Local-Business
Gulf Air rewards top agents
Gulf Air, the national carrier of the Kingdom of Bahrain, has conferred awards on top agents that put up an outstanding performance in sales in the year 2022.
To this end, the airline, which was named the winner of the World’s Most Improved Airline at the Skytrax World Airline Awards 2022, arranged an agent night at Renaissance Dhaka Gulshan Hotel on Thursday, according to a press release.
Read: Bangladesh Bank to announce new monetary policy tomorrow, 9% interest rate cap to be withdrawn
Gulf Air has celebrated such a tremendous success in sales in collaboration with its GSA I-Business Holding Limited based in Bangladesh.
Gulf Air’s country manager to Bangladesh Isa Shah, airport manager of Gulf Air Bangladesh Jassim Ghareeb and Maruful Islam Jhalak, managing director of I-Business Holding Limited – the GSA of Gulf Air, handed over awards to top independent agents.
Maruful Islam Jhalak said, “Agents are playing a significant role in boosting Gulf Air’s business. We shine because of agents who act as our stars.”
Read: Walton sees surge in fridge sales ahead of Eid-ul-Azha
Only because of the agents, Gulf Air has stayed attuned to customer needs and continues to enhance its overall services quality, eventually strengthening the airline’s business and market presence, he added.
Isa Shah said, ‘What we are today is because of our hardworking agents. Their dedication, market insights and commitment to customers have played a vital role in making Gulf Air’s business stronger and enhancing its reputation in the aviation industry.’
They are contributing to ticket sales, providing personalised services, offering expert advice, and thus helping Gulf Air better understand its customers in this region, he noted.
Read: Workers of Forest Department’s SUFAL project to get wages through Nagad
Regarding agents contribution to Gulf Air’s business growth, Tanvir A Mishuk, chairman of I-Business Holding Limited, said, ‘Agents are our partners. Their outstanding efforts in promoting Gulf Air’s services, driving ticket sales, and providing exceptional customer support have been instrumental in the airline’s success. These agents serve as valuable ambassadors, representing Gulf Air in Bangladesh’s market as well as ensuring seamless travel experience for passengers.’
Bangladesh Bank to announce new monetary policy tomorrow, 9% interest rate cap to be withdrawn
Bangladesh Bank is ready to announce a contractionary monetary policy statement tomorrow, withdrawing the single-digit interest cap to combat rising inflation, the central bank sources said.
Usually, contractionary monetary policy is used to contain inflation and reduce the level of money circulating in the economy.
Governor of Bangladesh Bank, Abdur Rouf Talukder, will release the policy statement for the first half (July-December) of FY 2024 at a press conference in Bangladesh Bank tomorrow.
Read: Central bank to announce new monetary policy soon with focus on macroeconomic stability
The chief of BFIU, deputy governors, Chief Economist, executive director of the Research Department, and concerned officials of Bangladesh Bank will be present at the event.
The central bank formulates monetary policy to create a balance between inflation and achieving the desired growth.
When asked about the new monetary policy, Bangladesh Bank Executive Director and Acting Spokesperson, Abul Bashar, told UNB that the central bank governor will officially announce the monetary policy tomorrow. “This monetary policy will focus more on controlling inflation, and the introduction of a single currency exchange rate,” he said.
Besides, there will be new announcements on interest rates and the current 9 percent cap will be waived and rationalized, he said.
Read: Bangladesh Bank unveils cautionary monetary policy to curb inflation and exchange rate
According to Bangladesh Bank sources, the central bank will introduce a new system by removing the existing 9 percent interest rate limit on loans. The interest rate will be effective from July 1, the first month of the new fiscal year.
Read more: BB will announce new monetary policy on June 30
Islamic banks can encourage youth-led startups to generate employment: Dr Salehuddin
Former governor of Bangladesh Bank, Dr Salehuddin Ahmed, on Saturday said Islamic banks can work to encourage youth=led startups for employment by providing investment in nominal profit margin, which is the broader perspective of Islamic finance.
He said this while speaking as the chief guest at the inaugural ceremony of the Bangladesh Institute of Islamic Finance (BIIF), a training institution for Islamic financing, held at Motijheel.
