Business
Islami Bank launches special campaign to popularise deposit schemes
Islami Bank Bangladesh Limited has launched a 15-day special campaign to make the bank's different deposit schemes more popular among customers and encourage them to save.
The Sanchoye Samriddhi Nirapad Agami was launched Monday in Dhaka. Mohammed Monirul Moula, managing director and chief executive officer of the bank, was present at the event as the chief guest.
The campaign is also expected to play an effective role in improving the standard of living of the underprivileged people through financial inclusion, according to a media statement.
Islami Bank is a joint venture public limited company engaged in commercial banking business based on Islamic shariah.
Established in 1983 as the first Islamic bank in southeast Asia, it is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
Bangladesh received over $1 billion remittance in Sep 1-15
Bangladesh received inward remittances worth over USD $1008.67 million (1,000 million = 1 billion) in the first 15 days of September, amid the forex crisis in the country.
Bankers said remittance inflow shows an upward trend as the remitters are encouraged by the depreciation of taka and they get more than Tk 108 per dollar.
The remittance inflow is expected to cross $2 billion in September.
Read: Uniform rate: Tk 108/dollar max for remittance, Tk 99/dollar for export income from tomorrow
Bangladesh received remittances of $2.09 billion in July and $2.03 billion in August, which became a blessing amidst forex crisis.
Md Serajul Islam, executive director and spokesperson of Bangladesh Bank told UNB that the central bank has simplified various processes to attract more remittance through banking channels.
The government is also extending remittance incentives as well as providing policy support. Now the dollar rate is getting higher, he said.
Read: Hope amidst forex crisis: Bangladesh received $2.03bn remittance in Aug
The sector insiders said that Bangladesh’s inward remittance flow will grow more as manpower export hit a new high in the past fiscal on a post-pandemic rebound of the overseas job market.
The data of the Bureau of Manpower Employment and Training (BMET) showed over 9.88 lakh workers had gone abroad in the fiscal year FY22 while this figure was 2.71 lakh in FY 21.
This happens to be the highest number of annual overseas jobs in the last seven years.
Read How to safely send remittance to Bangladesh?
It is also contributing to growing up the inward remittance flow in Bangladesh.
Tap teams up with Sonali Bank to launch inter-banking transaction services
Mobile financial services (MFS) provider Trust Axiata Pay (Tap) has launched inter-banking transaction services in collaboration with Sonali Bank.
From now on Tap users can avail of the services using Sonali Bank's add money option.
Read: Tap offers bonus data, cashback on Robi, Airtel internet packages
Customers can avail of the services for free by adding the Sonali Bank option to their apps.
To enjoy the service, add money or fund transfer option needs to be accessed.
"Tap customers can add money or transfer funds of maximum Tk50,000 and Tk3 lakh monthly," the MFS CEO Nazmul Hasan said in a media statement.
World HRD Congress: Robi scores Asia's Best Employer Brand Awards 2022
The World HRD Congress recently recognised Robi with the "Asia's Best Employer Brand Awards 2022."
These award honours organisations that have used marketing communications effectively in attracting, retaining, and developing talent, and retention policies.
Robi Vice-President (Organisational Change and Employee Experience) Sabin Rahman received the award at a ceremony held in Singapore.
Read: US-Bangla resumes Dhaka-Bangkok flights September 1
Robi's ability to translate and combine vision with action with human resource strategy, blend the strategy with the business, and cultivate competencies to ensure the organisation is future-ready were assessed as part of the awarding process, according to a media statement.
This is the second time that Robi has won the award. Previously, it won it in 2019.
Small traders can open bank accounts without trade license: Bangladesh Bank
Bangladesh Bank has simplified the bank account opening process for small traders, dropping trade license requirements.
The name of the account will be 'Personal Retail Account' or 'Private Retail Account'. This account can be opened in banks, mobile financial services (MFS), e-wallet service providers, and payment service providers (PSP).
Individual small entrepreneurs can transact through such an account for commercial purposes, said Bangladesh Bank.
