Islami Bank Bangladesh Ltd. (IBBL), the first Shariah based Islami commercial bank in the Southeast Asia, is playing a remarkable role in alleviating poverty across the country through performing enormous Corporate Social Responsibility (CSR) activities in different vital sectors.

According to an official source of IBBL, the IBBL has been playing a very significant role in performing CSR activities in different sectors, including education, health, environment, sports, industry, literature, cultural and relief sector through the Bank’s Social Affairs Department.

The IBBL sources said that after the establishment of IBBL, a charity trust titled ‘Sadakah’ had been set up on July 4, 1983 aimed to perform different social welfare activities.

Altering the name of ‘Sadakah’ as ‘Islami Bank Foundation Ltd.(IBFL)’ on May 20, 1991 all types of social welfare activities has been brought under IBFL.

Later, with an endeavour to expedite the bank’s CSR activities, IBBL are performing CSR activities through its Corporate Social Affairs Department from July 16, 2009.

The IBBL official said that IBBL had spent total Tk 2187.41 million as CSR since its inception.
According to the IBBL official, CSR expenditure of the countries first Shariah based commercial bank IBBL has increased by nearly 67 per cent in the just concluded year 2011 compared to the CSR expenditure of 2010.

In the year 2011, IBBL had donated total Tk 386.96 million for CSR activities to 411,889 beneficiaries in different sectors, including education, health, relief, environment, sports, industry, literature and cultural sector, registering about 67 per cent growth over the CSR expenditure of Tk 232.98 million in 2010.

From the year 1983 to 2008, total of Tk 1319.56 million had been donated by the IBBL to the country’s vital sectors.
Out of Tk 383.96 million CSR expenditures of the bank, IBBL had donated Tk 50.46 million to 128679 beneficiaries in education sector, Tk 25.78 million to 128,556 beneficiaries in health sector, Tk 21.79 million to 32,928 recipients in relief and rehabilitation, Tk 0.48 million to three receiver in environment, Tk 233.35 million in sport sector, Tk 7.15 million in industry, literature and cultural sector and Tk 47.95 million in others sectors.

A total of Tk 2329.80 million had been spent in CSR activities by the banking sector in 2010. Of which Tk 238.42 million had been contributed by the IBBL, which was 10 per cent of the overall banking CSR expenditure.
Besides, the bank has also played a very big role in the development of agriculture sector through ensuring easy access to finance to the farmers.

Through its total 35 Small and Medium Enterprises and Agriculture branches out of 266 branches, the sources said IBBL has invested total of Tk 15,189 million in the agriculture sector in the financial year 2010-11, which was nearly eight per cent of the overall investment of Tk 196, 552 million by all banks during that year.

The official also said that the bank’s operating profit is in better position than the country’s other banks both islami and non-islami banks.

The bank had recorded Tk 1142 crore operating profit at the end of the year 2010, the official said and expressed the hope that the bank would also register above 25 per cent growth of operating profit in 2011.

The official informed that IBBL has been expanding its banking service through opening new branches every year.
Out of total 266 branches, 20 branches had been opened in 2010 and 25 branches in 2011.

For operating the bank activities based on Shariah as well as rendering very quick and effective services, the official said IBBL has achieved great popularity among the country’s religious people.

Among the available services of the bank, Mudaraba Savings Bond, Mudaraba School Students Savings Accounts, Mudaraba Farmers Savings Accounts and Non-Resident Bangladeshi Investment Scheme have received huge responds from the customers.

The Bank is also rendering its overseas banking services to six countries thought total 19 representatives, the sources said.

Meanwhile, IBBL has given Tk 12 lakh scholarship to 200 underprivileged students who obtained GPA-5 in the SSC examination-2011. The awardees were honoured at a function at the Institution of Diploma Engineers Bangladesh in the city on Sunday.

Dr Salehuddin Ahmad, former Governor of Bangladesh Bank, was present at the function as chief guest while IBBL chairman Prof. Abu Nasser Muhammad Abduz Zaher was in the chair.

IBBL vice-chairman Engr Mustafa Anwar, chairman of executive committee Engr. Md Eskander Ali Khan, IBBL chairman of audit committee Md Shahidul Islam, and IBBL director and representative of Kuwait Awqaf Public Foundation Mohammad Abdullah AlJalahma also addressed the function as special guests.

IBBL managing director Mohammad Abdul Mannan gave the welcome address at the event.
Among the awarded 200 students, each student has received Tk 6,000.
Dr Salehuddin Ahmad said that the role of Islami Bank in economic development of the country has been praised from every corner.

The Bank’s growth and progress in every sector, including investment management, import-export and remittance collection is remarkable, Ahmad said.

The Daily Independent/Bangladesh/ 16th Jan 2012