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1.1: Introduction:
Todays business world is continuously changing. The operation of business is getting complex
in every moment. That is why, today, the management of any business activity requires so much
expertise from the part of its employees. The business graduates are the core part of
management. So a business graduate has to have so much theoretical as well as practical
knowledge to manage the ever-changing business activity. Besides the theoretical knowledge,
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Jannat Ara Sharmin
ID: B-103857
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Jannat Ara Sharmin
ID: B-103857
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Jannat Ara Sharmin
ID: B-103857
Date of incorporation
Formal inauguration
42.12%
58.03%
Tk.
20,000.00 Million
Tk.
14636.28 Million
Tk.
(Provisional)
Investments (including Investment in Shares)
417,844.17
Million
Tk.
284,588 Million (Provisional)
Export
286
30
316
43
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63,001
Manpower
11,465
2.2:Historical Background:
In the late seventies and early eighties, Muslim countries were awoken by the emergence of
Islami Bank which provided interest free banking facilities. There are currently more than 300
interest free institutions all over the world. Islamic Bank now a days not only operate in almost
all Muslim countries but have extended their wings to the western world to serve both Muslim
and non Muslim customers. In case of Islami Banking, the establishment of Mitghamar Local
Savings Bank in 1963 is said to be a milestone for modern Islami Banking. The history of
Islami Banking can nevertheless be traced back to the birth of Islam.
In 1974, Bangladesh signed the Charter of Islamic Development Bank and committed itself to
reorganize its economic and financial system as per Islamic Shariah (legal framework of
Islamic Ideology).
In 1978, Bangladesh recommended in Islamic Foreign Minister Conference in Senegal towards
systematic efforts to Islamic Banking.
In 1980, Foreign Minister Conference in Pakistan where Bangladesh Foreign Minister Prof.
Shamsul Hoq, proposed for taking steps for Islamic Banking.
Further, Bangladesh Bank sent representation abroad to study Islamic Banking System.
Also, International Seminar held in Dhaka inaugurated by Bangladesh Bank Governor for early
introduction of Islamic Banking.
In 1981, President of the Peoples Republic of Bangladesh addressed the 3rd Islamic Summit
Conference held at Makkah and Taif suggested, ''The Islamic countries should develop a
separate banking system of their own in order to facilitate their trade and commerce.'
In 1982, IDB visited Bangladesh for study. They found contributions done by Islamic
Economics Research Bureau (IERB) and Bangladesh Islamic Bankers Association (BIBA);
they mobilized the seminars, public opinion through symposia & workshop. Professional
activities reinforced by Muslim Businessman Society (now reorganized as Industrialists and
Businessman Association). The body mobilized mainly equity capital for emerging Islamic
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Jannat Ara Sharmin
ID: B-103857
Serial no.
No. of branches
Dhaka Division
86
01
15
02
21
03
26
04
Corporate Branches
04
05
Mymensingh Zone
20
Chittagong Division
80
06
18
07
22
08
Comilla Zone
21
09
Noakhali Zone
19
Khulna Division
10
Khulna Zone
Sylhet Zone
26
02
20
Rangpur Division
12
01
Rangpur Zone
17
Rajshahi Division
34
13
Rajshahi Zone
17
14
Bogra Zone
17
Barisal Division
15
Barisal Zone
09
03
Sylhet Division
11
No. of
SME/Agriculture
branches
08
06
01
23
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286
30
Amount
12,509.64 million
31-12-2011
10,007.71 million
31-12-2010
7,413.12 million
31-12-2009
6,177.60 million
31-12-2008
4,752.00 million
31-12-2007
3,801.60 million
31-12-2006
3,456.00 million
31-12-2005
2,764.80 million
31-12-2004
2,304.00 million
31-12-2003
1,920.00 million
31-12-2002
640.00 million
31-12-2001
640.00 million
31-12-2000
320.00 million
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Services:
Personalized service
Facilities to access outside scheduled time
Parcel handling
Safe custody of goods and bonds/shares
Lockers available in various sizes. I.e. Small, Medium and Large.
