Historical Background of Islami Bank Bangladesh Ltd
Subject: Organizational Behavior | Topics:

Historical background of islamic bank

The history of Islamic Banking could be dividing in two parts. First: When it still remained an idea, second: When it become a reality –by private initiative in some countries and by law in others. There has always been a desire to establish financial institutions to operate as per the tents of Islamic Shariah. The first attempt in this regard was made in Pakistan during 1950s as a pilot scheme, but unfortunately it didn’t succeed. It was followed by a more successful venture in the form of a local Bank in Egypt (Myt Gant Savings Bank, July, 1963). In 1969 Islamic Bank was got up Malaysia through passing an Act in parliament which is being conducted successfully today.  In 1970, King Faisal, The Government of K.S.A, called a meeting to moderate the banking of Muslim countries in accordance with the loss of Islamic Shariah. In the light of this purpose, on 18th December 1973 the decision of setting up an international Islamic Bank was taken up in the finance ministry of O.I.C, which starts its work on 20th October 1975 in Jeddah. In 1977, Faisal Islamic bank in Sudan, Kuwait Finance Bank House in Kuwait, Faisal Islamic bank in Egypt and Jordan Islamic Bank in 1978 was founded. In 1977, International Association of Islamic bank was founded to create equality among the Islamic Banks of different countries.

Islamic Bank Bangladesh Limited was incorporated on 13.03.1983 as a public Company with Limited liability under the companies Act, 1913. The Bank obtained permission to commence business from 27.03.1983.  Islamic Bank Ltd. Is the first interest free Bank in South-East Asia. The establishment of this Bank has ushered a new era in Bangladesh, the second largest Muslim country in the world. The bank is committed to help the people in Halal earnings and Halal investment. All of its activities are run as per Islamic Shariah. The Islamic Development Bank, some foreign financial institutions of Saudi Arabia, Kuwait, Bahrain, United Arab Emirate and Jordan also came forward to establish this bank.

The total number of branches of the bank as on 31st December 1988 stood at 27. The Bank has taken up an optimality expansion program to open a large number of branches during the year 1989 in urban and rural areas and it is expected that with the implementation of the expansion program almost all important commercial places will come under the operational activities of the Bank.

 Mission of Islami Bank Bangladesh Limited

To establish Islamic Banking through the introduction of welfare oriented banking and also ensure equity and justice in the field of all economic activities, achieve balanced growth and equitable development through diversified investment operations particularly in the priority sectors and less development areas of the country, To encourage social-economic enlistment and financial services to the low-income community particularly in the rural area.

Islami Bank Bangladesh Limited has huge and vast mission and objective.

 To conduct interest free banking.

 Ensure equity and justice in the field of all economic activities.

 To establish participatory banking instead of banking on debtor creditor relationship.

 To establish a welfare-oriented banking system.

Vision of Islami Bank Bangladesh Limited

Vision of the organization is to always strive to achieve superior financial performance, be considered a leading Islamic Bank by reputation and performance.

Islamic bank vision to always strive to achieve superior financial performance is considered a leading Islamic bank reputation and performance. To establish and maintain the modern banking technology, to ensure the soundness and development of the financial system based on Islamic principles and to become the strong and efficient organization with highly motivated professional, working for the benefit of people, based upon accountability, transparency and integrity in order to ensure the stability of financial system.

 Management of IBBL

Islami bank Bangladesh ltd. is being managed by a board of directors comprising foreigners and local. An executive committee is formed by the Board of Directors for efficient and smooth operation of the bank. Besides, a management committee looks after the affairs of the bank. The management and formulation of policy of the bank are vested in the board of directors, which is comprised of 14 local and 9 foreign directors by virtue of articles of association, A Bangladeshi director is to be elected as the chairman of the company. To assist them there is a high powered committee named exclusive committee. There are six members in this committee nominated by the board of directors. Besides, these are another committee named management committee consisting of senior most executives of the Bank. There is also a Shariah council consisting of prominent Alims, Economists and Banker who acts as a supervisory body over the day to day activities of the bank from the point of view of Islamic Shariah.

Capital and reserve of IBBL

The authorized capital of the bank is TK. 1000 cores divided into 100000000 ordinary shares of Tk. 100/ each. The reserve fund has increased during the year from 80 cores to Tk. 1.43 core. Total equity of IBBL is Tk. 17,932.00 million as on 30.09.08. Paid up capital of IBBL is Tk. 475.20 core (local shareholders 42.64% and foreign shareholders 57.36%).In order to strengthen the equity base of the bank commiserating with the deposit liability, the Board of directors very recently has decided to raise the paid-up capital to TK.20 core in two phases- primarily up to TK.15 core and ultimately to TK. 20 core preparation in this regard are in foot and it is expected that shares of public subscription shall be floated by June, 1989.

