Islamic banking now at all City Bank branches
City Bank, one of the oldest banks in Bangladesh, yesterday rolled out its Islamic banking service in all branches and sub-branches throughout the country. The move comes at a time when the market share of Islamic banks, in terms of assets, financing and deposits of the total banking sector, continues to register strong growth owing to increasing demand and supply of Shariah based products. Of the 60 scheduled banks in Bangladesh, 10 are operating as full-fledged Shariah-compliant lenders while 23 conventional banks, including two foreign banks, offer Islamic banking services, according to Bangladesh Bank data. City Bank, which has been providing Shariah-based banking services since 2003 through one branch in Dhaka, added more deposits and investment products in 2011. As the demand has grown since then, it expanded the services across all branches. At present, City Bank’s deposits through its Islamic banking window stands at Tk 1,900 crore, which is around 6 per cent of its total deposits of roughly Tk 30,000 crore. The private bank aims to increase the deposit through Shariah based products to Tk 10,000 crore within the next two or three years, said Arif Bin Idrish, head of the Islamic banking division at City Bank. City Bank has over 150 branches and sub-branches where customers can now avail Islamic banking services. Customers will also be able to avail Islamic banking services through the lender’s digital banking app, Citytouch.
Industrial credit rises over 12% in July-Sept
Credit flow to the industrial sector has registered a more than 12% jump year-on-year in July-September of the current year as economic activities have now bounced back with the pandemic situation turning the corner. According to the latest data of the Bangladesh Bank, disbursement of bank loans to the sector amounted to Tk1,06,596 crore, while it was Tk94,849 crore in the same period a year ago. But the disbursement in the quarter dropped by Tk644 crore from Tk1,07,241 crore in the April-June quarter of this year. Private sector credit growth, which had slumped owing to the pandemic and the pressure of interest rate capping, jumped to 9.44% in October, the highest in the past one year. The spike was the result of a rising demand amid resumption of economic activities. Credit growth had dipped below 9% in October last year and hit its lowest of 7.55% in May this year. According to the central bank, in the first nine months of this year (January-September), disbursements to the industrial sector increased by Tk44,035 crore or 16.88% to Tk304,803 crore from Tk260,768 crore in the same period a year ago. Import payments have increased by more than 50% to $23.39 billion over the first four months of the current fiscal year. At the end of September this year, the banking sector’s total disbursed loans stood at 11,65,210 crore, up by Tk101,584 from Tk10,63,626 crore in September last year. Besides, the default loans in the banking sector surpassed Tk1 lakh crore in November, according to central bank data.
Midland Bank launches Bangla QR service
The Midland Bank Limited launched Bangla QR Payment service in their ‘Midland Online’ App with the partnership of SSLCOMMERZ at the bank’s Head Office on Monday. This service will enable customers of Midland Bank to scan and pay to retail shops and businesses. Ahmed Kamal Khan Chowdhury, Group Advisor of SSLCOMMERZ, and Md Ahsan-uz Zaman, Managing Director & CEO of Midland Bank, were present at the launching ceremony.
Doreen Power approves 25pc dividend
The shareholders of Doreen Power Generations and Systems Limited approved 25 per cent dividend along with other agenda in the 14th Annual General Meeting (AGM) held on Sunday through digital platform. Ms. Anjabeen Alam Siddique, Chairman of the Board of Directors of the Company presided over the meeting. Managing Director Mr. Tahzeeb Alam Siddique, Director Mr. Abul Hasnat, Director Mr. Ali Akbar, Independent Director Mr. Mahtab Bin-Ahmed and Mr. Masudur Rahman Bhuiyan, Company Secretary were present in the AGM along with others. Audited Financial Statements, auditors’ report along with directors’ report for the year ended 30th June 2021 were approved in the AGM. Shareholders approved 12% stock dividend for all shareholders and 13% cash dividend for general shareholders except directors or sponsors for the financial year 2020-2021. Earnings Per Share (EPS) and Net Operating Cash Flow Per Share (NOCFPS) of the company was Tk.8.09 and Tk.6.46 for the financial year 2020-2021. Net Asset Value Per Share (NAVPS) has stood Tk.48.41 as on 30 June 2021.
Mian Kamrul Hasan new AMD of SJIBL
Mian Kamrul Hasan Chowdhury has been promoted as Additional Managing Director (AMD) at Shahjalal Islami Bank Limited (SJIBL). Prior to taking over the charge of Additional Managing Director, he was the Deputy Managing Director and Head of Human Resources Division of SJIBL. Prior to joining in Shahjalal Islami Bank, he served Bank Asia Limited as Deputy Managing Director. After completing Bachelor (Hons) and Masters in English from University of Dhaka, he started banking career with Bangladesh Bank as an Assistant Director in 1993 where he served in different departments. He joined United Commercial Bank Ltd. in 2008 as Senior Vice President and worked in different areas at Head Office as Divisional In-charge till December 2015.