AK Azad

AK Azad, Managing Director of Ha-Meem Group of Industries was re-elected Chairman of Shahjalal Islami Bank Limited.

Alhaj Mohammad Younus and Alhaj Md. Abdul Barek were elected Vice-Chairmen of the bank, said a press release.

The election was held at the 198th meeting of the Board of Directors of the bank held at the bank’s head office in Dhaka on Sunday.

Azad is Managing Director of Channel 24 and the Daily Samakal, Sponsor Shareholder of Sonar Bangla Insurance Limited and former president of FBCCI.

After receiving honors degree in Applied Physics from University of Dhaka, Azad concentrated in business.

He got engaged in jute, textiles, tea and readymade garments business. His contribution to creating employment in the country is praiseworthy.

Md Younus is the Managing Director of Sobhan Ice and Cold Storage Ltd, Younus Filament Industries Ltd, Younus Plastic Industries Ltd, Younus Cold Storage Ltd, Quality Accessories Ltd, Ananta Paper Mills Ltd, Younus Fine Paper Mills Ltd, Younus Spinning Mills Ltd, Sonali Paper and Board Mills Ltd, Sharif Cold Storage Ltd, Younus Newsprint Mills Ltd, Younus Offset Paper Mills Ltd and also Director of NTV.

Md Abdul Barek is a sponsor shareholder of Shahjalal Islami Bank Ltd and Shahjalal Islami Bank Securities Limited. He is the proprietor of Arju Electronics, Jony Electronics and Rony Electronics.

A file photo shows an automated teller machine booth in the capital. Bangladesh Bank has recently asked eight scheduled banks, attached to the National Payment Switch Bangladesh, not to charge clients more than the stipulated Tk 10 for each inter-bank transaction through ATMs. 

Bangladesh Bank has recently asked eight scheduled banks, attached to the National Payment Switch Bangladesh, not to charge clients more than the stipulated Tk 10 for each inter-bank transaction through automated teller machines.
The central bank has recently found allegations against the banks that some of them imposed higher charge on the clients through ATM transactions violating the BB directions.
Against the backdrop, the central bank issued separate letters on June 19, 2014 to the eight banks asking them to follow strictly the BB regulations.
The eight banks are: Dutch-Bangla Bank, BRAC Bank, Prime Bank, Pubali Bank, Islami Bank Bangladesh, Mutual Trust Bank, Southeast Bank and Al-Arafah Islami Bank.
The eight banks earlier joined in the NPSB and a number of banks are now taking preparation to get attached to the domestic payment gateway.
The NPSB is now playing the role of a ‘mother switch’ and it will gradually connect all ‘child switches’ owned or shared by the scheduled banks in the country.
The child switches, which are ATM, point on sale, electronic commerce, internet banking, mobile banking and other online-related banking services offered by banks, will be brought onto a common platform of the NPSB under the central bank strengthening project.
The BB set the charge at Tk 10 on March 18, 2014 for each inter-bank transaction for clients through ATM under its NPSB project.
The central bank also set charge at Tk 5 for mini statement or balance inquiry in the inter-bank transactions through ATMs under its NPSB project.
According to the BB circular about the ATM charge, the card (debit or credit card) issuer banks will have to pay Tk 20 to the ATM owner banks for each inter-bank transaction.
The card issuer banks will have to impose a maximum charge of Tk 10 for each inter-bank transaction for its clients through the ATM machines, meaning that the card issuer bank will have to pay a subsidy of Tk 10.
The card issuer banks, however, will receive the full charge of Tk 5 from their clients if they (clients) collect mini statement or search their balance position through the ATMs.
A BB official told New Age on Wednesday that some scheduled banks had earlier complained against the central bank’s move saying that the new charge set by the BB was not viable for their business.
The banks, which set up the majority number of ATM booths, say that they will not be able to avail from the central bank initiative as their maintenance cost is higher than that of the BB charge, he said.
The central banker said, ‘The BB thinks that the ATM charge under the NPSB is viable enough for the banks.’

