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Annual Report 2014
Annual Report 2014
Annual Report 2014
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Contents
Standard Disclosure Checklist 7
Letter of transmittal 11
Our Vision 12
Our Mission 12
Strategic Objectives and commitments 13
SIBL Core Values 14
Code of Conducts and ethical principles 15
Corporate pro� le 17
Milestones 18
Founder of the Bank 19
Sponsors of SIBL 21
Board and Committees 22
(i) Board of Directors 23
(ii) Directors’ Pro� le 25
(iii) Executive Committee 30
(iv) Audit Committee 30
(v) Risk Management Committee 30
(vi) Shariah Supervisory Committee 31
Management & Committees 32
(i) Management Team 33
(ii) Core Decision Making Committee 34
(iii) Asset Liability Committee 34
(iv) Tender Evaluation Committee 35
(v) MRS (Management Reporting System) Committee 35
(vi) Investment Committee 35
(Vii) MANCOM 36
(Viii) SIBL Integrity Committee 36
Functions of Social Islami Bank Limited 37
Corporate Structure 38
Products and Services 40
Media Accolade 42
Shareholders’ Information 43
(i) Capital Pattern of SIBL 44
(ii) Pattern of Shareholding 44
(iii) Pattern of Shareholder by holding in 2014 45
(iv) Shares held by the Directors in 2014 45
(v) Financial Calendar 46
Analysis & Value Added Statements 47
(i) Performance of the Bank 48
(ii) SIBL at a Glance 49
(iii) Graphical Presentation of SIBL 50
(iv) Report & Statements of Value addition and its distributions 52
(v) Economic Value Added (EVA) Statement 54
(vi) Market Value Added (MVA) Statement 55
Chairman’s Foreword 56
From the Desk of the Managing Director 61
Management Report & Analysis 63
Report on Internal Control System 75
Report of the Board of Directors 76
Corporate Governance Compliance Report 137
Report on National Integrity Strategy 143
Report on Going Concern 144
Audit Committee Report 147
Report on Risk Management 149
Market Disclosure under Pillar-Ill of BASEL-II 151
SIBL Events & Highlights 162
Report of the Shariah Supervisory Committee 183
Financial statements to the Shareholders for the year ended 31st December 2014 184
SIBL Network 298
Notice of the 20th Annual General Meeting 306
Form of Proxy 307
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Verses from the Holy Quran and HadithIn the Name of Allah, Most Gracious, Most Merciful
“..... That is because they say Trade is just like usury whereas,Allah permitteth trading and forbideth usury.....”-Surah Al-Baquarah,verse : 275
“…..Allah will destroy Riba (usuary) and will give increase for Sadaqaat and Allah likes not the disbelievers, sinners…..”-Surah Al-Baquarah,verse : 276
“..... O you who believe! Be afraid of Allah and give up what remains from Riba, if you are really believers…..”-Surah Al-Baquarah,verse : 278
“..... If you do not do it, then take a notice of war from Allah and his messenger; but if repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums).....”-Surah Al-Baquarah,verse : 278
“..... Verily never will Allah change the condition of a people until theychange it themselves (with their own souls).....”-Surah Ar-ra’ad, verse : 11
“A man’s work ends upon his death except for three things (a) contribution to knowledge (b) on-going charity and (c) faithful child”- Al Hadith Muslim
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w w w . s i b l b d . c o m
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7
Standard Disclosure Checklist to the key sections of the Annual Report 2014
Items Ref. Page No
Corporate Objectives, Values & Structure
Clarity and Presentation
Vision and Mission 12
Overall Strategic Objectives 13
Core Values and Code of conduct / ethical principles 14-16, 125-136
Pro�le of the Company 17
Director’s pro�le and their representation on Board of other companies & organization chart 25-29, 38-39, 257-258
Management Report / Commentary and analysis including Director’s Report/Chairman’sReview/CEO’s Review etc.
A general review of the performance of the company 48, 63-74
Description of the performance of the various activities / products / segments of the company 85-102, 105-108, 112-117and its group companies during the period under review
A brief summary of the Business and other risks facing the organization and 103-105, 149-161, 207-209steps taken to effectively manage such risks
A general review of the future prospects / outlook 74
Social Responsibility initiatives (CSR) 114-117
Environment related initiatives 95-98
Information on how the company contributed to its responsibilities 110-111towards the staff (including health and safety)
Information on Company’s contribution to the national exchequer & to the economy 52-55, 102
Appropriateness of Disclosure of Accounting policies and General Disclosure
Disclosure of adequate and properly worded accounting policies relevant to assets, liabilities, 199-209, 270-271income and expenditure in line with best reporting standards 279-280, 295-296
Any speci�c accounting policies 206 (BAS-19)
Impairment of assets 205
Changes in accounting policies/changes in accounting estimates 203-204, 225 (BAS-38)
Segment Information
Comprehensive segment related information bifurcating Segment
Availability of Information regarding different segments and units of the entity as well as non-segmental entities/units
Segment analysis of
Segment Revenue 101-102
Segment Results
Turnover
Operating Pro�t
Carrying amount of Net Segmental Assets
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Items Ref. Page No
Financial Statements
Disclosures of all contingencies and commitments 189, 194
Comprehensive related party disclosures 107, 257-259
Disclosures of remuneration & facilities provided to Directors & CEO 119, 123, 250
Statement of Financial Position / Balance Sheet and relevant schedules 188, 193, 210-245
Income Statement/Pro�t & loss Account and relevant schedules 190, 195, 245-253
Statement of Changes in Equity/Reserves & Surplus schedule 192, 197
Disclosures of types of Share Capital 232-234
Statement of Cash Flow 191, 196
Consolidated Financial Statement (CFS) 186-297
Extent of compliance with the core IAS/IFRS or equivalent National standards 199-209
Disclosures/Contents of Notes to Accounts 199-297
Information about Corporate Governance
Board of Directors, Chairman and CEO 119-130
Audit Committee (composition, role, meetings, attendance, etc.)Internal Control & Risk Management 30, 130, 147-148
Ethics and Compliance 125-126
Remuneration and other Committees of Board 30, 130-131
Human Capital 108-111
Communication to Shareholders & stakeholders:
Information available on website 136
Other information 44-46
Environmental & Social Obligations 95-98, 112-117
Management Review and Responsibility 63-74
Disclosure by Board of Directors or Audit Committee on evaluation of quarterly reports 147-148
Any other investor friendly information 18, 49, 63-74
Stakeholders Information
Distribution of shareholding (Number of shares as well as category wise, e.g. Promoter group, FII etc.) 44-45
Shares held by Directors /Executives and relatives of Directors / Executives 45, 120
Redresser of investor complaints 136
Graphical /Pictorial Data
Earnings per Share
Net Assets
Stock Performance 50-51
Shareholders’ Funds (Shareholder’s Equity/Net Assets)
Return on Shareholders Fund (Return on Equity) 67
184-
297
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Items Ref. Page No
Horizontal/Vertical Analysis including the following
Operating Performance (Income Statement)
Total Revenue
Operating Pro�t
Pro�t before Tax 49, 50, 71, 118
Pro�t after Tax
EPS
Statement of Financial Position (Balance sheet)
Shareholders Fund 188, 193, 275, 291
Property, Plant & Equipment 224, 225, 260, 261, 281, 288
Net Current assets 50
Long Term Liabilities/Current Liabilities (Liabities over 01 Year/Liabilities upto 01 Year) 188, 193, 198
Pro�tability / Dividends/Performance and Liquidity Ratios
Gross Pro�t Ratio 67
Earnings before Pro�t, Depreciation & Tax 67
Price Earning ratio (PE Ratio) 68
Current Ratios 67
Return of Capital Employed (Return on Equity) 67
Debt Equity Ratio 67
Statement of Value Added and its Distribution
Government as Taxes 53
Shareholders as Dividend 53
Employees as bonus / remuneration 53
Retrained by the entity 53
Market share information of Company’s product/services 55
Economic value added 54
Additional Disclosures
(i) Information/Disclosure on Sustainability (Environmental, CSR activities) 95-98, 115-117
(ii) Human Resource Accounting 110
(iii) Report on Internal Control System 75
(iv) Report on National Integrity Strategy 143
(v) Report on Going Concern 144-146
(vi) Report on Risk Management 149-150
(vii) Shariah Supervisory Committee Report 183
Speci�c Areas for Banking Sector
Disclosure of Ratings given by various rating agencies for Instruments issued 89by/of Bank for e.g. FD.CD. Tier-1 Perpetual Bonds
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Items Ref. Page No
Details of advances (investment) portfolio classi�cation wise as per the direction issued 222-224by the central bank of the respective countries Disclosure for non-performing investments 157,230
Maturity pattern of key Assets and Liabilities (ALM) 198, 218, 228
Classi�cation and valuation of investments as per regulatory guidelines /Accounting Standards 153-155, 211-224
Business Ratio / Information
Statutory Liquidity Reserve (Ratio) 211
Net interest income as a percentage of working funds/operating cost –ef�ciency ratio 72
Return on Average asset 72, 272
Cost/Income ratio 68, 72
Net Asset Value per Share 50
Pro�t per Employee (Operating pro�t per employee) 110
Capital Adequacy Ratio 85-86, 235, 272
Operating pro�t as a percentage of working funds 50
Cash Reserve Ratio /Liquid Asset Ratio 72, 210-211
Dividend Cover Ratio 67
Gross Non-Performing assets to gross advance / Non –Performing Investments (Asset) to Total
Investments (Assets) (Percentage of classi�ed Investment) 157, 272
Details of credit concentration /sector wise exposures 156, 221
The break-up of ‘Provisions and contingencies’ included in the Pro�t and Loss account 222-223, 230
Disclosure under regulatory guidelines 137-142, 151-161
Details of Non Statutory investment portfolio 215-218
Disclosure in respect of assets given on operating & �nance lease 205
Disclosures for derivative investments 201
Bank’s Network List of Centers or Branches 298-305
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Letter of transmittal
All Shareholders of SIBL
Registrar of Joint Stock Companies & Firms
Bangladesh Bank
Bangladesh Securities & Exchange Commission
Dhaka Stock Exchange Ltd.