Charges:
Yearly Charges: Small- Tk.700/-, Medium- Tk. 1000/-, Large- Tk. 1,500/ Security Deposit (Tk.) 500.00 (refundable).
The rent may be conveniently paid from your deposit account with us.
Direct debits for locker rentals from your account rid you of the hassles in writing
out cheques.
Foreign Exchange Business: There are 18 foreign representatives of IBBL in 6 countries such
as Oman, UAE-Dubai, Singapore, Qatar, and KSA-Riyadh, Bahrain.
Others Services:
One line banking
SMS banking
SWIFT(Society for Worldwide Inter-Bank Financial Telecommunication)
Remittance Card Service
ATM card service
Internet Banking Service
VISA card
M cash /Mobile Banking
2.16:Core Risk Management:
As per guidelines given by Bangladesh Bank, the bank has by this time
prepared &
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Obtaining best Bank Award from the ministry of expatriates welfare and overseas
employment among the participant Banks on the occasion of International Migrants
Day2012.
obtained membership of American Chamber of Commerce(AMCHAM)
Participated in Remittance Fair in South Korea, Malaysia, Singapore and Kuwait with
huge response of expatriate Bangladeshis particularly in our stall.
Obtained 3 AD licenses Viz . Mtijheel Branch, Dhanmondi Branch&pahartoli Brach
South Asian Federation of Accountants (SAFA) awarded IBBL as joint Winner in the
Corporate Governance Disclosure Award-2010.
South Asian Federation of Accountants (SAFA) also awarded IBBL with Certificate of
Merit in Banking Sector in the Annual Report for the year 2010.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB), awarded
IBBL as the ICMAB National Best Corporate Award-2007 (First Position, Local Bank)
and ICMAB Best Corporate Performance Award 2008 (Second Position, Private
Commercial Bank).
The Institute of Chartered Accountants of Bangladesh (ICAB) awarded IBBL with 3rd
position under the catergory-1, banking in the best published accounts and reports for
the year 2010, the Certificate of Appreciation for the year 2001 & 2010 and Certificate
of Merit for the year 2008.
ICICI Bank, Hong Kong, awarded IBBL as The Quality Recognition Award-2009 for
U.S. Dollar Clearing (2009).
Bankers Forum awarded IBBL as the Best Bank for Corporate Social Responsibility for
2008 and 2009.
The Bank-Bima Patrika, a Fortnightly Magazine, awarded IBBL as the Best Islami
Banking Award 2007.
BDT (Tk.)
US Dollar ($)
Authorized Capital
20,000.00 Million
257.23 Million
paid-up Capital
14,636.28 Million
188.25 Million
Equity
45,511.90 Million
385.36 Million
Reserve Fund
29,149.01Million
374.91 million
Deposits
473,140.96 Million
6,085.41 Million
Investment
(including Investment in
Shares)
474,015.95 Million
6,096.67 Million
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BDT (Tk.)
US Dollar ($)
Import
285,890 Million
3,677.04 Million
Export
205,269 Million
2,640.12 Million
Remittance
286,956 Million
3,690.75 Million
Organizational Information:
Branchesof IbbL
Total number of branches
286
30
TOTAL BRANCHES
276
48
298
Number of Shareholders
33686
Manpower
11381
Organizations
Name of Chairman Prof. Abu Nasser Muhammad Abduz Zaher
Name of Managing Director
Company Secretary
Name of CFO
Chairman
Vice-Chairman
Board of Directors
Jannat Ara Sharmin
ID: B-103857
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Managing Director
Deputy Managing Director
Executive Vice-President
Senior Vice President
Vice President
Assistant Vice President
Senior Principal Officer
Principal Officer
Probationary Officer
Assistant Officer Grade- I
Assistant Officer Grade- II
Assistant Officer Grade- III
General Council of Islamic Banks & Financial Institutions (GCIBFI), Manama, Bahrain
(IBBL is a member of its Executive Council)
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IBBL has been selected as the only Bank from Bangladesh in top 1000 banks in the world by a
UK based century old financial magazine, 'The Banker' published the list in its July 2012 issue.
