The Financial Express

Bank to issue second Mudaraba bond of Tk 7.0 billion

| Updated: December 03, 2017 11:39:16

IBBL to issue Tk 7.0b Mudaraba bond  Islami

Islami Bank Bangladesh Limited (IBBL) will issue “Second Mudaraba Redeemable Non-Convertible Subordinated Bond” of Tk 7.0 billion under Mudaraba principle of Islamic Shariah, said an official disclosure on Thursday.

The board of directors has taken the decision to raise the Tier-II Capital of the Bank under Basel-III through issuance of 7 years non-convertible IBBL Mudaraba Redeemable Subordinated Bond, said the disclosure.

However, the issuance of bond is subject to the approval of Bangladesh Bank (BB) and the Bangladesh Securities and Exchange Commission (BSEC), the disclosure said.

Each share of the bank, which was listed on the Dhaka bourse in 1985, closed at Tk 33.70 on Wednesday at DSE.

However, after massive reshuffle in the bank top positions in early January this year. Changes have been made to the posts of the banks chairman, managing director, heads of various committees and chief of the Islami Bank Foundation in line with a decision at the bank board meeting on January 5.

The bank disbursed 10 per cent cash dividend for the year ended on December 31, 2017.

The banks third quarter (Q3) consolidated earnings per share (EPS) stood at Tk 0.31 for the July-September period of 2017 as against Tk 0.46 for the same period a year ago.

The banks paid-up capital is Tk 16.10 billion and authorised capital is Tk 20 billion, while the total number of securities is 160.99 million.

The sponsor-directors own 44.55 per cent stake in Islami Bank, while institutional investors own 5.15 per cent, foreign investors 32.28 per cent and the general public 18.02 per cent as on October 31, 2017, the DSE data shows.

[email protected]

Share if you like