United News of Bangladesh

Abu Sayeed Md. Idris and Md. Zakir Hossain have been promoted to Deputy Managing Director (DMD) at Islami Bank Bangladesh PLC. Before their promotion, both served as Senior Executive Vice Presidents (SEVPs) of the bank, said a press release. Abu Sayeed Md. Idris is currently serving as head of the SME Investment Wing at the bank's head office. He joined Islami Bank as a Probationary Officer in 1992 and previously served as head of the Retail Investment Management Wing, as well as head of the Rangpur, Mymensingh and Dhaka South zones. He also managed various divisions and branches. He holds a master's degree in Public Administration from Dhaka University. Md. Zakir Hossain is currently heading the Local Office Corporate Branch of the bank. He joined the bank as a Probationary Officer in 1996 and has previously served as head of the Special Investment Division, head of the Sylhet Zone, and in various other divisional and branch leadership roles. He earned his bachelor's and master's degrees in Accounting from Islamic University, Kushtia.

Biman Bangladesh Airlines, country's national flag carrier, is set to sign an agreement with US aircraft manufacturer Boeing to acquire 11 additional aircraft during Prime Minister Tarique Rahman’s visit to New York for the 81st session of the United Nations General Assembly. The agreement is scheduled to be signed at 4:15pm (local time) on Wednesday at the prime minister’s place of residence in the presence of senior Bangladesh and US officials. "Congratulations to Boeing and Biman on the agreement to purchase 11 more of the world’s best commercial planes. Another win-win for the U.S.-Bangladesh relationship! Will be tuning in to the signing ceremony in New York later today," US Ambassador to Bangladesh Brent T Christensen said on Wednesday. The Ambassador said this in a post from his verified X handle. In April, Bangladesh signed a deal with US aircraft manufacturer Boeing to buy 14 planes for its national carrier Biman Bangladesh Airlines, the two sides announced - the airline’s biggest-ever order, in a deal valued at $3.7 billion. Bangladesh is likely to sign the latest deal to purchase an additional 11 Boeing aircraft, according to the sources at the Civil Aviation and Tourism Ministry. Ruling out any pressure from the US side over the purchase of additional Boeing aircraft, State Minister for Foreign Affairs Humaiun Kobir recently said the approach is demand-driven and that Bangladesh needs to expand its aircraft fleet to open new routes, improve passenger services and strengthen its position as an aviation gateway in Asia. "No, not under any pressure but as per the demand of the aviation sector. We will buy additional aircraft according to our needs," he told reporters at the Ministry of Foreign Affairs when a journalist drew his attention to the purchase of additional Boeing aircraft from the United States. Biman Chairman Rumee A Hossain is expected to sign the agreement on behalf of the national flag carrier. Civil Aviation and Tourism Minister M Rashiduzzaman Millat and State Minister for Foreign Affairs Humaiun Kobir are scheduled to attend the signing ceremony, according to the PM’s programme schedule. Following the signing, Dr Brendan Nelson AO, Senior Vice President of Boeing and President of Boeing Global, is scheduled to pay a courtesy call on Prime Minister Tarique Rahman at around 4:30pm at the bilateral meeting room at the prime minister’s place of residence. Nelson will lead the Boeing delegation during the call. The Bangladesh delegation is expected to include Finance Minister Amir Khosru Mahmud Chowdhury, Civil Aviation and Tourism Minister M Rashiduzzaman Millat, State Minister for Foreign Affairs Humaiyun Kobir, the prime minister’s spokesperson Mahdi Amin, Chairman of Invest Bangladesh Chowdhury Ashik Mahmud Bin Harun , Foreign Secretary Asad Alam Siam, Bangladesh at Ambassador to Washington and Biman Chairman Rumee Akhtar Hossain. The US delegation for the signing will include US Commerce Secretary Howard Lutnick, Deputy Secretary of State Christopher Landau, Under Secretary of Commerce William Kimmitt, Assistant Secretary of State for South and Central Asian Affairs S Paul Kapur and Special Representative for Commercial and Business Affairs Vinay Chawla. Lutnick and Landau are scheduled to deliver brief remarks at the signing ceremony. The additional order would take Biman’s planned Boeing acquisitions , following a $3.7 billion agreement signed in April for 14 aircraft. In a letter sent to the Prime Minister  on September 1 Trump thanked the Prime Minister for his decision to purchase Boeing aircraft, saying Boeing will not let Bangladesh down. “I just received your letter concerning the purchase of Boeing Aircraft, and very much appreciate your decision of purchase. Boeing will not let you down, and I will not forget,” Trump wrote in the letter. The US President also thanked Tarique Rahman for his attention to the matter and said, “I look forward to meeting you in the not too distant future.”