The institute of Chartered Accountants of Bangladesh (ICAB) awarded IBBL the first prize of
SARRC Anniversary Award for Corporate Governance.
South Asian Federation of Accountants (SAFA) awarded IBBL as joint Winner in the Corporate
Governance Disclosure Award-2010.
South Asian Federation of Accountants (SAFA) also awarded IBBL with Certificate of Merit in
Banking Sector in the Annual Report for the year 2010.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB), awarded IBBL as
the ICMAB National Best Corporate Award-2007 (First Position, Local Bank) and ICMAB
Best Corporate Performance Award 2008 (Second Position, Private Commercial Bank).
The Institute of Chartered Accountants of Bangladesh (ICAB) awarded IBBL with 3rd position
under the catergory-1, Banking in the best published accounts and reports for the year 2010, the
Certificate of Appreciation for the year 2001 & 2010 and Certificate of Merit for the year 2008.
ICICI Bank, Hong Kong, awarded IBBL as The Quality Recognition Award-2009 for U.S.
Dollar Clearing (2009).
Bankers Forum awarded IBBL as the Best Bank for Corporate Social Responsibility for 2008
and 2009.
The Bank-Bima Patrika, a Fortnightly Magazine, awarded IBBL as the Best Islami Banking
Award 2007.
Exclusive economic weekly The Industry awarded IBBL as the Best Rated Bank Award2010.
The Citi Bank NA awarded IBBL as the Largest Contributor in Foreign Trade Operations in
Europe- Bangladesh corridor in 2009.
The UAE Exchange awarded IBBL for mobilizing around 30% of total foreign remittance of
the country.
We would like to express our heartfelt thanks and gratitude to Almighty Allah, our customers,
patrons, shareholders, print & electronic media, regulatory authorities and employees whose
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3.1 Introduction:
This chapter discusses the theoretical issues, like investment, performance evaluation of
investment mechanism, different modes of investment in Islamic Banking. Moreover, it also
integrates the observed evidence in the area of investment in Islamic Banking.
3.2 Theoretical Framework:
3.2.1 Investment:
Investment is time, energy, or matter spent in the hope of future benefits actualized within a
specified date or time frame. Investment has different meanings in economics and finance.
In economics, investment is the accumulation of newly produced physical entities, such as
factories, machinery, houses, and goods inventories.
In finance, investment is putting money into an asset with the expectation of capital
appreciation, dividends, and/or interest earnings. Most or all forms of investment involve some
form of risk, such as inflation risk. It is indispensable for project investors to identify and
manage the risks related to the investment.
Investment operation of a Bank is of vital importance as the greatest share of total revenue is
generated from it, maximum risk is centered in it and the very existence of a Bank mostly
depends on prudent management of its Investment Portfolio.
ii
iii
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Bai
Mechanism
Bai Murabaha
Bai Muajjal
Bai Salam
Bai Istishna
Bai as Sarf
Share
Mechanism
Mudaraba
Musharaka
Purchase of
Shares
Direct Investment
Ijara
Mechanism
Simple Leasing
Hire Purchase
(HP)
Hire Purchase
under Shirkatul
Meelk (HPSM)
Quard Hasana
3.3.1:Bai-Mechanism:
(a) Bai-Murabaha:
Meaning:
The terms 'Bai- Murabaha' have derived from Arabic words Bai and Ribhun. The word Bai
means purchase and sale and the words Ribhun means an agreed upon profit. Bai Murabaha
means sale on agreed upon profit.
Definition:
Bai-Murabaha may be defined as a contract between a Buyer and a seller under which the seller
sells certain specific goods p0ermissible under Islamic Shariah and the Law of the land to the
Buyer at a cost plus agreed profit payable on cash or on any fixed future date in lump- sum or
by installments. The profit marked-up may be fixed on lump sum or in percentage of the cost
price of the goods. There are different types of Murabaha as given bellow:
Types of Murabaha:
In respect of dealing parties Bai-Murabaha may be of two types.
