29-12-2020

TUESDAY, DECEMBER 29 , 2020 8
Mercantile Bank launches 15 more
new Islamic Banking Window
Lanka Bangla Finance Limited (LBFL) recently signed MOU with Mutual Trust Bank Limited for its customer
privilege. Khwaja Shahriar, Managing Director & CEO, of LBFL and Syed Mahbubur Rahman, Managing
Director & CEO of Mutual Trust Bank Limited signed the MOU for their respective organizations. Under this
MOU, LBF Mastercard Titanium & VISA Platinum card members will enjoy free access with entertainment in
MTB Air Lounge at Hazrat Shahjalal International Airport, Dhaka, Shah Amanat International Airport,
Chattogram, Osmani International Airport, Sylhet from 1st January 2021. Khurshed Alam, Head of Retail
Business, Md. Minhaz Uddin, Head of Cards of LBF and Syed Rafiqul Haq, AMD & CBO, Md. Shafquat
Hossain, Head of SME & Retail Banking of MTB and other high officials of both organizations were present
at the signing ceremony.
Photo : Courtesy
The Premier Bank Limited inaugurated its Panchrukhi Sub Branch recently at Narayanganj
(Panchrukhi Bazar, Satgram, Araihazar, Narayanganj.) The inauguration was addressed by Sami
Karim, Deputy Managing Director, The Premier Bank Limited as Chief Guest. Prominent businessmen
and local dignitaries of Narayanganj were also present in the ceremonies. Photo : Courtesy
NEC to approve 8th FYP (2021-2025) today
DHAKA : The National Economic
Council (NEC) sits today to consider
the 8th Five Year Plan (2021-2025) of
the country in order to attain 8 percent
GDP growth on average per year and
also to achieve various economic and
social targets during the five-year
period as envisioned under the
country's 2nd Perspective Plan (2021-
2041), reports BSS.
NEC Chairperson and Prime
Minister Sheikh Hasina will preside
over the meeting virtually from her
official Ganobhaban residence while
Ministers, State Ministers and others
concerned will join the meeting from
the NEC Conference Room and also
from the Bangladesh Secretariat.
Like before, General Economics
Division (GED) under the Planning
Commission has framed the draft of the
8th Five Year Plan which is also the first
out of the four five-year plans to
materialize the 2nd Perspective Plan
(2021-2041).
According to a high official of the
Planning Commission, targets have
been set under the 8th Five Year Plan to
attain GDP growth at 8 percent on
average per year which is expected to
reach 8.51 percent in 2025, which is
also the last year of the Plan.
Besides, the government is also eying
to generate around 11.33 million
employments during this Plan period
of which the number of overseas
employments would be 3.25 million.
Apart from this, around 7.81 million
fresh workforces will be added to the
labour market during this Plan period.
Besides, necessary strategy has been
finalized under the Plan to lower the
poverty rate at 15.6 percent by 2025.
Talking to BSS, Planning Minister
MA Mannan said that the 8th Five Year
Plan has been formulated as a
"progressive plan" in continuation of
the previous five year plans.
He said this expansionary Plan would
be helpful in attaining growth, further
alleviating poverty, further
strengthening the rural economy,
addressing income inequality,
expanding and further deepening the
coverage of the social safety nets.
"This 8th plan aims to further
modernize all sorts of education
including primary education while the
technology-based education will be
further expanded," he added.
The Planning Minister said the
country will witness more mega
projects during this fresh five-year Plan
period while the implementation of the
existing mega projects would get a
'pick-up' as well as many of those would
witness completion during this 8th
Plan period.
He said the government would put
more emphasis on boosting external
and bilateral trade with the emerging
economies side by side continue its
efforts to explore new markets
alongside keeping up the existing
markets.
Another senior official of the
Planning Commission told the national
news agency that this five-year plan
would also help the government in
attaining the targets under the
Sustainable Development Goals
(SDGs) and the Delta Plan 2100.
"Besides, the experiences on
implementation of the 7th Five-Year
Plan and the government steps towards
facing the adverse impacts of the
COVID-19 were given special
consideration towards framing the
draft of this plan," added the official.
Another official at the Planning
Commission said around Taka 64959.8
billion will be required to implement
this Plan considering the financial
value of the year 2021. Out of that
amount, Taka 12301.2 billion (18.9%)
will be mobilized from the public sector
while Taka 52658.6 billion (81.1%)
from the private sector.