Chittagong Stock Exchange Ltd.
Subject: Annual Report 2014 of Social Islami Bank Limited.
Muhtaram
As-salamu Alikum Wa Rahmatullah
Reference to the above, we enclose herewith the copy of Annual Report 2014 of Social Islami Bank Limited along
with audited consolidated and solo Financial Statements as at 31st December 2014. This report includes Income
Statements, Balance Sheet, Cash Flow Statements, Liquidity Statements, Statements of Changes in Equity and
Notes to the Accounts thereon of Social Islami Bank Limited as well as its subsidiaries namely SIBL Securities
Limited and SIBL Investment Limited.
This is for your kind information and record, please.
Md. Humayun Kabir, ACS
Company Secretary
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Our Commitmentsto the Shariah
to the Regulators
to the Shareholders
to the Nation
to the Customers
to the Employees
to the other Stakeholders
to the Environment.
Our Strategic Objectives
Transformation into a service-oriented technology-driven pro� t earning bank.
Ensure fast, accurate and best-in-class customer services with customers’ satisfaction.
Balanced and sustainable growth strategy.
Optimum return on shareholders’ equity.
Introducing innovative Islamic Banking Products.
Attract, motivate and retain high quality human resources.
Empowering real poor families and create local income opportunities.
Providing support for social bene� t organizations-by way of mobilizing funds and social services
To achieve global standards in Islamic Banking
To invest in the priority sector for the overall economic development
Ensure best CSR (Corporate Social Responsibilities) practices
Ensure Green Banking
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SIBL Core Values
Towards the Journey of Excellence, SIBL has changed its brand logo. The new logo depicts bird’s wings with 9 feathers to represent its core values- comfortable
and safe � ying in the economic sky of the country connecting it with the global sky by passing the territorial boundary.
Flexibility
service � exibility is one of the
most important features
Honesty
honest to its customers, employees, regulators,
shareholders and others.
Accountability
accountable to the stakeholders
and to the society
at large.
Innovation
continuous innovative idea generation and
designing of banking products
and services.
Religiousness
SIBL enhances economic well being with the
bliss of religious ethics
Security
protecting assets and
services
Technology
providing upgraded
technological banking services.
Ef� ciency
gaining ef� ciency through best
use of man and machine.
Transparency
transparent in each and
every banking transaction.
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Code of Conduct & Ethical Principles
• Objectivity-the bank shall possess strict principle of objectivity in its day to day banking operations in relation to its customers, employees, shareholders, other banks, other organizations by maintaining and protecting the stability and trust in the banking sector.
• Just and equitable-the bank shall have no discrimination and avoid all forms of bias in its attitudes towards employees as well as to its customers.
• Honesty-the bank during its operations shall stick to the honesty principle in relation to customers, employees, shareholders, other banks, regulators and the stakeholders.
• Impartiality-the bank is impartial towards it’s customers irrespective of their nationality, religion, �nancial and social standing, and gender during banking service.
• Reliability-the bank shall offer clear, comprehensible and correct information to its customers within the principle of reciprocal trust during services and transactions; and provide the customer services in a timely and complete manner.
• Transparency-the bank shall inform it’s customers in an open, easily understandable and clear way regarding the underlying rights and responsibilities, bene�ts and risks attached to the products and services offered to them.
• Observing Social Bene�t and Respect to Environment-the bank shall show due diligence to support all kinds of social and cultural activities in the light of the principle of observing, aside from the pro�tability, the social bene�t and respect to the environment.
• Fighting with money laundering -the bank has a policy to �ght against corruption and money laundering etc. as a signi�cant principle as stipulated by international norms and the provisions of national laws and regulations. The bank shall take appropriate measures to discharges duties by the employees with utmost
due care and caution to �ght the laundering of crime originated assets.
• Insider trading-the bank has a clear policy and takes all measures in order to prevent the use of insider information for the trading purposes.
• Relations with public organizations, regulators and other institutions – the bank, during its relations with the public organizations, regulators and other institutions, should act in observance of the principles of honesty, accountability and transparency, and should show the utmost care for the correct, complete and timely communication of the information, documents and records in accordance with the laws and regulations of the country.
• Personnel behaviors – the bank shall avoid all kinds of practices and applications that may cause unfair competition on the employment of the personnel.
• Competition –the bank shall take appropriate measures to take the challenges of industry competition in compliance with the laws and regulations. During the SIBL’s actions to defeat the competitive forces- all of its activities within the free market economy shall avoid any unfair means which may cause indiscipline in the economy or industry or may be termed as immoral or unjusti�ed behavior or is against the principles of integrity. All actions against competition shall rather aim to (i) overall development of the �nancial sectors (ii) develop public trust on overall banking operations (iii) observe the common interest of banks.
• Advertisements and Announcements- SIBL shall act honestly, realistically, and in compliance with legal regulations and with the general moral principles during its announcements, advertisements and notices under the publicity and advertising activities regarding products and services as well as its �nancial structures. The bank shall avoid all acts and behaviors that may damage the reputation of the banking as a profession. The bank shall also ensure that the announcements, advertisements and notices do not contain any
Ethical Principles of SIBL
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statements or expressions degrading or humiliating other banks, or the products and services of other banks.
• Customer complaints- SIBL shall establish a system in order to respond all and any kinds of questions of their customers stemming from the services offered and shall accordingly inform to customers about this system.
• Security- SIBL shall recognize the concept of “Security” that includes all measures towards the protection of all and any service mediums of the bank in banking sector including technical hazards in the services offered to the customers.
• General employee qualities- the bank shall be aware that it shows due diligence in order to ensure that the employees of the bank possess knowledge, background and a sense of responsibility required by jobs.
• Employment and career development- the bank shall in line with the principle of managing the human resources in the best possible way, offer trainings, courses, seminars and similar opportunities to their employees in order to ensure that they reach to the level necessitated by the time and by the banking profession.
• Working environment-The bank shall introduce internal regulations requiring that its employees look neat and clean in conformance with the reputation of the banking profession and are also provided with a good congenial working environment.
• Job descriptions– The bank shall maintain and update a detailed job description to distribute its jobs among the employees so that the bank can show due diligence for the employment of suf�cient number of personnel required by the workload, organize their employees in a way that they yield maximum productivity during the working hours, and show utmost efforts for preventing overtime work and for their employees use their annual leaves regularly.
Code of Conduct for theEmployees
• Adhere to the Shariah Principles.
• Adhere to the disciplinary measures of the bank.
• Adhere to applicable laws and regulations during performance of duties,
• To inform the customers about the bene�ts and risks of the products and services offered to them,
• To offer unbiased and fair service to the customers receiving the same services,
• Not to disclose the secrets of their customers and the banks which they come to learn by virtue of their positions and titles to anyone other than those persons and authorities who are explicitly authorized under laws,
• Not to cause any loss of reputation of the bank during works and attitudes,
• Not to be engaged in any activity that can be classi�ed as personal business.
• Not to behave in contradiction to the principles of justice, integrity, honesty, reliability and social responsibility,
• To cooperate with other employees for common purposes through building a courteous and diligent communication during their ful�llment of duties,
• Not to use the bank’s assets and resources unproductively and outside the designated purpose,
• Not to derive any personal bene�ts both from their own job potentials and from potentials of their customers by using their positions and titles,
• To refuse all such bene�t offers immediately and to inform such offers to the competent authorities and to their superiors,
• Not to be involved in relations with the customers such as borrowing-lending, being guarantor and opening common accounts with the customers which do not correspond with ethical principles,
• Not to accept presents from the current or potential customers, other than those presents accepted by the bank personnel under the established practices in the bank,
• To be aware of his accountability regarding the duties assumed during the performance of the services,
• Not to assume any position in any private and public organization other than associations, foundations, cooperatives, and similar organizations without the approval of his bank.
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Corporate Pro�le
Social Islami Bank Limited (SIBL) was established in the year 1995 as a public limited company which is engaged in Shariah based commercial banking in the country and its modus-operandi are substantially different from other conventional banks. This is the second-generation pioneer Islamic Bank in this country providing online banking facilities to its customers.
Name of the Company : Social Islami Bank Limited
Legal Form : Public Limited Company
Company Registration No : C-28763(44)/95
Authorized Capital : Taka 10,000,000,000
Paid up Capital : Taka 703,14,15,640
Registered Of�ce : City Center, Level 19, 20, 21 & 22, 90/1 Motijheel C/A, Dhaka-1000 Phone PABX 88 02 09612001122 FAX 88 02 9568098 Email [email protected] Web www.siblbd.com SWIFT SOIVBDDH
Tax Payer Identi�cation No : 035-200-4971
VAT Registration No : 9011046380 Area Code 90101
Credit Rating Agency : Emerging Credit Rating Ltd.
Auditors : M/S Kazi Zahir Khan & Co.
