Al-Arafah Islami Bank Limited organized “Half Yearly Business Development Conference” at the bank’s head office in Dhaka on Saturday.

Md. Habibur Rahman, Managing Director of the bank was present as the chief guest while Abdul Malek Molla, director of the bank was present as special guest, said a press release.

Deputy Managing Directors Md. Mofazzal Hossain, Kazi Towhidul Alam, Md. Golam Rabbani and Mohammad Abdul Jalil were present on the occasion.

Heads of different departments of the bank’s head office, managers of four corporate branches, zonal heads of seven zones and managers from selected branches participated in the conference.

The bank’s achievement during last year as well as its future plan was discussed during the conference. 

News:Daily Sun/13-July-2014

 Islami Bank Bangladesh Limited organised business development conference for Dhaka central, north and south zones and corporate branches at a local convention hall in Dhaka on Friday.

Prof. Abu Nasser Muhammad Abduz Zaher, Chairman of the bank was present in the conference as chief guest, said a press release.

News:Daily Sun/13-July-2014

In the purpose of providing shariah based modern banking service Union Bank Ltd. has been inaugurated its Agrabad Branch on 10th July, 2014 at CDA plot # 59(1st floor) Agrabad Commercial Area, Agrabad,Chittagong, informed by the authority. President of Chittagong Chamber of Commerce Mahbubul Alam inaugurated the branch. Among others Honorable Vice-Chairman Belal Ahmed, Managing Director Md. Abdul Hamid Miah, SEVP S.A.M Salimullah,Agrabad Branch Manager Faridul Haque Chowdhury, Renowned Businessmen, Industrialists, Local Elites, Executives and Officers of the Bank were also present on the occasion.

A Doa-Mahfil was also organized on the occasion. The Bank is committed to play the leading role in the economic development and Industrialization of the Country.

News:Bangladesh Today/12-July-2014

The central bank suggested the banks to sincerely follow the EFT (electronic fund transfer) return rules to accomplish financial transaction in a faster way, said a central bank circular

News:Dhaka Tribune/12-July-2014

LONDON: The Bank of England opted yesterday to keep interest rates at a record-low 0.50 percent, despite governor Mark Carney’s recent warning that they could rise sooner than expected.

The British central bank’s nine-member monetary policy committee (MPC) also decided after a two-day meeting to maintain the level of cash stimulus, or quantitative easing, at 375 billion ($641 billion, 471 billion euros).

Both decisions were in line with market expectations and were shrugged off on the London stock market. The BoE will publish minutes from the gathering on July 23.

The bank had slashed borrowing costs to 0.50 percent in March 2009, when it also launched the radical QE policy to stimulate economic growth.

However, Britain’s economy emerged from recession in the second half of 2009, after a fierce downturn rooted in the global financial crisis, and has since recovered somewhat.

The economy powered ahead with 0.8 percent growth in the first quarter of 2014 compared with output in the final three months of last year.

However, analysts argue that easing inflation may persuade policymakers to keep record-low rates for the time being.

“Although the economic recovery appears to be heading into the second half of this year with plenty of momentum, the continued weakening of inflationary pressures suggests that today’s decision by the MPC to leave interest rates on hold is likely to be repeated throughout 2014,” said Capital Economics analyst Samuel Tombs.

Consumer prices have been sliding in Britain, with 12-month inflation slowing to 1.5 percent in May—the lowest level for four and a half years.

The central bank is therefore having to deal with inflation that is below its 2.0 percent target, and a housing market that has rallied over the past year, especially in London.

Mindful also that it has to ensure that Britain’s growth revival keeps going, the central bank has so far shied away from raising rates to prevent a property bubble from forming.

Instead, it has deployed other tools at its disposal to deal with the rising housing prices.

Carney had last month hinted that the bank could lift rates sooner than expected, prompting analysts to price in a hike by the end of the year. —AFP

News:Daily Sun/12-July-2014