Out of the overall estimated amount
required for implementing the Plan,
the official said the government is eying
to mobilize Taka 57483.9 billion
(88.5%) from the domestic sources
while Taka 7475.9 billion (11.5%) from
the foreign sources.
Besides, the Plan also aims to raise
the tax-GDP ratio to 12.30 percent from
the existing level of 8.90 percent side by
side made draft recommendations to
make further amendments to the tax
law and modernization and
strengthening of the revenue board to
boost the revenue collection as well as
to reduce dependency on duty.
The 202nd Shibu Market branch of United Commercial Bank Limited (UCB) was inaugurated on 28
December 2020 at Shibu Market, Narayangonj. Syed Faridul Islam, Additional Managing Director
of UCB inaugurated the branch as Chief Guest. Among others, Additional Managing Director of UCB
Arif Quadri along with different officials of UCB Shibu Market branch and corporate office of the
Bank were present at the event. United Commercial Bank Limited, one of the largest private commercial
banks of the country is committed to give the best service to clients with a wide range of
branch networks all over the country since 1983.
Photo : Courtesy
Mercantile Bank Limited
has launched 15 more
Shariah complied Islamic
Banking services named
'TAQWA' in its countrywide.
Bank's Managing Director &
CEO Md. Quamrul Islam
Chowdhury inaugurated 15
new Islamic Banking Services
through 'Islamic Banking
Window' on Monday
virtually as Chief Guest.
The Islamic Banking
service commencing
branches are 01.Gulshan
Branch, 02. Tejgaon-Gulshan
Link Road Branch & 03.
Elephant Road Branch in
Dhaka; 04. Narayanganj
Branch; 05. Cumilla Branch;
06. Jubilee Road Branch in
Chattogram; 07.
Chhagalnaiya Branch, Feni;
08. Khulna Branch; 09.
Hajigonj Branch in
Chandpur; 10. Sylhet Branch;
11. Suagoanj Branch,
Cumilla; 12. Rajnagar
SME/Krishi Branch;
13.Dagonbhuiyan Branch,
Feni; 14. Maijdee Court
Branch & 15. Amishapara
SME/Krishi Branch in
Noakhali. Mercantile Bank
will offer these special
services through 25 Islamic
Banking Window besides
their regular conventional
banking. Mati Ul Hasan,
AMD & CRO of the bank
among other DMDs G.W.M.
Mortaza, Md. Zakir Hossain,
Adil Raihan & Shamim
Ahmed delivered their
speeches on the ceremony
along with Md. Mizanur
Rahman Sarker, Head of
Islamic Banking Division,
DCCI inks MoU with ICSB, Daffodil
International University
DHAKA : Dhaka Chamber
of Commerce and Industry
(DCCI) yesterday inked a
Memorandum
of
Understanding (MoU)) with
the Institute of Chartered
Secretaries Bangladesh
(ICSB) and Daffodil
International University
(DIU), reports BSS.
DCCI President Shams
Mahmud, President of ICSB
Muzaffar Ahmed and Acting
Vice Chancellor of DIU
Professor Dr SM Mahbubul
Haque signed the MOU on
behalf of their respective
organizations, said a press
release.
Shams Mahmud said a
strong secretariat and its
effective compliance play a
vital role in a company
helping
economic
development in the country.
He suggested designing new
modules of professional
courses jointly by DCCI
Business institute and ICSB.
He said the industrial sector
of Bangladesh needs huge
skilled professionals and
universities in our country
should focus on providing
such skilled workforce.
Chairman, Board of
Trustees,
Daffodil
International University Dr
Md Sabur Khan urged the
DBI to conduct research to
identify resourceful course
modules so that universities
can outline such curriculum.
For the development of the
economy industry and
academia should work hand
in hand. He also urged for
ensuring an entrepreneurfriendly
curriculum so that
after the academic career a
student can target to be a new
entrepreneur.
President of ICSB Muzaffar
Ahmed said research is an
important element for
economic development.
Private sector can play a
driving role for the
development of research, he
said.
respective branch managers
& senior executives of the
bank were present in the
ceremony, a press release
said.
The Managing Director &
CEO of the bank expressed
that by fulfilling the special
clients demand Islamic
Banking facility parallel to the
conventional banking will
ensure all types of client
services. He also stated that
Mercantile Bank will open 20
more 'Islamic Banking
Window' very soon which will
increase total 45 Islamic
Banking Window.
