Vol. 5 Num 215 Fri. December 31, 2004  

IBBL reduces profit rate on investment from tomorrow

The Islami Bank Bangladesh Limited (IBBL) has further reduced its average profit rate on investment and also deposit rate with the guidelines of Bangladesh Bank.

From tomorrow the lowest profit rate of the bank will be 7 percent from existing 8 percent and the highest one will be 12 percent reducing 1 percent from the existing rate.

But in some sectors the rate has been reduced to 12 percent from existing rates crossing 13 percent.

The new rates were disclosed at a press conference organised by the bank yesterday in Dhaka.

Speaking at the press conference Executive President of the bank Abdur Raquib said deposit rates have also been reduced by 0.5 percent.

He said the IBBL authority took decided to reduce rates to help expedite the process of industrialisation in the country.

From January 1, profit rate will be 12 percent for trading sector and 11.5 percent for industrial sector, he added.

By the end of November this year, the total deposit of the bank stood at Tk 8,724 crore which was Tk 6,994 crore during the same period of the previous year, he said adding "We have achieved 25 percent growth in our deposit level this year."

The bank's total investment this year stood at Tk 8,048 crore increasing 36 percent from last year's investment of Tk 5,900, he said.

He also referred to various social service activities of IBBL and said a separate institution named 'Islami Bank Foundation,' was established by the bank to serve the underprivileged people of the country.

A total of Tk 88 crore has already been spent through the institution for social welfare activities, he said.

Among others, Vice-chairman of the bank Zainul Abedin, chairman of the Executive Committee Mominul Islam Patwary, Deputy Executive President M Velayet Hussain, were present at the press conference.