Dhaka, Bangladesh (BBN) – The 14th annual general meeting (AGM) of Al-Arafah Islami Bank Limited has approved 30 per cent stock dividend for the year that ended on December 31, ’08.

The approval came at the AGM held in Dhaka on Monday. Chairman of the board of directors of the bank Badiur Rahman presided over the meeting, the bank said.

The 11th extraordinary general meeting (EGM) of the bank was also held on the day.

The EGM approved the proposal to raise authorized capital of the bank from BDT 2.50 billion to BDT 5.0 billion.

The AGM was told that the bank achieved a whopping 102.08 percent growth in operating profit, 29.04 per cent in deposit, 29.76 percent in investment, 20.86 percent in import and 58.68 percent in export during the year 2008 compared to 2007.

BBN/SS/SI/AD-09June09-12:54 pm (BST)