business
IBBL awarded as highest taxpayer
Islami Bank Bangladesh Limited has been awarded as the highest taxpayer in banking sector in FY 2021-22.
Shaheen Akther, Member (Tax Admin & Human Resource Management), National Board of Revenue handed over the crest and certificate to Md Omar Faruk Khan, Additional Managing Director of IBBL at crest and certificate giving ceremony held in Dhaka on Tuesday, according to a press release.
Read: IBBL launches month-long fintech campaign
Md. Khairul Islam, Commissioner of Tax Zone-2, Md. Iqbal Hossain, Commissioner of Large Taxpayers Unit, Md. Ashraful Haque, FCA, Executive Vice President and Mosiur Rahman, FCA, Vice President of IBBL along with top officials from Ministry of Finance, National Board of Revenue & other organizations were present on the occasion.
Bangladesh launches new investment strategy & action plan to generate jobs
Bangladesh launched a new action plan Tuesday aimed at helping the youth to become entrepreneurs and generate employment for sustaining the country’s economic growth.
The 'Bangladesh Impact Investment Strategy and Action Plan ' or BIISAP, launched at an event in Dhaka, focuses on employment generation for sustained growth and take the economy forward.
Speaking at the event Planning Minister MA Mannan praised Bangladesh’s young people as very innovative and ager to start their own businesses.
He said the government is encouraging private public partnership for economic development.
Mannan also urged regulators including BB and BSEC for easing policy to provide funds to the young entrepreneurs so they can move forward.
Read:Bangladesh receives $2.09 billion remittance in July; highest in 14 months
Bangladesh Bank (BB) deputy governor Abul Farah Md Naser was among a host of speakers at the programme.
They are Prof Shibli Rubayat-Ul- Islam, chairman BSEC, Mustafa Osman Turan, ambassador of Turkiye to Bangladesh, Nathalie Chouard, ambassador of Switzerland, Sirajul Islam, executive chairman BIDA and Chair, National Advisory Board (NAB) for investment, Khondkar Morshed Millay, Director sustainable finance of BB, Sir Ronald Cohen, chairman, global steering group for impact investment, Arastoo Khan, member secretary NAB, Farhad Reza, CEO of NAB and president Build Bangladesh.
Jonathan Tsuen Yip Wong, chief of technology and innovation trade UNESCAP and Md Tarique Amin Bhuiyan, member Dhaka Stock Exchange made video presentation on investment opportunities in Bangladesh.
The BB deputy governor the central bank formed a fund of Tk 1000 crore for start-up of which Tk 500 crore has already been disbursed.
The central bank instructed banks to speed up disbursement of start-up funds and the volume of the funds will be increased if required, he said.
Turkiye ambassador Mustafa Osman Turan said dedicated and committed individuals are needed to make success in entrepreneurship.
Bangladesh can achieve SDG goals by employment of its huge youth population through creating entrepreneurship, he said.
BSEC Chairman Prof Shibli said the policies are being eased to encourage green bond and venture capital for sustainable investment in the country.
IBBL launches month-long fintech campaign
Islami Bank Bangladesh Limited (IBBL) has launched a month-long fintech campaign.
Mohammed Monirul Moula, managing director and chief executive officer of the bank, inaugurated the "All of Your Banking Through Fintech" campaign as the chief guest in Dhaka Monday.
IBBL additional managing directors Muhammad Qaisar Ali and Md Omar Faruk Khan addressed the function as special guests.
Read: IBBL Chattogram North, South hold Shariah compliance webinar
Md Mostafizur Rahman Siddiquee, deputy managing director, presided over the programme. AFM Kamaluddin, deputy managing director, delivered the welcome speech.
Monirul Moula said: "IBBL has been working to attain the Sustainable Development Goals (SDGs) in line with the initiatives of the government. We are contributing to the digital transformation of the country through the expansion of modern fintech services."
Read Nagad bags Visa 'Excellence in Fintech' award
KUET partners with Huawei to set up ICT academy
The Khulna University of Engineering and Technology (KUET) has teamed up with global ICT infrastructure provider Huawei to set up an ICT academy.
A memorandum of understanding (MoU) was signed between KUET and Huawei in Khulna Monday.
Under this agreement, a special training centre will be set up at KUET. Huawei will provide online training materials and courses through its learning platform to the KUET students.
Read: Huawei introduces versatile cloud solutions for telecom carriers
This academy will also train KUET teachers as Huawei-certified trainers. After finishing the training, KUET teachers will train students in this ICT academy. Students will be able to get training on the latest ICT technology through this ICT academy.
Professor Quazi Sazzad Hossain, vice-chancellor of KUET, said: "Developing a sustainable ICT talent ecosystem is essential for continuing our growth and overall progress. Huawei has contributed greatly to the ICT ecosystem of Bangladesh."