READ: Walton sees surge in fridge sales ahead of Eid-ul-Azha
Professor Mahbub Ahmed of DU, founding chairman of BIIF, presided over the event. Dr Muhammad Fouzul Kabir Khan, former secretary; Dr Muhammad Abdul Mazid, former chairman of the NBR; Farid Uddin Ahmed, Chairman of the Executive Committee of Central Sharia Board for Islamic Banks of Bangladesh; Professor Dr. Mahmuda Akhtar, Executive President of Bangladesh Institute of Capital Market (BICM); Professor Dr. Abdul Latif Masum, former VC of Patuakhali Science and Technology University (PSTU); and Dr M Abdul Aziz, founding director of BIIF, also spoke at the event.
Dr Salehuddin said, higher interest and compound interest work as a barrier for entrepreneurs, this is why Europe and the United States have formed separate equity systems for Islamic financing along with the research panel.
Eid-ul-Azha 2023: 4 Bangladeshi Online Cattle Markets to Check Out this Eid
Qurbani Eid 2023 festival is just around the corner. Like every year, Muslims in Bangladesh are eager to purchase sacrificial animals. However, visiting the animal haat (markets) physically to buy sacrificial animals during this sweltering summer heat can be a daunting task for many. Keeping all this in mind, different online platforms are once again starting online cattle markets.
4 Online Cattle Markets in Bangladesh for Eid-ul-Azha 2023
Purchasing sacrificial animals online has become more common nowadays, and fortunately, there are online Qurbani haat available in Bangladesh. Let’s explore these “digital haat” in detail.
Bikroy Birat Haat Powered by Minister
To celebrate the upcoming Eid-ul-Azha, Bikroy.com, a renowned platform for buying and selling livestock, has joined hands with Minister Hi-Tech Park Ltd., a well-known manufacturer of electronics and home appliances, and OPPO Bangladesh, a global mobile manufacturing company. Together, they have organized a Qurbani campaign called ‘Bikroy Birat Haat Powered by Minister.’
Read more: Eid-ul-Azha 2023: Cumilla to have a surplus of 8,606 sacrificial animals, says livestock dept
Just like every Eid-ul-Azha, Bikroy is once again offering a special collection of farm animals exclusively for its valued customers. The Bikroy website already showcases over 1,600 advertisements for livestock.
To boost the popularity of Bikroy online haat, like every year, the company also launched the Birat Haat Contest. However, this year the contest will be different. Minister has taken on the role of Title Sponsor for the seventh consecutive time, while OPPO has joined as an Associate Partner for the first time. To participate in the Birat Haat contest, individuals are required to create a video following the theme song of Birat Haat along with its catchy dance step. The video should be shared on either one or all of the respective Facebook, TikTok, and YouTube profiles with the #BiratHaat2023 caption.
Additionally, participants are also required to submit the video link to the Bikroy Blog site. Among the submitted videos, 18 lucky winners will be chosen based on their entertainment value and uniqueness.
Read more: PM accepts cow as gift from couple for Eid-ul-Azha sacrifice
For the Member contest, 15 winners will be selected from sellers across all categories who have the highest number of ads, the most views, and ad responses. All winners will be rewarded with exciting prizes such as refrigerators, LED TVs, smartphones, and more, with a total value of BDT 6 lakh, sponsored by Minister Hi-Tech Park Ltd. and OPPO Bangladesh.
Bengal Meat Qurbani
On June 1 of this year, Bengal Meat announced the launch of the Qurbani portal for the 9th consecutive year. They sell organic grass-fed cattle, offering a unique and distinct option for customers.
Customers have the convenience of ordering their preferred cattle through the online platform, and the cattle are then delivered while maintaining the necessary quality.
Sadeeq Agro
Popular livestock farm Sadeeq Agro also arranged online cattle haat this year. The buyers can check their website to order any cattle they like. The site provides weight, and all other required information regarding the cattle. However, buyers can also visit their farm to see the cow and verify the weight.