Chartered Accountants, 67/4, Pioneer Road,Kakrail, Dhaka-1000 Chairman : Major Dr. Md. Rezaul Hoque (Retd)
Managing Director : Md. Sha�qur Rahman
Company Secretary : Md. Humayun Kabir, ACS
Chief Risk Of�cer : Md. Yunus Ali
Chief Financial Of�cer : Walid Mahmud Sobhani, FCMA
Number of Employees : 1922
Number of Branches : 100 (one hundred)
Number of Shares : 70,31,41,564
Investors’ Enquiry : Share Division City Center, Level-19,90/1 Motijheel C/A, Dhaka-1000 Phone PABX 88 02 09612001122
SIBL Securities Limited : Chief Executive Of�cer(a subsidiary of SIBL) 3rd �oor, 15 Dilkusha C/A ,Dhaka-1000
SIBL Investment Limited : Managing Director(a subsidiary of SIBL) 7th �oor, 68 Dilkusha C/A ,Dhaka-1000For Offshore Banking Off Shore Banking Department 48 Kamal Attaturk Avenues,Banani, Dhaka-1213 Phone PABX 88 02 09612001122
Listing Status (Shares) : DSE (Dhaka Stock Exchange Ltd.) Symbol SIBL, Listing Date 18.11.2000
CSE (Chittagong Stock Exchange Ltd.) Symbol SIBL, Listing Date 04.10.2005
Market Price as on 31.12.2014 DSE Taka 13.60 Category A, CSE Taka 13.60 Category A
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Milestones
Incorporation Date 05.07. 1995
Certi�cate of Commencement of Business 05.07.1995
Formal Inauguration 22.11.1995
Starting of 1st Branch 22.11.1995
Initial Public Offering (IPO) 26.06.2000
Listing with Dhaka Stock Exchange Ltd. 18.11.2000
Listing with Chittagong Stock Exchange Ltd. 04.10.2005
1st Right Share 23.07.2007
2nd Right Share 23.03.2009
3rd Right Share 26.05.2011
Opening of 50th Branch 22.08.2010
Online Banking Facilities Introduced 03.01.2004
Formation of Subsidiary Companies
a) SIBL Securities Ltd 20.07. 2010
b) SIBL Investment Ltd. 30.08.2010
Introducing Core Banking Software 01.05.2010
Own Corporate Head Of�ce at City Centre 01.01.2012
Opening of 75th branch (Bashundhara) 27.12.2011
Agreement with VISA 19.08.2010
Launching of Offshore Banking Unit 02.05.2012
Launching of Internet Banking 12.01.2012
Launching of Remittance Service 18.05.2008
Introducing Green Banking Window 24.12.2011
Introducing Concurrent Audit System 20.01.2011
6,25,000 nos. of Deposit Accounts 30.12.2014
49,000 nos. of Investment Accounts 30.12.2014
Opening of 100th Branch (Kankirhat) 28.12.2014
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Founder of the Bank
The Architect of ‘Three Sector Specialized Banking Model’Prof. Dr. M.A. Mannan M.A Econ (Michigan), Ph. D. Econ. (Mich. U.S.A)
Former Chief Economist, Islamic Development Bank, (IDB), JeddahFormer Professor of Economics and Islamic Finance, King Abdul Aziz University, Jeddah, Saudi Arabia.
Founder Chairman of Social Islami Bank Limited.
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Foreign Sponsors
H. E. Dr. Hamid Al-GabidEx Secretary General,O.I.C. Jeddah
Former Prime Minister & Finance Minister, Niger.
H. E. AmbassadorNasser Bin Abdullah Hamdan
Al-ZaabiChairman, ISF, OIC, UAE
H. E. Ahmed M. Salah JamjoomFormer Commerce MinisterKingdom of Saudi Arabia
Dr. Bedri Camel RodopluTurkey
H. E. Dr. Abdullah Omar NasseefDeputy Speaker of Consultative Council,
Saudi Arabia, Ex-Secretary General, World Muslim League, and
Ex-President, King Abdul Aziz University, Jeddah, K. S. A
Dr. Adalet DjabievRussia
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Sponsors of SIBL
Foreign Sponsors
1 H. E. Dr. Hamid Al-Gabid, ExSecretary General,O.I.C. Jeddah,Former Prime Minister & Finance Minister, Niamey, Niger.
2 H. E. Dr. Abdullah Omar Nasseef, Deputy Speaker of Consultative Council, Saudi Arabia, Ex-Secretary General, World Muslim League, and Ex-President, King Abdul Aziz University, Jeddah, K. S. A
3 H. E. Ahmed M. Salah Jamjoom, Former Commerce Minister, Kingdom of Saudi Arabia.
4 Islamic Solidarity Fund and its Waqf, O. I.C.
5 Dr. Bedri Camel Rodoplu
6 Dr. Abdel Fattah M. Farah
7 Dr. Adalet Djabiev
8 Dr. Youssef Shaheed Youseef
Local Sponsors
1 Prof. Dr. M. A. Mannan, MA (Econ) (Michigan), Ph.D. Michigan) (USA) Certi�cate in Economic Dev (USA).
2 Major Dr. Md. Rezaul Haque (Retd)
3 Dr. Md. Jahangir Hossain
4 Late Mohammad Ibrahim Miyan
5 Late Md. Abdul Malek
6 FOUNTAIN (Pvt.)Ltd.
7 Bangladesh Social Peace Foundation
8 Dr. J. H. Gazi.
9 Mr. M. Nurul Amin
10 Mr. Md. Shah Alam
11 Alhaj Sultan Mahmood Chowdhury
12 Alhaj Mohammad Nesaruddin.
13 Mr. Abdul Awal Patwary
14 Mr. Md. Anisul Hoque, Representing Hamdard Laboratories (Waqf) Bangladesh
15 Mrs. Nargis Mannan, B.A.(Hons), M.A.(DU)
16 Mrs. Fatema Begum
17 Mrs. Shamsun Nahar Begum
18 Mrs. Zohra Alam
19 Islam Import & Export Associate Ltd.
20 Al-Haj Nasiruddin
21 Mr. Kamal Uddin Ahmed
22 Mr. Ahmed Akbar Sobhan
23 Mrs. Hasina Iqbal
24 Al-Haj Sk. Mohammad Rabban Ali
25 Alhaj Mohammad Aynul Haque
26 Mr. Mohammad Azam
27 Mr. Md. Aminuddin
28 Dr. Reshmi Mannan Siddique, B.Sc. (Econ.), (LSE),U. KM.Sc. (Oxon.), M.S. (NY), Ph.D. (Ohio) (U.S.A.)
29 Dr. Ghalib Mannan, M.B.B.Ch. (Wales) (U.K.),.M.D.(U.S.A.)
30 Mr. Sadat Sobhan
31 Alhaj S.N. Haque
• Board of Directors
• Directors’ Profi le
• Executive Committee
• Audit Committee
• Risk Management Committee
• Shariah Supervisory Committee
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Board & Committees
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Board of Directors
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Board of Directors
Major Dr. Md. Rezaul Haque (Retd) : Chairman
Mr. Md. Sayedur Rahman : Vice Chairman
Mr. Abdul Jabbar Mollah : Vice Chairman
Mr. Abdul Awal Patwary : Director
Mr. Md. Anisul Hoque : Director[Representative of Hamdard Laboratories (Waqf) Bangladesh]
Alhaj Nasiruddin : Director
Alhaj Sk. Mohammad Rabban Ali : Director
Mr. Md. Abdur Rahman : Independent Director
Mr. Abdul Mohit : Independent Director
Mr. Md. Abdur Razzaque : Director
Major Gen. Fazle Elahi Akbar (Retd.) : Independent Director
Mr. Mohammad Amin Uddin : Director
Mr. Md. Kamal Uddin : Director[Representative of Sifang Securities (Pvt.) Ltd]
Mr. Md. Sha�qur Rahman : Managing Director
Mr. Md. Humayun Kabir, ACS : Company Secretary
The board comprises of thirteen members, each having years of experiences in the industry. The board ensures
that the company achieves superior �nancial results and stewards its leadership position in the industry. Moreover
the board is engaged in major activities such as addressing major policy, regulatory and strategic issues and
providing proper guidelines, monitoring �nancial performance, monitoring operations of internal control, approval
of annual budget, major capital expenditure. Evaluation of �nancial performance, approval of audit report,
appointment and evaluation of Managing Director and Senior Management team are the key decisions where the
board of directors plays a good part to carry on a sound banking system. In addition, the board of directors is the
responsible body to make timely reporting to shareholders about the affairs and performance of the company.
During the year 2014, total 26 number of Board meetings were held.
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Directors’ Pro� le
Major Dr. Md. Rezaul Haque (Retd.)Chairman
Mr. Md. Sayedur Rahman Vice Chairman
Major Dr. Md. Rezaul Haque (Retd.) is a veteran Freedom Fighter of Bangladesh Liberation War-1971. He passed his M.B.B.S from Chittagong Medical College under Dhaka University and has more than 44 years professional experience in his medical career. He actively participated in the liberation war as Medical Of� cer under Sector Head Quarter No.-1, Harina Army Camp, Subroom, India. He also participated in Arab-Israel War-1973 at the Syrian Front as a young Captain of Bangladesh Army. He served different units of Bangladesh Army and Family Planning Directorate under MOH. After that he left for Kingdom of Saudi Arabia and served Ministry of Health of KSA for 22 years and voluntarily retired in the year 2001 as Director of Chest Hospital, Jeddah. In the business arena he is the 2nd Founder Director of Social Islami Bank Limited, Sponsor Director of United Hospital Limited and Director of SIBL Securities Limited. Currently he is the Chairman of Little House (Pvt.) Limited, Active Builders Limited, Probashi Forum Co-operative Limited and SIBL Investment Limited. He is a well known philanthropist and social worker and engaged himself in various social activities around the country including his home town. He has established Younus Foundation in the name of his late father at Begumgonj, Noakhali and has undertaken various social activities there also. Mr. Haque was listed in the International WHO’s WHO of professionals of the world in 1999 in recognition of his academic and civic achievements of life. Mr. Haque was elected Chairman of Social Islami Bank Limited for the 1st term in the year 2006-2007 and 2nd term in the year 2013-2014. He has been elected as the Chairman of the Board of Directors of the Bank on 12.01.2015 for the 3rd term.
