below poverty line and 18% living in absolute poverty is

suffering from acute rural-urban economic disparity coupled with illiteracy, lack of proper

health and sanitation facilities. The countrys economy is basically an agrarian one with vast

majority living in rural areas. The agriculture sector is unable to provide any further scope for

employment resulting in influx of rural population towards urban areas. Rural areas are

characterized by stagnant agriculture and scanty industries. Underemployment and

unemployment is a regular phenomenon particularly in rural areas. The vast human resources


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have remained unutilized due to lack of education, proper training and concerted efforts to

help grow the rural economy. This results in uneven distribution of income which causes

serious set back in balanced geographical growth as well as growth of GDP.

Islami Bank Bangladesh Limited was founded with the major objective of establishing Islamic

economy for balanced economic growth by ensuring reduction of rural-urban disparity and

equitable distribution of income.

In view of the above, Branches of the Bank have been encouraged to invest their deposits in

their respective areas and in particular for the economic upliftment of the rural people.

Accordingly, a Scheme in the name and style of Rural Development Scheme has been

introduced to cater to the investment needs of the agriculture and rural sector to create opportunity

for generation of employment and raising income of the rural people with a view to alleviate

poverty.OBJECTIVE:

The main objectives of the Scheme are:

To extend investment facilities to agricultural, other farming and off-farming activities in the

rural areas.

To finance self-employment and income generating activities of the rural people, particularly

the rural unemployed youths and the rural poor

To alleviate rural poverty through integrated rural development approach

To extend investment facilities for rural housing, keeping in view the needs of housingfacilities of the rural dwellers

To provide educational services and safe drinking water, sanitation & Medicare facilities to

the down trodden people

TARGET AREA

Initially the Scheme was started as a Pilot Scheme in the rural areas of certain districts under

the direct supervision of the nearby Branches of Islami Bank Bangladesh Limited. The

Scheme is being gradually extended to all districts through different Branches of the Bank.

Target Group:

Farmers having land holding of maximum 0.50 acres

Sharecroppers with consent from the landowners

Persons engaged in off-farm activities having no land or land up-to-maximum 0.50 acres

Persons/farmers permanently residing in the selected villages

Persons having derelict pond will be eligible for investment for re-excavation and fish

cultivation

Destitute women and distressed people will be provided investment for milk cows/poultry

birds/ducks/goats etc. and other suitable off-farm activities for raising their supplementary

income


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Persons having liabilities with other banks/institutions including defaulters will not be eligible

for investment under the Scheme

Rate of Return:

Banks rate of return is 10% per annum (flat) with a rebate of 2.5% for timely payment.

Security Requirements:

No security is required against investment under the Scheme as entire Scheme has been

drawn taking into account the social welfare objective of the Bank for upliftment of the socially

down-trodden and economically backward and weaker section of the population of the

society. However, Group discipline should be strictly followed and complied with so that only

the right persons are selected and included as members of the Group.

Besides, each member of the Group gives personal guarantee for other members of the same

Group and the members are jointly and severally liable and responsible for payment ofinvestment.

Documentation:

To secure Banks investment, the following documents have to be executed:

Group guarantee form.

Deed of Agreement.

Usual charge documents

Islami Bank Training and Research Academy (IBTRA)

Development of Manpower, Research, Training and MotivationThe principles and working procedures of Islamic Banks are completely new and different

from the conventional banks. There is an inevitable need for training of the employees of the

banks to orient and attune them to the new system of Islami banking. To cater to this need,

Islami Bank training and Research Academy (IBTRA) was established in 1984, soon after the

inception of the Bank.

The activities of IBTRA covers both training and research on various aspects of Islamic

banking. The Academy developed a rich library of its own with a treasure of valuable books

on different subjects including Islamic economics, banking, comparative philosophies and

journals of home and abroad and research articles and documents. Employees of the Bank,

learners and researchers have been taking full advantage of the library.

The Academy edited books on Readings in Islamic Banking and Investment Operations. It

also edited and published a brochure on Investment and Trade Opportunities in

Bangladesh.