Objectives of IBBL

The objective of Islamic Banking is not only to earn profit but to do good and bring welfare to the people. Islam upholds the concept that money, income and property belongs to Allah and this wealth is to be used for the goods of the society. The main object of the Islami Bank Bangladesh Limited (IBBL) had been to offer an interest free banking system in the financial market. Apart from that, the bank started its operation in the country with a view to realizing the following objectives.

  • To offer interest-free banking system in the financial market.
  • To establish a partnership relationship with customers and to eliminate the idea of the debtor-creditor relationship of traditional banks.
  • To establish welfare oriented banking system.
  • To utilize mobilize savings towards productive sectors.
  • To investment on profit and risk sharing basis.
  • To invest to those business sectors those are found acceptable from Shariah point of view.
  • To accept deposits on profit and loss sharing basis.
  • To create employment opportunities by investing savings towards prospective economic sectors.
  • To extend banking services towards the poor, helpless and low-income group of people in the society in order to uplift of their standard of living.
  • To contribute to establishment of a society by equitable distribution of wealth.
  • To establish justice in trade and commerce in the country.
  • To develop morals among the people and to establish the shariah in the field of trade and commerce.
  • To render services for the economic development of the nation.
  • To contribute towards establishment of an Islamic Economic System in the Country.

 Functions of IBBL

Islamic banks render almost similar services to their customers conventional banks do. However, differences exist in administering incentives for deposits and charging for capital investments, in so far as techniques of calculating the incentive or the cost of the capital is concerned.[1]  Like a conventional bank, the Islami bank also accepts deposits from customers and advances investment. The bank invests its funds for short as well as long term deposits. The Islami bank also acts as a custodian of its customers and performs all foreign transactions on behalf of them. The IBBL perform mainly three different types of functions Banking services, Investment, and Foreign exchange services Banking services comprise three regular types of operations related to acceptance of deposits in the different customers accounts as mentioned earlier, as well as, different transactional services to the customers, safekeeping of personal valuables and securities, collection of bills, agency services, etc. The bank lends its funds for the rapid growth and development of industrial sectors and the promotion of trade and commerce in the country. The bank also invests its funds in various socio-economic schemes such as, Rural Investment Scheme, Small Traders Investment Scheme, Doctors Investment Scheme, Small Transport Scheme, Small and Cottage Industry Project, Hawker’s Investment Scheme, Household Durable Scheme and Low Cost Housing Scheme. The third important function of the bank is to render services to customers regarding foreign exchange transactions plus services to its customers for import and export of different industrial, commercial, agricultural and other items.

Deposits products

Islami Bank Bangladesh Ltd gives special importance on savings. The bank mobilizes deposits through the operation of following account.

                            

                                    Islami Bank’s Product

 

Deposit schemes

 

Al-Wadeeah Current Account
Mudaraba Savings Account        
Mudaraba Term Deposit Receipt
Mudaraba Special Notice Account
Mudaraba Special Savings (Pension) Account
Mudaraba Hajj Savings Account               
Mudaraba Savings Bond Scheme
Mudaraba Foreign Currency Deposit Scheme (Savings)
Mudaraba Waqf Cash Deposit Account
Mudaraba Monthly Profit Deposit Scheme
Mudaraba Muhor Savings Deposit Scheme
 
 

Current account is operated on Al-wadeah principle and all other deposit accounts on mudaraba principle of Islamic Shariah. The bank distributes minimum 65% of its investment income earned through deployment of Mudaraba deposits among the Mudaraba depositors.

Weight ages of different Mudaraba accounts

Weight age means preference of one product in comparison to other product. It has giving the value or importance to the particular mater higher or less than that of other matter. Contact ratios is 65:35 i.e. depositors=65%, management fees= 20% & reserve fund for off-setting investment loss= 15%.