"Huawei has been working with both the government and individual entities to create an ecosystem that will nurture ICT talents in Bangladesh. This ICT academy partnership is also part of our continued commitment to preparing the youth for the future world," George Lin, president of Enterprise Business Group at Huawei Bangladesh, said.
Read Seeds For The Future moves to 3rd round with 30 students
Huawei initiated ICT Academy, a school-enterprise cooperation project, in 2013.
At the moment, there are 1,500 such ICT academies run by Huawei in more than 90 countries around the world, including Pakistan, Zambia, and China, according to a media statement.
Earlier, Huawei partnered with BUET to set up the Huawei BUET ICT Academy, which is already operational.
It is expected that the Huawei KUET ICT academy will open new doors for the students to build sustainable careers in the ICT sector.
Read Huawei Bangladesh to recruit 60 fresh graduates
Bangladesh receives $2.09 billion remittance in July; highest in 14 months
Bangladeshi expatriates have sent inward remittance worth USD $2.09 billion in July, first month of current fiscal year, Bangladesh Bank (BB) report said.
The BB report released on Monday stated that the remittance flow of July is the highest in 14 months.
The bankers and concerned people said that the holy Eid-ul-Azha is celebrated in July. Expatriates usually send additional money to their relatives during the Eid.
Also read: Bangladesh receives $1.64 billion remittance in 21 days of July:BB
Md Serajul Islam, executive director and spokesperson of BB told UNB that the central bank has simplified various processes to attract more remittance through banking channels.
The government is also extending remittance incentives as well as providing policy support. Now the dollar rate is getting higher, he said.
"Besides, last month was Eid-ul-Azha, expatriates sent money to celebrate the family's Eid festival beautifully. Remittances have increased due to these reasons. I hope this trend will continue,” Serajul said.
Also read: Digitalization: Global remittances flows expected to reach US$5.4 trillion by 2030
In June, the ending month of the last fiscal year, the expatriates sent $1.83 billion inward remittance through the banking channel.
Bangladesh received the highest $24.77 billion inward remittance in FY2020-21, amid global movement restrictions along with air flight due to the worsening situation of Covid-19 pandemic.
After that in FY 22 remittance income fell to $21.03 billion.
Read BB allows floating exchange rate of US dollar amid pressure
The sector insiders and experts believed that around $2 billion remittances entered Bangladesh on illegal paths despite different initiatives, including incentives as stimulus to send remittance in the legal channel.
Sources said a number of Bangladeshi expatriates in the Middle East, Malaysia, the USA, and Europe who cannot send money to the country in the banking channels lack valid documents.
As a result, they have to depend on the illegal hundi and other informal channels for sending their earnings to relatives in Bangladesh.
Read BB moves to encourage greater flow of remittance to boost forex
Foodpanda launches 'pandapro' subscription in Bangladesh
Food and grocery delivery platform foodpanda has launched pandapro, a new subscription programme for customers.
The all-in-one subscription offers privileges across foodpanda services – delivery, pick-up, dine-in and groceries – for a monthly fee.
Pandapro subscribers will get 10 free deliveries on orders over Tk350 and discounts on food delivery and pick-up, grocery orders and dine-in.
Read: Popular Food Delivery Apps in Bangladesh
Pro customers will also get a 25 percent discount on dine-in at over 500 restaurants, including Sushi Samurai, Crimson Cup, Bar B-Q Tonight, 138 East, and Shawarma House.
"Our customers like eating out at restaurants as much as they like home delivery. And pandapro has something for everyone – whether they like online delivery, pick-up or dine-in," Manisha Safiya Tarek, head of marketing at foodpanda Bangladesh, said.
Customers can subscribe to pandapro by tapping the subscription option within the foodpanda app. They can make payment for their subscription with bKash or debit or credit cards issued by all local banks.
Read Daraz acquires food delivery Start-up HungryNaki
BURO partners with Nagad for easier savings, instalment payments
Mobile financial services provider Nagad and social development organisation BURO Bangladesh have initiated an online payment service to help customers keep savings and make loan payments easier for them.
An agreement was signed in this regard recently between Nagad and BURO, said a media statement Monday.
Maruful Islam Jhalak, executive director of Nagad, said: "Nagad has introduced several cutting-edge innovative solutions for the customers, to enable any form of transaction, from anywhere."
Read: Nagad's made unique progress: CTTC chief
"Now, customers of Nagad and BURO Bangladesh can pay their savings deposits and loan instalments from their comfort zones."
Saidur Rahman Dipu, head of business sales of Nagad, Tanveer Chowdhury, head of MFI and government sales operations at Nagad, Farmina Hossain, director of operations ( financial services) at BURO, Pranesh Banik, director of risk management of BURO, and Sirajul Islam, director of special programmes of BURO, were also present at the signing ceremony.
