Merchant banks and brokerage firms Sunday sought more initiatives to stabilise the capital market along with increasing the turnover value, officials said.

The representatives of merchant banks and brokerage firms made the plea at a meeting held at the office of the state-run Investment Corporation of Bangladesh (ICB).

At the meeting chaired by ICB managing director Md. Fayekuzzaman, the representatives also proposed for a permanent re-financing fund so that merchant banks and brokerage firms can take loans with minimum interest.

Mohammad Saifur Rahman, an executive director of the securities regulator, also attended the meeting.

According to Mr. Fayekuzzaman, the representatives stressed the need for possible ways to strengthen the capital base of merchant banks those are facing a dismal situation.

"The representatives have sought soft implementation of rules to revive the capital market by creating breathing space for the banks who are not in a position of purchasing shares," Fayekuzzaman said.

According to him, the merchant bankers told the meeting that the investors who availed the re-financing scheme facility have been benefited.

"Merchant bankers have also said that they would try to facilitate the affected investors who were out of the capital market re-financing scheme," Fayekuzzaman said.

ICB managing director told the meeting that the bank's dividend declaration was comparatively better in 2015 compared to the declarations made in 2014.

"We will discuss the issues with the securities regulator," he added.

The issue of allowing IPOs (initial public offerings) with reasonable premiums was also discussed at Sunday's meeting.
Merchant banks and brokerage firms Sunday sought more initiatives to stabilise the capital market along with increasing the turnover value, officials said.

The representatives of merchant banks and brokerage firms made the plea at a meeting held at the office of the state-run Investment Corporation of Bangladesh (ICB).

At the meeting chaired by ICB managing director Md. Fayekuzzaman, the representatives also proposed for a permanent re-financing fund so that merchant banks and brokerage firms can take loans with minimum interest.

Mohammad Saifur Rahman, an executive director of the securities regulator, also attended the meeting.

According to Mr. Fayekuzzaman, the representatives stressed the need for possible ways to strengthen the capital base of merchant banks those are facing a dismal situation.

"The representatives have sought soft implementation of rules to revive the capital market by creating breathing space for the banks who are not in a position of purchasing shares," Fayekuzzaman said.

According to him, the merchant bankers told the meeting that the investors who availed the re-financing scheme facility have been benefited.

"Merchant bankers have also said that they would try to facilitate the affected investors who were out of the capital market re-financing scheme," Fayekuzzaman said.

ICB managing director told the meeting that the bank's dividend declaration was comparatively better in 2015 compared to the declarations made in 2014.

"We will discuss the issues with the securities regulator," he added.

The issue of allowing IPOs (initial public offerings) with reasonable premiums was also discussed at Sunday's meeting.

Dhaka : The Board of Directors of Islami Bank Bangladesh Limited recommended 15% cash dividend for the shareholders for the year 2014 subject to approval of the 32nd Annual General Meeting of the Bank. This was decided in a meeting of the Board held at Islami Bank Tower on March 21, 2014 Saturday with its Acting Chairman Engr. Mustafa Anwar in the chair. Local and Foreign Directors of the Board along with Mohammad Mohammad Abdul Mannan, Managing Director of the Bank attended the meeting, reports in a press release.
The meeting approved the Profit & Loss Account and Balance Sheet for the year 2014 ended on 31 December. The Board also decided to hold 32nd Annual General Meeting of the Bank on June 13, 2015. The Record date for Dividend has been fixed on April 16, 2015. It was also decided that the annual profit rate of Mudaraba Perpetual Bond of the Bank is 11.18% for the year 2014 which is the sum of 9.68% final rate of profit of 8 years term Mudaraba Savings Bond and 10% of the declared Dividend. The Profit of the Bond will be distributed within 30 days from holding of Annual General Meeting of the Bank. The meeting expressed satisfaction while evaluating the performance of the Bank over the success & progress achieved so far and took some important business decisions.

A file photo shows branches of Bangladesh Krishi Bank and scam-hit BASIC Bank at Karwan Bazar in Dhaka. The government has decided to amend at least three acts including the Bank Company Act (1991) that regulate banking operations to include bailout measures to shore up troubled banks with injecting prompt liquidity assistance.

