Dhaka, Bangladesh (BBN) – The Board of Directors of Islami Bank Bangladesh Limited (IBBL) recommended 25 percent stock and 7.0 percent cash dividend i.e total 32 percent dividend for the shareholders for the year 2011 subject to the approval of the 29th Annual General Meeting of the Bank.
The decision was taken at a meeting of the Board of Directors of the Bank held at Islami Bank Tower in the capital Dhaka on Thursday.
Presided over by Professor Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors of the Bank the meeting was attended by foreign and local Directors including Dr. Abdulhameed Fouad Al-Khateeb, Jeddah, K.S.A., Mohammad Adnan Midani, Representative of Islamic Development Bank, Jeddah, K.S.A. and and Mohammad Abdullah Al-Jalahma, Representative of Kuwait Awqaf Public Foundation, an IBBL announcement said.
The meeting approved the profit and loss account for the year 2011 and balance sheet as at 31 December 2011. The 29th Annual General Meeting will be held on May 15 this year at Bangabandhu International Conference Centre in Dhaka. The Record Date in connection for entitlement of dividend has been fixed on April 24, 2012.
It was also decided that the annual profit rate of Mudaraba Perpetual Bond of the IBBL is 13.20 percent for the year 2011 which is a summation of 10 percent final rate of annual profit of eight years term Mudaraba Savings Bond and 3.20 percent of the rate of declared dividend.
“The profit of the bond will be distributed within 30 days from holding of Annual General Meeting of the Bank,” it added.
BBN/SSR/AD-12Apr12-9:10 pm (BST)