Commerce Minister Khandakar Abdul Muktadir has urged all concerned agencies to implement a coordinated action plan to simplify import-export clearance procedures, upgrade logistics systems and reduce trade costs. "The government is working to build capacity across departments and simplify trade processes to cut the time and cost of clearing consignments," Muktadir said, adding that the benefits of these initiatives can only reach businesses through effective coordination among all stakeholders. Muktadir made the call while presiding over the 10th meeting of the National Trade Facilitation Committee at the Ministry of Commerce conference room on Wednesday. According to the working paper placed at the meeting, Bangladesh has implemented 47 of the 54 measures required under the World Trade Organisation's (WTO) Trade Facilitation Agreement. All 21 Category-A and 18 Category-B obligations have been fulfilled and notified to the WTO, while eight of the 15 Category-C measures have been completed, the remaining seven are targeted for implementation by June 2030. The meeting stressed completing the outstanding measures quickly to preserve export competitiveness following Bangladesh's graduation from the Least Developed Country (LDC) category. The National Board of Revenue (NBR) has rolled out a National Single Window to bring trade-related certificates, licences, permits and services onto a single platform, with 19 agencies already integrated and efforts underway to bring 18 more on board. Work is also progressing on forming a separate Bangladesh Single Window Commissionerate to run the system. NBR member Al Amin Pramanik told the meeting that the Automated Risk Management System (ARMS) is expected to become operational by October. The risk-analysis-based system will help speed up cargo clearance, he said, adding that NBR is also working to increase the number of Authorized Economic Operator-certified companies. Customs authorities have already introduced pre-arrival clearance processing and online auto-manifest registration, along with a National Enquiry Point to provide businesses with customs and trade information. The meeting also discussed infrastructure for exporting perishable agricultural goods. Cold storage facilities are being modernised at the cargo village of Hazrat Shahjalal International Airport, while tender evaluation has been completed for a new cold storage facility at Benapole. An agreement has been signed to set up a cold storage and processing plant on 18 acres of land in Mongla, and plans are underway for a packing house and cold chain facility for export-oriented agricultural products at Dewanhat in Chattogram. Commerce Secretary Ataur Rahman Khan said the Commerce Ministry alone cannot implement all activities under the Trade Facilitation Agreement, and efforts are underway to complete the remaining work ahead of schedule with cooperation from relevant stakeholders. ERD Secretary Shahriar Kader Siddiky called for uniform procedures and digital systems to reduce inconsistent decisions on similar categories of goods. The meeting also discussed coordination among agencies to improve food quality testing and laboratory facilities.

A meeting of the Board of Directors of Islami Bank Bangladesh PLC was held on Wednesday at the Islami Bank Tower in the capital. Mohammad Zahir Hussain, Chairman of the bank, presided over the meeting. Md. Altaf Hossain, Acting Managing Director, and Md. Habibur Rahman, Company Secretary of the bank, were also present. During the meeting, the board reviewed the recent business performance of the bank and made several key policy decisions.  