The government has decided to amend at least three acts including the Bank Company Act (1991) that regulate banking operations to include bailout measures to shore up troubled banks with injecting prompt liquidity assistance. Bangladesh Bank is now at the final stage of drafting a bank resolution and lender of last resort (LOLR) facilities so that immediate liquidity measures could be taken either by the finance ministry or by the BB in case any bank or financial institution collapses, a senior finance ministry official said. The measures will be purported to enabling the BB to intervene immediately in the event of any ‘failure’ on the part of a bank to cope with any emerging adverse situation, and take appropriate remedial measures. Other laws to have amendments are Bangladesh Bank Order-1972 and Deposit Insurance Act. The decision was taken in the first week of current month at a meeting with finance ministry officials and a delegation of International Monetary Fund. A number of senior BB officials also attended the meeting. ‘We have decided to put in place a LOLR mechanism to help intervene into a beleaguered bank’s affairs of severe capital crisis. The proposed contingency plan will require bringing amendments to a number of acts,’ a senior finance official told New Age on Saturday. On the other hand, SM Moniruzzaman, executive director, BB said the proposed LOLR was in its final stage that is being prepared to tackle any debacle of a bank. ‘The proposed LOLR is in its final stage and before enforcing the measures, bringing amendments to a number of acts including that of BCA (1991) will be required as such measures are new for our banking system,’ Moniruzzaman said. The BCA (1991) was last amended in middle of 2013, while the BB Order (1972) in 2003. The suggestion of IMF came against the backdrop of a good number of large loan scams that were unearthed in some of the country’s state-owned banks, particularly Sonali Bank and the BASIC Bank. The banks concerned are now faced with the problem of a large shortage of capital, a senior BB official said. A senior BB official said the proposed LOLR would help the BB, in case any bank — be it public or private — collapses or fails, to intervene promptly to shore up its financial position and protect the interest of depositors. Another top BB official who has been involved in the related process said he had almost completed the task of preparing an efficient bank resolution method, based on a number of in ternationally practised core fundamentals to deal with the problems of any troubled bank. These are : minimising financial and economic costs and contagion risks in case a bank faces the risk of collapse, ensuring protection to depositors, protecting shareholders’ interest, enacting proper legislation, enhancing supervision, increasing the implementation capabilities of any such bank, and strengthening the bank’s capital base. Besides, the proposed resolution guidelines will have a policy on how the BB could support a troubled bank with injection of fresh fund, a BB source said. ’The capital injection by the BB will be considered as the last option under the proposed framework in case all other opportunities of such a troubled bank are exhausted,’ the BB official said. He, however, ruled out the possibility of any immediate risk about the collapse of any of the country’s banks. Moniruzzaman said the proposed LOLR has an ‘emergency liquidity assistance’ regulation, which will elaborate bailout measures for a bank in need.

The Customs Bond Commissionerate of Dhaka has asked banks to open letters of credit in favour of active firms only.

The field office of the National Board of Revenue also directed the banks not to give overseas trade-related services to the companies that face regulatory measures for noncompliance with bonded warehouse rules.

The commissionerate has recently taken a series of measures that include listing of non-existent firms, putting a freeze on bank accounts of 123 companies and 385 directors of these companies and suspension of many bond licences.

The number of active firms having bond licences is 3,793 now, with the number of total bond licensees being 6,227. The bond licences of the rest 2,434 have been declared inactive, officials said.

The field office of the revenue authority said the firms whose licences were made inactive owe Tk 3,790.53 crore to the state.  "We have sought revenue from these companies for misuse of the bonded warehouse facility," said Md Shahidul Islam, a commissioner of the Customs Bond Commissionerate.

Bonded warehouses allow exporters to store taxable imports, mainly raw materials, in secured areas without payment of duties and taxes, and use them in manufacturing for export.

The authorities issue bond licences to export-oriented firms, allowing them to import raw materials at zero duty on condition that they will make finished products with the same imported raw materials and export them.

Of the firms with inactive bond licences, 75 percent represent the apparel sector followed by firms that make accessories and packaging items for export-oriented industries, according to the commissionerate.

In a letter to banks last week, the commissionerate said it has taken a series of measures to facilitate proper functioning of firms having bond licences, curb duty evasion and bring about transparency and accountability. 

The field office said it updates status of the firms having bond licences on its website regularly and asked bankers to check the status before extending overseas trade related services. "You are requested to open LCs, issue PRC (proceed realisation certificates) and perform other lawful jobs in favour of only active firms," said the letter signed by Islam.

A recent survey found that some 476 factories have vanished after taking tax and duty-free benefits under the bonded warehouse facility, costing the country hundreds of crores in lost revenues.

Dhaka: Executive Development Program on BASEL-III implementation in Islami Bank Bangladesh Limited held at Mohammad Younus Auditorium of the Bank on Saturday, reports in press release. Mohammad Abdul Mannan, Managing Director of the Bank, addressed the program as chief guest. Presided over by Md. Abdul Jabbar, Executive Vice President and Head of Risk Management Wing of the Bank, Chowdhury Md. Feroz Bin Alam, General Manager and Dipti Rani Hazra, Joint Director, Banking Regulation and Policy Department of Bangladesh Bank presented key note papers on BASEL-III and BASEL-II respectively in the program. Muhammad Abul Bashar, Md. Habibur Rahman Bhuiyan, FCA, Md. Mahbub-ul-Alam Deputy Managing Directors along with top executives of the Bank were present in the program attended by executives and officials from Head office, different Zones and Branches of the Bank. Mohammad Abdul Mannan as chief guest said, accountability, discipline and confidence have been established in the Banking sector through implementation of BASEL policies. He said that Islami Bank is liable to its entire people. The Bank keeps its competency in implementing BASEL policies. He called upon the executives to play pioneering role in the Banking sector in compliance of BASEL policies by pursuing expertise on it. The Mission of IBBL is to provide high-quality bio specimens and associated data, foster scientific excellence, catalyse partnerships and support research that translates scientific discoveries into new healthcare solutions. Vision of IBBL is to be an international centre of excellence in biobanking and to accelerate the use of personalised healthcare for the benefit of Luxembourg. Vision of IBBL is to accomplish our aims; we have identified a series of strategic goals for the immediate future: Vision of IBBL is to establish all of the necessary core activities for biobanking in Luxembourg
Vision of IBBL is to enhance the technological services available to the research community, to support the four priority research programmes in the personalised medicine initiative in Luxembourg (Cancer, Diabetes, Parkinson’s Disease, and a Normal Population Cohort), to seek partnership opportunities in all areas of its activities, to read more about the steps we have made towards accomplishing our goals, and how we intend to move forward into the future, take a look at Our History and Annual Report.