Mr. Md. Sayedur Rahman is a Director of Social Islami Bank Limited and one of the renowned and successful industrialists and businessmen of high stature of the country. He is a prominent � gure in Garments industry. Currently he is the Managing Director of eminent M/S. Lodestar Garments Ltd. M/S. Mid-Asia Fashions Ltd. He has been representing Social Islami Bank Limited to Bangladesh Association of Banks (BAB) since long. He is also a philanthropist and engaged in various social activities in the country. He is also discharging his responsibilities as a member of Executive Committee (EC) and Risk Management Committee of the Bank.
Mr. Abdul Jabbar Mollah Vice Chairman
Mr. Abdul Jabbar Mollah is a well known businessman and has almost 29 years business experience in exporting frozen foods worldwide. He is a Commercially Important Person (CIP) of Bangladesh. Currently he is the Managing Director of M/S. Jahanabad Sea Foods Ltd., M/S. Jalalabad Frozen Foods Ltd. and M/S. Jabbar & Co. Ltd. Mr. Mollah gained National Export Award for the year 1997-1998, 2000-2001 & 2008-2009 for his valuable contribution to the national export. He is the Vice Chairman of the Board of Directors of the Bank and also discharging his responsibilities as a member of Executive Committee (EC) of the Bank.
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Alhaj Sk. Mohammad Rabban Ali Director
Alhaj Nasiruddin Director
Alhaj Nasiruddin is one of the Sponsor Directors of Social Islami Bank Limited since its inception. Mr. Nasiruddin is also a renowned businessman of Chittagong with 29 years experience and also associated with various social welfare activities. He was the Chairman of the Board of Directors of the Bank during the period from 15.04.2009 to 13.04.2010 & 01.06.2012 to 13.11.2012 respectively. Currently he is the Managing Director of J.A.N. Corporation Ltd. and also Proprietor of M/s. Nams Trade Corporation and M/s. Nasim Trading Co. He is also discharging his responsibilities as Director of SIBL Securities Ltd., Member of the Executive Committee (EC) and Chairman of the Risk Management Committee (RMC) of the Bank.
Alhaj Sk. Mohammad Rabban Ali is a Sponsor Director of Social Islami Bank Limited and one of the renowned and successful industrialists and businessmen in this country. He has been managing several projects for the last 30 years directly. Mr. Ali has widely traveled in several countries in connection with his business and participated in different trade fairs. Currently he is the Managing Director of M/S. Rabbani Trading Company Ltd., M/S. Shamlon Industries Ltd., M/S. Shama Poly Yarn Industries Ltd. and also proprietor of M/s. S.R. Impex Co. Currently, he is also discharging his responsibilities as the Chairman of the Executive Committee (EC) of the Bank and Director of SIBL Securities Ltd. (a subsidiary company of the Bank).
Mr. Abdul Awal Patwary Director
Mr. Abdul Awal Patwary is one of the Sponsor Directors of Social Islami Bank Limited since its inception. Mr. Patwary is also a renowned businessman of the country and has almost 35 years business experience as an industrialist. He is actively associated with various social welfare organizations. He was the Chairman of the Board of Directors of Social Islami Bank Limited from 27.09.2007 to 15.04.2009. Currently he is the Chairman of M/s. Patwary Cold Storage Ltd., M/s. Patwary Potato Flakes Ltd., M/s. Greentech Greenhouse Bangladesh Ltd. and Managing Director of Faysal Shopping Complex Ltd., Faysal Shipping Lines and also Proprietor of M/s. Faysal Traders. Mr. Abdul Awal Patwary is also the Chairman of SIBL Securities Ltd. (a subsidiary company of the Bank). He is also discharging his responsibilities as a member of Executive Committee (EC) and Risk Management Committee of the Bank.
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Mr. Abdul MohitIndependent Director
Mr. Md. Anisul HoqueDirector
Mr. Md. Abdur RahmanIndependent Director
Mr. Md. Anisul Hoque is a graduate in Accounting from Dhaka University and completed CA course from the country’s renowned Howladar Yunus & Co., Chartered Accountants, Dhaka. He is the representative Director of Hamdard Laboratories (Waqf) Bangladesh and has been working there as Finance Director for last 23 years. Mr. Hoque is representing Hamdard Laboratories (Waqf) Bangladesh, one of the Sponsor Directors of Social Islami Bank Limited since inception of the Bank. Being in the senior management position in Hamdard Laboratories (Waqf) Bangladesh, he has a wide range of expertise in Finance, Accounts and Banking. He was the Chairman of Board of Directors of the Bank from 11.12.2011 to 31.05.2012 and 14.11.2012 to 29.06.2013 respectively. He is also discharging his responsibilities as a Director of SIBL Securities Ltd., member of the Risk Management Committee and Co-Chairman of the Executive Committee (EC) of the Bank.
Mr. Md. Abdur Rahman has almost 29 years work experience in different organizations like State Bank of Pakistan (Karachi), Bangladesh Bank Head Of� ce and various multinational companies at Jeddah, Saudi Arabia. He has achieved the Degree of Bachelor of Arts (Economics) from the University of Karachi, Pakistan. He is also discharging his responsibilities as the Chairman of the Board Audit Committee (BAC) and Independent Director in SIBL Securities Ltd.
Mr. Abdul Mohit bears almost 40 years of Corporate Management Experience. He is a knowledgeable individual in all aspects of business area. He is holding the degree of Bachelor of Commerce. He also bears a vast business experience in diversi� ed � elds including Real Estate business. He was the Director of Star Corporation Ltd. He was also the Member of the Red Cross & Family Planning Council. He is also discharging his responsibilities as a member of Board Audit Committee (BAC) of the Bank.
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Mr. Mohammad Amin UddinDirector
Mr. Md. Abdur RazzaqueDirector
Major General Fazle Elahi Akbar (Retd), ndc, psc, MDS- Independent Director
Mr. Md. Abdur Razzaque is a business individual. He is holding the degree of Bachelor of Arts (B.A). He bears a vast experience of Corporate Management for more than a decade as Administrative Director and Business Expansion in the well reputed Malcom Gaskil Inspection Services, Worldwide Loss Adjusters and Marine Survey Consultants Ltd. Jeddah, KSA. He has been appointed as Director of the Bank from the General Public Shareholders on 31st May, 2014. He is also discharging his responsibilities as a member of Board Audit Committee (BAC) of the Bank.
Maj. Gen. Fazle Elahi Akbar (Retd.) has over 34 years of active military service and is one of the veteran security experts of the country. He is a graduate of Army Staff College, Camberly, UK and National Defense College, New Delhi, India and has a Masters degree in Defense Studies. During his long service in the military he held most of the coveted appointments that an of� cer would aspire for. His last assignment in active service was in the United Nations Mission in Sudan as Force Commander. Currently, he is a Member of the Panel of Experts of the Security Council’s Affairs Division and a roster member of Mediation Support Unit, Department of Political Affairs, UNNY.
Gen Akbar is discharging his responsibilities as Independent Director of the Bank since 31 May 2014 and is also a member of the Board Audit Committee of the Bank.
Mr. Mohammad Amin Uddin is a reputed business individual. He is a popular businessman in London. He is holding the degree of Bachelor of Arts (B.A). He is the proprietor of “Sylhet Cash & Carry” 8 Fordham Street, London E-1. He is one of the Sponsors of the Bank and was a member of the Board of Directors of the Bank. He has been re-appointed as Director of the Bank on 25th October, 2014. He is also a British National.
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Mr. Md. Kamal Uddin Director
Mr. Md. Humayun Kabir, ACSCompany Secretary
Mr. Md. Sha� qur RahmanManaging Director
Mr. M. Kamal Uddin is one of the renowned and successful industrialists and well experienced international businessmen of the country. He is holding the degree of Bachelor of Commerce (B.com). Currently he is the proprietor of CBM Consortium. He is the Chairman of Mercantile Insurance Company Ltd. He is also the Managing Director of Chittagong Builders & Machinery Ltd., Merchant Securities Limited and Sifang Securities Limited. He is also the Director of Human Resources Development Co. Ltd., Central Hospital (PVT) Ltd., ASM Chemical Industries Ltd. and Universal Health Services & Research Ltd. He is also a Veteran in Stock Market Business. He is a well known Social Organizer and a man of Islamic Personality. Mr. M. Kamal Uddin has widely traveled in several countries in connection with business and participated in different trade fairs.
Mr. Md. Humayun Kabir, ACS is the Company Secretary of Social Islami Bank Limited (SIBL). He is also discharging his duties and responsibilities as Chief Executive Of� cer (CEO) of SIBL Securities Limited (a subsidiary company of SIBL). He is a quali� ed Chartered Secretary from the “Institute of Chartered Secretaries of Bangladesh (ICSB)” and also holding the degree of LL.B. He bears a vast experience of 10 years working as the Head of Share Department of Social Islami Bank Limited (SIBL). He started his career in the Bank in the year 2000. He also bears the experience in the � eld of various Regulatory and Corporate affairs relating to the Bank and Capital Market as well.