The finance division is preparing a letter for the banking and financial institutions division with a proposal to inject funds for acquiring right shares in the two private companies

JAKARTA: Bank Indonesia (BI) has supported the governments order to ban transactions in US dollar at Jakartas Tanjung Priok Port, Senior Deputy Governor Mirza Adityaswara said here on Friday.

He noted that domestic transactions must be carried out using the countrys currency in line with currency law number 7 of 2011.

“The law must be adhered to because it was formulated by the government and the parliament (DPR),” he said. Article 21 of the law states that financial transactions carried out within the Unitary State of Indonesia must use the countrys currency, he explained.

“The law states that all transactions both cash and noncash must be carried out using rupiah,” he said.

Mirza admitted that the US dollar continued to be often used in commercial transactions in Indonesia, such as in property leasing, gas trading, and port cost payments, although they were not export-import transactions or foreign debt payments.

He noted that the situation still continued because of a lack of understanding of the people involved about the essence of the law.

Based on that he said BI and the government will continue coordinating to inform about the law.

“BI and the government will bring the law to the knowledge of the people because its violation could lead to a criminal sanction. So, we will continue to promote the law,” he affirmed.

Coordinating minister for economic affairs Chairul Tanjung during a visit to Tanjung Priok on Thursday had ordered the use of the rupiah currency in transactions at the port.

“Transactions within the Indonesian territory must be carried out using the rupiah currency. We have asked Pelindo II (the port operator) to assure that all companies at the port implement the law,” he said.

The minister pointed out that various transactions in port areas in Indonesia have often been carried out using US dollar and the rupiah currency has not been fully used. 

WASHINGTON: World Bank President Jim Yong Kim said Friday that the bank welcomes China’s proposal of setting up the Asian Infrastructure Investment Bank (AIIB), underscoring that the two agencies should be complimentary partners other than competitors.

The Chinese leaders put forward the idea to build the AIIB Last October, which aims to boost limited funding for Asian countries to improve their backward infrastructure facilities.

The initiative has been applauded by many countries, but is also surmised as a rival project with other lenders such as the World Bank and the Asian Development Bank.

China’s Finance Minister Lou Jiwei said that the proposed new bank and the existing multilateral development banks will be complimentary and cooperative, and the World Bank agree completely, Kim said at a media roundtable ahead of his visit to five Asian countries in early July.

“It would be foolish, in my mind, for us to think of the AIIB as a competitor, because there’s no way that the money we provide for infrastructure is going to be enough for us to reach the goal of ending extreme poverty. So, we very strongly welcome all the other participants,” he said.

The needs for infrastructure are enormous, as the World Bank estimated that South Asia needs to invest about 250 billion U.S. dollars a year to bridge the infrastructure gap over the next ten years, while East Asia needs about 600 billion dollars a year.

Developing and emerging countries invest about one trillion dollars a year now. In order to meet the demands, Kim said the World Bank is going to double that spending.

“With the one trillion a year extra that’s needed, even if all the banks that have been proposed come online, we still won’t be able to meet the need. So, we welcome all these efforts to increase infrastructure financing and look forward to working closely with any of the new institutions,” he said, adding “there is more than enough business for everybody.”

In terms of advice for the AIIB, Kim said the only advice that he would give is that the AIIB should see the World Bank as very willing and open partners.

“We would say, please, take advantage of our 70 years of experience in doing this kind of business, and let’s see how we can work even more closely together,” he said.

With a preliminary capital scale of 50 billion dollars, the AIIB is expected to be funded by its members in installments and may grow following future business expansion.

The final capital sizes and shares of various parties shall be settled by the AIIB founding members through consultation and negotiations, Lou Jiwei told Xinhua in early March. “If conditions become ripe, it may also expand its business beyond the region,” he said.

In April, Chinese Premier Li Keqiang said at the 2014 Boao Forum for Asia that China is ready to intensify consultations with relevant parties in and outside Asia on the preparations for the AIIB and hopes that the bank can be officially launched at an early date. —Xinhua