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AIBL gets top sustainable bank recognition
Al Arafah Islami Bank Limited (AIBL) has been recognised as one of the most sustainable banks in the country in the top 10 list of the "Sustainability Rating 2020" of the Bangladesh Bank.
Bangladesh Bank Governor Fazle Kabir handed over a crest and certificate to AIBL Deputy Managing Director SM Jaffar at the central bank headquarters on June 30.
Read: IBBL inaugurates ATM Booth at Kamalapur Railway Station
The central bank published the ratings based on four indicators: sustainable finance, corporate social responsibilities, green refinance and core banking sustainability.
IBBL inaugurates ATM Booth at Kamalapur Railway Station
Islami Bank Bangladesh Limited (IBBL) has launched an ATM Booth at Kamalapur Railway Station in the capital.
Railway Minister Md Nurul Islam Sujan inaugurated the booth Saturday.
Mohammed Monirul Moula, managing director and chief executive officer of IBBL, and Dhirendra Nath Mazumder, director general of Bangladesh Railway, were also present, according to a media statement.
Read: AIBL gets top sustainable bank recognition
Citizens Bank opens doors to customers
Citizens Bank PLC, a "fifth-generation bank in the private sector," has started its commercial operation.
Towfika Aftab, chair of Citizens Bank, inaugurated the commercial operation of the bank at its principal branch in Dhaka's Motijheel Sunday.
Read AIBL gets top sustainable bank recognition
Citizens Bank board of directors members Masuduzzaman, Mohammed Iqbal, Mukhleshur Rahman, SK Md Iftekharul Islam, Shafiqul Hoq and Managing Director and Chief Executive Officer Mohammad Masoom were also present.
The bank emerged as the 61st commercial schedule bank of Bangladesh.
Read IFC, BRAC Bank to launch Bangladesh’s first ever housing bond
Citizens Bank will provide mobile apps-based, internet and online or web-based banking services to become one of the most preferred financial service providers, according to a media statement.
Banks’ half yearly profit rises amid economic recovery
Banks’ operational profit grew in the first half of this year (January-June), as the economy saw a recovery from last two years’ Covid-induced recession, according to sources familiar with the development.
The country's banking sector is turning around after overcoming that loss of pandemic. In the first six months of this year, both traditional and shariah-based Islami Banks have made more profit than the last two years.
Banks’ income this year not only relied on the interest sector, but also the fees received against various services. Of these the foreign trade commission has played a major role in the big jump in the operating profit of the banks, said the sources who can’t be identifies as they are not authorized to talk to the media.
Read: Spice prices shoot up ahead of Eid despite sufficient stock
Besides, the effect of lowering the cost of funds or deposit interest rates has also contributed to increasing banks’ income, according to one source on Sunday. insider said.
The big growth in the operating profit of the banks is seen by the people concerned as a sign that the country's economy is turning around.
The unofficial information obtained from various sources regarding the operating profit of the banks is not their actual profit.
The actual profit can be calculated only after deducting the security provision for loans and corporate tax from the operating profit.
Among the private banks, Southeast Bank has made an operating profit of Tk 534 crore in the first six months of this year, which was Tk 472 crore in the same period last year.
Pubali Bank has made a profit of Tk 650 crore in six months, last year it was Tk503 crore. Mercantile Bank's profit was Tk395 crore as against Tk358 crore in the previous year.
Shahjalal Islami Bank has made a profit of Tk 489 crore. At the end of June 2021, which was 283 crore in last year.
Read: Monetary policy: BB seeks curbing money flow, inflation
Dhaka Bank has made a profit of Tk 365 crore this year that was Tk309 crore in the previous year.
From January to June, NRBC Bank's operating profit is stood at Tk 165 crore, which is Tk 15 crore more than the same period of last year. The bank had a profit of Rs 150 crore in the same period last year.
Al-Arafah Islami Bank has made a profit of Tk460 crore. Earlier it was Tk310 crore. At this time, the income of NCC Bank was Tk377 crores, which was 328 crores in the previous year.
Bank Asia's profit stood Tk 574 crore. The same period of last year it was 484 crore.
South Bengal Agriculture and Commerce (SBAC) has made an operating profit of Tk100 crore in the first half of the year. At the same time last year, the bank's profit was Tk 80 crore. As a result, the bank's operating profit has increased by Tk 20 crore or 25 percent in six months.
Exim Bank's operational profit stood at Tk365 crores that was Tk350 crore in the same period of last year.
Spice prices shoot up ahead of Eid despite sufficient stock
Despite having enough stock, traders have increased the prices of all kinds of spices ahead of Eid-ul Azha as usual.
