Bank Asia Appoints Sohail RK as President and MD

Social Islami Bank announced that customers unable to pay their investment and credit card installments on time due to the ongoing situation can now do so without incurring late fees until the end of July 2024. All ATMs of the bank are fully operational. Additionally, customers who have not previously used or taken debit cards can now easily obtain them from any branch and conduct transactions accordingly, as stated in a press release.

According to a press release from the Bangladesh Bank (BB), BB supplied 25,521 crore TK (or 255 billion TK) in a single day to banks and non-banking financial institutions (NBFIs) as borrowings. Shariah-based banks borrowed 1,500 crore TK, with the remainder taken by other banks and institutions.

Shahjalal Islami Bank reported a profit of Tk 167.05 crore for the April-June quarter of 2024, a marginal increase from Tk 166.79 crore during the same period last year. For the first half of 2024, the bank's profit rose 5% year-on-year to Tk 288.86 crore. Consolidated earnings per share (EPS) improved to Tk 2.59 from Tk 2.45, and net operating cash flow per share (NOCFPS) surged to Tk 12.48 from Tk 6.48.

Barrister Khairul Alam Choudhury has been re-elected as Chairman of AB Bank for a second consecutive term. A senior Supreme Court lawyer, he graduated from the University of Wolverhampton in 2001 and completed his post-graduation from City University in 2002. He was also called to the Bar at Lincoln’s Inn, London. Barrister Choudhury is actively involved in various social and charitable activities.

IFIC Bank has launched "IFIC Islamic," a comprehensive range of Shariah-compliant banking services, alongside its traditional offerings. The service, inaugurated by Salman F Rahman, the prime minister's adviser on private industry, is now available across over 1,400 IFIC Bank branches and sub-branches. The launch event was attended by Md Khurshid Alam, Deputy Governor of Bangladesh Bank, and other key figures including the bank's managing director and Shariah Supervisory Committee chairman.

As of June 2034, foreign exchange holdings in Bangladesh's commercial banks surged to a record high, primarily due to rising remittance receipts and lower import payments, alongside new incentives. The increase provides relief to the economy, which has faced significant challenges from dwindling forex reserves. The recently enacted Offshore Banking Act 2024, which offers attractive terms such as 9% interest and flexible withdrawals, has also contributed to this boost.