Call to adopt Tech in Islamic Finance to face off 4IR
Experts at an international forum here on Tuesday called upon the Bankers to adopt emerging technologies in Islamic Banking Services to face off upcoming fourth Industrial Revolution [4IR]. The local and international policymakers also mentioned about the growing trends of Shariah-compliant financial segment while addressing the event, according to a statement. World Islamic Economic Forum [WIFE] Foundation and South East Asian Cooperation [SEACO] Foundation jointly organized the event at a city hotel. Islamic economy continues to enjoy steady growth in base of 1.8 billion Muslims globally and the non-speculative nature of Shariah-compliant finance could help ensure financial stability, a reason why it is gaining traction globally, according to Mr. Salman F Rahman. The growing demand for Shariah-compliant finance coupled with various initiatives undertaken by a number of governments and regulatory bodies across Asia have fuelled the growth of the industry.
Russia wants to invest in BD’s Telecom Sector
Russia has expressed its interest to invest in Bangladesh’s telecommunication sector with the aim to accelerating the country’s journey towards digitalization. Moscow also showed interest to help and cooperate with Bangladesh in its space programme. According to Russia, it is also interested to give Bangladesh financial and technical supports in propelling the country’s second satellite – Bangabandhu-2. Russia showed the interests during a meeting between Russian Ambassador to Dhaka Alexander I Ignatov and Posts, Telecommunications and Information Technology Minister Mustafa Jabbar at the latter’s office in Dhaka on Tuesday. A five-member team of Russian satellite technology company Glavkosmos, which is visiting Bangladesh, also joined the meeting. Ignatov led the Russian team in the meeting where issues related to Bangabandhu-2 satellite and possible Russian investment in the country’s telecommunications sector. Moscow would further extend its supports to Dhaka in the country’s telecommunication sector, including Teletalk.
Summit to invest $5b in Infrastructure in 5 years
Summit Group will invest $5 billion in various projects in Bangladesh in the next five years to meet the country’s growing appetite for infrastructure. Of the investment, $3 billion will flow to the energy and power sectors and $1 billion each to the digital infrastructure and the ports and shipping sectors. With 8 percent GDP growth and a population of 170 million, Bangladesh needs 40,000 megawatts to 50,000 megawatts of electricity by 2030, which is more than double the present installed capacity, according to Muhammed Aziz Khan, the Chairman of the Infrastructure Conglomerate. Around 60 percent of the planned investment will come from Summit’s new shareholder JERA, the largest energy company in Japan. The Japanese firm has recently bought a 22 percent stake in Summit Power International [SPI] for $330 million, which is incorporated in Singapore and holds all assets of Summit in Bangladesh. It is the largest independent power producer in Bangladesh with 20 power plants in operation.
IPDC implements ‘Temenos T24 Core Banking Software’
IPDC Finance Limited, a leading Non-Banking financial institution [NBFI], has implemented ‘Temenos T24 Core Banking Software’ as part of its organizational transformation and business automation process, said its officials. IPDC became the first NBFI in the country to implement such innovative Banking software to keep up with the rapid technological changes in the financial sector around the world. Fortress Data Services [FDS] Bangladesh Limited, a Bangladesh-Indonesia joint venture, has installed the R18 version of Temenos T24 software in the IPDC system. Several Banks in Bangladesh are already using it. The software will be at the centre of the system for supply chain finance, consumer white goods finance and loan origination system. Temenos T24 is a Core Banking System providing product definition, transaction processing, unparalleled operational scalability and functional depth for all types of financial institution, according to Temenos website.
Thrust on tapping Bilateral Trade, Economic Opportunities
Bangladesh and Rwanda may tap into huge opportunities through enhancing their bilateral trade, economic and cultural relations. Bangladeshi entrepreneurs can expand their business in the African country through investment in different sectors like financial service, construction material, apparel, pharmaceuticals and jute packaging. The observations at the first ever Bangladesh-Rwanda Business Forum, organized by the PHP Family at a city hotel on Monday evening. The High Commissioner Ernest Rwamucyo invited Bangladeshi businesses to explore Rwanda, which is drawing good attention from other countries. Businesses from countries like USA, UK, Germany and India have already made investment there.
Telcos compensate for only 8.48pc cases of Call Drops
Mobile operators have cut back on compensation for call drops in recent months, in a worrying development for customers. Between August last year and July this year, there were 181.25 crore call drops, according to the Bangladesh Telecommunication Regulatory Commission. As compensation, the mobile operators credited subscribers with 15.36 crore minutes, as per an internal report of the telecom regulator. In contrast, between August 2017 and September last year there were 222.15 crore call drops and operators gave back 69.38 crore free minutes as compensation. According to the report, market leader Grameenphone reported the highest number of call drop of 79.07 crore. It compensated back only 6.23 crore minutes, which is less than the market average of 7.88 percent. As of August, Grameenphone has 7.57 crore active customers in their network. Robi, which is the country’s second largest carrier with 4.78 crore active customers, has reported 74.68 crore drops and compensation of 7.29 crore minutes. Banglalink’s call drop total was 22.04 crore and compensation 1.86 crore minutes to its 3.48 crore active subscribers. Teletalk, the country’s lone state-owned carrier, had 5.46 crore call drops but the operator gave no compensation.
