Tagged: Bangladesh

Cash Waqf gets popularity

Cash Waqf gets popularity

Cash Waqf is a voluntary endowment of money, deposited to the banks perpetually. Profit paid on this deposit is spent in different people's welfare purposes according to instructions of the account holders. These include education, health, food, utilit…

ICIEC and The Bangladesh Bank sign MOU

ICIEC and The Bangladesh Bank sign MOU

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Bangladesh Bank (The Central Bank of Bangladesh) signed a Memorandum of Understanding (MOU). The objective of the MOU is to establish a basis for the exchange of …

IIDFC reappoints managing director

IIDFC reappoints managing director

Md Asaduzzaman Khan has recently been reappointed as managing director of IIDFC. A career central banker, Khan joined IIDFC after taking voluntary retirement as executive director of Bangladesh Bank in 2008. He is an MA in economics from Dhaka Universi…

Islamic Development Bank’s Dhaka office on anvil

Islamic Development Bank’s Dhaka office on anvil

The Islamic Development Bank (IDB) will set up its country office in Dhaka, Bangladesh soon, according to its President Ahmad Mohamed Ali Al-Madani. Foreign Minister of Bangladesh, Dipu Moni, expressed satisfaction at the progress made with the Member Country Partnership Strategy (MCPS) for 2013-16 covering a number of important infrastructural, agricultural and human development projects. She also hoped that IDB would support several projects in the country. The IDB President assured of growing cooperation in power generation, including rural electrification and renewable energy use. He also shared his optimism about Bangladesh’s development pursuits to become a middle income country by 2021.

‘US, UK banks refusing Islami Bank’

‘US, UK banks refusing Islami Bank’

Banks in the United Kingdom and the United States are not accepting transactions made through the Islami Bank Bangladesh Limited after allegations surfaced about its alleged funding of militant groups across the globe. The matter came to light when a team of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) met the central bank Governor. According to BGMEA, banks in the United Kingdom and the United States are not accepting export bills and documents through the Islami Bank Bangladesh. Apparel sector’s apex body has requested Bangladesh Bank Governor Atiur Rahman to resolve the issue, saying many of its members were facing troubles. The bank posted a clarification on its website and denied the charges.

Al-Arafah offers scholarship to students

Al-Arafah offers scholarship to students

Al-Arafah Islami Bank Ltd has provided scholarship worth more than Tk 1.85 million to the poor and meritorious students of Kurmitola High School recently under its corporate social responsibility activities. Chairman of the Bank Badiur Rahman handed ov…

DSE plans to launch ‘Islamic Shariah Index’

DSE plans to launch ‘Islamic Shariah Index’

The Dhaka Stock Exchange (DSE) is planning to introduce an ‘Islamic Shariah Index’ to increase investment of Islamic Shariah-based banks in the stock market. A meeting was held with the representatives of Islami Bank Bangladesh in order to prepare a gu…