Keeping in view the existing and future training requirement of the Bank and also to generally

cater such needs of different Islamic banking & financial institutions of the region, the

management of Islami Bank Training and Research Academy has been placed at the

disposal of an Academic Council consisting of 3 Directors of the Board, Management


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Executives of the Bank, Shariah scholar, renowned academicians and representatives of

reputed institutions engaged in the training of bank officials of the country.

The Academy conducts training courses, and workshops. The courses include Islamic

Banking, Banking Law and Practice, Investment Operations and Management, Foreign Trade

and Foreign Exchange, Shariah Based Audit and Inspection.

Besides, orientation, induction, foundation and motivation courses on different subjects are

also conducted round the year. In addition to conducting regular training courses, it arranges

seminar on Islamic economics and banking and such other related topics of current interest.

Apart from this, an Executive Development Programme has been introduced at the Head

Office of the Bank in Dhaka since 1988 for enriching knowledge and thought process and

developing professional skill of the Executives. This programme has proved to be effective

and now being extended outside Dhaka. The Academy conducts internship courses for thestudents of different Departments of various Universities of the country. The Bank introduced

annual award for the best three students of the Department of Banking and Finance of Dhaka

University who secure 1st class 1st, 2nd and 3rd with Islami Banking as special subject from

the year1994.

The Bank is also providing financial assistance for publication of a textbook on Islamic

economics and banking for the university students.

Besides, a motivational programme has been introduced since 1987 for the clients of the

Bank. Client-orientation programme are arranged at different branches for disseminating theconcept of Islamic economics and banking and to acquaint the clients with the operations of

Islamic banking system.

The Bank, in 1993, co-sponsored a 3-day International Seminar on Islamic Common Market

in which scholars, economists, bankers, industrialists and representatives of trade bodies of

15 countries participated. The Bank, with the collaboration of International Association of

Islamic Banks (IAIB), organised an International Seminar on Islamic Banking in1985 and

another International Seminar on Islamic Banking and Insurance in 1989.

Islami Bank Training and ResearchAcademy has introduced Diploma in Islamic Banking since

1998.

Corporate Social Responsibility:

Taka 30 million sanctioned for the people affected by the devastating cyclone SIDR

Islami Bank Bangladesh Limited has taken a decision to distribute relief goods of taka 30 million at the first phaseamong the helpless people who were affected by the devastating cyclone taken place on November 15. Thisrelief distribution and rehabilitate

The decision was taken in an emergent meeting of the Board of Directors at the Board Room of Islami BankTower today on November 18, 2007. Presided over by Prof. Abu Nasser Muhammad Abduz Zaher, Chairman,Board of Directors, the function was attended by o

It will be fitting to note here that, Islami Bank Bangladesh Limited has played significant role by extending it`s helpto the flood-hit people in relief distribution and rehabilitation program.


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The meeting of Board of Directors called upon the affluent people as well as renowned institutions of the countryto stand by the distressed people in this deplorable moment.

Officers and staff of Islami Bank donated one day salary for the cyclone-victims

All the offices and staff of Islami Bank Bangladesh Limited took the decision of donating their one day salary forthe people affected by the recent devastating cyclone recently.

Officers and staff of Head Office and different Branches of the Bank are distributing relief in the cyclone-hitregions

Islami Bank Bangladesh Limited is continuing relief distribution activities

Islami Bank Bangladesh Limited is continuing relief distribution activities among the distressed people affected bythe recent devastating cyclone.

Pirojpur Branch

Pirojpur Branch of the Bank distributed relief among the 400 distressed family affected by the recent devastatingcyclone at Zianagar Upazila of Pirojpur. Moulana Delawar Hussain Sayedee, Vice Chairman, Shariah Council &Md. Obaidul Haque, Senior Vice Pre

Besides, Pirojpur Branch of the Bank distributed relief among the 400 distressed family affected by the recentdevastating cyclone at Vhandaria & Motbadia Upazila of Pirojpur. Md. Obaidul Haque, Senior Vice President &Head of Rural Development Division o

Bhola Branch

Bhola Branch of the Bank distributed rice, dal, salt, oil, potato and medicine as relief among the 300 distressedfamily affected by the recent devastating cyclone at Sadar Upazila of Bhola. Md. Obaidul Haque, Senior VicePresident & Head of Rural Develop

Morrelganj Branch

Morrelgonj Branch of the Bank distributed rice, dal, salt, oil, potato and medicine as relief among the 700distressed family affected by the recent devastating cyclone at Morrelganj & Sharankhola Upazila of Bhola. Md.