Runner Auto to set up Three-Wheeler Plant
The board of directors of Runner Automobiles Ltd. has approved a proposal for establishing a three-wheeler progressive manufacturing plant at its factory at Bhaluka in Mymensingh. However, the setting up of the plant is subject to the final agreement with the international partner of the company. The board also decided to revise the use of IPO proceeds, subject to approval of the shareholders at the extraordinary general meeting [EGM] and the Bangladesh Securities and Exchange Commission. The EGM will be held on December 17 and the record date for EGM is November 19. The company has decided to set up progressive plant of CNG/LNG-based three-wheelers with the existing two-wheelers manufacturing facilities to grab the huge potential market all over Bangladesh. Through implementing the project, the company will be able to improve the excellence for producing and distributing rapidly expanding two-wheelers at its own plant which will reduce cost of materials and flourish the existing market portfolio, according to the disclosure. Recently, the board of directors of the company has recommended 10 per cent cash and 5.0 per cent stock dividend for the year ended on June 30, 2019.
BSRM signs Agreement with UNICEF
BSRM aspires to partner with international development agencies and national NGOs to address social issues in the country with its limited resources. After teaming up with UNDP, Handicap International, Volunteer Service Overseas, BSRM Group is now collaborating with UNICEF, according to a statement. The UNICEF – BSRM programme — “train youth with disabilities” — is a part of the bigger initiative of UNICEF Bangladesh and the Ministry of Social Welfare to support socio economic empowerment of 4,500 families who are fostering orphans or bringing up vulnerable children, including those vulnerable children with disabilities, so that the families have sustained increase of income. This programme aims to transform 160 lives of children with disabilities aging 14-19 years through empowerment that will come from skills training and employability in Barisal, Kamrangirchar, and Chittagong.
Aman Paddy Cultivation exceeds Target in Naogaon
Cultivation of Aman paddy has exceeded target in the district this year due to favorable climate condition. Farmers are expecting abundant yield of the crop. Department of Agriculture Extension [DAE] sources said farmers under eleven upazilas of the district have cultivated Aman paddy on some 1,97,269 hectares of land exceeding the official target of 1,67,456 hectares of land. The cultivated varieties included Ufshi [Swarna, BRRI Dhan-34, 49, 51, 52, BINA-7, Ranjit and Paijam] on 1,68,161 hectares of land, local variety on 28,988 hectares of land and hybrid variety on 130 hectares of land. Sirazul Islam, deputy director of Naogaon DAE, stated peasants throughout the district have witnessed an excellent growth of paddy plants this season. As the pest attack on the crop this time is comparatively less than previous years, farmers would get good profit from the cultivation with lower cost.
Tax evading illegal Foreign Employees
The Bangladesh Investment Development Authority [BIDA] has sat up, so it seems, to stop tax dodging by illegal foreigners working in the country. According to reports quoting BIDA, the country is losing millions of taka that otherwise should have gone to the state coffer as taxes from foreigners employed in various sectors. But this is far from happening as bulk of these foreign employees – some quite highly paid – are not enrolled with the BIDA, a mandatory requirement, prior to their employment. These people merrily spend their time here without being asked the legitimacy of their stay or their income. A local daily quoting its reliable sources says foreign employees working in Bangladesh remit $5 billion annually. Some of them who are registered with BIDA do not disclose actual salary, and if at all, not in the foreign currency they are paid but in local currency-as a ploy to evade higher taxes. Of the half a million foreign employees, only one-fifth are reportedly registered with the BIDA.
Local and Global Stock Indices *
|Index Name ||Close Value ||Value Change ||Percentage Change |
|DSEX ||4670.74521 ||0.00 ||0.00 |
|DJIA ||27,071.42 |
|↓ 19.30 ||↓ 0.07% |
|FTSE100 ||7,306.26 ||↓ 25.02 || ↓ 0.34% |
|Nikkei 225 ||22,891.36 ||↑ 82.77 ||↑ 0.36% |
World Commodities *
|Commodity ||Close Value ||Value Change ||Percentage Change |
|Crude Oil (WTI) ||$ 55.30 ||↓ 0.24 ||↓ 0.43% |
|Crude Oil (Brent) ||$ 61.41 || ↓ 0.18 ||↓ 0.29% |
|Gold Spot ||$ 1,488.77 ||↑ 1.05 ||↑ 0.07% |
Major Currencies Exchange Rates Movement in Last Seven Days *
|Exchange Rates |
|USD 1 ||BDT 83.0773 |
|GBP 1 ||BDT 106.808 |
|EUR 1 ||BDT 92.2008 |
|INR 1 ||BDT 1.17556 |
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<