M Shahidul Islam, Additional Managing Director of United Commercial Bank Limited (UCBL) receiving the 'Gold Trade Award 2014' from Maumer Mesak, Relationship Manager, Financial Institutions, Commerzbank AG at a programme in presence of Mirza Mahmud Rafiqur Rahman, Additional Managing Director and Mohammad Shawkat Jamil, Deputy Managing Director of UCBL recently for maintaining 'excellent partnership' in Trade Finance in the year 2014.

Experts and stakeholders spoke in favour of revising the bank's exposure to the capital market and extension of timeframe for adjusting over exposure for bringing back normalcy in the capital market.

They also said the securities regulator should ensure proper utilisation of IPO (initial public offering) funds for the sake of investors' interest as well as the companies' growth.

They were speaking at a seminar titled 'Bangladesh's Economy and Prospect of Capital Market' jointly organised by Chittagong Stock Exchange (CSE) and a vernacular daily at a city hotel Monday evening.

Dr. Mashiur Rahman, Economic Affairs Adviser to the Prime Minister, said the capital market may face problems if the banks' investments are withdrawn rapidly.

"Banks' investments made in non-listed securities are included in exposure limit whimsically. It is also out of logic to include banks' equity investments, made in subsidiaries, in their exposure," Mr. Mashiur said.

He stressed on diversification of investors' portfolios, long term investment and investments based on sufficient funds.

Dr. AB Mirza Azizul Islam, a former adviser to the caretaker government, said the demand of revising the strategy of calculating the bank's exposure to the capital market deserves consideration.

"The inclusion of bank's investments, made in non-listed securities, in the exposure is out of my thought," said Mr. Islam, who has also stressed on the quality of IPO rather than quantity.

Mr. Islam, also the former chairman of the securities regulator, said the regulator should look into the use of IPO funds as investors are being deprived of dividends.

The central bank has asked the banks to adjust their over exposure by July, 2016.

M A Mannan MP, the State Minister for Finance and Planning, said reforms have been accomplished by the securities regulator for the development of the capital market.

"The size of our economy is increasing gradually. The issue of economic growth should be prioritised by solving other problems gradually," Mr. Mannan said.

Another former chairman of the securities regulator Faruq Ahmad Siddiqi said the timeframe of adjusting over exposure should be extended considering the dept of banks' over exposure.

The chairman of the securities regulator Prof. M Khairul Hossain said the incumbent regulator brought many reforms in the securities rules along with introducing market surveillance software.

"The capital market plays a role in maintaining social disciplines. Other stakeholders such as merchant banks and asset management companies have also role in ensuring due diligence in IPO issues," Mr. Khairul said.

CSE Managing Director Wali-ul Maruf Matin made his keynote speech at the very beginning of the seminar.

In his speech Maruf highlighted recent developments in the country's economy.

CSE chairman Dr. Muhammad Abdul Mazid, ICB Managing Director Md. Fayekuzzaman, Bangladesh Insurance Association chairman Sheikh Kabir Hossain, DSE managing director Dr. Swapan Kumar Bala, ICAB President Masih Malik Chowdhury, Meghna Bank managing director Mohammed Nurul Amin, among others, spoke at the seminar.

Md. Mehmood Husain, President & Managing Director of Bank Asia, Lahiru Munindradasa, Country General Manager of Tech One Global (Pvt.) Ltd and Sonia Bashir Kabir, Managing Director of Microsoft Bangladesh Ltd. are exchanging signed agreement on Microsoft Enterprise Agreement at a function held at the Corporate Office of the Bank at Purana Paltan Dhaka recently. Aminul Islam, Additional Managing Director and Md. Arfan Ali, Deputy Managing Director of Bank Asia, are also seen in the picture.

S.M. Shameem Iqbal, Vice Chairman, Board of Directors of Al-Arafah Islami Bank Limited, Md. Habibur Rahman, Managing Director of the Bank and Mahmud Hossain, Managing Director of MISL seen in the signing ceremony held Tuesday.

Al-Arafah Islami Bank Ltd, a second generation private commercial bank (PCB) has acquired 51 per cent shares of Millennium Information Solution Ltd (MISL), one of the biggest software companies of Bangladesh.

Corporate insiders said the $ 2.0 million investment from Al-Arafah enabled the bank to become the equity partner of its Core Banking Solution (CBS) provider.

It is the first time development in the country's corporate history that a financial institution has become the owner of its CBS provider.

A Memorandum of Understanding (MOU) was signed in this regard between Al-Arafah Islami Bank Limited (AIBL) and MISL in the city Tuesday.

S.M. Shameem Iqbal, Vice Chairman, Board of Directors of Al-Arafah Islami Bank Limited was present as the chief guest in the ceremony.

 Md. Habibur Rahman, Managing Director of the Bank and Mahmud Hossain, Managing Director of MISL signed the MOU on behalf of their own companies.

Mr. S.M. Shameem Iqbal said "This partnership will make the bank much more confident and flexible in adopting state of the art technology solution to become a new generation Islamic Bank."

Mr. Mahmud Hossain said  "MISL, being one of the top ten (10) Islamic Banking Solution providers in the world (according to Gartner Inc.), made Al-Arafah Bank  its equity  partner to consolidate its position on flagship product 'Ababil' across the globe."

Md. Rezaur Rahman, DMD of the Bank, Mr. Mofazzal Hossain, Company Secretary, Mr. Muhammed Nadim ACA, Executive Vice President, Syed Masodul Bari, EVP, Mr. Fakruzzaman, Director of MISL,Mr. Mafuzur Rahman, Director of  MISL, Mr. Nazrul Islam, Manager Finance and Mr. Md. Shamsul Haque, Financial Advisor were also present in the ceremony.

News:Financial Express/27-May-2015

Customers’ Interests Protection Centre releases April complaints

Two state-owned banks and a private one dissatisfied their customers most as Bangladesh Bank (BB) received the highest number of complaints against them last month, reports BSS.
BB received a total of 250 complaints in April against different banks as the banks failed to provide satisfactory services for their customers. The highest number of complaints was lodged with its Customers’ Interests Protection Centre (CIPC) against Sonali Bank, Rupali Bank and BRAC Bank. “These three banks have already been asked to take necessary steps to reduce the number of complaints from their clients. Otherwise, the central bank would take actions accordingly,” BB general manager at the Governor Secretariat AFM Asaduzzaman told the news agency.
He said BB had already resolved 236 complaints, or 94 per cent of the total 250 complaints received in April.
Among the complaints, 72 were general banking services related, 49 were concerning loans, 14 were on credit card services, eight were related to mobile banking, four were for mishandling remittances and six were regarding import bills.
The BB official said people lodged 197 complaints by post and the rest 53 by phone. He suggested people call BB’s helpline (16236) for lodging their complaints directly.