Dhaka: Islami Bank Bangladesh Limited donated Tk. 10 million to Prime Minister’s Relief Fund to help and rehabilitate the flood and river erosion affected people of the country. Prime Minister Sheikh Hasina received the cheque from Prof. Abu Nasser Muhammad Abduz Zaher, Chairman of the Bank on September 18, 2014 Thursday at Gonobhaban. Md. Nazrul Islam Mazumder, Chairman, Bangladesh Association of Banks (BAB) was present on the occasion, reports in a press release.To establish Islamic Banking through the introduction of a welfare oriented banking system and also ensure equity and justice in the field of all economic activities, achieve balanced growth and equitable development in through diversified investment operations particularly in the priority sectors and less developed areas of the country. To encourage socio-economic upliftment and financial services, to be horganised to the loss-income community particularly in the rural areas.
Islami Bank Bangladesh Limited vision is to always strive to achieve superior financial performance, be considered a leading Islamic Bank by reputation and performance.
Our goal is to establish and maintain the modern banking techniques, to ensure soundness and development of the financial system based on Islamic principles and to become the strong and efficient organization with highly motivated professional, working for the benefit of people, based upon accountability, transparency and integrity in order to ensure stability of financial systems.
We will try to encourage savings in the form of direct investment.
We will also try to encourage investment particularly in projects which are more likely to lead to higher employment.

The central Bank yesterday approved $ 125.05 million foreign loan and supplier’s credit for 7 projects. The approval came from the 89th meeting of the Scrutiny Committee for approval of foreign loan / supplier’s credit held at Bangladesh Bank. The committee approved $ 44 million for Dutch-Bangla Power & Associates Ltd., $ 44 million for Orion Power Meghnaghat Ltd. (Earlier IEL Consortium & Associates Ltd.), $ 15.43 million for Tarasima Apparels Ltd., $ 15 million for Ma-Meem Denim Ltd., $ 4.45 million for Rising Industries Ltd., $ 1.60 million for Knit Concern Ltd. and $ 0.567 million for Plummy Fashions Ltd.
The highest interest rate of the approved proposals is 3-month LIBOR+4.50 per cent that is the effective interest rate is within 4.74 per cent and the tenor of these loan proposals are at least three years.
The meeting was presided over by Atiur Rahman, governor, Bangladesh Bank and convenor of the committee, while the Committee members including representatives of the Prime Minister’s office, Ministry of Finance, Ministry of Industries, Board of Investment and officials of the committee secretariat were also present.
The committee official (Joint director of Bangladesh Bank) informed the meeting that more foreign financing proposals are under consideration for approval. 
The committee hoped that such foreign financing will be helpful in keeping the dollar price stable, decreasing the deficit of the country’s ‘Balance of Payment’ and it will create more job opportunities.

 

 EXIM Bank will issue Mudara subordinated bond worth Tk 250 crore to boost its capital base as a proposal in this regard has got approval.

The proposal was granted as a process of inclusion in Tier-II capital for a period of seven years at a prevailing provisional profit rate for 6 months through private placement, said a press release.

The bond will be issued after getting approval from the Bangladesh Securities and Exchange Commission and all other regulatory authorities and complying all formalities.

The approval came at the bank’s ninth Extra-ordinary General Meeting (EGM) held at Emmanuelle’s Banquet Hall at Gulshan in Dhaka on Sunday. Md Nazrul Islam Mazumder, Chairman of EXIM Bank, presided over the meeting, said a press release.

Abdul Mannan, MP, Vice Chairman of EXIM Bank, Md Habib Ullah Dawn, Mohammed Shahidullah, Mohammad Omar Farooque Bhuiyan, Md Nurul Amin Faruk, Lt. Col. (Retd) Serajul Islam, Khandakar Mohammed Saiful Alam, Directors, Abdullah Al Zahir Swapan, Sponsor, Dr. Mohammed Haider Ali Miah, Managing Director and CEO of EXIM Bank, and Md Golam Mahbub, Company Secretary, attended the meeting. 

Sydney: South Korea Finance Minister Choi Kyung Hwan urged the central bank to support Asia’s fourth-biggest economy, saying it’s important for monetary policy to be in “harmony” with government efforts to boost growth.

“The Bank of Korea probably shares many of our views regarding the Korean economy,” Choi, 59, said in an interview on Saturday in Cairns, Australia where he is attending a meeting of finance and central bank chiefs from Group of 20 economies. “I am sure they will come out with a wise decision on their own.”

With the economy slowing as consumer spending declines and a stronger won cuts profits for exporters, the government added fiscal stimulus this year and is poised to boost spending to a record in 2015. The central bank has cut the policy rate to the lowest in more than three years and Governor Lee Ju Yeol, who is also in Cairns, faces growing pressure to reduce borrowing costs further to support growth, reports Bloomberg.

The pace of recovery in the economy has been “very slow” since a ferry disaster earlier this year, Choi said. The accident prompted consumers and businesses to cut spending in mourning.

The trend in low inflation and growth can be seen across the world, Choi said. “To stem the cycle of low growth, what we need is to have some bold policies to boost demand. South Korea is similar,” he said.

Two months into his job, Choi has already announced an 11.7 trillion won ($11.2 billion) stimulus package, eased mortgage lending controls and outlined plans to give tax breaks for companies that boosts dividends and investments. His ministry also plans to increase spending by 20.2 trillion won in 2015 to support growth, the biggest amount since the 2009. Bets for another rate cut by the central bank gained momentum after Governor Lee said one member dissented on the decision to hold the benchmark rate at 2.25 per cent on Sept. 12 after the 25 basis point reduction last month.