Banking

Liakat made Director of Al-Arafah Bank

Posted by BankInfo on Sat, Sep 20 2014 11:50 am

Md. Liakat Ali Chowdhury has been elected as Director of the Board of Al-Arafah Islami Bank Ltd.

The Board of Directors of the bank at the 261st meeting unanimously elected Liakat as Director of the bank.

Md. Liakat Ali Chowdhury is the owner of Asadi Steel Enterprise and Regal Oxygen. He is the managing partner of Jamuna Ship. Md. Liakat Ali, a prominent businessman of the country is a Director of Chittagong Metropolitan Chember of Commerce and Industry.

He is also the Founder Director of Southern University Bangladesh.

News:Daily Sun/20-Sep-2014

BB opens refinance scheme for Islamic lenders

Posted by BankInfo on Sat, Sep 20 2014 11:39 am

Sharia-based lenders can make renewable investment in the fund

Star Business Report

Bangladesh Bank has decided to form a refinancing scheme for Sharia-based banks and other financial institutions to provide agro-processors, small enterprises, renewable energy and environment-friendly initiatives with funds.

The refinance scheme aims to encourage the Sharia-based lenders to be involved more in the sectors such as agro-processing, small enterprises, renewable energy and environment-friendly efforts, the central bank said in a circular yesterday.

Islamic banks and other lenders hold more liquidity than they require as per the central bank regulations.

Bangladesh Bank has opened Islamic Refinance Fund Account to direct the excess liquidity to economic activities, according to the notice.

Under the scheme, the Sharia lenders can make a three-month renewable investment in the fund.

The lending rate will be the Mudaraba savings account rate of the lenders or 5 percent or which one is lower.

The profits from the fund will be distributed among participating lenders based on their investment ratio. The central bank will not take any profit even if it manages the fund, the banking regulator said.

Sharia-based lenders will have to repay the central bank the principal amount of the loan and the profits on it every three months. The lenders, however, will be able to borrow until their investment period lasts. 

The circular came on the back of a huge growth in Islamic banking in the country. There are seven full-fledged shariah-compliant banks. Most other banks have also launched their Islamic banking wing in recent years.

News:The Daily Star/19-Sep-2014

Other state banks should also slash high-up pays’

Posted by BankInfo on Sat, Sep 20 2014 11:23 am

BASIC decided to take away some part of high management’s salaries

Like as BASIC Bank, other state-owned banks, especially Sonali Bank should also decide to slash salaries of their top officials to ease financial trouble in the scam-hit sector, said a high government official.

“BASIC decided to take away some part of high management’s salaries. We hope other state-run banks, especially Sonali Bank will also do the same,” M Aslam Alam, Secretary to Bank and Financial Institutions Division, told the Dhaka Tribune yesterday.

He said the monthly salary of Sonali Bank MD Pradip Kumar Dutta is Tk4 lakh while previous MD Md Humayun Kabir would receive Tk8 lakh.

 In support of his suggestion, the secretary cited the salary cuts of CEOs of financial institutions in the United States during 2008 global recession.

BASIC Bank management decided to forfeit some portions of their salaries as the bank faced financial crisis.

Recently, Bangladesh Bank reminded Sonali Bank of paying other banks’ bills it accepted in favour of Hall-Mark Group.

Hall-Mark took Tk2,686 crore from the Sonali Bank’s Ruposhi Bangla branch in Dhaka during 2010-12 period through anomalies.

Of the amount, more than Tk1,200 crore was non-funded loans against the bills it consented to pay in future.

The bank delayed the payments as it waited for the ACC probe outcome. The anti-graft body later declined to investigate the bank’s non-funded loans.

 Sonali Bank was involved with an astounding Tk3,500 crore loan forgeries with Hall-Mark Group. 

News:Dhaka Tribune/19-Sep-2014

 

Robi signs corporate deal with Exim Bank

Posted by BankInfo on Sat, Sep 20 2014 10:22 am

Mahtab Uddin Ahmed, Chief Operating Officer of Robi Axiata Limited, and Dr Mohammed Haider Ali Miah, Managing Director of Exim Bank, exchange documents after signing a corporate deal in Dhaka on Thursday.

 Leading mobile phone operator Robi Axiata Limited signed a corporate deal with Exim Bank in the city on Thursday.

Under this agreement, Robi will offer various corporate postpaid and prepaid packages along with some other value-added services to Exim Bank, said a press release.

Mahtab Uddin Ahmed, Chief Operating Officer (COO) of Robi Axiata Limited, and Dr Mohammed Haider Ali Miah, Managing Director (MD) of Exim Bank, signed the agreement of behalf of their respective organisations.

Nowadays, mobile phone service is not limited within voice call only, rather subscribers can avail various value-added services and attractive data offers. Moreover, corporate subscribers can enjoy more lucrative offers from operators which facilitate the staff.

AKM Nazmul Islam, Vice-President (Enterprise Business), Kazi Md Ozair, General Manager (Enterprise Business), Md Imrul Shahid, Key Account Manager of Robi Axiata Limited, and Exim Bank Deputy Managing Director M sirajul Islam, Sirajul Haque Miah and Khondoker Rumy Ehsanul Haq were also present at the signing ceremony.

News:Daily Sun/19-Sep-2014

Russian economy to contract next year, EBRD bank forecasts

Posted by BankInfo on Sat, Sep 20 2014 10:20 am

LONDON: Russia’s economy will contract next year as a result of the crisis with Ukraine, the EBRD development bank forecast on Thursday after slashing its prediction for growth.

Ukraine’s economy will meanwhile contract faster than expected, in turn weighing on other emerging economies in the region, the European Bank for Reconstruction and Development said in its latest outlook report.

Russia’s economy will contract by 0.2 per cent in 2015, the EBRD said after predicting in May that it would expand by 0.6 per cent next year, reports AFP.

The bank, founded in 1991 to help ex-Soviet bloc countries such as Russia and Ukraine make the transition to free-market economies and democracy, maintained its forecast of zero Russian growth for this year.

“The Russian economy will come under pressure both from Western sanctions and the sanctions that Moscow has imposed on the West in response,” the EBRD said.

The United States and European Union last week hit Russia with tough new sanctions over Moscow’s “unacceptable behaviour” in Ukraine.

In some of the toughest measures yet to punish the Kremlin for allegedly fomenting the insurgency, Washington targeted Russia’s top bank Sberbank— which holds the deposits of nearly half all Russian savers—and leading energy and technology companies.

Moscow has meanwhile threatened to bar EU airlines from its airspace, and has drawn up a list targeting imports of consumer goods and second-hand cars from the West.

The EBRD added that Ukraine’s economy is predicted to shrink by 9.0 per cent this year, more than May’s forecast for a contraction of 7.0 per cent. Gross Domestic Product is set to come in at minus 3.0 per cent in 2015, the London-based institution added. 

News:Daily Sun/19-Sep-2014
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