Dhaka, Bangladesh (BBN) – The Social Investment Bank Ltd (SIBL) has been renamed as Social Islami Bank Limited.

The approval came at the 5th extraordinary general meeting (EGM) of the bank recently where allocation of 1:1 right shares was also approved, the bank said.

After the EGM at Bashundhara City in Dhaka, the 13th annual general meeting (AGM) of SIBL was held at the same venue. The AGM approved 17 per cent stock dividend for the financial year 2007.

SIBL Chairman Abdul Awal Patwary presided over the meetings.

SIBIL Chairman Abdul Awal Patwary said that as a joint venture Shariah based bank, SIBL has defined its operation in three different sectors – formal, non-formal and voluntary.

While formal sector deals in full-fledged commercial activities as a scheduled bank, non-formal sector aims at ’empowering family’ by creating investment opportunities to micro and SME clients and voluntary sector deals in Cash Waqf Certificate Scheme – an innovative financial product to do welfare to the mankind, he added.

BBN/SI/SS/AD-16September08-4:29 PM