Al-Arafah Islami Bank Records Over 60% Drop in Net Profit

MJL Bangladesh PLC, a prominent lubricant marketer, plans a Tk 350 crore ($32.5 million) investment in acquiring a new LPG tanker with an 11,000 cubic meters capacity. The board of directors, in a joint venture with East Coast Group and Jamuna Oil Ltd, approved the purchase, allocating an additional $1.50 million for various associated expenses.

The excess liquidity of five Shariah-based banks, allegedly affiliated with Chattogram's S Alam Group, reached a negative Tk 3,491 crore in September 2023, according to a Bangladesh Bank report. Islami Bank Bangladesh, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank reported negative excess liquidity figures.

The Asian Development Bank (ADB) has initiated a program to comprehend and invest in adaptation to heat stress impacts on women and girls in Asia and the Pacific. The technical assistance program will research how heat stress affects women, identifying policies, actions, and investments to mitigate impacts.

Bangladesh Bank is extending liquidity support to struggling commercial and Islamic banks, providing repo support to commercial banks and special liquidity assistance to Shariah-based Islamic banks. In November 2023, the central bank provided the highest liquidity support of Tk 23,941 crore on November 22.

Rising interest rates, reaching up to 9%, have led to a nearly 10% increase in bank deposits in Bangladesh, totaling Tk12,852 crore in October 2023. Factors such as pre-election investment deceleration and a return of confidence among depositors, following loan scandals in Shariah-based banks, contribute to the surge.

To address the ongoing dollar crisis, Bangladesh Bank has mandated that banks offer over 7% interest on resident foreign currency deposits (RFCD). The central bank's notification allows individuals to deposit up to $10,000 in RFCD, with banks providing a minimum of 1.5% interest in addition to the benchmark rate.