Mr. Md. Sha� qur Rahman, a seasoned banker, has a professional banking career spanning over three decades. Mr. Rahman, a Postgraduate in Commerce of the University of Dhaka and a Diplomaed Associate of the Institute of Bankers, Bangladesh, started his career as Probationary Of� cer in the then Sonali Bank (presently Sonali Bank Limited) in 1977. He held various important positions in that Bank as Manager of different branches across the country including Manager of its Local Of� ce. He held the post of General Manager in Agrani Bank in 2003 and served the Bank as Manager of its Principal Branch. He also worked at Jamuna Bank Limited and South-East Bank Limited in senior management positions. He joined Social Islami Bank Ltd. (SIBL) in 2010 as Deputy Managing Director. Currently he has been holding the of� ce of the Managing Director of SIBL from 3rd January, 2013.
Having worked in various key positions in different banks during his long professional career, Mr. Md. Sha� qur Rahman has attained specializations in almost all the areas of banking viz. Investment, Foreign Exchange, Human Resource, Information Technology, Treasury, Branch Management, etc. A widely travelled person, Mr. Rahman visited the USA, the UK, Canada, Italy, Singapore, Hong Kong, Thailand and the UAE for enriching professional knowledge. He has also attended several training programmes, seminars and symposiums at home and abroad such as the SCB Strategic Management & Corporate Governance Programme (at the Haas School of Business, University of California, Berkeley, California, the USA), Conference of the World Islamic Economic Forum (at ExCel London, the UK), the Strategic Senior Leadership Programme (at Said Business School, University of Oxford, Oxford, the UK), etc.
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Executive Committee
Alhaj Sk. Mohammad Rabban Ali : Chairman
Mr. Md. Anisul Hoque [Representative of Hamdard : Co-ChairmanLaboratories (Waqf) Bangladesh]
Major Dr. Md. Rezaul Haque (Retd) : Member
Mr. Abdul Awal Patwary : Member
Alhaj Nasiruddin : Member
Mr. Md. Sayedur Rahman : Member
Mr. Abdul Jabbar Mollah : Member
SIBL has constituted seven members executive committee of the board as per Bangladesh Bank guidelines to ensure good corporate governance in the business. The executive committee of the board is responsible for developing policy and strategy for smooth operations of the business. Moreover, the committee is also responsible for business development of the bank to ensure maximization of shareholders’ wealth protecting other stakeholders’ interest too in the company. Alhaj Sk. Mohammad Rabban Ali is the Chairman of the present Executive Committee of the bank. He is a renowned industrialist and businessman having 30 years experience, associated with various religious, social and welfare activities. Currently he is holding leading position in different organizations. During the year 2014, total 13 nos. of Executive Meetings were held.
Audit Committee
Mr. Md. Abdur Rahman : Chairman
Mr. Md. Kamal Uddin : Co-Chairman
Mr. Abdul Mohit : Member
Mr. Md. Abdur Razzaque : Member
Major Gen. Fazle Elahi Akbar (Retd.) : Member
SIBL has formulated an audit committee that plays an effective role in devising an ef�cient and secured banking system. The Audit Committee has been formed comprising �ve members of the Board of Directors. As it is guided by corporate governance guidelines, the bank recruited the Chairman of the Audit Committee who possesses sound knowledge with banking experience of more than four decades. SIBL initiates internal audit of the branches and head of�ce divisions on a periodical basis. The internal audit is supervised under Internal Control & Compliance Division (ICCD) and a separate division named ‘Board Audit Cell (BAC)’ also conducts internal audit supervised by Board Audit Committee. This BAC directly reports to the Chairman of Board Audit Committee. The committee reviews the �nancial reporting process, the system of Internal Control, Management Information System, Management of Risks, the Bangladesh Bank and Internal Audit reports, Audit Process and Compliance with laws and regulations and banks own code of conduct. During the year 2014, total 9 (nine) nos. of Board Audit Committee Meetings were held.
Risk Management Committee
Alhaj Nasiruddin : Chairman
Mr. Md. Sayedur Rahman : Co-Chairman
Major Dr. Md. Rezaul Haque (Retd) : Member
Mr. Abdul Awal Patwary : Member
Mr. Md. Anisul Hoque : Member
Under the stipulated instructions of Bangladesh Bank, the bank has formed a separate Risk Management Committee (RMC) consisting of 5 (�ve) members of the Board of Directors. In view of the revised Risk Management Guidelines 2012 and BRPD Circular no 11, functions of the Risk Management Committee shall comprise an effort to ensure proper risk management in bank. The RMC reviews stress testing as per Bangladesh Bank guideline for examining the bank’s capacity of managing future shocks as well as deals with all potential risks that might occur in future. During the year 2014, total 4 (four) Risk Management Committee Meetings were held.
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Shariah Supervisory Committee
Principal Sayeed Kamaluddin Zafree Chairman
Prof. A.N.M. Ra�qur Rahman Vice Chairman
A.Q. M. Abdul Hakim Madani Member
Dr. Mohd. Ahsanullah Miah Member
Moulana Obaid Ullah Hamzah Member
Md. Anwar Hossain Mollah Member
Barister Foysal Ahmed Patwary Member
Prof. Md. Abu Taleb Member
Md. Sha�qur Rahman Member
Shah Uali Ullah Member Secretary
A view of Shariah Supervisory Committee Meeting
During the year 2014, total 5 (�ve) Shariah Supervisory Committee Meetings were held.
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Management & Committees• Management Team• Core Decision Making Committee (CDMC)• Asset Liability Committee• Tender Evaluation Committee• MRS (Management Reporting System) Committee• Investment Committee• MANCOM• SIBL Integrity Committee
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Management Team
Senior Executive Vice Presidents Executive Vice Presidents
Mr. Md. Sha� qul Islam Mr. Mohammad Iqbal
Mr. Mohd. Ghulam Sarwar Mr. Md. Azizul Hakim
Mr. Walid Mahmud Sobhani, FCMA Mr. Gazi Mohammad Hasan
Mr. Md. Akhtar Hussain Mr. Md. Habibur Rahman
Mr. Ziauddin Sawlet Ghani Mr. Md. Akbar Ali
Mr. Kazi Ahsan Khalil Mr. Mohammad Forkanullah
Mr. Nazmus Saadat
Mr. Zahurul Islam Khondker
Mr. Md. Abdul Hamid
Mr. Tabriz Shahjahan
Mr. Faruque Ahmed
Mr. Md. Azharul Islam
Mr. Kazi Obaidul Al-Faruk
Mr. Md. So� Ullah
Mr. Md. Khurshed Alam
Mr. Syed Ohidur Rahman
Mr. Mahbub Hossain
Mr. Muhammed Zubair Sadik
Mr. Mohammad Shoeb, FCA
Mrs. Shireen Akhterunnessa
Mr. M. Sayedur Rahman
Mr. Sultan Badsha
Mr. Sheikh Zahidul Islam, ACA
Senior Vice Presidents
Managing Director Additional Managing Director Mr. Md. Sha� qur Rahman Mr. Ihsanul Aziz
Deputy Managing Directors
Mr. A.M.M. Farhad
Mr. Md. Yunus Ali
Mr. Md. Tarik Morshed
The strategic management activities and overall business operations of SIBL are supervised and directed by the core management team of the bank. The core management team, as well as the whole bank, is led by the Managing Director Mr. Md. Sha� qur Rahman who has 36 years of extensive and immense experience in banking. The core management team of the bank also consists of three Deputy Managing Directors all of whom have vast experience in banking ranging from 25 to 34 years. The members of the team have also attended numerous training and development programs both at home and abroad which enabled them to build enormous knowledge base in banking. The top management team of the bank (Senior Vice President and above), including the core management team, consists of 34 quali� ed and experienced employees including Managing Director.
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Core Decision Making Committee
Mr. Md. Sha� qur Rahman, Managing Director Chairman
Mr. Ihsanul Aziz, Additional Managing Director Member
Mr. A.M.M Farhad, Deputy Managing Director Member
Mr. Md. Yunus Ali, Deputy Managing Director Member
For smooth and effective running of the Bank, major operational decisions are taken through CDMC (Core Decision Making Committee) meeting involving most senior Of� cials of the Bank. During the year under report, total 10 Nos. of CDMC meetings were held where 111 nos. of major issues were discussed and discharged.
Asset Liability Committee (ALCO)
Mr. Md. Sha� qur Rahman, Managing Director Chairman
Mr. Ihsanul Aziz, Additional Managing Director Member
Mr. AMM Farhad, Deputy Managing Director Member
Mr. Md. Yunus Ali, Deputy Managing Director Member
Mr. Tarik Morshed, Deputy Managing Director Member
Mr. Md. Sha� qul Islam, Senior Executive Vice President Member
Mr. Walid Mahmud Sobhani, Senior Executive Vice President & CFO Member Secretary
Mr. Mohammad Iqbal, Executive Vice President Member
Mr. Gazi Md. Hasan, Executive Vice President Member
Mr. Zahurul Islam Khondker, Executive Vice President Member
Mr. Faruque Ahmed, Senior Vice President Member
Mr. Mohammad Shoeb FCA, Senior Vice President Member
Mr. Md. Sultan Badsha, Senior Vice President Member
Mr. Akmal Hossain, Vice President Member
Mr. Shawket -ul- Amin, Vice President Member
Mr. Ahsan Habib, Senior Asstt. Vice President Member
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Tender Evaluation Committee
Mr. A.M.M. Farhad, Deputy Managing Director Chairman
Mr. Walid Mahmud Sobhani, Sr. Executive Vice President Member
Mr. Md. Akhtar Hussain, Sr. Executive Vice President Member
Mr. Gazi Mohammad Hasan, Executive Vice President Member
Mr. Akbar Ali, Executive Vice President Member
Mr. Zahurul Islam Khondker, Executive Vice President Member Secretary
MRS (Management Reporting System) Committee
Mr. Md. Sha� qul Islam, Senior Executive Vice President Chairman
Mr. Sultan Badsha, Senior Vice President Member
Mr. Mohammad Shoeb FCA, Senior Vice President Member Secretary
Mr. Shawket-ul-Amin, Vice President Member
Mr. Wahiduz Zaman, Asstt. Vice President Member
Investment Committee
Mr. Ihsanul Aziz, Additional Managing Director Chairman
Mr. Md. Yunus Ali, Deputy Managing Director Member
Mr. Mohd. Ghulam Sarwar, Sr. Executive Vice President Member
Mr. Walid Mahmud Sobhani, Sr. Executive Vice President Member
Mr. Mohammad Iqbal, Executive Vice President Member
Mr. Gazi Mohammad Hasan, Executive Vice President Member Secretary
Asset Liability Committee (ALCO) is one of the most vital bodies for smooth and effective treasury operation and Investment planning. To support the Asset Liability Management (ALM) process, the bank has established this Asset Liability Committee (ALCO) headed by the Managing Director. The Bank’s Asset Liability Committee (ALCO) is entrusted with the responsibility of managing short-term and long-term liquidity and ensuring adequate liquidity at optimal funding cost. The other responsibilities of the Committee include Balance Sheet structuring and management, measuring Bank’s risk capital requirement and the capital cushion available to meet the risk and determination of lending and deposit rates & the pricing strategy. The assessment and control of liquidity is done through Liquidity Reports and Balance Sheet statements.