SL NoParticulars of DepositsProvisional Rate from 01.05.2009 to 31.07.2009Revised Provisional Rate w.e.f. 01.08.2009Revised Provisional Rate w.e.f. 01.09.2009
1Mudaraba Hajj Savings   
 From 11 years to 25 years Term9.50 %9.40 %8.50 %
 From 1 year to 10 years Term8.50 %8.40 %8.20 %
     
2Mudaraba Waqf Cash Deposit Account (MWCDA)9.50 %9.40 %8.50 %
     
3Mudaraba Special Savings (Pension)   
 10 Years Term9.00%8.90%8.20%
 5 Years Term8.00%7.90%6.90%
     
4Mudaraba Muhor Savings Account   
 10 Years Term8.00%7.90%8.20%
 5 Years Term7.00%6.90%6.90%
     
5Mudaraba Savings Bond (MSB)   
 8 Years Term9.00%8.90%8.00%
 5 Years Term8.00%7.90%6.90%
     
6Mudaraba Monthly Profit Deposit Scheme (MMPDS)   
 5 Years Term9.50%9.40%7.50%
 3 Years Term8.50%8.40%6.50%
     
7Mudaraba Term Deposits   
 36 Months9.50%9.40%8.00%
 24 Months8.50%8.40%7.00%
 12 Months7.50%7.40%6.00%
 6 Months7.00%6.90%5.50%
 3 Months6.50%6.40%5.00%
     
8Mudaraba Savings Account   
 For Customers5.50%5.40%4.50%
 For Banks  2.00%
     
9Mudaraba Special Notice Deposit   
 For Customers4.00%3.90%3.00%
 For Banks  1.50%

                                                                                                                                         Updated on: 10th Sep 2010

 Islami Bank Bangladesh Limited at a glance

Corporate Information

                                                                         (As on June 30, 2010)

Date of Incorporation13th March 1983
Inauguration of 1st Branch

(Local office, Dhaka)

30th March 1983
Formal Inauguration12th August 1983
                                                   Share of Capital 
Local Shareholders41.77%
Foreign Shareholders58.23%
Authorized CapitalTk. 10,000.00 million
Paid-up CapitalTk. 7,413.00 million
DepositsTk. 265,193.00 million
Investment

(including Investment in Shares)

Tk. 255,178.00 million
Foreign Exchange BusinessTk. 277,739.00 million
                                                     Branches 
Total number of Branches244
                 -Regular Branches224
                 -SME Service Centers20
Number of AD Branches43
Number of Shareholders52164
Manpower9588

 Some extra ordinary features of Islami Bank   Bangladesh Limited

It is a first interest free commercial Bank based on Shariah in South-East Asia.

Pioneer of welfare banking. [2]

  • It is a Multi-national Bank. The partnership of this Bank belongs to IDB, The Al-Rezi of Saudi Arabia and many socio economic Government and non Government institution of Middle East.
  • It possesses the top level among the banks, which conduct foreign trade.
  • It is proclaimed VIP standard because of paying more tax by the Government.
  • It has been awarded the best bank of Bangladesh in 1999 and 2000 by the famous magazine of U.K “Global Finance”.
  • It is one of the top banks among the 2000 international Bank.
  • It is one of the best banks among the five hundred Asian banks.
  • It is one of the top Banks in the rating of CAMEL.
  • It is using computer swift, web site, e-mail, and other sophisticated modern technology.
  • It has arranged to start ATM in the selected branch very soon.

Total equity position

Particulars

2006

2007

2008

2009

2010

Total Equity

6,691.12

8,331.14

10,435.96

14,957.74

18,572.00

 Analysis: Total equity position of the IBBL bank is good enough. From 2004 to 2005 it is an increasing trend. It indicates that bank uses more equity to meet the business needs which implies that shareholders provide more attention to improve the bank size.

Paid-up capital and reserve:

The Authorized Capital of the Bank is Taka 5000.00 million and Paid-up capital is Taka 3,456.00 million in 2006. The Paid-up Capital was Taka 67.50 million in 1983.

The Reserve Fund of the Bank has been increasing steadily. On 31st December 1983, it was Taka 0.36 million and stood at

 
Taka 9642.64 million as on 31st December 2009.
Taka 8453.92 million as on 31st December 2008.
Taka 7624.85 million as on 31st December 2007.
Taka 6551.23 million as on 31st December 2006.
Taka 5450.94 million as on 31st December 2005.
Taka 4329.92 million as on 31st December 2004.
Taka 3280.80 million as on 31st December 2003.
Taka 23852.07 million as on 31st December 2002.
Taka 1998.04 million as on 31st December 2001.
Taka 1759.65 million as on 31st December 2000.
Taka 1115.61 million as on 31st December 1999.
Taka 1011.84 million as on 31st December 1998.
Taka 930.17 million as on 31st December 1997.
Taka 759.39 million as on 31st December 1996.
Taka 535.08 million as on 31st December 1995.
Taka 303.57 million as on 31st December 1994.