Both wholesalers and retailers hiked the prices of ginger, garlic, cardamom, cinnamon, clove, cumin, turmeric and coriander and the low-income groups are bearing the brunt of this spike in prices.
SM Nazer Hossain, vice-president, Consumers’ Association of Bangladesh (CAB) told UNB that though there is enough stock of spices to meet the demand of Eid festival, the traders are increasing the prices of spices to make extra profit.
In absence of proper monitoring by the authorities concerned, some unscrupulous traders increase the prices of different commodities as demand rises ahead of different festivals, Nazer said.
Also read: No shortage of spices in market ahead of Eid: Spice Traders Association
Talking to UNB some traders said as the prices of almost all essential commodities have gone up and so prices of spices have also increased.
Besides, the traders blamed the Russia-Ukraine war and depreciation of taka against US dollar.
Md. Enayet Ullah, president of wholesale spice traders’ association, said that the prices of spices only were adjusted with exchange rate.
Onion, an essential kitchen item, was selling at Tk 60 to 65 per kg on Saturday in the kitchen markets of the capital, which was sold at Tk 35 to 40 per kg a week ago.
Similarly garlic was selling at Tk 120 to 160 per kg against Tk 100 to 120 per kg and ginger was selling at Tk100 to 160 per kg against Tk 80 to 120 a week ago.
Besides, local turmeric was selling at Tk 230 to 260 per kg, cumin at Tk 450 per kg, chilli (dried) at Tk 380 to Tk400.
Cardamom was selling at Tk 2,300 to 2400 per kg which was sold at Tk 2200 per kg a week ago, cinnamon was selling at Tk450 to 500 per kg, black pepper at Tk800 per kg, clove at Tk 1000 to 1200 per kg, cashew nuts at 850 to 1,200 per kg, nutmeg at Tk900 to 1000.
Also read: Spice market heats up
Contacted, officials of Trading Corporation of Bangladesh (TCB), a government market monitoring body, have acknowledged that the prices of spices have gone up recently.
Monetary policy: BB seeks curbing money flow, inflation
Bangladesh Bank on Thursday unveiled the monetary policy for new fiscal year raising policy rate and slashing private sector credit growth to check inflation through tightening money flow in the market.
The policy rate also known as repo rate has been increased to 5.50 per cent from 5 per cent in the new monetary policy.
Private sector credit growth ceiling has been set at 14.1 per cent for the fiscal year 2022-23 down from 14.8 per cent of the outgoing fiscal year.
BB governor Fazle Kabir announced the policy on the last working day of his over 6-year tenure, on Thursday afternoon at Jahangir Alam Conference Hall of the central bank.
Deputy Governors, chief economist, executive directors and head of Bangladesh Financial Intelligence Unit (BFIU) and other senior officials of BB were present in the event
Kabir said that the central bank has taken a cautious policy stance with a tightening bias in the new monetary policy.
Read: BB will announce new monetary policy on June 30
It will introduce a new refinance scheme with subsidised interest rate to increase domestic production of import-substitution for saving foreign exchange reserves, he said.
“There are many products we can make in the country. The present global geopolitical issues and the Russia-Ukraine war are working as an external element for inflation and supply chain disruption. We can face the situation by enhancing domestic agro production,” Kabir said.
The LC margins for luxury goods, fruits, non-cereal foods, canned and processed foods will be increased comprehensively by 75 per cent to 100 per cent to discourage their imports.
BB will continue its support to implement the government's ongoing stimulus packages alongside BB's refinance schemes in the face of new adversities, including the Russia-Ukraine war in addition to the Covid-19 pandemic.
The refinance scheme of Tk 3000 crore for lending to the marginal and landless farmers will be implemented 100 per cent to bring them to the production line.
A review of the latest state of the global and domestic economy and the economic impact of recent floods in the northeast shows that the main challenge for the monetary policy for FY2022-23 would be to stabilize the domestic currency’s exchange rate with the US dollar, BB governor said in his speech.
"At the same time, continued support for ongoing economic recovery aimed at job creation is essential for the forthcoming monetary policy,” he said.
Finance Minister AHM Mustafa Kamal, meanwhile, set the government's GDP growth and inflation targets for FY 2022-23 at 7.5 per cent and 5.6 per cent respectively, he mentioned.
Replying to a query the governor said that though the monetary policy is for a year, it will be reviewed after the first quarter of the year to adjust with the changing situation.
Asked about his tenure he said, “I took the charge in a challenging time and the Covid-19 pandemic also made the challenges more difficult.’
Despite challenges Bangladesh’s economy remained on the right track and his priority was to keep the economy as well as money flow stable as per the situation, Kabir said.
