The board of directors of Islami Bank Bangladesh Ltd recommended 35 percent stock dividend for the shareholders for the year 2010, subject to the approval of the 28th Annual General Meeting (AGM) of the bank.

This decision came at a meeting of the board of directors of the bank on Thirsday at the bhank’s head office in the city, said a press release.

The meeting also approved the profit and loss account for the same year and balance sheet as on December 31, 2010.

The AGM and Extra Ordinry General Meeting will be held on May 18 while the record date in connection for entitlement of dividend has been fixed on April 13.

Presided over by Prof. Abu Nasser Muhammad Abduz Zaher, chairman of board of directors of the bank, the meeting was also attended by its foreign and local directors including Yousif Abdullah Al-Rajhi, representative of Al-Rajhi Company for Industry and Trade, Dr. Abdulhameed Fouad Al-Khateeb, Mohamad Adnan Midani, representative of Islamic Development Bank, of Saudi Arabia and Mohammad Abdullah Al-Jalahma, representative of Kuwait Awqaf Public Foundation.

The meeting also fixed the annual profit rate of Mudaraba Perpetual Bond of the bank at 12.35 percent. The profit of the bond will be distributed within 30 days after the AGM.

News: Daily Sun/ Bangladesh/ Mar-26-2011