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on Wednesday officially launched its specialized "BGMEA Japan Desk" in its Uttara Complex, aiming to usher in a new era of bilateral economic cooperation, trade, and investment between Bangladesh and Japan. The desk was inaugurated jointly by Japanese Ambassador to Bangladesh Saida Shinichi, who attended as the chief guest, and BGMEA President Mahmud Hasan Khan, along with other senior diplomats and trade leaders. Established under the motto "Connectivity, Collaboration, and Prosperity," the Japan Desk will function as a dedicated one-stop platform for Japanese apparel buyers and investors. It aims to facilitate small- and medium-sized order processing, streamline Japanese investments, and build a long-term strategic partnership in the ready-made garment (RMG) sector. The initiative stems from the "Japan Market Strategy Development Committee," formed a year ago by the current BGMEA board. The committee is chaired by BGMEA Vice President (Finance) Mizanur Rahman, with Director Mohammad Sohel serving as Coordinating Director. Speaking at the inauguration, Ambassador Saida Shinichi congratulated BGMEA on launching the desk, expressing optimism that it will energize bilateral trade between the two nations. He also highlighted the necessity of export diversification to ensure sustainable economic growth. In his address, BGMEA President Mahmud Hasan Khan stated that Bangladesh should not remain overly reliant on traditional markets or a single sector. "BGMEA is prioritizing product and market diversification, and Japan presents immense potential for Bangladesh's RMG industry," he said. He noted that overcoming lead-time challenges for shorter delivery cycles remains the primary hurdle in expanding market share in Japan. Welcoming the guests, BGMEA Vice President Mizanur Rahman requested the Japanese Ambassador to consider simplifying travel visas for Bangladeshi apparel entrepreneurs, particularly marketing and merchandising personnel. BGMEA Senior Vice President Inamul Haq Khan (Bablu) emphasized the transformation of Bangladesh’s garment industry, focusing on safe working environments, workplace compliance, and long-term strategic alignment with Japan. Representatives from Japanese organizations and businesses also commended the industry's compliance standards and expressed confidence that the desk would deepen economic ties. The event featured a presentation on BGMEA's overall activities by Secretary General Maj. Gen. Dr. Md. Shahedul Islam (Retd.) and a briefing on the Japan Desk's operational plan by Kazi Sarwar Habib, Advisor to the BGMEA Japan Committee and Managing Director of Furushima (BD) Ltd., alongside Director Mohammad Sohel. High-level delegates attended the ceremony, including representatives from the Embassy of Japan in Dhaka, JETRO Dhaka Office, Japanese Commerce & Industry Association in Dhaka (JCIAD), Toyota Tsusho, Teijin Frontier, Marubeni Corporation, Itochu Corporation, and the Japan-Bangladesh Chamber of Commerce and Industry (JBCCI). Key attendees included JBCCI President Yuji Wagata, JETRO Overseas Business Advisor Daisuke Arai, Teijin Frontier General Manager Takamasa Yamamoto, Marubeni Country Head Sugawara Manabu, Itochu Chief Representative Hiroaki Oura, and JBCCI President Tareq Rafi Bhuiyan (Jun). The program concluded with an interactive Q&A session discussing Japanese investment prospects and bilateral networking.

Turnover at the Dhaka Stock Exchange (DSE) crossed the Tk 800 crore mark on Wednesday after 36 days, with shares worth Tk 844 crore changing hands, the highest daily turnover so far this month. The bourse had last seen turnover above Tk 800 crore on August 18, when it stood at Tk 998 crore. Turnover then fell steadily day after day, dropping to the Tk 400 crore range by August 27 in a sharp slide from levels of around Tk 1,000 crore just days earlier. September opened with daily turnover hovering around Tk 500 crore. It touched the Tk 700 crore range on a few occasions but failed to breach Tk 800 crore until this week, rising to Tk 788 crore on Monday and Tk 791 crore on Tuesday before Wednesday's jump. All DSE indices advanced alongside the turnover rebound. The benchmark DSEX rose 55 points, the Shariah index gained 10 points, and the blue-chip DS30 index added 16 points. Prices rose for most listed companies, with 246 advancing against 102 decliners, while 37 remained unchanged. Unique Hotel & Resort PLC topped the gainers' list, with its share price climbing nearly 10 percent, up Tk 4 in a single day, from Tk 40.20 on Tuesday to Tk 44.20 on Wednesday. Mutual funds, however, largely bucked the market's upward trend. Most mutual fund units traded near their lowest levels, with AB Bank 1st Mutual Fund, Reliance One the first scheme of Reliance Insurance Mutual Fund, and ICB AMCL CMSF Golden Jubilee Mutual Fund each losing more than 5 percent to lead the fallers. The Chittagong Stock Exchange (CSE) also posted gains, with its overall index CASPI rising 54 points. A total of 100 companies saw price increases against 71 decliners, while 20 remained unchanged. CSE turnover rose by Tk 5 crore over the previous session, with shares and units worth Tk 24 crore traded on the day, up from Tk 19 crore a day earlier. ICB AMCL Second Mutual Fund, Rupali Insurance Company Ltd and Index Agro Industries Ltd led the gainers on the CSE, each up around 10 percent. On the losing side, Chartered Life Insurance PLC, Continental Insurance PLC and Agni Systems PLC each shed nearly 10 percent.

Bangladesh Bank (BB) has asked scheduled banks to keep their Hajj-related branches open this Friday and Saturday (September 25-26) to facilitate the collection of registration fees for Hajj 2027. The branches will remain open during regular banking hours, according to a circular issued by the central bank on Wednesday and signed by Md Abdul Mannan, director of the Supervisory Data Management and Analytics Department. Banks have also been asked to continue receiving Hajj registration fees beyond regular banking hours as long as depositors remain present at the branches, while ensuring adequate security measures. The decision was taken in response to a letter from the Ministry of Religious Affairs issued on September 20, aimed at easing the registration fee submission process for prospective pilgrims.  