Jamuna Bank Limited inaugurated Hatibandha branch with modern banking services at Hatibandha
in Lalmonirhat. Freedom Fighter Md. Motahar Hossain, MP, Lalmonirhat-1 was present as the chief
guest in this ceremony. Deputy Managing Director of Jamuna Bank Limited Md. Fazlur Rahman
Chowdhury, other senior officials of the bank, heads of branches of the locality, dignitaries and a
huge number of customers were also present.
Photo : Courtesy
Walton secures ‘AAA’ credit
rating for 5th consecutive years
Country's electronics giant Walton Hi-
Tech Industries Limited has been
achieved the long-term AAA credit
ratings for the last financial year 2020,
says a press release.
The capital market listed only
Bangladeshi Multinational Electronics
secured the highest credit rating for the
fifth consecutive times.
The 'AAA' is the highest credit rating of
an organisation which indicates the
maximum ability of the financial
institution to fulfill its financial
commitments and the risk of business
and financial transactions is minimal.
According to Dhaka Stock Exchange,
this year Walton Hi-Tech Industries
Limited achieved the long-term AAA and
the short-term ST-1 credit ratings from
Emerging Credit Rating Limited (ECRL).
ECRL has given this rating to the
company after reviewing the financial
statements of Walton Hi-Tech Industries
Limited and other financial information
from financial year 2019-20 until
September 30, 2020 of the current
financial year.
Dwelling on such great success,
Walton Hi-Tech Industries' Managing
Director Golam Murshed said, 'Securing
the highest credit rating 'Triple-A' for the
fifth consecutive years is really a great
achievement for us. This has been made
possible mainly due to Walton's
experienced board of directors, modern
and scientific management methods,
world-standard corporate culture,
quality product and service
management, strong competitive
position, highest quality capital
management, ability to meet financial
commitments and strong liquidity
position. Walton is a trusted name to all
parties including investors, business
partners, retailers and customers. This
achievement is the evidence of that trust.'
Earlier, the company received the AAA
Nagad users can pay DESCO
electricity bill free
DHAKA : Users of Nagad, the digital financial service of the
postal department, can now pay the electricity bills of
DESCO without any additional costs.
Nagad and DESCO recently signed an agreement to this
effect.
Under the deal, the customers of Dhaka Electricity Supply
Company Limited (DESCO) would be able to pay the prepaid
and postpaid bills instantly, said a press release.
The facility to pay the bills began the official journey at a
programme at the head office of DESCO in Nikunja in Dhaka
recently.
Secretary of Power Division Md Habibur Rahman,
Additional Secretary of Power Division and Chairman of the
board of DESCO Maksuda Khatun, DESCO Managing
Director Md Kausar Ameer Ali, Nagad's Executive Director
Md Shafayet Alam, Chief Operating Officer Ashish
Chakraborty, Chief Corporate Officer Mohammad Anwar
Hossain, Chief Marketing Officer Kingshuk Haque, Head of
Utility Bill and Education Pay Sohael S Tasneem and Eastern
Bank Limited's Deputy Managing Director and Head of
Corporate Banking Ahmed Shaheen were present on the
occassion.
Speaking at the ceremony, Habibur Rahman said, "Both
DESCO and Nagad are government-owned companies. And
that's why this partnership initiative should have been taken
much earlier. Still, I would like to thank both sides for
initiating the move. It has been an excellent move not to
charge any fee for the payment of electricity bills of DESCO
through Nagad. I hope people will reap the benefit."
rating in the financial years of 2018-19,
2017-18, 2016-17 and 2015-16.
Following the Dutch method for the
first time in the country's capital market,
the cut-off price per share of Walton was
set at Tk 315 with the proposed rates of
the eligible investors during the bidding
of price discovery of Walton's share from
to 5 March this year.
Through the IPO lottery, Walton
allotted 1.55 million shares to the general
investors at Tk 252 each, a 20 per cent
discount on cut-off price, as the company
gave 10 per cent additional discount
considering the interest of the capital
market and small investors.
And Walton shares' trading debut in
the countries two stock exchanges-
Dhaka and Chittagong- on September 23
this year. For the consecutive trading
days following the debut, prices of
Walton's each share were increased up to
the highest limit of circuit breaker. In the
capital market history, no other
companies share prices were increased
up to the circuit breaker for such number
of consecutive days from the day of
trading debut.