 Map of Bangladesh showing the branch of IBBL

Performance                                                                     (Amount in Million Taka)

Particulars200520062007200820092010
Authorized Capital

3,000.00

3,000.00

5,000.00

5,000.00

5,000.00

10,000.00

Paid-up Capital

1,920.00

2,304.00

2,764.80

3,456.00

3,801.60

4,752.00

Reserves Fund

3,280.37

4,329.92

5,450.94

6,551.23

7,418.04

9,308.00

Total Equity

5,266.47

6,691.12

8,331.14

10,435.96

14,957.74

18,572.00

Total Deposits

(Including bills payable) Gross

70,552.65

88,452.18

108,261

132,814.00

166,812.78

200,725.00

Total Investments (Including Inv in Share) Gross

62,755.90

83,893.63

102,145

123,959.00

174,365.55

198,763.00

Import Business

46,237.00

59,804.00

74,525.00

96,870.00

137,086.00

168,329.00

Export Business

21,738.00

29,151.00

36,169.00

51,133.00

66,690.00

93,962.00

Remittance

16,668.00

23,669.00

36,948.00

53,819.00

84,143.00

140,404.00

Total Foreign Exchange Business

84,643.00

112,624.00

147,642.00

201,822.00

287,919.00

402,695.00

Total Income

6,710.44

8,262.73

10,586.78

14,038.30

17,699.51

23,454.00

Total Expenditure

5,908.42

6,419.74

8,424.36

11,129.63

13,918.70

15,151.00

Net Profit before Tax

802.02

1,842.99

2,162.42

2,908.67

3,780.82

6.348.00

Payment to Government (Income Tax)

426.61

829.35

973.09

1,490.12

2,322.46

3,647.00

Dividend

20% (Stock)

20%(Stock)

25%

(Stock)

15% (Cash) 10%(Stock)

25%(Stock)

30%(Stock)

Total Assets (including Contra)

98,046.85

125,776.94

150,959.66

188,115.27

250,012.79

288,017.19

Total Assets (Excluding Contra)

81,704.75

102,149.28

122,880.35

150,252.82

191,362.35

230,879.14

Fixed Assets

2,036.66

2,552.70

3,067.99

3,724.69

3,987.23

4,407.00

No. of deposit account holder

1,994,266

2,291,269

2,705,180

3,207,131

3,802,709

4,361,896

No. of investment account holder

223,954

264,863

297,943

421,751

508,758

498,362

Cumulative amount of disbursement from RDS

2,923.60

4,216.77

6,033.36

9,303.12

13,969.01

18,768

Outstanding Investment of RDS

570.90

789.97

1,106.00

2,242.00

2,885.00

3,012

RDS no. of A / C holder

130,465

163,465

164,116

295,012

350,278

321,484

RDS no. of village

3,700

4,230

4,560

8,057

10,023

10,763

Number of Foreign Correspondents

840

850

860

870

884

906

Number of Shareholders

14,196

15,892

17,201

20,960

26,488

33,686

Number of Employees

4,673

5,306

6,202

7,459

8,426

9,397

Number of Branches

141

151

169

176

186

196

Book value per Share

( Taka)

2,743

2,904

3,013

3,020

4,147

238

Earnings per Share (Taka)

195.52

518.59

487.57

368.42

375.46

56.29

Market Value per Share (Taka) (Highest)

4,548.00

5,110.00

5,580.00

4,749.00

6,986.00

830

Capital Adequacy Ratio

9.43%

9.21%

9.44%

9.43%

10.61%

10.72%

                                                                                                                           (Note: One Million = Ten Lac)

Performance at a glance                                                           (Taka in Million)

Particulars

2005

2006

2007

2008

2009

Income Statement
Interest Income

1620

2159

2641

3446

5199

Interest Expense

1055

1408

1616

2271

3698

Net Interest Income

565

751

1025

1175

1500

Non-interest Income

631

841

946

1232

1732

Non-interest Expense

448

591

824

886

1101

Net Non-interest Income

183

250

121

346

631

Profit before provision and tax

748

1001

1146

1520

2131

Provision for loans and assets

51

232

82

320

390

Profit after provision before tax

697

770

1064

1201

1741

Tax including deferred tax

279

394

452

633

689

Profit after tax

418

375

612

568

1052

Balance Sheet
Authorized Capital

1000

1000

1000

4000

4000

Paid-up Capital

600

700

1000

1400

1750

Total Shareholder’s equity

1526

1732

2240

2808

3860

Deposits

16482

20483

28069

36022

54724

Long-term liabilities

5350

7052

7371

11406

16877

Loans and advances

12687

16492

23220

31916

45010

Investments

1996

2750

3084

3940

7844

Property, Plant and Equipment

219

256

322

372

412

Earning Assets

15125

19335

27131

36727

55458

Net current assets

437

583

(1299)