Read more: Bhaijan now coming to Jashore
Qurbani cows can be ordered up to 7 days before Eid-ul-Azha. However, the buyer will be required to pay 10% in advance. The cost of cows vary as per the weight. After the order, Sadeeq Agro will deliver according to the customer’s preferred date. The best thing about Sadeeq Agro is that they do not have any delivery charges. And they deliver anywhere in the Dhaka metropolitan area.
Khaas Food
This year, Khaas Food has launched an Online Qurbani Haat, aiming to provide a convenient platform for purchasing sacrificial animals. It features a diverse selection of cows sourced from numerous farms and breeds. Each cow comes with detailed information, including weight, age, height, feed, gender, and colour.
Additionally, Khaas Food ensures transparency and clarity regarding the health of the cattle by specifying the vaccines they have received. To secure a booking, customers are required to make an upfront payment of 50% via bKash or credit card, with the remaining amount due before delivery. Delivery of sacrificial animals will be completed in 2-4 days before Eid. BDT 3000 is applicable for delivery charges. In this case, the delivery will be done according to the order of booking and the customer’s demand.
Final Words
For the last few years, the trend of Online Qurbani Haat in Bangladesh has revolutionized the way people participate in the tradition of animal sacrifice. The digital platform provides convenience, accessibility, and a wide range of options for individuals looking to purchase sacrificial animals. However, it is upon the buyers, to check all the detailed information such as breed, weight, age, height, feed, gender, and colour before purchasing a cattle. Thus, buyers can choose the best sacrificial animals from the online cattle markets for the holy occasion of Eid-ul-Azha.
Read more: With Eid-ul-Azha approaching, Khulna cattle famers distraught over price hike of fodder
Walton sees surge in fridge sales ahead of Eid-ul-Azha
Local electronic brand Walton reported a surge in fridge sales across the country centering the upcoming Eid-ul-Azha, one of the biggest religious festivals of Muslim to be observed at the end of this month, according to a press release.
Dealers and sales executives of Walton from across the country including Chattogram, Rajshahi, Khulna, Rangpur, Bogura, Sylhet and Narsingdi reported huge sales of their fridges, the release added.
According to them, like previous years both the demand and sales of Walton fridge have increased ahead of Qurbani Eid (Eid-ul-Azha) and the crowds are increasing every day before the Eid.
Read: Workers of Forest Department’s SUFAL project to get wages through Nagad
Tofail Ahmed, chief business officer of Walton Refrigerator, said that about 75% of the customers keep their trust and faith in Walton Refrigerator. To keep it up, Walton is delivering the highest number of models of fridges featured with huge energy efficient advanced technologies. In this Eid, more than 250 designs and models of refrigerators are available for customers of all classes of buyers. In addition, the opportunity to get free cars and lots of gifts by buying Walton fridge under the digital campaign is also pushing the sales of Walton fridge to go up, he added.
On the occasion of Qurbani Eid, Walton started digital campaign season-18 across the country on 15 May. In this season, buyers are getting lakhs of gifts including free cars by buying fridge, TV, air conditioner or washing machine from any Walton Plaza, distributor showroom and online sales platform e-plaza in the country. Buyers will get this facility till July 15, 2023.
Read: Transcom Digital launches Hitachi’s Eclipse washing machine
In this eid, more than 250 models of frost, non-frost refrigerators and freezers of Walton brand with a capacity of 50 liters to 646 liters are available in the market. Among these, over 50 new models of fridges with advanced features and doors are released centering the Qurbani Eid. The new models include huge energy efficient inverter technology' advanced features AIoT based smart side by side refrigerator, glass doors, BSTI's highest 5-star energy rating certified frost and non-frost fridges. Besides, Walton brand's 22 models of freezers are also available in this Qurani Eid. Buyers can buy these Walton fridges between Tk 17,000 and Tk 1,55,000.
During Eid-ul-Azha, there is a need to store a large amount of meat. Due to the turbo cooling technology in Walton fridges, the refrigerator and freezer parts become cool within a very short time.