Obaidul Haque, Senior Vice President

Mongla Branch

Mongla Branch of the Bank distributed rice, dal, salt, oil, potato and medicine as relief among the 300 distressedfamily affected by the recent devastating cyclone at Mongla Branch of Bagerhat. Md. Abdul Manan, AssistantVice President of the Bank distri

Health care services:

A good number or newly graduated doctors from Medical Colleges are unemployed. Many of

the medical graduates are waiting for job because the opportunity for Government service is

limited. If these young doctors could be self-employed by extending investment facilities, they

could make modern medical facilities available at the door-steps of rural people.

Besides, experienced and specialist physicians who are providing medicare facilities to the

people in different towns with their limited and outdated medical equipment will be able to

improve the standard of their techniques of treatment and also make the modern treatment

facilities available to more people, if investment facilities are extended to them for

procurement of modern and improved medical equipment. The constitution of Bangladesh

has made it obligatory to ensure good health for all and the government is also committed toensure good health for all by 2000 years.


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In view of the above facts, Islami Bank Bangladesh Limited has taken the initiative an

introduced the Doctors Investment Scheme to ensure modern treatment and medical

facilities available to the people through extension of Banks investment facilities for self-

employment of newly graduated doctors and at the same time extending investment facilities

to the established medical practitioners to procure modern and sophisticated medical

equipment

Objective

To provide investment facilities for establishment of chambers, clinics, pharmacies and

procurement of medical equipment by the unemployed medical graduates and thus to provide

self- employment

To assist newly passed unemployed medical graduates to establish clinics by way of

formation of groups by 5 doctorsTo assist experienced and established physicians to procure improved and modern medical

equipment and thus to improve the standard and techniques of treatment

To assist specialists and consultant physicians to procure specialised medical equipment for

extending improved treatment to the people

Islami Bank Hospital

With the objective of providing low-cost curative services to the less affluent segment of the society, the Foundation has sofar set up Hospitals at three Divisional Headquarters in Dhaka, Rajshahi and Khulna. Services of eminent general

practitioners and specialists in various fields of treatment like Medicine, Surgery, Gynae, Pediatric, E.N.T. Urology, Neuro-surgery, Skin, Orthopedic etc. are harnessed in these hospitals. Standard diagnostic, medical and surgical equipments are inused in these hospitals. The Foundation plans to establish Hospitals at each Divisional Headquarters of the country.

Educational Programs

Education is the backbone of a nation. Awareness building, skill training, access to information-all depends on education. Butit is regrettable that the rate of literacy is still very low in Bangladesh. Most of the children are deprived of the light ofeducation due to poverty, lack of sufficient educational institutions, non-availability of text books and equipments etc. In award, the unfavorable socio-economic conditions are responsible for this chaotic situation.

The Foundation has, therefore, taken up the following Programs to improve the countryseducational scenario:

Support to Model Forqania Maktab

Scholarship/lump grant for poor and Meritorious Students

Financial support to Educational Institutions

Health and Medicare Programs

Health and Medicare facilities are the basic and fundamental rights of each individual but most of the people of ourcountry are still deprived of it. The Foundation has, therefore, taken up the following Programs to extend health,


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Medicare and sanitation facilities to the urban and rural areas:

Establishment of Medical Centers

Supporting Charitable dispensaries

Lump-sum help for medical treatment

Tube well Installation

Sanitary Latrine construction etc.

Such Assistance is also extended to the members of Rural Development Scheme (RDS) of IBBL. Under Health andMedicare Programs preventive measures have also been taken. Special steps have been taken for construction ofsanitary latrines and installation of tube wells in the villages covered under to whom Islami Bank Bangladesh Ltd. isproviding finance for income generation activities.