1. Ordinary Bai-Murabaha: Ordinary Bai-Murabaha happens between the two parties, i.e.,
the buyer and the seller, where the seller as an ordinary trader purchases the goods from the
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Important Features:
It is permissible for the client to offer an order to purchase particular goods by the Bank dealing
its specification and committing himself to buy the same from their bank on Murabaha. I.e.
Cost-plus agreed upon profit.
It is permissible to make the promise binding upon the client to purchase from the Bank that is
he is to either satisfy the promise or to indemnify the damages caused by breaking the promise
without excuse.
It is permissible to take cash/collateral security to guarantee the implementation of the promise
or to indemnify the damages.
There are certain steps to accomplish a deal of Bai- Murabaha as shown below.
Steps of Bai-Murabaha Practiced by Islami Bank:
First Step:
Submission of proposal: The client's sends a proposal with the specifications of the
commodity for purchasing through the Bank and requests to make him known the date and
method of payment of price, etc.
The Bank sends a quotation valid for a certain period mentioning the cost of the goods plus
profit of the bank.
Second step:
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Definition:
It is a sale in which an advance payment is made by the buyer, but the delivery is delayed to an
agreed date. In the Bai-Salam, a financial transaction happens in advance in cash as a price of
commodity whose delivery will be in a future date. It means deferred is the commodity sold
(debt in kind) and price of the commodity described is to be aid immediately in advance.
The Bai-Salam sales serve the interests of both parties:
1. The seller- gets in advance the money he wants in exchange of his obligation to deliver the
commodity later. He benefit from the Salam sale by covering his financial needs whether they
are personal expenses for productive activity.
2. The purchaser-heretic is the financing bank. The bank gets the commodity it is planning to
trade on in the time it decides. Because of the commodity become the liability of the seller who
meets his obligation. The bank will also benefit from the cheap prices for usually Salam sale is
cheaper than a cash sale. This way the bank will be secured against the fluctuations of prices.
The bank can sell on parallel Salam commodity in the same kind as it has previously purchased
on first Salam without making one contract depend on the other. The bank also has the option
of waiting to receive the commodity and then sell it for cash or deferred payment.
Important feature:
Bai-Salam is a mode of finance allowed by Islamic Shariah in which commodity or product can
be sold without having the said commodity or product either in existence or physical possession
of the seller. If the commodity is ready for sale Bai-Salam is not allowed in Shariah. Then the
sale may be done either in Bai-Murabaha or Bai-Muajjal mode of finance.
1. Generally, industrial and agricultural products are purchased/sold in advance under BaiSalam mode of investment to infuse finance so that product is not hankered due to shortage
fund/cash.
2. It is also permissible to obtain Mortgage and /or Personal Guarantee from a third party as
security before the signing of the Agreement or at the time to signing the Agreement
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(b)Musharakah (Partnership):
Meaning and definition:
The word Musharakah is derived from the Arabic word Sharikah meaning partnership. Islamic
jurists point out that the legality and legality and permissibility of Musharakah is based on the
injunctions of the Holy Qura'n, Sunnah, and Ijma (consensus) of the scholars. It may be noted
that Islamic Banks are inclined to use various forms of Shariakt- al -Inan because of its built on
flexibility. At an Islamic bank, a typical Musharakah transaction may be conducted on the
following manner.
One two or more entrepreneurs approach an Islamic Bank for the finance required for a project.
The bank along with other partners provides complete finance. All partners, including the bank
have the right to participate in the project. They can also waive this right. The profits are to be
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Element of Ijarah:
a. According to the majority of Fuqaha, there are three general and six detailed elements of
Ijarah.
The wording: this includes offer and acceptance.
Contracting parties: this includes a Hiree, the owner of the property, and a Hirer, the party that
benefits from the use of the property.
Subject matter of the contract: this includes the rent and the benefit.
b. The Hiree: the individual or organization hires/rents out the property of service is called the
Hiree.
