Muhammed Ali, Managing Director of SIBL, hands over a cheque for Tk 250,000 to Md Samshul Hoque, son of its employee in Dhaka.

Social Islami Bank Limited (SIBL) recently donated Tk 250,000 to one of its employees for heart treatment.

Muhammed Ali, Managing Director of the Bank, handed over the cheque to Md Samshul Hoque, son of the employee, said a press release.

Deputy Managing Directors and other executives of the Bank were present.

The Daily Sun/Bangladesh/ 5th Aug 2012

WASHINGTON: The International Monetary Fund announced yesterday an extension of a two-year loan window to Iraq by seven months to allow the authorities time to get policy measures on track under the program.

That means Iraq has extra time to borrow from the $1.96 billion in IMF financing that currently remains available.

The loan, initially for $3.6 billion, had been scheduled to expire on July 23 and will now expire on February 23, 2013, the IMF said in a statement.

The IMF executive board approved the extension on July 20 following a request by the Iraqi authorities, the global lender said.

The IMF said the extension will provide the Iraqi authorities with more time to implement the policy measures needed to complete the fund’s combined third and fourth reviews under the so-called Stand-By Arrangement (SBA) program.

“The extension will, in particular, provide time for discussions on fiscal policies for the remainder of 2012 and on measures to improve the functioning of the exchange regime,” it said.

The Daily Sun/Bangladesh/ 5th Aug 2012

WASHINGTON: The International Monetary Fund yesterday issued a $2 billion loan for Jordan to steady the country’s battered economy and protect it from external “shocks” in the region.

The IMF executive board approved the three-year loan, making $385.35 million immediately available, the fund said in a statement.

The remaining amount will be phased in, subject to quarterly reviews of the economy’s performance under the so-called Stand-By Arrangement.

The IMF noted that the loan, requested by the Jordanian authorities, represents “exceptional access” to the fund’s resources, amounting to 800 percent of Jordan’s financial commitment to the institution.

Flanked by a circle of instability, Jordan has been ravaged by spluttering natural gas supplies from revolutionary Egypt and a flood of refugees crossing the border from war-torn Syria.

In addition, large financing needs to protect consumers from the increase in energy prices in 2011 were further deepened in 2012 by the need to provide housing and medical services to refugees from Syria.

The Daily Sun/Bangladesh/ 5th Aug 2012

K S Tabrez, Managing Director of DBBL, hands over the key of an ambulance to Jaynul Bari, Deputy Commissioner and President of Beach Management Committee of Cox’s Bazar recently.

Dutch-Bangla Bank Limited (DBBL) donated an ambulance to the Beach Management Committee (BMC) to ensure emergency support in rescuing visitors in case of any incidents at the longest beach Cox’s Bazar.

K S Tabrez, Managing Director of the bank handed over the key of the ambulance to Jaynul Bari, Deputy Commissioner and President of Beach Management Committee of Cox’s Bazar, said a press release.

Nasir Uddin Yousuf Bachhu, Central President of Shammilito Shangskritik Jote, senior officials of Deputy Commissioner’s Office, executives of advertising firm MAATRA and local journalists were present on the occasion.

The Daily Sun/Bangladesh/ 5th Aug 2012

The Bangladesh Bank (BB) has provided licence to a new credit rating agency to assess the financial health of bank companies operating in the country.

The newly licensed Alpha Credit Rating Limited (ACRL) would start functioning soon by maintaining the International Convergence of Capital Measurement and Capital Standards (June 2006) under Basel II, a BB circular reads.

With the ACRL, the number of External Credit Assessment Institutions (ECAIs) rose to six in the country. Others are-- CRISL, CRAB, NCRL, ECRL and ACRSL.

ECAIs usually scan a bank’s financial status by analysing risks and capital allocation against credit risk, market risk and operational risk.

These risks covers liquidity risk, residual risk, interest risk in the banking book, legal risk, strategic risk, reputation risk and any other risk associated with the business activities of a bank.

From now on, the central bank would map the rating scales on banks by all six ECAIs with its own rating grades to measure financial health of banking companies.

The Daily Sun/Bangladesh/ 5th Aug 2012