A. Qasem & Co. - Islami Bank Bangladesh Limited

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*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
*Since 1953*A. Qasem & Co.Chartered Accountants(xi) Engr. Muhammad Dawood Khan Director Not applicable(xii) Jb. Mohammed Nazrul Islam Director Not applicable(xiii) Dr. Md. Shafiqur Rahman Director Representative of Ibn Sina GroupInvestment Co. Ltd.,Ma Moni Hospital Pvt. Ltd.,Sylhet Trade Centre andWomen’s Medical College, Sylhet(xiv) Jb. Md. Abdus Salam, FCA, FCS Depositor Not applicableDirector(xv) Jb. Humayun Bokhteyar, ACPA, Depositor Not applicableFCADirector(xvi) Prof. NRM Borhan Uddin Ph.D IndependentDirectorNot applicable(xvii) Jb. Mohammad Abdul Mannan ManagingDirector5.2 Related Party TransactionsSL.No.(i)Not applicable Ex -OfficioDirectorThe Bank invested to the following Firms/ Trusts/ Individuals where the Directors of the Bank arerelated:Name of theAccount/Firm/Trust etc.Fouad Al-Khateeb HospitalAmount Name of the Directoroutstanding ason 31.12.2010(Million Taka)24.16 Prof. Abu NasserMuhammad Abduz Zaher(Chairman)(ii) Ibn Sina Trust 538.65 Prof. Abu NasserMuhammad Abduz Zaher(Chairman)(iii)Mrs. ShahanaraBegum (Wife)2.18 Engr. Md. Eskander Ali Khan(Director)Relationship ofthe Directorwith the Firm/Trust etc.Member, Boardof DirectorsGuarantorMemberPurposeHPSM(Project)Purchaseof House,BMRE &Import ofMachineryClassifiedPositionUnClassified- do-Husband HPSM - do-(iv)MohammadAbdul Mannan3.55 Mohammad Abdul MannanManaging Director & Ex -Officio DirectorHimself HPSM - do-♦ Investment to related parties is effected as per requirement of section 27 of Bank CompanyAct 1991.♦ Share issued to Directors and Executives without consideration or exercisable at discount isNil.♦ Other disclosures are not applicable as required by BRPD Circular No. 14 dated June 25, 2003.6.0 Shareholders’ Equity6.1.1 CapitalAuthorised CapitalAuthorised Capital is the maximum amount of share capital that the Bank is authorised to raise asper its Memorandum and Articles of Association.24
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A. Qasem & Co. - Islami Bank Bangladesh Limited

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