A. Qasem & Co. - Islami Bank Bangladesh Limited

*Since 1953*A. Qasem & Co.Chartered AccountantsAudit Committee of the Board met in 32 occasions in the year 2010. They met in 6 occasionsregarding finalization of Financial Statements for the year 2010 with the Senior Management ofthe Bank in which among others, the following issues were discussed:(i) The Committee examined the Financial Statements of 2010 of the Bank to see whether all thedisclosures and information have been incorporated in the Financial Statements & whether theBank followed International Financial Reporting Standards (IFRS) and procedures in preparingFinancial Statements.(ii) In finalizing the Financial Statements for the year 2010, several alternatives and variouspertinent issues, such as impact of Doubtful Income, Dividend, Compensation, Profit Paid onDeposits (PPD), Capital Adequacy Ratio & Risk Weighted Assets etc. were considered by theAudit Committee.(iii) The Committee discussed the details Inspection Report submitted by the Bangladesh Bank,check & control systems and provided appropriate guidelines to the Management for overallimprovement of the Management and Accounting system and minimization of various types ofrisks.(iv) Like previous years, the Committee also exchanged views with the Statutory Auditors andManagement of the bank before Finalization of the Financial Statements of the Bank.5.0 Related Party DisclosureRelated Parties include the Bank's directors, key management personnel, associates, companiesunder common directorship etc. as per BAS 24 “Related Party Disclosures”. All transactionsinvolving related parties arising in the normal course of business are conducted at arm’s length atnormal commercial rates on the same terms and conditions as third party transactions usingvaluation modes, as admissible.5.1 Name of the Directors along with all related Firms/ Companies/ Institutions/Related Parties as at 31 December 2010:Sl.No(i)Name of the DirectorsProf. Abu Nasser MuhammadAbduz ZaherStatus withthe BankChairman23Name of the related Firms/Companies/ Institutions/Parties etc.Representative of Ibn SinaPharmaceutical Ind. Ltd, The IbnSina Trust, Manarat Trust andFouad Abdul Hameed Al-KhateebFoundation.Representative of Al-Rajhi Co. forIndustry & Trade, Riyadh, K.S.ABirds Garments Ltd.(ii) Jb. Yousif Abdullah Al – Rajhi Vice –Chairman(iii) Engr. Mustafa Anwar Vice –Chairman(iv) Jb. Mohammad AbdullahDirector Representative of Kuwait AwqafAl JalahmaPublic Foundation(v) Jb. Hafizul Islam Mian Director Islamic Education Society(vi) Engr. Md. Eskander Ali Khan Director KEARI Limited & Diganta MediaCorporation Limited(vii) Jb. Md. Khurshed Hossain Director Representative of ICB AssetManagement Co. Ltd.RemarksForeignDirectorForeignDirector(viii) Dr. Abdulhameed Fouad Al-KhateebDirector Not applicable ForeignDirector(ix) Jb. Mohammad Adnan Midani Director Representative of IslamicDevelopment BankForeignDirector(x) Jb. Md. Shahidul Islam Director Not applicable