Now a days, treasury is one of the most risky and sensitive corner for a Financial Institution and major liquidity decisions are taken through ALCO meeting involving most of the Senior Of� cials of the Bank. During the year under report, total 12 Nos. of ALCO meetings were held where 44 major decisions were taken.
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MANCOM
Mr. Md. Sha� qur Rahman, Managing Director Chairman
Mr. Ihsanul Aziz, Additional Managing Director Member
Mr. A.M.M. Farhad, Deputy Managing Director Member
Mr. Md. Yunus Ali, Deputy Managing Director Member
Mr. Md. Sha� qul Islam, Sr. Executive Vice President Member
Mr. Mohd. Ghulam Sarwar, Sr. Executive Vice President Member
Mr. Walid Mahmud Sobhani, Sr. Executive Vice President Member
Mr. Md. Akhtar Hussain, Sr. Executive Vice President Member
Mr. Mohammad Iqbal, Executive Vice President Member
Mr. Gazi Mohammad Hasan, Executive Vice President Member
Mr. Akbar Ali, Executive Vice President Member
Mr. Zahurul Islam Khondker, Executive Vice President Member Secretary
SIBL Integrity Committee
Mr. Ihsanul Aziz, Additional Managing Director Chairman
Mr. Walid Mahmud Sobhani, Sr. Executive Vice President Member
Mr. Md. Akhtar Hussain, Sr. Executive Vice President Member
Mr. Mohammad Shoeb FCA, Senior Vice President Member Secretary
& Focal Point Of� cer
Mr. Md. Sultan Badsha, Senior Vice President Member
Mr. Zahurul Islam Khondker, Sr. Vice President Member
MS. Samia Islam, First Asstt. Vice President Member
Management committee is comprised of twelve senior members of the bank, headed by Managing Director; Mr. Md. Sha� qur Rahman who has more than 36 years of relevant experience with different banks and has been serving this bank since 2010. All of the members are from different departments. The members of the committee are highly experienced in the related � eld and possess great deal of versatility in the overall management practice. These professionals with modern banking expertise in their respective � elds handle the day-to-day operations of the bank. MANCOM meets on regular basis to discuss relevant agenda and scrutinizes all the cases thoroughly before referring to Executive Committee/Board for due approval decision. During the year 2014 a total 4 (four) nos. of meetings were held where 26 agendas were discussed.
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Function of Social Islami Bank Limited
Deposit procurement & management under Shariah
Principles
Financial Services i.e.
Letter of Guarantee, Money
Transfer etc.
Functions of Social
Islami BankLimited
CorporateSocial
Responsibilities (CSR)
Invesment using Islamic
Financial Contract
Board of Directors
Board Audit Committee
Executive Committee of the
Board of Directors Board
Secretariat
Board Audit Cell
Board Affairs Shares
SEVP/EVP (Chittagong Regional Office)
MD’s Secretariat
Administrative Unit
Vigilance & Inspection Unit
Shariah Supervisory Committee Secretariat
Member Secretary
Muraquib
Deputy Managing Director
Risk Management Committee
SME & Agricultural Finance Division
Investment Risk Management
Division
Support Service
Software Development &
Maintenance
Security & Compliance
IT Division
BACH
Centralized Clearing Unit
International Division
Central Bank & Other Regulatory Approval
SWIFT Operation
Correspondent Banking
Remittance
Treasury Front Office
Foreign & Local Currency
Business Dealing
Exchange Rate Fixation & Profit Rate
Fixation
Foreign Remittance
Cell
Branding and Communication
Division
Branding
Communication
Card Division
Branches Control, General
Banking & Marketing
Division
Branches Control & General Banking
AML Unit
Monitoring Unit
CTR/STR
OBU
MIS/R&D
Alternative Delivery Channel
Centralized Remittance
Processing Unit
SIBL Training Institute
Logistic Support Division
Premises, Decoration & Dead Stock
Printing , Stationery & Stores
Transport & Maintenance
Security Services
Treasury Back Office
FC & Taka Dealing Reconciliation
Nostro A/c Management &
Reconciliation
Statement & Returns
Daily Statement of Treasury Operations
Vouchers & Profit/Loss Findings
(Treasury Mid Office) Foreign Currency Market Information Analysis & Strategy
MIS of Treasury Operations
Financial Administration
Division
Budget & Financial Control
Reconciliation
Central Accounts
ALCO Desk
B. Bank Returns
Basel-II Implementation
Cell
Trade Finance & RMG Division
Approval Monitoring
Centralized Trade
Processing Unit
RMG Department
Trade Finance Department
Approval Unit
Green Banking
Unit
MIS Reporting
Unit
Monitoring & Recovery
Unit
CSR Unit
Head of Corporate Banking
Head of SME Composite Finance
Retail & Others
Investment Administration
Division
Disbursement & Documentation Unit
Monitoring Unit
CIB Unit
Policy Unit
Staff Investment (House Building, Transport, Quard)
Compliance, CL&MIS Unit
Human Resources Division
HR Personnel Management
HR Policy
HR Training
Disciplinary Action Cell
Internal Control &
Compliance Division
Audit & Inspection Unit
Monitoring Unit
Compliance Unit
Deputy Managing Director
Deputy Managing Director
Principal Branch
Voluntary and Non-formal
Banking Division
Risk Management
Division
Marketing
Family Empowerment Islamic Micro-
Finance Program
AWQAF Property
Development Program
Other Activities Approval Unit
Monitoring & Recovery Unit
Special Asset Management
Division
Legal Affairs
Recovery Cell Affairs
Managing Director
Additional Managing Director
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Organogram of Social Islami Bank Limited
Board of Directors
Board Audit Committee
Executive Committee of the
Board of Directors Board
Secretariat
Board Audit Cell
Board Affairs Shares
SEVP/EVP (Chittagong Regional Office)
MD’s Secretariat
Administrative Unit
Vigilance & Inspection Unit
Shariah Supervisory Committee Secretariat
Member Secretary
Muraquib
Deputy Managing Director
Risk Management Committee
SME & Agricultural Finance Division
Investment Risk Management
Division
Support Service
Software Development &
Maintenance
Security & Compliance
IT Division
BACH
Centralized Clearing Unit
International Division
Central Bank & Other Regulatory Approval
SWIFT Operation
Correspondent Banking
Remittance
Treasury Front Office
Foreign & Local Currency
Business Dealing
Exchange Rate Fixation & Profit Rate
Fixation
Foreign Remittance
Cell
Branding and Communication
Division
Branding
Communication
Card Division
Branches Control, General
Banking & Marketing
Division
Branches Control & General Banking
AML Unit
Monitoring Unit
CTR/STR
OBU
MIS/R&D
Alternative Delivery Channel
Centralized Remittance
Processing Unit
SIBL Training Institute
Logistic Support Division
Premises, Decoration & Dead Stock
Printing , Stationery & Stores
Transport & Maintenance
Security Services
Treasury Back Office
FC & Taka Dealing Reconciliation
Nostro A/c Management &
Reconciliation
Statement & Returns
Daily Statement of Treasury Operations
Vouchers & Profit/Loss Findings
(Treasury Mid Office) Foreign Currency Market Information Analysis & Strategy
MIS of Treasury Operations
Financial Administration
Division
Budget & Financial Control
Reconciliation
Central Accounts
ALCO Desk
B. Bank Returns
Basel-II Implementation
Cell
Trade Finance & RMG Division
Approval Monitoring
Centralized Trade
Processing Unit
RMG Department
Trade Finance Department
Approval Unit
Green Banking
Unit
MIS Reporting
Unit
Monitoring & Recovery
Unit
CSR Unit
Head of Corporate Banking
Head of SME Composite Finance
Retail & Others
Investment Administration
Division
Disbursement & Documentation Unit
Monitoring Unit
CIB Unit
Policy Unit
Staff Investment (House Building, Transport, Quard)
Compliance, CL&MIS Unit
Human Resources Division
HR Personnel Management
HR Policy
HR Training
Disciplinary Action Cell
Internal Control &
Compliance Division
Audit & Inspection Unit
Monitoring Unit
Compliance Unit
Deputy Managing Director
Deputy Managing Director
Principal Branch
Voluntary and Non-formal
Banking Division
Risk Management
Division
Marketing
Family Empowerment Islamic Micro-
Finance Program
AWQAF Property
Development Program
Other Activities Approval Unit
Monitoring & Recovery Unit
Special Asset Management
Division
Legal Affairs
Recovery Cell Affairs
Managing Director
Additional Managing Director
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Products & Services
Deposit Products
] Al-Wadeeah Current Account
] Mudaraba Savings Account
] Mudaraba Notice Deposit Account
] Mudaraba Term Deposit Account
a. 1 month
b. 3 months
c. 6 months
d. 12 months
• Mudaraba Monthly Profi t Deposit Scheme
• Mudaraba Millionaire Savings Scheme
• Mudaraba Education Deposit Scheme
• Sonali Din Special Deposit Scheme
• Mudaraba Special Deposit Pension Scheme
