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IBBL for 18% dividend

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Staff Reporter
The Board of Directors of Islami Bank Bangladesh Limited (IBBL) has recommended a total of 18 percent (10pc stock and 8pc cash) dividend for the shareholders for the year of 2013 subject to the approval of the 31st Annual General Meeting of the Bank.
This was decided at a meeting of the Board of Directors of the bank held at Islami Bank Tower on Saturday with Prof Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors of the Bank, in the chair, said a press release.
Engr Mustafa Anwar, representative of the Public Institution for Social Security, Engr Eskander Ali Khan, representative of Al-Rajhi Co for Ind & Trade, KSA, Md Abul Hossain, representative of Investment Corporation of Bangladesh, Dr Abdulhameed Fouad Al-Khateeb, representative of Arabsas Travel & Tourist Agency, KSA, Dr Areef Suleman, representative of Islamic Development Bank, Mohammad Abdullah Al Jalahma, representative of Kuwait Awqaf Public Foundation, Salahuddin Ahmed, representative of Kuwait Finance House, Md Abdus Salam, FCA, FCS, Humayun Bokhteyar, ACPA, FCA, Professor NRM Borhan Uddin, PhD, Professor Dr AKM Sadrul Islam, Barrister Mohammad Belayet Hossain and Mohammad Abdul Mannan, Managing Director, attended the meeting.
The meeting approved the Profit and Loss Account for the year of 2013 and Balance Sheet as on December 31, 2013. The 31st Annual General Meeting will be held on May 31, 2014 at Bangabandhu International Conference Centre. The Record date for Dividend has been fixed on April 3, 2014.
It was also decided that the annual profit rate of Mudaraba Perpetual Bond of the Bank is 12.8 percent for 2013 which is the sum of 11 percent final rate of profit of 8 year term Mudaraba Savings Bond and 10 percent of the declared dividend. The Profit of the Bond will be distributed within 30 days from holding of Annual General Meeting of the Bank.
The meeting expressed its satisfaction while evaluating the performance of the Bank over the success and progress achieved so far and took some important business decisions.

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