Read Nagad's Jhalak scoops up 'Best Emerging Director in Fintech' award
Banks miss CMSMEs stimulus loans disbursement target
Despite the central bank's priority, banks have failed to achieve the stimulus loans (phase-2) disbursement target among cottage, micro, small and medium entrepreneurs (CMSMEs).
According to the latest report of BB, banks have disbursed Tk14,746 crore against the target of Tk 19,340 crore for FY22, which is 73.77 per cent of the target.
In the previous fiscal year (FY21) banks disbursed the CMSMEs loans 77 per cent of the target. It means banks’ CMSMEs loans disbursement reduced by 4.15 per cent in FY 22 than the FY 21.
Also read: BB asks banks to cut power use 25 pc, energy 20 pc in a year
Banks distributed these loans among 82,190 entrepreneurs in the FY 22. Among them, there were 73,642 male entrepreneurs while 14,617 female.
In June, the last month of the fiscal year (FY), Tk3323 crore of loans were distributed among 17,913 entrepreneurs. Of which, women entrepreneurs were 3,296 and male entrepreneurs were 14,617.
In the second phase, state-owned banks disbursed loans of Tk2, 280 crore, which is 82 percent of the target.
Read: BB asks banks to keep branches open in Dhaka cattle market areas on July 8,9
The loan disbursement by specialized banks is Tk 241 crore, which is 96 percent of the target. Foreign banks disbursed Tk72 crore, which is 38 percent of the target and Islamic banks disbursed Tk 3,636 crore, which is 64 percent of the target.
Agrani Bank Limited has disbursed the highest loans among the state-owned banks. The bank had a target of Tk 890 crore. Against this, Agrani Bank has distributed Tk 1,113 crore, which is 125 per cent of the total target.
Sonali Bank disbursed loans of Tk 537 crore against the target of Tk 500 crore, which is 107 per cent of the target.
Read SME Foundation disburses Tk300 crore stimulus loans to 3,106 entrepreneurs
Bangladesh Krishi Bank has disbursed loans 99 per cent against the target of Tk 200 crore. The bank has disbursed Tk198 crore.
Foreign City Bank NA has achieved 100 per cent of the CMSMEs loan disbursement target.
Besides, the private sector AB Bank has disbursed 105 per cent loans of the target. The target of the AB bank was Tk 240 crore and it disbursed Tk 253 crore.
Read Bangladesh Bank's role in steering economic recovery appreciated
Despite the effort of BB, banks failed to fulfill the CMSMEs stimulus loan disbursement target in two consecutive years.
The CMSMEs borrowers alleged that banks harass the borrowers in the name of documents for lending.
Unilever Bangladesh donates Tk 50 lakh to employees affected by flood
Unilever Bangladesh Limited (UBL), the largest Fast Moving Consumer Goods Company has recently launched a Voluntary Donation Programme to support the families of its outer core employee, the Distribution Field Force (DFF), who have been impacted by the devastating floods in Sylhet, Bogra, and the central-northern region of Bangladesh.
Through this programme, employees of Unilever Bangladesh have donated a portion of their monthly salary, and the company matched the donations to raise a total of Tk 50 lakhs, read a media statement.
More than 550 DFF staff were affected by the floods, living without basic necessities such as clean water and shelter.
Read: Bangladesh wins Unilever Future Leaders' League 2022
To stand beside them, Unilever Bangladesh is providing a sum of Tk fifty lakhs of monetary assistance over July and August and distributing water purifier tablets and protective gear like gum boots.
“The Distribution Field Force (DFF) is an integral part of UBL. Despite the impact of the flood, they are doing their duties to smooth business continuity.
“We are committed to the health and wellbeing of our staff, and as a company, rallied together to stand beside our DFF in their tough time. After all, when you take care of your people, they will take care of the business,” said Sakshi Handa, Human Resource Director, Unilever Bangladesh Limited.
Read Unilever starts collecting plastic in partnership with Circular
As one resilient team, Unilever Bangladesh is ensuring the continued safety and well-being of the DFF and their families.
IBBL Dhaka Central, East, corporate branches hold Shariah compliance webinar
Dhaka Central, East zones, and six corporate branches of Islami Bank Bangladesh Limited (IBBL) organised the webinar "Compliance of Shari'ah in Banking Operations" Saturday.
Major General Abdul Matin (retired), chairman of the risk management committee of the bank spoke at the webinar as the chief guest. Mohammed Monirul Moula, managing director and chief executive officer of the bank, was present as a special guest.
Read: AIBL signs agreement with Padma Diagnostic
Professor Gias Uddin Talukder, member of the Shariah supervisory committee of the bank, was the key discussant of the programme.
Mahmudur Rahman, head of Dhaka Central, and Md Aminur Rahman, head of Dhaka East, Md Shamsuddoha, executive vice-president of the Shariah secretariat, also spoke at the event.
IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.