Also read: Tax return document not needed for loans up to Tk 20 lakh: NBR
The central bank revealed this information in a discussion with Asian Development Bank on Saturday.
A personal retail account can be opened only after submitting the documents required for e-KYC in bank account opening. There is no cost to open this account. Besides, loan will also be available on the basis of transaction. Even if the account is in MFS, the cash-out cost will be less.
Director of the Payment System Department of Bangladesh Bank, Masbaul Haque, told UNB that there is opportunity to open a ‘personal retail account’ without a trade license.
Also read: Takes 6-12 months to identify a share market manipulator in existing system: BSEC Chairman
The central bank has issued such a directive to encourage the growth of small business sector.
According to Bangladesh Bank’s circular, no trade license will be required to open an ‘individual retail account’.
E-KYC and necessary documents to open a bank account have to be submitted. It will be managed like a current account. This account can be used for commercial purposes, Bangladesh Bank sources said.
Read Export Development Fund loans can be repaid in instalments from now on
However, a maximum of Tk 10 lakh per month can be transacted through this account. The one-time status of this account will be maximum Tk 5 lakh.
Micro and small traders such as grocers, floating food vendors, bus-CNG-rickshaw drivers, street vendors, sellers of various products and services on Facebook, or service providers engaged in various marginal professions can open this account.
A copy of the national identity card and proof of profession are required to open the account. Trade license is not mandatory for professional credentials. A valid document issued by the local public representative or the relevant business association is required. All banks, MFS, and PSP service providers in the country will open this account free of cost, said the central bank.
Read How to Get a Trade License in Bangladesh?
Tax return document not needed for loans up to Tk 20 lakh: NBR
The National Board of Revenue (NBR) has omitted the requirement of tax return documents for bank loans up to Tk 20 lakh.
The revenue board issued a notification in this regard today with immediate effect, which will be continued till June 30, 2023.
The budget for the fiscal year 2022-23 made it mandatory to show tax return documents to get services under 38 categories. Of them, tax return documents were made mandatory for bank loans of over Tk 5 lakh.
Read: NBR dreams to cross revenue Tk3.0 lakh crore in FY 22
As per the revised directive, NBR has relaxed conditions, after requests from business organizations, as small entrepreneurs were facing difficulties in showing tax-related documents.
Bangladesh Bank has increased the ceiling of loan disbursement to cottage, micro, small and medium entrepreneurs (CMSMEs). But loan distribution at the rural level became slow due to mandatory tax return documents for loans.
Considering the situation, the revenue board omitted requirement of showing tax return document for loan of up to Tk 20 lakh if the borrower has no taxable income.
Read: Income Tax Wing of NBR racing to meet target in last 4 months of fiscal
Takes 6-12 months to identify a share market manipulator in existing system: BSEC Chairman
Chairman of Bangladesh Securities and Exchange Commission (BSEC), Professor Shibli Rubaiyat-ul Islam, has said sophisticated software and technologically knowledgeable manpower are required to check share market manipulation.
BSEC is working to install efficient software so that unethical practices in share trading can be flagged immediately, he said.
He said this at a roundtable on “Bangladesh Capital Markets’ Present and Future”, held in a Dhaka hotel today.
Capital Market Journalists Forum (CMJF) and Bangladesh Merchant Bankers Association (BMBA) jointly organized this program.
Professor Shibli said it takes six months to a year to identify a share market gambler in the existing system.
“We can take action when the stock exchange promptly gives the investigation report. It usually takes six months to a year to scrutinize the evidence and punish the culprit. By this time, the investors have already suffered the consequences.”
Read: BSEC show caused 15 brokerage houses for unethical practices
Professor Shibli also sought cooperation of the media and said when journalists get information on share market manipulation, they should make investors aware through reports.
He said that the finance ministry, ministers and even the prime minister are aware of capital market issues.
“We have given IPO of 36 companies in the last two years with the aim of creating new jobs. Employment has been created for more than 3,000 people during this time,” he said.