Read: Bangladesh Bank set to approve digital bank policy on June 14
In this Eid, vertical freezer with a capacity of 325 liters, convertible freezer with a capacity of 255 liters and the world's first 8-in-1 convertible refrigerator with a capacity of 646 and 619 liters are the new surprises of Walton. The 255-liter convertible mood freezer can be converted into a normal fridge as needed. The customer can set the cooling performance of the fridge and freezer compartment of Gianttech series 8-in-1 convertible mood 646 liter GT Pro and 619 liter GT model refrigerators. It will consume less electricity.
Buyers are getting one year replacement warranty, 12-year compressor guarantee and 5-year free after-sales service on Walton fridge. Walton has the largest team of service experts and ISO certified service management system in Bangladesh to deliver fast and best after sales service to customers. Under this, Walton is providing the highest level of after-sales service at a very short time to the customers through its nationwide 80 service centers spread across the country.
Meeting the local market demand, the 'Made in Bangladesh' tag Walton manufactured fridges are being exported to various countries in Asia, the Middle East and Africa including India, Nepal, Bhutan, Maldives, Nigeria, Uganda, Iraq, Saudi Arabia, Mexico.
Interbank dollar exchange rate jumped to Tk109
The interbank exchange rate of the US dollar jumped to the highest ever Tk109 in the banking channel amid the scarcity of foreign currency.
Bangladesh Bank (BB) on Thursday revealed the data that interbank transactions occurred at Tk109 on Wednesday. Earlier in May this year, the dollar was exchanged at Tk108.75.
According to the latest data, on Wednesday, banks exchanged dollars among themselves from Tk 108.3 to Tk 109.
Read:Nagad became a billion-dollar company in just 3 years, 5 more Bangladeshi unicorns by 2025: Palak
Analysis of the data, the exchange rate of the dollar in inter-bank transactions has increased almost every working day in the current month. On June 1, the price per dollar was Tk108.
A year ago, the exchange rate for US dollar in interbank transactions was Tk92.8. That is, the domestic currency (Taka) has depreciated by 14.86 percent or Tk16.2 in contrast to a year.
Read: US Dollar rate Tk108.5 for remittance, Tk107 for exports from Thursday
The sector concerned said, the reasons for declining the price of the Taka against the US dollar, affected import costs and pushed the commodities price further in the local market. But on the contrary, there is not much momentum in export and remittance earnings.
Read more: Interbank dollar exchange rate hit another record high
Workers of Forest Department’s SUFAL project to get wages through Nagad
From now on, wages of those working under Sustainable Forests and Livelihoods (SUFAL) Project run by Bangladesh Forest Department will be disbursed through Nagad.
A tripartite agreement was recently signed among Directorate of Posts, Nagad Ltd and Bangladesh Forest Department at Bana Bhaban in the capital’s Agargaon area, according to a press release on Wednesday.
Also read: Nagad became a billion-dollar company in just 3 years, 5 more Bangladeshi unicorns by 2025: Palak
Gobinda Roy, deputy chief conservator of Forests and project director of SUFAL, Parvin Banu, director (Planning) of Directorate of Posts, and Md Shafayet Alam, executive director of Nagad, signed the agreement on behalf of their respective organizations, it said.
Workers of SUFAL project will instantly get their wages through Nagad. A day labourer will get Tk 500 in wage per day, a watcher Tk 3,000 per month and one tasked with community patrolling Tk 1,800 per month. The annual disbursement for paying salaries and other allowances among the people engaged with the project stands at more than TK 200 crore, said the release.
Also read: Establishing Digital Bank paramount to build smart Bangladesh: Nagad MD
“Nagad has become people’s favourite service provider within a short time. That is why the government is disbursing various types of allowances through Nagad. Besides, many government institutions and agencies use Nagad to pay salaries to their employees, which inspires us to do better,” said Md Shafayet Alam, executive director of Nagad.
Also read: Nagad welcomes govt’s move to increase safety net allocation
Transcom Digital launches Hitachi’s Eclipse washing machine
Transcom Digital, the largest partner of Japanese electronics company - Arcelik-Hitachi Home Appliances has launched a new series of Hitachi Washing Machines.
Officials of the company introduced two models of Eclipse washer at a function at Transcom Digital Showroom in the capital on Monday.