Humanitarian Help Programs

These programme aims at providing help to distressed people who are unable to meet their basic needs like food, clothing,shelter and medicine. The old widow and children without guardians get preference. Besides, the programme extendsassistance to orphanages, provide fund for the marriage of poor girls, assist indebted people, help dis tressed wayfarers etc.

Relief and Rehabilitation Programs

Participation in relief and rehabilitation activities in natural disasters and in emergency forms an important programmeof Islami Bank Foundation. During calamities like flood, tornado, tidal surge etc. the Foundation mobilizes its ownpeople as well as donates to the relief fund opened at the government level. The Foundation also tries its best to extendhands of assistance and co-operation to the Muslim brethren elsewhere in the world.

Dawah Programs

One important objective of Islami Bank Foundation is to disseminate the true knowledge and teachings of Islam. TheFoundation has, therefore, taken up various schemes to enlighten the common people as well as the elite and make themfamiliar with the concept of Islam. Islamic research magazines and other Islamic Literatures are being distributed among theAcademicians, Journalists, Justices, Lawyers, High Officials, Bankers, Literatures and important Libraries and Institutions ofthe country. The Foundation is also working among the prisoners for their moral reforms.

Islami Bank Medical College, Rajshahi

The number of Doctors in Bangladesh is not sufficient compared to the total population. The Govt. Medical Colleges are also a

very few and a good number of meritorious students can not get admitted into the Govt. Medical Colleges due to insufficientnumber of seat capacities.

Though some private medical colleges have been established mostly in and around the

capital but the tution fees and other charges are so high that the students of poor and middle

class families can not afford it.Keeping in view the objective to enable the students of poor and middle class families to be a

doctor, Islami Bank Foundation has established a medical college in Rajsahi, a metropolitan

city of northern part of the country. In the meantime, the classes of the students of 1st 2nd

and 3rd batch are going in full swing. The construction work of the hospital building at

Naodapra, the own site of the college, is also going on.


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Community Hospital

Besides establishing Hospitals at the Divisional Headquarters, IBF has a plan to assist local initiatives in setting upHospitals at District level. Establishment of Four such Hospitals is planned during 1999.

Monoram: Islami Bank Crafts & Fashion

The project has been taken up as a sales outlet of home-made garments, handicrafts and other items produced by thedistressed women. The main objective of the project is to create conducive and healthy atmosphere in which women cancontribute to the family income by working within the limits of Shariah.The other objective of this project is to develop designs of women-wear, which will conform, to the principles of decency andmodesty as laid down by Islam and at same time compare well with the modern-day-fashions

Service Centre

To save the people of coastal and river belt from natural disaster, erosion etc. a special project has been taken in the nameand style of Service Centre. Under this programme puccastructure constructed in coastal areas, river belts and off-shoreislands would be used for integrated social development of the people as well as provide safe shelters during naturalcalamities. Two such Service centers (in Noakhali and Manikgonj) have already been established.

Islami Bank International School and College

As Dhaka, the capital of Bangladesh, is turning to be a MegaCity, a large number of English Medium Schools are creepingup which follows curriculum not conforming fully to the need of the country. As an attempt to combine modern education(which are secular) with religious education for a total development of the children, Islami Bank Foundation has establishedan English medium ModelSchool and College in Dhaka. Establishment of a Bangla medium school affordable by lower andmiddle class economic strata of the society is also being envisaged.

Islami Bank Physiotherapy and Disabled Rehabilitation Centre

Bangladesh there are a great number of unfortunate disabled persons who have no other means to maintain themselveswithout resorting to beggary. The burden of the society might be lessened and these people can be helped to become self-reliant through imparting special skills. Keeping this in view, Islami Bank Foundation has decided to rehabilitate theseunfortunate disabled persons through establishing a centre named Islami Bank Physiotherapy and Disabled RehabilitationCentre This Centre while making temporary arrangement for food and shelter for the disabled, will arrange for health checkup, physiotherapy and occupational therapy and look for job placement through internship in various factories and tradinghouses.