Bangladesh Bank has issued new directives allowing foreign trading partner banks to open and maintain "Taka Vostro Accounts" without any initial deposit, aiming to expand the scope of using local currency in international trade. The initiative will enable the settlement of import and export trade transactions in Bangladeshi Taka, reducing reliance on foreign currencies. The Foreign Exchange Policy Department-1 of Bangladesh Bank issued  a circular in this regard on Wednesday. The circular was signed by Dr. Md. Abu Bakar Siddique, Director (Current Charge) of the FEPD. International commercial transaction funds can be deposited and settled in Bangladeshi Taka through these accounts maintained with local banks, creating an opportunity to lessen foreign currency dependence in trade settlements. The circular stated that Letters of Credit (LCs), contracts, and invoices for imports and exports can still be executed in freely convertible foreign currencies. However, during final settlement, the funds must be converted into Taka at the prevailing exchange rate. Even though commercial agreements can utilise US dollars or other freely convertible currencies, the ultimate settlement can be executed in Taka, thereby broadening the scope of local currency usage in international business. Bangladesh Bank also directed local banks to ensure safe, rapid, and efficient exchange of banking documents and communication with partner banks abroad. Importers will have to settle their transactions through local banking channels or the respective Vostro accounts. Subject to fulfilling specified conditions, overdraft facilities may also be granted against these accounts. This will institutionalize the local currency-based transaction framework between Bangladeshi banks and foreign partner institutions. A key aspect of the new policy is the option to invest surplus funds lying in these Vostro accounts within Bangladesh. Bangladesh Bank noted that surplus balances in these accounts can be directly invested in Foreign Direct Investment (FDI), portfolio investments, alternative investment funds, and open-end mutual funds. Additionally, subject to approval from relevant authorities, funds held in Vostro accounts can be used to settle dues of local entities or remitted abroad as foreign currency transfers. As a result, funds in these accounts will not be limited solely to import-export settlements but can also be channeled into investments and other lawful financial transactions under specific conditions. Despite expanding local currency usage in trade, the central bank emphasised strict compliance with existing foreign exchange regulations. The circular stated that rules regarding IMP (Import) and EXP (Export) forms must be strictly followed for import and export transactions, respectively. Banks must also implement necessary measures to prevent money laundering and combat the financing of terrorism (AML/CFT). The "Know Your Customer" (KYC) guidelines must be rigorously enforced when verifying customer identities and credentials. The directive also addresses trade with countries whose local currencies are not freely convertible. With prior approval from Bangladesh Bank, local banks will be permitted to maintain foreign Nostro accounts to settle trade transactions with such nations, providing a structured framework for trade with countries lacking internationally convertible currencies.

National Board of Revenue (NBR) has found Tk3.20 crore in VAT evasion by online shopping platform Korean Mart Bangladesh, following an inspection and examination of its business records. Officials of the Customs, Excise and VAT Commissionerate, Dhaka (West), conducted a preventive operation at the establishment on Sept 21 based on secret information, according to an NBR press release issued on Wednesday. The operation was conducted under the direction of the commissioner of the Dhaka (West) commissionerate and supervision of Pallabi Divisional Office. Korean Mart Bangladesh sells cosmetics and other products through online platforms. During the operation, officials examined information stored on the company’s laptops and computers, its courier service records, proprietary software and other documents. The examination indicated possible VAT evasion. The officials subsequently issued Mushak-12.3 and seized copies of data from the laptops, computers and other relevant documents by storing the information on a pen drive for further verification. After examining the seized records, the VAT authorities found irregular sales transactions worth Tk46.74 crore. The records showed that the company had failed to pay Tk3,19,57,490 in VAT against the sales, according to the NBR. The authorities are taking steps to file a case against the company over the alleged VAT evasion.

Bangladesh has halted hilsa import from India after the Department of Fisheries cancelled 103 no-objection certificates (NOCs) issued for importing the popular fish. The NOCs were revoked on Tuesday through a letter signed by Acting Director General of the Department of Fisheries Dr Md Khaled Konok. Following the decision, the process of importing hilsa from India through Benapole land port has remained suspended. Vice President of the Benapole Port Import-Exporters Association Aminul Haque confirmed the development to the media. He said they have received a letter from the Department of Fisheries stating that a number of NOCs have been cancelled. “As a result, hilsa imports have been halted. Importers are facing difficulties because of the decision,” he said. Hilsa importer Syed Mahidul Haque Rubai said the sudden suspension of imports has caused substantial losses to importers. He said hilsa purchased in India were kept there for import into Bangladesh, but the import suspension now means the fish will have to be returned at lower prices. “Besides, we are also facing losses from import-related expenses,” he said.