Read more: Walton exports ‘Made in Bangladesh’ ACs to Yemen and Mali
Transcom Digital head of business Ritesh Ranjan and head of category Saikat Azad were present as guests among other officials on the occasion.
To celebrate Eid-ul Azha, the company has announced special prices for its front loading washers. The eight-kilogram capacity machine is available at Tk 55,900, while the nine-kilogram machine is offered at Tk 61,900. In addition to the cash discount, customers have a chance to win up to Tk 50,000 in cash discounts, free gifts, or a Mega gift through a scratch card. Furthermore, customers can also take advantage of special credit card offers Up to 10% discount/cashback from selected banks including Bank Asia, Lanka Bangla, NRB Bank, Eastern Bank, and City Bank
Read more: Walton Orbit Y21 Review: Budget-friendly phone with a smart look
Special features of the Eclipse washing machine and washer dryer line are capable of cleaning clothes in rapid 15 minutes.
The users of Eclipse washing machines will get a 120-month warranty for the inverter motor and 24 months for spares parts and free service.
Read more: Walton inks deals with Lovello to supply ice-cream freezer
DCCI business delegation leaves Dhaka to join BIMSTEC Business Conclave’ in Kolkata
A 12-member business delegation from Dhaka Chamber of Commerce and Industry (DCCI) led by the Chamber’s President Barrister Md. Sameer Sattar left Dhaka on Sunday to join the BIMSTEC Business Conclave in Kolkata.
The Conclave will be held on June 13-15 in Kolkata, India.
Also Read: BIMSTEC chief urges member states to boost trade within the region
Indian Chamber of Commerce and Industry (ICC) in collaboration with the Ministry of External Affairs, Government of India, is organizing this mega conclave with the theme “Quantum leap in business cooperation for shared prosperity and growth”.
The BIMSTEC region brings together 1.67 billion people and a combined GDP of around USD 2.88 trillion which offers a huge market to the investors and traders.
In spite of close proximity and historical linkages, the region has not witnessed major flow of FDI among BIMSTEC countries.
The conclave aims to chart out an actionable agenda to augment intra-regional trade and investment in this region as well as strengthen the value chains for mutual benefits through deeper economic engagement of the BIMSTEC countries, according to DCCI.
Also Read: Dhaka seeks Member States' greater commitments to implement BIMSTEC FTA soon
The inaugural session of the 3-day conclave will highlight the ‘25th glorious anniversary of BIMSTEC- towards a peaceful, prosperous and sustainable Bay of Bengal region’.
In addition, to steer the objective of the event, various interactive and high-level topical plenary sessions will be held focusing on trade and investment opportunities, agriculture, food security, infrastructure, logistics and connectivity, advancement of healthcare, sustainable tourism, women entrepreneurship, demographic dividend, textile, finance, digital connectivity, climate change and regional business cooperation. DCCI delegation will join some discussion sessions.
Also Read: Bangladesh for speedy implementation of BIMSTEC Free Trade Area
The DCCI delegation during their visit will also attend the B2B meetings and exhibition to explore wide-ranging cross-border trade and investment opportunities to make this trip successful.
IDRA appoints observers for Sun-Life, Progressive Life Insurance
The Insurance Development and Regulatory Authority (IDRA) on Sunday appointed observers for Sun-life Insurance and Progressive Life Insurance companies.
The IDRA took the decision after complaints of not payment of insurance money to the clients even after the maturity, stated the IDRA letter to Dhaka Stock Exchange (DSE).
REad: Ensure insurance claims are paid after proper investigation: PM Hasina
The insurance regulator sent a letter to inform the companies and the DSE on Sunday (June 11).
IDRA director Abdul Mazid has been appointed observer at Progressive Life Insurance company.
REad: 30 percent life insurance clients not getting their claims
IDRA director Shah Alam has been appointed as the observer of Sun-life Insurance company. Both are directors of IDRA and Deputy Secretary to the government.
The two companies have been accused of various irregularities, including non-payment of insurance claims.
REad: Meghna Life Insurance premium now through Nagad