Sale:
This is a sale contract between a buyer and a seller under which the ownership of certain goods
or asset is transferred by seller to the buyer against agreed upon price paid / to be paid by the
buyer.
a
b
c
d
e
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Table: 4.1: Trend of General Investments of IBBL in last five year (2009-2013):
Year
2009
2010
2011
2012
2013
Amount in Million
214616
263225
305841
372921
406805
Growth In
Percentage (%)
19.19%
22.65%
16.18%
21.93%
9.09%
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406805
372921
400000
350000
305841
300000
250000
263225
214616
200000
150000
100000
50000
0
2009
2010
2011
2012
2013
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7%
HPSM
Bai-Muajjal
Quard
56%
23%
Bai-Salam
Musharaka
Mode
2012
2013
Amount
% to Total
Amount
% to Total
Investment
Investment
1
Bai-Murabaha
221632
59.43
225876
55.52
2
HPSM
96,056
25.76
95,481
23.47
3
Bai-Muajjal
18,295
4.91
24,053
5.91
4
Bill Purchased & Negotiation
9,531
2.56
29,686
7.30
5
Quard
9,156
2.46
13,670
3.36
6
Bai-Salam
4,532
1.22
4,200
1.03
7
Musharaka
13,719
3.68
13,838
3.40
Total
372921
100
406,805
100
Source: Annual Report of IBBL (2012-2013)
From the above table we can say that the total Investment of the Bank increased to Tk. 406,805
million as on 31.12.2013 from Tk. 372,921 million as on 31.12.2012 showing an increase of
Tk. 33,884 million, i.e. 9% growth. From the table we can see that mode-wise investment by
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Sector
2012
Amount
1
2
3
4
5
6
7
104975
32,324
21,754
19,658
6,449
176,107
11,654
372921
2013
% to Total
Investment
28.15
8.67
5.83
5.27
Amount
121531
39,135
27,057
20,306
% to Total
Investment
29.87
9.62
6.65
4.99
1.73
6,687
1.64
47.22
173,660
41.25
3.13
18,429
5.97
100
406,805
100
Source: Annual Report of IBBL (2012-2013)
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2013 Amount
15%
5%
3%
2%
50%
1%
21%
2%
173660
149214
Year
Million
108670 Taka
78456
49337
2009
2010
2011
2012
2013
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Analysis: In this pie chart we can see that SME Exposure Of IBBL is 22% that is lowest than
Other PCBs.
Figure 4.4SME Exposure of IBBL to National SME Exposure in 2013:
Percentage
IBBL; 15%
Analysis: This pie shows that National Exposer is higher than SME Exposure of IBBL.IBBL of
SME Exposure is 15%, whereas National Exposer is 85%.
4.5: Net Investment Income:
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20000
18000
16000
14000
12000
10000
8000
17801.8
17170.28
2012
2013
13618.31
8293.54
10294.37
6000
4000
2000
0
2009
1
2010
2011
3
Year
Amount in Million
2011
2012
2013
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Amount in
Million
117180
146135
177136
221632
225876
225876
200000
177136
146135
150000
117180
100000
50000
2009
2010
2011
Year
2012
2013
7318
12393
15912
18295
24053
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Bai-Muajjal
5
Amount in
3 Million
Year
2
1
24053
18295
15912
12393
7318
2009
2010
2011
2012
2013
Analysis: In this chart we can see that Bai muajjal is gradually increased every year. Increased
Bai muajjal is a positive sign for any organization.
.
Hire Purchase Under Shirkatul Meelk:
Table 4.6:HPSM:
Year
2009
Amount in
Million
73871
2010
2011
2012
2013
80093
89070
96056
95481
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HPSM
95481
80093
73871
2009
96056
89070
Year
Amount in Million
2010
2011
2012
2013
Year
Amount in
Million
2009
11289
2744
9531
2013
29686
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30000
25000
20000
29686
15000
10000
11289
5000
0
2009
2
5141
2010
Year
3
2744
2011
9531
2012
2013
Amount in Million
2833
2095
5614
9156
13670
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Quard
5
Amount in Million
Year
13670
3
1
2833
2
2095
2009
2010
9156
5614
2011
2012
2013
2082
2010
2011
2012
2013
3624
3528
4532
4200
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Bai-Salam
4
2
3
Amount in Million
3528
3624
4532
Year
4200
2082
2009
2011
2010
2012
2013
Analysis: This chart shows that, the position of Bai-Salam is almost same level in every year.