31

5286

Total assets

19359

24249

32362

41506

60899

Current ratio

1.00

0.96

1.06

1.00

0.88

Debt equity ratio

8.56%

8%

7%

7%

7%

Other Business
Import

19564

25441

36747

40303

52639

Export

12190

16490

19502

28882

41801

Remittance

1252

3063

2140

3688

15050

Guarantee Business

3659

4248

4085

5303

5386

Inland letter of credit

1523

3729

4267

5405

10174

Capital Measures
Total risk weighted assets

13389

16455

23050

31890

44324

Core capital (Tier-I)

1526

1782

2240

2808

3860

Supplementary capital (Tier-II)

139

176

236

369

549

Total Capital

1665

1958

2476

3177

4409

Tier-I capital ratio

11.409

10.83

9.72

8.80

8.71

Tier-II capital ratio

1.04

1.07%

1.02

1.16

1.24

Total capital ratio

12.44

11.90%

10.74

9.96

9.95

Credit Quality
Nonperforming loans (NPLs)

188.22

326.53

352.73

308.21

367.15

% of NPLs to total loans and advances

1.48%

1.98%

1.52%

0.96%

0.82%

Provision for unclassified loans

131.73

171.73%

231.73

364.80

544.80

Provision for classified loans

122.81

249.44

174

127.00

308.52

Share Information
Market price per share (Taka)

307.51

374.25

879.50

681.50

528.75

No. of shares outstanding (million)

6

7

10

14

17.50

No. of shareholders at actual

1727

1993

2620

4467

5262

Earning per share (Taka)

59.73

37.55

43.71

40.59

60.11

Dividend

36.67%

62.86%

40.00%

25.00

30%(proposed)

Cash

20%

20.00%

Bonus

16.37%

42.86%

40.00%

25.00%

30%

Effective dividend ratio

40%

67.70%

47.06%

29.17%

33%

Market capitalization

1845.06

2619.75

8795.00

9541.00

9253.13

Net assets per share (Taka)

234.81

233.12

223.98

200.57

220.57%

Price earning ratio (times)

5.15

9.97

20.12

16.79

8.80%

Operating Performance Ratio
Net interest margin on average earning assets

4.26%

4.36%

4.41%

3.68%

3.23%

Net non-interest margin on average earning assets

1.38%

1.45%

0.52%

1.08%

1.37%

Earning base in assets (average)

75.53%

79.02%

82.08%

86.45%

90.02%

Cost income raito

37.48%

37.11%

41.83%

36.82%

34.07%

Cost deposit raito

76.98%

80.52%

80.72%

88.60%

82.25%

Cost of funds on average deposits

7.13%

7.62%

6.66%

7.09%

8.15%

Return on average assets

2.38%

1.72%

2.16%

1.54%

20.5%

Return on average equity

30.03%

22.70%

30.43%

22.51%

31.55%

Other information
No of Branches

27

30

36

41

50

No of employees

730

777

894

1024

1172

No of foreign correspondents

422

441

501

517

528

Average earning assets

13254.64

17230.13

23233.08

31929.08

46092.85

Average total assets

17547.94

21804.03

28305.38

36933.96

51202.88

Average deposits

14795.74

18482.42

24276.24

32045.85

45373.27

Average equity

1392.34

1654.14

2010.83

2523.90

3333.94

Conclusion

The newly established IBBL was doing well in terms of deposits, investment, total income, total assets, total equity, total assets, total employees and expansion of no. of branches in the different areas at the district level in Bangladesh during 1996-2007. Also Bai-murabaha & hire Purchase under Sherkatul Melk was the great contribution of investment for IBBL. But Mudaraba & Musaraka investment should be increased in future, while their position was lower. For this reason the gradual development and expansions of bank product of IBBL have been able to win and attract good response among the financial circles of Bangladesh about the viability of IBBL as an Islamic Bank. IBBL has created the positive change in business growth & trading growth including import & export earnings. Not only has that it also changed the traditional banking activities other than that traditional bank. Practically when all the banks are facing the different problems in the advances & loan sector, then lending risk analysis has been prescribed as a significant package program to avoid the various risks in the fund management of the commercial banks in Bangladesh. Other then IBBL contribute economic growth increased day by day in Bangladesh. So, IBBL does not face any kind of economic problem. Although it has created vast effect on economic & development of economy in Bangladesh.

BIBLIOGRAPHY

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Islami Bank Bangladesh Ltd

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