Shariah-based financial system getting popular
Despite challenges, the shariah-based banking or financial system is getting popular day by day in Bangladesh and elsewhere in the world due to having its special and innovative features. Islamic Finance and Investment Limited (IFIL) organised the workshop on ‘Shariah Based Banking’ at the Institution of Diploma Engineers, Bangladesh (IDEB) in the capital on Saturday. The workshop was aimed at improving knowledge and presenting the significance of the system for its employees. More than 100 executive officers from its head office and local offices took part in the event. Inaugurating the workshop, IFIL Chairman Shibbir Mahmud said the IFIL would go forward in future through ensuring Islamic shariah compliance. The shariah-based banking system encourages expansion of business and trade, and discourages the interest-based banking system as it brings welfare for the people. The world as well as our country is advancing towards the shariah-based financial system by overcoming all sorts of obstacles.
Price hike of raw materials hits cement companies’ EPS
Price hike of raw materials has affected the cement manufacturers of the country. Because of increased production cost, the earning of most of the listed cement companies declined for 2018 compared to previous year. Of five local listed companies, the EPS (earnings per share) of four entities declined for the year ended on June 30, 2018. The companies whose EPS declined are Aramit Cement, Confidence Cement, MI Cement and Premier Cement. EPS of Meghna Cement, however, rose marginally. The loss of Aramit Cement rose for 2018 from the loss incurred in previous year. The company has reported a loss of Tk 4.56 for the year ended on June 30, 2018 as against the loss of Tk 2.97 for the same period of the previous year. Its NAV per share was Tk. 76.00 in 2018 as against Tk. 84.10 calculated in previous year. The EPS was Tk. 1.81 for July-September, 2018 as against Tk. 1.49 for July-September, 2017. Meghna Cement has reported EPS of Tk. 3.62 and NAV per share of Tk. 38.33 for the year ended on June 30, 2018 as against Tk. 2.91 and Tk. 36.71 respectively for the same period of the previous year. The EPS of MI Cement declined to Tk 2.13 for 2018 from Tk 4.45 calculated in previous year. The company has reported NAV per share of Tk. 47.98 and NOCFPS of Tk. 1.36 for the year ended on June 30, 2018 as against Tk. 47.80 and Tk. 1.73 respectively for the same period of the previous year. The consolidated EPS was Tk. 1.02 for July-September, 2018 as against Tk. 0.41 for July-September, 2017.
Deloitte opens office in Dhaka
Deloitte, a global advisory firm, sees a good prospect in providing business consulting services in Bangladesh as it opened office in the country. Deloitte wants to make a difference by providing full ranges of services of audit and assurance, consulting, financial advisory, risk, and tax services. If a company has just started to become a global powerhouse, Deloitte’s professionals can help the firm sustain and grow. With this, Deloitte Bangladesh will have a base of more than 100 professionals and highly respected clients. It hopes to grow the workforce several fold in the next few years. Pharmaceuticals, leather, power and energy, consumer’s goods and agro businesses have good future and need consultancy services.
Prime Bank, BIBM arrange workshop on int’l trade
Prime Bank Transaction Banking Division in partnership with BIBM has recently arranged a day-long workshop on International Trade: Associated Risk and Regulations for Business Protection for its wholesale banking clients at BIBM, Dhaka. Rahel Ahmed, Managing Director & CEO of Prime Bank Ltd, inaugurated the workshop. Dr. Shah Md. Ahsan Habib, Professor & Director (Training), BIBM, was also present on the occasion. Md. Touhidul Alam Khan, DMD & CBO of Prime Bank distributed the certificates among the participants.
US-Bangla offers 48pc discount marking Victory Day
US-Bangla Airlines is offering 48 percent discount on the base fare of business and economy classes to all domestic and six international destinations marking the country’s 48th Victory Day celebration. The destinations abroad are Kolkata, Guangzhou, Singapore, Kuala Lumpur, Muscat and Doha, the airline said in a statement yesterday. The offer will be available on purchases made till 16 December this year for travels from December 1 to May 20 next year. Tickets are available at US-Bangla Airlines sales offices and with authorized travel agents. All taxes and surcharges will be applied during purchase.
56 firms to get export trophies today
The government has nominated 56 companies for the national export trophy for their extraordinary performance in fiscal 2015-16. Of the companies, 25 are set to get gold trophies, 17 silver and 14 bronze, according to a commerce ministry circular. One of the top ranking exporters is Zaber and Zubair Fabrics Limited, a sister concern of Noman Group that lists retail giants like IKEA, H&M, Kmart, Walmart and Carrefour among its major customers. The company will receive its 10th consecutive gold trophy. Zaber and Zubair exported garment and fabrics worth $204.82 million in 2015-16, but the figure would have been much higher had buyers paid proper prices. Company which employs over 64,000 workers at its 32 spinning, textile and garment units, would soon have four more spinning units joining production. The other exporters focus on yarn, terry towel, jute and jute goods, leather and leather goods, frozen food, footwear, agricultural products, vegetables, fruits, plastic products, ceramics, light engineering, pharmaceuticals, computer software and packaging.
Bogura flower farmers eye Tk 100m profit
Flower farmers in the district are expecting to make profit over Tk 100 million ahead of the Victory Day. Sources said cultivators of varieties of flower had earned over Tk 80 million last season. Most of the growers are now passing busy days in the gardens as traders from neighboring districts have started visiting the area to purchase flowers. One farmer has cultivated flowers on 33 decimals of land spending 0.1 million this season. He is expecting to make over Tk 0.3 million profit. Wholesalers gave the farmers advance money for farming flowers to be harvested before December 16.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 50.93||↓0.52||↓1.01%|
|Crude Oil (Brent)||$ 59.46||↓0.45||↓0.75%|
|Gold Spot||$ 1,220.52||↓3.69||↓0.30%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 85.1535|
|GBP 1||BDT 108.5622|
|EUR 1||BDT 96.3682|
|INR 1||BDT 1.2238|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.