• Mudaraba Bashsthan Savings Scheme
• Mudaraba Hajj Savings Deposit (Kafela)
• Cash Waqf
• Mudaraba Lakhopati Deposit Scheme
• Mudaraba Double Benefi t Deposit Scheme
• Shamridhir Shopan Special Deposit Scheme
• Mudaraba Marriage Savings Scheme
• Mudaraba Mohorana Savings A/c (10 Years)
• Mudaraba Mohorana Savings A/c (5 Years)
• Shanchita Special Deposit Scheme
• Subarnalata Special Deposit scheme
• SubarnaRekha Special Deposit Scheme
• Sabuj Chaya Special Deposit scheme
• Sabuj Shayannaya Special Deposit Scheme
• Shukher Thikana Special Deposit Scheme
• Shachanda Protidin Special Deposit Scheme
• SIBL Young Star Account
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Investment Products• Bai-Murabaha
• Bai-Muajjal
• Hire Purchase under Shirkatul Melk
• Mudaraba
• Musharaka
• Bai-Salam
• Documentary Bill Purchase
• Quard
• SIBL Employees’ House Building Investment Scheme
• SME & Agricultural Finance
Service Products• Online Banking
• ATM 24/ 7
• CARD (Local & Foreign)
• Automated Clearing
• Electronic Fund Transfer
• Mobile Banking
• Offshore Banking
• Centralized Trade Processing Services
• Remittance
• Locker
• Student File
• SWIFT
• Capital Market Services through SIBL
Subsidiaries
• ADR (Alternate Delivery Channel)
• School Banking
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Media Accolade
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Shareholders Information• Capital Pattern of SIBL• Pattern of Shareholdings• Pattern of Shareholder by holdings in 2014• Shares held by the Directors in 2014• Market Price Information• Financial Calendar
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Capital Pattern of SIBL
Pattern of Shareholdings
Year Declaration No. of Face Value Cumulative Value of Cumulative Shares per Share no. of issued Capital value of (Taka) Shares for the year Capital (Taka) (Taka)
1995 Initial Capital 118,380 1,000 118,380 118,380,000 118,380,000 1996 - - 118,380 - 118,380,000 1997 6.43% Bonus issue for the year 1996 7,620 1,000 126,000 7,620,000 126,000,000 1998 - - 126,000 - 126,000,000 1999 Right Share Issued 74,000 1,000 200,000 74,000,000 200,000,000 2000 Placement 50,000 1,000 250,000 50,000,000 250,000,000 Initial Public Offer 10,000 1,000 260,000 10,000,000 260,000,000 2001 20% Bonus Issue (Declared in the year 2004) - - 260,000 - 260,000,000 2002 25% Bonus Issue (Declared in the year 2004) - - 260,000 - 260,000,000 2003 50% Bonus Issue (Declared in the year 2004) - - 260,000 - 260,000,000 2004 Bonus Issue (For the years 2001, 2002, 2003) 325,000 1,000 585,000 325,000,000 585,000,000 2005 - - 585,000 - 585,000,000 2006 - - 585,000 - 585,000,000 2007 1:1 Right Share 5,345,550 100 11,195,550 534,555,000 1,119,555,000 2008 17% Bonus Issue for the year 2007 1,903,243 100 13,098,793 190,324,300 1,309,879,300 2009 10% Bonus Issue for the year 2008 1,309,879 100 14,408,672 130,987,900 1,440,867,200 1:1 Right Share 12,508,587 100 26,917,259 1,250,858,700 2,691,725,900 2010 1:1% Bonus Issue for the year 2009 2,960,899 100 29,878,158 296,089,850 2,987,815,750 2011 14% Bonus Issue for the year 2010 41,829,420 10 340,610,995 418,294,200 3,406,109,950 1:1 Right Share 298,781,575 10 39,392,570 2,987,815,750 6,393,925,700 2012 10.50% Cash Dividend for the year 2011 - - - - 6,393,925,7002013 10% Bonus Issue and 5% Cash for the year 2012 63,748,994 10 637,489,940 7,031,415,6402014 12% Cash Dividend for the year 2013 - - - 7,031,415,640
Sl no Investor Group No. of No. of Percentage No. of No. of Percentage Shareholders Shares as on Shareholders Shares as on as on as on 31.12.2014 as on as on 31.12.2013 31.12.2014 31.12.2014 31.12.2013 31.12.2013
01 Sponsors & Placement 29 175059878 24.90 27 170026278 24.1802. Sponsor-Foreign 7 3939914 0.56 7 3939914 0.5603. Sponsor & Placement-Company 4 35227116 5.01 3 21127116 3.0104. General Public 71322 334952296 47.63 80820 404045409 57.4605. Institutions (Bank & Insurance) 66 21253699 3.02 66 20306314 2.8906. Institutions (Others) 1441 113649042 16.16 1593 72979399 10.3807. ICB Accounts Holders 57 463884 0.07 68 471973 0.0708. ICB 1 12722437 1.81 1 4421687 0.6309. ICB Unit Fund 1 2615025 0.37 2 3495025 0.4910. ICB Mutual Fund 8 124014 0.02 9 262655 0.0411. Employee 4 2879305 0.41 4 1804068 0.2512. Non-Resident Bangladeshi 12 254954 0.04 14 261726 0.04 72,952 70,31,41,564 100.00% 82,614 70,31,41,564 100.00%
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Pattern of Shareholder by holdings in 2014
Shares Held by the Directors in 2014
No. of No. of Percentage No. of No. of Percentage Share holding range Shareholders Shares as on Shareholders Shares as on as on as on 31.12.2014 as on as on 31.12.2013 31.12.2014 31.12.2014 31.12.2013 31.12.2013
Less than 500 shares 29063 4996514 0.71% 31864 50,12,253 0.71%
501-5000 36427 64401739 9.16% 42535 7,11,57,801 10.12%
5001-10000 3781 26494310 3.77% 4211 2,93,82,116 4.18%
10001-20000 2049 27726408 3.94% 2263 3,04,19,428 4.33%
20001-50000 980 29262273 4.16% 1090 3,22,76,868 4.59%
50001-99999999999 652 550260320 78.26% 651 53,48,93,098 76.07%
72,952 703,141,564 100.00% 82,614 70,31,41,564 100.00%
Sl no Name of the Director
Position held in the Number of Percentage of Total number of Bank as on Shares held on total holding Shares as on 31.12.2014 (31.12.2014) 31.12.2014
70,31,41,564
01 Major Dr. Md. Rezaul Haque (Retd) Chairman 1,40,67,491 2.00%
02 Mr. Md. Sayedur Rahman Vice Chairman 1,40,67,554 2.00%
03 Mr. Abdul Awal Patwary Director 1,40,73,417 2.00%
04 Mr. Md. Anisul Hoque
[Representative of Hamdard Laboratories Director 1,40,66,727 2.00%
(WAQF) Bangladesh]
05 Alhaj Nasiruddin Director 1,40,69,676 2.00%
06 Alhaj Sk. Mohammad Rabban Ali Director 1,41,01,998 2.01%
07 Mr. A Jabbar Mollah Director 1,42,08,452 2.02%
08 Mr. Md. Abdur Rahman Independent Director 0 0.00%
09 Mr. Abdul Mohit Independent Director 0 0.00%
10 Mr. Md. Abdur Razzaque General Public
Shareholders’ Director 5,78,338 0.08%
11 Major Gen Fazle Elahi Akbar(Retd.) Independent Director 0 0.00%
12 Mr. Mohammad Amin Uddin Director 1,40,62,949 2.00%
13 Mr. Md. Kamal Uddin [Representative of SifangSecurities (Pvt.) Ltd.] Director 1,41,00,000 2.00%
Total 1,273,96,602 18.11%
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Year 2014
Year 2015
Financial Calendar
Un-audited Consolidated results for the 1st Quarter announced on 30.04.2014
Un-audited Consolidated results for the 2nd Quarter announced on 31.07.2014
Un-audited Consolidated results for the 3rd Quarter announced on 30.10.2014
Audited Consolidated Financial Statements for the year ended 31st December 2014 approved on 28.02.2015
Declaration of Dividend for the year 2014 28.02.2015
Declaration of ‘Record Date’ for holding of 20th Annual General Meeting 10.03.2015
Notice of 20th Annual General Meeting served on 15.03.2015
20th Annual General Meeting to be held on 30.03.2015
Dividend for the year 2014 to be paid on 30.04.2015
Un-audited Consolidated results for the 1st Quarter to be announced on 30.04.2015
Un-audited Consolidated results for the 2nd Quarter to be announced on 31.07.2015
Un-audited Consolidated results for the 3rd Quarter to be announced on 30.10.2015
Audited Consolidated Financial Statements for the year ended 31st December 2015 approved on 28.02.2016
Dividend for the year 2015 expected to be declared on 28.02.2016
Expected date for declaration of ‘Record Date’ for holding of 21st Annual General Meeting 31.03.2016
Notice of 21st Annual General Meeting expected to be served on 14.03.2016
21st Annual General Meeting expected to be held on 31.03.2016
Dividend for the year 2015 expected to be paid on 30.04.2016
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Analysis & Value Added Statements• Performance of the Bank• SIBL at a Glance• Graphical presentation of SIBL• Statements of Value Addition and its Distributions• Economic Value Added (EVA) Statements• Market Value Added (MVA) Statements
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0
50000
100000
150000
200000
250000
Deposits
1500
00
1090
41
1079
00
1200
00
2300
00
1399
10
55003964.27
Investments ForeignExchangeBusiness
Target 2014
Achievement 2014
Performance of the Bank
Performance of the year 2014 has been conspicuous with a growth over the previous year recording achievements in different segments of (i) client deposit 13.60% (ii) Investment 25.58% (iii) Foreign Exchange Business 5.69% (iv) Operating Pro� t 36.98%. The bank has achieved 72.08% operating pro� t, 72.69% Deposit, 89.92% Investment, 60.83% Foreign Exchange Business towards the target set for the year 2014. Although the operational results for the year 2014 are behind the target, but are encouraging towards the journey for the year of 2015.