Replying to another query regarding qualification for governor of the central bank he said, the BB has several wings to research and analyze the situations and these departments help the governor to make appropriate decisions. So it is not necessary that the governor has to be from a financial background.
Edison brings Helio30 smartphone
Edison Group has launched a flagship smartphone with 6 GB RAM for the first time Helio30.
This ‘Helio 30’ model phone is made at the Edison Industries factory of Symphony Mobile.
Edison Group Managing Director Jakaria Shahid, brand ambassador actress Shobnom Bubly, actor Riaz, head of sales and marketing Mohammad Abu Sayem, and head of product management Munim Md Istiaque unveiled the Helio30 at Edison Group head office on Wednesday, said a media release.
Read Xiaomi Redmi Note 11: Customized Variant Exclusively in Bangladesh
The 'Helio30' flagship phone with leather back part design uses a 6.67-inch in-cell IPS technology punch-hole display.
Its resolution is 1080x2400 pixels or full HD Plus. Run by the Android 11 operating system, the phone is powered by MediaTek's premium category Helio P70 12 nm chipset & 2.1 GHz Octacore processor. The GPU has a speed of 900 MHz. With 6 GB RAM, get great performance. Its internal storage is 128 GB; with the MMC it can be expanded up to 256 GB.
The new phone has a 108megapixel UHD quad camera with F1.79 aperture & LED flash, one with a 115-degree wide-angle lens, the other with macro shot capturing, and the other with a depth sensor lens. For selfies, the phone has a 16-megapixel F2.0 aperture camera with a Display Flash.
Read Vivo’s X80 5G offers superb gaming and outstanding performance
It has a 5000 mAh lithium polymer battery to give power backup. There are two Nano SIMs in use in this smartphone & separate slots for the memory card. Its face unlock feature will be able to read the user's face in 0.3 seconds.
The new smartphone has a G sensor, proximity sensor, light sensor, gyroscope sensor, and magnetic sensor.
The price of the Helio 30 phone is Tk 14,990. It will be available in Flame Orange and Mint Green colours at all Symphony outlets with attractive bundle offers.
Read OPPO hosts ‘service day’
IBBL holds Shari`ah Supervisory Committee meeting
A meeting of the Shari`ah Supervisory Committee of Islami Bank Bangladesh Limited (IBBL) was held virtually on Wednesday.
Prof Mohammad Gias Uddin Talukder, chairman of the committee presided over the meeting, the bank said in a statement.
Also Read: IBBL donates Tk 10 cr to PM’s Relief Fund
Mufti Sayeed Ahmed, vice chairman, and Prof Mohammad Abdus Samad, member secretary of the committee along with other members attended the meeting.
Mohammed Monirul Moula, managing director & CEO, Muhammad Qaisar Ali, additional managing director, and JQM Habibullah, deputy managing director & company secretary of the bank also attended.
‘Nagad Islamic’ launches hotline numbers for pilgrims
Nagad Islamic has come up with a variety of services including introducing hotline numbers for the pilgrims in preparation for the upcoming holy Hajj.
From now on, Hajj pilgrims will be able to acquire all types of information regarding the holy Hajj on this platform, which is operated under the complete supervision of the Shariah Supervisory Committee.
Additionally, all inquiries or confusions about Hajj will be answered on the hotline numbers, Nagad said in a statement.
As a part of the initiative, Nagad Islamic has organised all the features and facilities necessary for a pilgrim to perform Hajj completely and purely according to Islamic guidelines.
According to the statement, Nagad Islamic has set up a unique booth for Hajj pilgrims in Ashkona Hajj Camp on the occasion. In case of any Hajj-related emergency, anyone can call the two hotline numbers listed in the guideline: +8801786083074 (Imo) and +8801793407044 (WhatsApp).
Pilgrims will be able to communicate directly with H M Shahidul Islam Barakati via these hotline numbers for any Hajj-related information.
In addition to facilitating instant Shariah-compliant transactions during the Hajj journey, each Hajj pilgrim has been provided with a special handout or guideline containing a brief explanation of the holy Hajj and Umrah, Ihram, Tawaf, Hajj Fajr, and Wajib.
Also Read: Nagad bags Visa 'Excellence in Fintech' award
Besides, keeping in mind the convenience of Hajj and Umrah performers, the ‘Nagad Islamic’ app and website have been arranged with a series of contents related to Hajj. As a part of it, eight special episodes of detailed video content on Hajj have been included on the Nagad Islamic website.
Each 10-minute content contains all the guidelines for performing Hajj. Pilgrims will not face any problems or confusion if they look at the contents before Hajj at their convenience. All contents in Nagad Islamic are approved by the Islamic Foundation.