Capital market analyst Professor Abu Ahmed said, everyone knows how much British American Tobacco pays in taxes. They are listed in the stock market. They have to publish financial reports.
But certain MNCs are doing business in Bangladesh and no one knows how much they pay in taxes. They are not listed. “Why are they not listed?” – Ahmed asked.
Read: BSEC finds involvement of 9 companies in share price manipulation
Chairman and former principal secretary of Capital Market Stabilization Fund Nozibar Rahman; former chairmen of BSEC, Farooq Ahmed Siddiqui and Dr. M. Khairul Hossain; Executive Director (ED) of Bangladesh Bank, Dr Ezajul Islam; Dhaka Stock Exchange Chairman Yunusur Rahman; Chittagong Stock Exchange Chairman Asif Ibrahim; representatives of Ministry of Finance, National Board of Revenue (NBR), Dhaka Stock Exchange, Chittagong Stock Exchange, ICAB, ICMAB, ICSB were present in the program.
BMBA chairman Sayedur Rahman was in the chair and Ziaur Rahman, president of CMJF, moderated the event.
BGMEA teams up with upay to disburse stipends among RMG officials, workers
The Bangladesh Garments Manufacturers and Exporters Association (BGMEA) have signed an agreement with mobile financial services provider to disburse stipends among mid-level readymade garments (RMG) officials and workers.
BGMEA President Faruque Hassan and upay Managing Director and CEO Rezaul Hossain inked the deal in Dhaka Thursday.
Under this agreement, the participants of the BGMEA-SEIP skill development project, an initiative for skill development of mid-level officials and workers of the RMG sector, will receive their stipend directly into their upay accounts.
Read: Norway can help accelerate green growth of Bangladesh's RMG: BGMEA
The BGMEA-SEIP is jointly funded by the government and the Asian Development Bank and is being implemented by the BGMEA.
Faruque said: "The RMG industry is gearing up for the next level of growth where skill development is a top priority to equip the workforce with the skills and knowledge to meet the need of the industry in the coming days."
Samsung Bangladesh brings new B Series TVs
Samsung Bangladesh has brought its new B Series TVs for different segments and with different sizes.
The company's 2022 models come with cutting-edge technology, smart features, and innovative designs, including Neo QLED and QLED TV models.
Read Walton expands TV business in Georgia
The new series comprises different models under different segments, namely – Neo QLED 8K models QN900B (85-inch) and QN800B (75-inch); QLED 4K TV models Q70B (75-inch, 65-inch and 55-inch) and Q60B (75-inch, 65-inch and 55-inch); Lifestyle TV models Frame (55-inch) and Serif (50-inch), Dynamic Crystal UHD 4K model BU8000 (85-inch, 75-inch, 65-inch, 55-inch, 50-inch and 43-inch).
Core features of the televisions include Motion Xcelerator, dynamic crystal colour, built-in IoT Hub and multiple voice assistant, Quantum Matrix Technology Pro (Quantum Mini LED), shape adaptive light control, Neural Quantum Processor 8K with real depth enhancer, eye comfort mode, Quantum HDR 64x, Dolby Atmos, OTS Pro with 3 Layer, Q symphony, SpaceFit sound, Smart Hub, Bixby Voice Assistant, Infinity Screen and Solarcell Remote.
Read: Samsung Galaxy Z Fold4 Review: Multitasking King for Utilitarian Users
Robi signs tower-sharing deal with Teletalk, Summit
Robi Axiata, Teletlak Bangladesh and Summit Towers have entered into an agreement for sharing existing network infrastructure.
Robi and Teletalk will be able to share their infrastructure in collaboration with Summit Tower as per infrastructure or tower sharing guidelines under the agreement.
A deal was signed among the companies recently in Dhaka.
Read: Robi launches sales academy
The partnership will help the operators with the quick rollout and serve their customers better. It will also help them optimise assets.
Teletalk Managing Director (MD) AKM Habibur Rahman, Summit Tower MD and CEO Md Arif Al Islam and Robi ACEO and CFO M Riyaaz Rasheed signed the agreement, said a media statement.