The operational results of the year 2014 was encouraging and SIBL believes that the efforts of the year 2014 will inspire & stimulate the employees of the
Performance of the Bank 2014 (� gure in million Taka)
Performance of the Bank 2013 (� gure in million Taka)
bank to accept the challenge of the year 2015 and accordingly the bank is in the process to explore every potentiality of each individual employee to deploy their sincere endeavor in the days ahead. In the year 2015, the bank has focused specially on the concepts of (i) Service Excellence (ii) Quality & Secured Investment (iii) Non Funded Business (iv) Recovery from both regular and non-performing Investment (iv) Exploration of Low Cost & no Cost deposits, Retail & Stable deposits particularly Scheme based deposit & (v) Maintenance of an Ideal Deposit Mix with a view to constraining the cost on one side and to establish a safe & stable deposit management system on the other. The results of the year 2014 are given hereunder:
Fig in million Taka
Indicators Target 2014 Actual- 2014 Actual-2013 Achievement percentage Growth %
Deposits 150,000.00 109,040.63 95,984.8 72.69% 13.60%
Investments 120,000.00 107,899.96 85,922.33 89.92% 25.58%
Foreign Exchange Business 230,000.00 139,910.00 132,374.70 60.83% 5.69%
Operating Pro� t 5,500.00 3,964.27 2,894.06 72.08% 36.98%
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SIBL at a Glance
*CRISL-Credit Rating Information and Services Limited
**ECRL-Emerging Credit Rating Limited
Sl no Particulars 2009 2010 2011 2012 2013 2014
01 Authorized Capital 4000.00 10000.00 10000.00 10000.00 10000.00 10000.00
02 Paid-up Capital 2691.72 2987.81 63693.92 6393.92 7031.42 7031.42
03 Total Shareholders Equity 3555.75 4198.77 9412.21 10181.97 11083.43 12143.38
04 Capital Base (Tier I & II) 3914.62 4678.56 9534.52 10596.51 11623.52 13078.26
05 Total Deposits 31588.16 44850.77 66852.55 93594.29 102104.48 124535.01
06 Client Deposits 27663.62 39833.37 56661.16 81091.39 95984.82 109040.63
07 Investments (General) 26580.58 36680.28 53908.58 76024.97 85922.33 107899.96
08 Investments (Shares & Securities) 1310.66 3049.72 5241.36 6144.01 8538.18 7823.73
09 Foreign Exchange Business 39110.00 61931.00 108308.30 126519.90 132374.70 139910.11
10 Operating Pro� t 1064.31 1638.63 2768.80 3617.82 2924.55 3964.27
11 Pro� t before Tax 726.88 1136.69 1901.28 2747.89 2024.66 3307.52
12 Fixed Assets 649.61 914.74 2134.87 2249.95 2653.88 2675.86
13 Total Assets 39980.82 55168.54 84406.18 115165.95 126616.56 1537374.67
14 Stock Dividend 11% 14% - 10.00% 0.00% 0.00% Cash Dividend - - 10.50% 5.00% 12.00% 18.00%
15 Investments as a % of 84.15% 81.78% 80.63% 81.23% 84.15% 86.64% total deposits
16 Investments as a % 96.08% 92.08% 94.65% 89.19% 86.78% 89.52% of Client deposits
17 Risk Weighted Capital 14.97% 9.33% 13.17% 11.52% 11.64% 11.36% Adequacy Ratio
18 Ratio of Classi� ed Investments 3.19% 4.76% 3.93% 3.33% 5.35% 4.56% to Total Investments
19 No. of Foreign Correspondents 2250 2250 2250 2230 2230 2230
20 Number of Employees 950 1252 1375 1625 1802 1922
21 Number of Branches 52 64 76 86 94 100
22 Book Value per Share 100 10 10 10 10 10
23 Earning per Share 18.39 2.15 1.81 2.25 1.74 2.71
24 Credit Rating by Long Term CRISL CRISL CRISL ECRL **ECRL ECRL Short Term A+ A+ A+ AA- AA- AA- ST-2 ST-2 ST-2 ECRL-2 ECRL-2 ECRL-2
Fig in million Taka
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Graphical presentation of SIBL
eratin Profit (Taka in Million)
2010 2011 2012 20130
5001000150020002500300035004000
2014
1,638.63
2,768.80
3,617.82
2,924.55
3,964.27
Net Current Assets (Taka in million)
2010 2011 2012 20130
2000
4000
6000
8000
10000
2014
1943.22
3852.84
9468.71
5700.066327.16
Net Asset Value per Share (Taka)
2010 2011 2012 20130
5
10
15
20
2014
14.05 14.7215.92 15.76
17.27
eratin Profit a a er enta e of orkin n
2010 2011 2012 201305
10152025303540
2014
39.03%
29.42%
35.53%
26.11%
32.65%
Earning per Share (Taka)
2010 2011 2012 20130.0
0.5
1.0
1.5
2.0
2.5
3.0
2014
2.15
1.81
2.25
1.74
2.71
Return on Assets (%)
2010 2011 2012 20130.0
0.5
1.0
1.5
2.0
2.5
3.0
2014
2.39
2.72 2.75
1.67
2.36
Profit after Tax (Taka in Million)
2010 2011 2012 20130
500
1000
1500
2000
2014
643.02
1083.42
1441.131220.2
1903.72
Stock Performance (Market Price per Share in Taka)
2010 2011 2012 20130
10
20
30
40
50
60
2014
51.8
26.219.4
13.3 13.6
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Total Eligible Capital (Taka in Million)
2010 2011 2012 20130
3000
6000
9000
12000
15000
2014
4678.56
9534.5210594.5
11623.513078.3
Total Share Holders' Equity (Taka in Million)
2010 2011 2012 20130
3000
6000
9000
12000
15000
2014
4198.77
9412.2110181.97
11083.412143.4
Foreign Exchange Business (Taka in Million)
2010 2011 2012 20130
30000
60000
90000
120000
150000
2014
61931
108308.30
126519.90 132374.72139910
2010 2011 2012 20130
20000
40000
60000
80000
100000
120000
2014
39833.37
56661.16
81091.39
95984.82109040.63
Branch Network
2010 2011 2012 20130
20
40
60
80
100
2014
64
7686
94100
Total Paid-up Capital (Taka in Million)
2010 2011 2012 20130
10002000300040005000600070008000
2014
2987.81
6393.93 6393.937031.42 7031.42
Total Deposit (Taka in Million)
2010 2011 2012 20130
30000
60000
90000
120000
150000
2014
44850.77
66852.55
93594.29102104.48
124535.01
Total Assets (Taka in Million)
2010 2011 2012 20130
50000
100000
150000
200000
2014
55168.54
84406.18
115165.95 126616.56
153737.47
General Investment (Taka in Million)
2010 2011 2012 20130
20000
40000
60000
80000
100000
120000
2014
36680.28
53908.58
76024.9785922.33
107899.96
Net Asset (worth in Million Taka)
2010 2011 2012 2013 2014
4198.77
9412.2110182.00
11083.4012,143.38
0
3000
6000
9000
12000
15000
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Report & Statements of Value Addition and its DistributionsValue Added Report for the year ended 31st December 2014
Value Added Report indicates exactly how a company accumulates total value from its area of operation during a particular time frame and accordingly shows how the added value has been distributed to the society in the backdrop of the general economy of a country.
Now a days the most complex and modern business environment does not earn pro� t for itself only rather it cares to the society and thus is committed to contribute to the economic growth. Such value is being added due to spill over economic impact due to operation of the business houses.
SIBL as a commercial bank, has a large scale of spill over economic impact side by side its � nancial impact through creating values for distributions to the society year to year.
Value Added Statement for the year ended 31st December 2014
Value addition is a measure of wealth as created by the bank through its banking activities. The Statement shows how the total wealth has been created and distributed among the stakeholders of the Bank in the year.
Value Added Statementfor the year ended 31 December 2014 Fig in million Taka
Particulars Year 2014 Year 2013Investment Income 13,943.27 13,629.42Income from Investment in Shares and Securities 296.95 325.67Commission, Exchange and Brokerage 1188.38 1026.57Other Operating Income 289.59 204.70 15,718.09 15,186.16Less Cost of Services & Supplies Pro� t paid on Deposits 9,007.20 9706.87Rent, Taxes, Insurances, Electricity etc. 253.25 227.85Legal Expenses 8.14 7.93Postage, Stamps, Telecommunication etc. 8.00 8.23Stationery, Printings, Advertisements etc. 80.83 91.00Directors’ Fees & Expenses 6.40 4.26Shariah Supervisory Committee’s Fees & Expenses 0.34 0.25Auditor
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