Bangladesh Sangskritic Kendra (Cultural Centre)

Culture is very important leading factor of a nation. A nation is considered developed which is culturally advanced. Now-a-days,

no state is conquered through applying physical force but through ideas, thinking, norms, belief,etc. Like many other Muslimcountries, the elite, affluent section and new generation of Bangladesh are presently motivated by western culture which is veryharmful for the nation. Islami Bank Foundation has, therefore, established Bangladesh Sangskritic Kendra ( Cultural Centre ) inDhaka for upholding and promoting national culture and heritage of the country.

Islami Bank Foundation, through itsvarious welfare activities, has been working to serve the

destitute and distressed people as well as for the socio-economic development of the country.Islami Bank Foundation wants to expand the on-going projects throughout the country and

also wishes to undertake new ones for the overall development of the country. The

Foundation is looking forward for sincere assistance and co-operation from philanthropic

persons and institutions from home and abroad to materialize its noble and cherished

objectives. Zakat and Donations may be credited to Islami Bank Foundation Account Nos.


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02101005 (Zakat) and 02101014 (Donation) maintained with lslami Bank Bangladesh Ltd.,

Head Office Complex Branch, 40, Dilkisha Commercial Area, Dhaka-1000, Bangladesh.

Islami Bank Institute of Technology

The large number of unemployed youth of the country may be turned as assets through taking up Human ResourceDevelopment (HRD) Programme.

The youths with skills in various sectors of technology may become self-employed in the land

and can also get employment opportunities abroad. Islami Bank Foundation has, therefore,

established 3 Technical Institutes, two in Dhaka and another in Bogra, which are rendering

training facilities in Computer, Secretarial Science, Driving, Electrical, Refrigeration and Air

Conditioning, Radio & TV, Tailoring and Garments etc.

Centre for Development Dialogue

Alongside with the governmental efforts at National level and multilateral and bi-lateral institutions at the international level, NonGovt. Organizations (NGOs) in different parts of the world especially in the developing countries are playing increasing role inexperimentation with Development models.

Most of the organizations unfortunately, try with development techniques from a standpoint,

which often turn antagonistic to the belief and social norms of the people. The renowned

foreign and national NGOs have their established training centre(s) where they train their own

people and also rent out the facilities to others. Islami Bank Foundation has decided to

establish a training centre of its own named Centre for Development Dialogue which will

create opportunity for imparting training facilities for its own staff members as well as the staff

members of other development organizations.

Tk.25 Lac donated to PM relief fund to help the families of Army Officers at Pilkhana Tragedy

A cheque of Taka 25 lac was handed over to Sheikh Hasina, Prime Minister of the Peoples

Republic of Bangladesh by Prof. Abu Nasser Muhammad Abduz Zaher, Chairman, Board of

Directors of Islami Bank Bangladesh Limited recently on behalf of the Bank to the Relief Fund

of the Prime Minister to help the families of Army Officers who were killed in the BDR Head

Quarter in Pilkhana. Finance Minister Abul Maal Abdul Muhit, Commerce Minister Lt. Col.

(rtd.) Faruq Khan and Prime Ministers Press Secretary Abul Kalam Azad along with a

delegation of Bangladesh Association of Banks were present on the occasion.

Special prayer was offered for the salvation of departed souls of Army Officers

Special prayer was offered at Head Office, Zonal Office and Branches of Islami Bank Bangladesh

Limited all over the country for the salvation of departed souls of the army officers who were killed

in the BDR mutiny at Pilkhana. Condolence was expressed for their bereaved family members.