Musharaka
Year
Amount in
Million
2009
2010
2011
2012
2013
43
12244
9571
13719
13838
Musharaka
5
1
43
2009
2
3
Amount in Million
12244
Year
13719
13838
2012
2013
9571
2010
2011
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Schemes Name
Household Durable schemes-HDS
Investment schemes for Doctors
Small Business Investment schemes(SBIS)
Agricultural Implements Investment schemes(AIIS)
Housing Investment schemes-HIS
Real Estate Investment Program-REIP
Rural Development schemes-RDS
Transport Investment schemes-TIS
Car Investment scheme-CIS
Mirpur Weavers Investment schemes-MSWIS
Micro Industries Investment scheme-MIIS
Palli Griha Nirman Beniyog Prakalpa-PGNBP
Implemented Date
27.01.1993
11.07.1990
06.03.1991
02.12.1992
30.11.1994
24.08.1991
31.08.1995
21.05.1995
14.11.1995
09.10.1999
18.07.2000
30.01.2011
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4.10:Mode of Recovery :
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Union; 2%
IBBL; 48%
FSIBL; 14%
EXIM; 9%
Al Arafah; 16%
Analysis: This pie shows that IBBL is the higher share of investment than other banks. Where
other banks portion are almost same.
4.12: Rate of Recovery:
Table 4.12: Rate Of Recovery:
Year
2009
2010
2011
2012
2013
Rate Of Recovery
99.03%
99.37%
99.58%
99.72%
99.70%
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2013
5
5
5 1
2012
4
4
4 1
2011
3
3
3 0.99
2010
2
2
2 0.99
1
1
1
0
0
0
2009
500
1000
1500
2000
2500
Analysis: After observing the given graph, Rate of recovery rapidly increased year to year. That
is positive sign for the organization.
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5.2: Recommendations:
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5.4: Conclusion:
Islami Bank Bangladesh Limited is also playing a important role in establishing Islamic
Economics by combining the economic values with social and moral values. By following the
novelty of Islamic Economics the bank is trying to make a balanced development between
spiritual and material life. In my report I have tried to draw a clear cut picture of the investment
Mechanism of the Islami Bank Bangladesh Limited (IBBL) as a whole as well as the Local
Office Branch of IBBL. From my study it is clear to me that total modern banking system can
be run on the basis of Islamic Shariah. A large number of investment products are available in
Islamic economy. Today Islami Bank Bangladesh Limited (IBBL) is offering some of these
investment products due to the lack of rules & regulation as well as present socio economic
situation of our country. But IBBL is trying its best to follow the Islamic Shariah properly. We
can hope that the day is not so far when the total economy of our country will be run by Islamic
principles & Islami Bank Bangladesh Limited (IBBL) will be the modern international banking
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system by offering up to date investment & deposit products on the basis of Islamic Shariah to
develop the standard of living of the people. On the basis of the empirical review of the
previous studies on Investment Modes and Mechanism of Islamic Banking, it can be mentioned
that the modes of investments are different from those of conventional ones.
Reference
Book:
o Text Book on Islamic Banking Publishes by Islamic Economics research
Bureau.
o Principle & Practice of Islamic Banking Written by Abdur Rakib (EVP), IBBL.
o Islami Banking written by A.A.M. Habibur Rahman.
o Book, Journals related to Islami Banking.
o An Overview of ADC Portfolio of IBBL.
o Booklet namely Introduction of Islami Bank Bangladesh Ltd
Publication:
1. Annual Report of 2013
2. Materials Supplied by IBTRA. (sheet)
Internet:
Websites
www.islamibankbd.com
www.ibtra.com
www.bangladesh-bank.org
www.scribd.com
www.wikipedia.com
http://issuu.com/rose1990/docs/investment_mechanism_of_islami_bank_684b15ddd4b9c3
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