Rahel Ahmed, Chief Executive Officer of Nagad and a member of the Shariah Supervisory Committee, said, "We have come up with these special services for esteemed pilgrims as we have been conducting Shariah-based transaction services in this country for the last three years. We believe that our initiative will benefit the Hajj pilgrims to some extent.”
WB okays $1.03 billion to help improve regional trade in Bangladesh, Nepal
The World Bank on Wednesday approved $1.03 billion of financing to help improve regional trade in Bangladesh and Nepal by reducing trade and transport costs and transit time along the regional corridors.
The Accelerating Transport and Trade Connectivity in Eastern South Asia (ACCESS) Program Phase 1 will help the respective governments address the key barriers to regional trade ─ manual and paper-based trade processes, inadequate transport and trade infrastructure, and restrictive trade and transport regulations and processes, according to a release from the World Bank.
The Phase 1 of the program will help replace lengthy manual and paper-based trade processes with digitized automated solutions in Bangladesh and Nepal.
The automation will enable faster border crossing times and install electronic tracking of truck entry and exit, electronic queuing, and smart parking.
The program will also help improve selected road corridors and upgrade key land ports and custom infrastructure, while ensuring green and climate-resilient construction.
This will help the integration of landlocked Nepal and Bhutan with the gateway countries of Bangladesh and India.
“Regional trade offers enormous untapped potential for the countries of South Asia. Today, regional trade accounts for only 5 percent of South Asia’s total trade, while in East Asia it accounts for 50 percent,” World Bank Vice President for South Asia Hartwig Schafer said.
Read: World Bank happy, congratulates Bangladesh on Padma Bridge
He mentioned that South Asia can boost economic growth significantly and create opportunities for millions of people by increasing regional trade and connectivity.
The $753.45 million ACCESS Project in Bangladesh will upgrade the 43 km two-lane Sylhet-Charkai-Sheola road to a climate-resilient four-lane road, connecting the Sheola Land Port with the Dhaka-Sylhet Highway.
This will cut down travel time by 30 percent. The project will support digital systems, infrastructure, and more streamlined processes at Benapole, Bhomra, and Burimari land ports, the three largest land ports in Bangladesh handling approximately 80 percent of land-based trade.
It will also support the modernization of the Chattogram customs house which handles 90 percent of all import/export declarations in Bangladesh.
“While the trade between Bangladesh, Bhutan, India, and Nepal grew six times from 2015 to 2019, the unexploited potential for regional trade is estimated at 93 percent for Bangladesh,” World Bank Country Director for Bangladesh and Bhutan Mercy Tembon said.
“The project will help Bangladesh improve regional trade and transport and automation of processes will build resilience to crises like the COVID-19 pandemic.”
Read: World Bank presents its areas of interest for future projects in Bangladesh
The $275 million ACCESS Project in Nepal will upgrade the 69 km two-lane Butwal-Gorusinghe-Chanauta road, along the East-West Highway, to a climate-resilient four-lane highway.
This is expected to reduce travel time by 30 percent, thus providing better access to India’s western seaports.
The project will construct market areas along the highway with dedicated spaces for women entrepreneurs and traders to ensure that women can benefit from the enhanced economic opportunities.
It will also support digital systems and capacity building to enhance trade and customs processes in particular at Birgunj and Bhairahawa border points.
“Nepal has large untapped potential for regional trade and exports. Low regional trade is often a result of the high cost of connectivity,” said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka.
“The project will help unlock Nepal’s economic potential through better connectivity and trade, both between the provinces as well as regionally among Nepal and other countries to support a green, resilient, and inclusive development.”
“It is highly critical to ensure trade growth, long-term sustainability and resilience of investments, while minimizing degradations on the ecosystems along the Nepal’s road network, which carries 90 percent of passengers and goods movement,” said Oceane Keou, World Bank Task Team Leader of the Nepal Project and co-Task Team Leader of the program.
“The project will implement an innovative green and resilient highway corridor concept in Nepal, based on a landscape-level development approach.”
The program will also help advance Bangladesh’s and Nepal’s preparedness and subsequent implementation of the Motor Vehicle Agreement (MVA). In the second phase, the program will include Bhutan.
“A key focus of the ACCESS program is to support solutions that can most effectively reduce dwell times at trade gateways, which is vital to lowering trade costs.
This entails greater border cooperation and coordination within and between countries, cutting down the physical inspection of goods, and simplifying regulations and processes,” said Erik Nora, World Bank Task Team Leader of the program.”
Read: World Bank helps improve livability of four Dhaka localities