Dua was offered for the depressed family members so that almighty Allah might help them

providing tolerance power for prevailing over the situation


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First S.M.E. Service Centre of IBBL:

First S.M.E. Service Centre of Islami Bank Bangladesh Limited was inaugurated on Sunday, November 30,2008 at Centre Premises, Alenga, Kalihati, Tangail. Md. Tariqul Islam, Additional Deputy Commissioner(General) and Robert Smith, RPCS Manager of DFID, UK inaugurated the S.M.E. Service Centre as the ChiefGuest and Special Guest respectively. Presided over by M. Fariduddin Ahmad, Managing Director of the Bankthe function was addressed among others by Moulana Abdus Shaheed Naseem, Member of Shariah Council,Asbdul Kader, Executive Vice President & Head of Dhaka North Zone and Jafar Ahmed, Incharge of AlengaS.M.E. Service Centre. Abdul Halim Sarkar, Secretary of Alenga Bus Stand Businessman Association, Dr.Ruhul Amin, Professor of Dhaka Medical College and Abdul Malek Bhuiyan, Chairman, Salla Union Parishad &Renowned Businessman spoke the function on behalf of well-wishers.

Md. Tariqul Islam said in his speech as the Chief Guest that IBBL provides with the security of interest-freetransaction to its clients. The opportunity of conducting interest-free economy in the country has beenexpanded by Islami Bank.

Robert Smith said in his speech as the Chief Guest that the programs that S.M.E. Service Centre of Islami Bankhas chalked out for the economic development of the country has delighted me much. He hoped that people ofMiddle and lower income will be benefited from the S.M.E. Centre through receiving investment.

M. Fariduddin Ahmad said in his presidential speech that S.M.E. has become a well-known system in the worldincluding Bangladesh. State-owned Banks and Private Commercial Banks and Financial Institutes of the country

are conducting their investment program through the system. Islami Bank has extended the activity though theinauguration of the Service Centres. We will inaugurate nine more Service Centres within the current year.

Small and Medium Entrepreneurs play significant role in the socio-economic development of the countrythrough creating a number of employments. IBBL has been providing with investment facilities to the smallentrepreneurs. The opportunity has been scattered through the establishment of S.M.E. Service Centre. Hehoped that the S.M.E Service Centre will play vital role in the development of socio-economic of the country.

Conclution:

First S.M.E. Service Centre of Islami Bank Bangladesh Limited was inaugurated on Sunday, November 30,2008 at Centre Premises, Alenga, Kalihati, Tangail. Md. Tariqul Islam, Additional Deputy Commissioner(General) and Robert Smith, RPCS Manager of DFID, UK inaugurated the S.M.E. Service Centre as the ChiefGuest and Special Guest respectively. Presided over by M. Fariduddin Ahmad, Managing Director of the Bankthe function was addressed among others by Moulana Abdus Shaheed Naseem, Member of Shariah Council,Asbdul Kader, Executive Vice President & Head of Dhaka North Zone and Jafar Ahmed, Incharge of AlengaS.M.E. Service Centre. Abdul Halim Sarkar, Secretary of Alenga Bus Stand Businessman Association, Dr.Ruhul Amin, Professor of Dhaka Medical College and Abdul Malek Bhuiyan, Chairman, Salla Union Parishad &Renowned Businessman spoke the function on behalf of well-wishers.

Md. Tariqul Islam said in his speech as the Chief Guest that IBBL provides with the security of interest-freetransaction to itsclients. The opportunity of conducting interest-free economy in the country has beenexpanded by Islami Bank.

Robert Smith said in his speech as the Chief Guest that the programs that S.M.E. Service Centre of Islami Bankhas chalked out for the economic development of the country has delighted me much. He hoped that people ofMiddle and lower income will be benefited from the S.M.E. Centre through receiving investment.

M. Fariduddin Ahmad said in his presidential speech that S.M.E. has become a well-known system in the worldincluding Bangladesh. State-owned Banks and Private Commercial Banks and Financial Institutes of the country

are conducting their investment program through the system. Islami Bank has extended the activity though theinauguration of the Service Centres. We will inaugurate nine more Service Centres within the current year.

Small and Medium Entrepreneurs play significant role in the socio-economic development of the countrythrough creating a number of employments. IBBL has been providing with investment facilities to the smallentrepreneurs. The opportunity has been scattered through the establishment of S.M.E. Service Centre. Hehoped that the S.M.E Service Centre will play vital role in the development of socio-economic of the country.

Documents

CSR activites of IBBL