Investment Modes

8/12/2019 Investment Modes

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ISLAMI BANK BANGLADESH LIMITED

TOPIC

DIFFERENT INVESTMENT MODES OF IBBL

Submitted To Submitted By

ROKEYA SULTANA TA REEN TANUMA

Le!tu"e" # Su$e"%i&o" ID' ()**BBA((+,-

De$."tme/t o0 Bu&i/e&& De$."tme/t o0 Bu&i/e&& Admi/i&t".tio/ Admi/i&t".tio/

M./.".t I/te"/.tio/.1 M./.".t I/te"/.tio/.1U/i%e"&ity 2MIU3 U/i%e"&ity 2MIU3

MANARAT INTERNATIONAL UNIVERSITYGu1&4./5 D4.6.


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ISLAMI BANK BANGLADESHLIMITED IBBL)


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A/ I/te"/&4i$ Re$o"tO/

DIFFERENT INVESTMENT MODES OF

IBBL

Submitted To

ROKEYA SULTANA

Le!tu"e" # Su$e"%i&o"

De$."tme/t o0 A!!ou/ti/7 # Fi/./!e

M./.".t I/te"/.tio/.1 U/i%e"&ity 2MIU3

Submitted By

TA REEN TANUMA

ID' ()**BBA((+,-De$."tme/t o0 A!!ou/ti/7 # Fi/./!e

M./.".t I/te"/.tio/.1 U/i%e"&ity 2MIU3

August 01, 2009


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Department of (usiness A'ministrationManarat International University 7MIU8

i

Su$e"%i&o"8& Ce"ti0i!.te

*!is is to certify t!at t!e Interns!ip eport on DIFFERENT INVESTMENTMODES OF IBBL ) in t!e $ona fi'e recor' at t!e report is 'one $y *a!mina arveenas a partial fulfilment of t!e re-uirement of (ac!elor of (usiness A'ministration 7((A8from t!e Mar"eting Department, Manarat International University

*!e report !as $een prepare' un'er my gui'ance an' is a recor' of $ona fi'e +or"carrie' out successfully

//////////

Signature of t!e Supervisor

///////Date


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iiDe!1.".tio/

I 'o !ere$y solemnly 'eclare t!at t!e +or" presente' in t!is Interns!ip eport !as $eencarrie' out $y me an' !as not $een previously su$mitte' to any ot!er University :;ollege:


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iii

To 94om It M.y Co/!e"/

*!is is to certify t!at *a!mina arveen is a regular stu'ent of ((A program of Manarat

International University $earing I' 3o% 0041((A00526 !as $een participating in t!e practical interns!ip program at our $ranc! since 14 0? 06 to 26 06 06 S!e !assuccessfully complete' t!e program +it! great en'eavour an' ent!usiasm S!e is verymuc! punctual an' 'iscipline' to atten' t!e office

I +is! !im all success in all sp!eres of life

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Asstt @ice resi'entIslami (an" (angla'es! Limite'

uls!an ;ircle#1(ranc!, D!a"a


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P"e0.!e

ectives of t!e ((A program is to create s"ille' professional for

various sectors *!is program is 'esigne' to meet t!e nee's of eac! stu'ent +!o +ant to

'evelop t!eir career as e.ecutives in t!e fiel' of 'ifferent $usiness areas as +ell as

teac!ing an' researc! positions in 'ifferent institutions (ut perfection 'oes not come

only from t!eoretical "no+le'ge *o reinforce t!e t!eoretical "no+le'ge ac-uire'

ractical Interns!ip of t!ree mont!s in private $usiness organi=ations, government

offices, pu$lic sector corporations, $an"s an' non#$an" financial institutions is to

e.pose as in t!e organi=ational +or" situation e are re-uire' to un'ergo t!e program

an' prepare a report accor'ing to t!e Instructions of our supervising teac!er In spite of

my limite' "no+le'ge an' e.perience I !ave 'evote' my assigne' >o$ +it! 'ue earnest

If any lac"ing prevails in my report, I !ave no o$>ective to accept it sincerely


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iv

A!6/o:1ed7eme/t

Birst of all, I +oul' li"e to e.press my 'eep gratitu'e to t!e Almig!ty Alla! for

fruitfully preparing t!is Interns!ip report

I am t!an"ful to !onoura$le S@ & Director 7training8 ana$ M' afi-ul Islam, &,Director eneral I(* A, +!o gave me t!e opportunity to con'uct our interns!ip

program at I((L

I am t!an"ful to !onoura$le ;ourse coor'inator ana$ M'


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v

E;e!uti%e Summ."y

*!is report is prepare' as a re-uirement of t!e Interns!ip rogram *!e report +ill givea clear i'ea a$out t!e investment mec!anism of I((L *!is report contains four main

parts *!e first part of t!e report is intro'uction, o$>ective, met!o'ology, scope an'limitation of t!e report &an overvie+ of I((L

*!e secon' part of t!e report is a$out investment un'er Islamic S!aria! I((L investe' $y t!ree mo'es *!ese are# (ai#mo'e, leasing#mo'e & S!are#mo'e I((L commonlyuse (ai#mo'e Sometimes t!ey use leasing#mo'e Most of t!e time t!ey are not +illingto invest in S!are#mo'e Anot!er portion of t!is part is a$out various special sc!eme ofI((L suc! as ouse!ol' 'ura$le sc!eme, eal estate investment program etc in t!is

part rural 'evelopment sc!eme is also inclu'e'

*!e t!ir' & last part of t!e report is a$out some pro$lems regar'ing I((L oninvestment Suc! as t!e pro$lem of Mu'ara$a is% lac" of ovt support, uncertain costof capital an' t!e pro$lem of Mus!ara"a is% lac" of e.pertise persons, lac" of legalframe#+or" of Islami (an"ing in (angla'es! *!e pro$lem of I>ara! is% 'isposing t!easset, +!en t!e asset is no longer $eing nee'e', uncertainty a$out t!e total life of t!easset etc

*o avoi' t!e a$ove pro$lems I((L can follo+ t!e follo+ing i'eas% I((L can 'iffuse itsscope of investment t!roug! focusing S!aria! concept regar'ing investment among t!e

$an" officers, employers an' t!e clients $y strong training, +or"s!op an' clients#getstoget!er I((L s!oul' initiate 'ifferent investment mo'es accor'ing to 'iverse nee's ofclients $y con'ucting !uge researc! an' stu'y etc


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@iT.b1e o0 Co/te/t&

P."ti!u1."& P.7e No

Letter of *ransmittal i

SupervisorFs ;ertificate ii

Declaration iii

reface iv

Ac"no+le'gement v

.ecutive Summary vi

P."t


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S!aria! ;ouncil an' S!aria! Supervision 1HMem$ers!ip of Different


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(ac"groun' of t!e Stu'y%

After completing one !un're' an' t!irty t+o cre'it 71528 !ours at Manarat InternationalUniversity un'er t!e (ac!elor of (usiness A'ministration 7((A8 curriculum, +e +ere

place' $y t!e $usiness 'epartment at I((L, as part of t!e Interns!ip rogramre-uirement *!is report is prepare' for t!e interns!ip program consisting of a ma>or in'ept! stu'y of t!e total $an"ing $usiness of Islami (an" (angla'es! Limite'

ractical "no+le'ge is fun'amental for t!e application of t!eoretical intelligence(earing t!is in min' an' interns!ip program +as $eing inclu'e' in t!e ((Acurriculum *!e goal of t!is analysis is to e.pose t!e stu'ent in t!e organi=ational +or"situation an' also to provi'e an opportunity for applying classroom learning in practice*!ere are some 'ifference $et+een t!eories an' practice Interns!ip program is a system

$y +!ic! +e can accustom ourselves +it! t!e practical situation t!roug! t!e applicationof t!eoretical "no+le'ge into real life, t!e gap $et+een t!ese t+o can $e $ri'ge' upt!roug! t!is interns!ip proce'ure As an in'ispensa$le part of ((A +e +ere place' inMouc!a" (ranc! of I((L

urpose of t!e eport%

*!e report name' +as Di00e"e/t I/%e&tme/t Mode& o0 IBBL )

*!e primary goal of t!e interns!ip program is to provi'e t!e intern +it! t!e >o$

e.perience $y orienting t!e intern +it! t!e organi=ation an' an opportunity for t!eintern to relate t!e t!eoretical conceptions in t!e real $usiness environment *!e program covers a perio' of t+o +ee"s in Islami $an" *raining & esearc! 7I(* A8an' eig!t +ee"s in organi=ational attac!ment *!e 'uration of t!e interns!ip attac!ment+it! t!e organi=ation +as from une21,2009 to Septem$er 01, 2006


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ect, +!ic! is assigne' $y t!e I(* A ;onse-uently a report $ase' on t!e pro>ects isto $e su$mitte' to t!e aut!ority of I(* A I select Islamic (an" (angla'es! Limite'7I((L8 for my Interns!ip I !ave prepare' my pro>ect paper on investment as it isassigne' $y I(* A

ationality of t!e Stu'y%

In our economy, t!ere are mainly t!ree types of sc!e'ule commercial $an"s are inoperations *!ere are 3ationali=e' ;ommercial (an"s, Local rivate ;ommercial(an"s an' foreign rivate ;ommercial (an"s Islami $an" !as 'iscovere' a ne+!ori=on in t!e fiel' of $an"ing area, +!ic! offers 'ifferent eneral (an"ing,Investments an' Boreign .c!ange (an"ing System So I !ave 'eci'e' to stu'y on t!etopic Different Investment Mo'es of I((L) (ecause t!e Interns!ip rogram of t!euniversity is an integral part of t!e ((A program *!is also provi'es an opportunity tot!e stu'ents to minimi=e t!e gap $et+een t!eoretical an' practical "no+le'ge Stu'entsare re-uire' to +or" on a specific topic $ase' on t!eir t!eoretical an' practical"no+le'ge ac-uire' 'uring t!e perio' of t!e interns!ip program an' t!en su$mit it tot!e teac!er *!at is +!y I !ave prepare' t!is report

ectives of t!e Stu'y%

*!e first o$>ective of +riting t!e report is fulfilling t!e re-uirements of t!e ((A program In t!is report, I !ave attempte' to give an overvie+ of Islami (an"(angla'es! Limite' in general Bollo+ing are t!e main o$>ectives

*o familiar +it! t!e !istory an' operations of Islami (an"ing in (angla'es!

5


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*o s!o+ t!e investment mec!anism an' pro'uct offerings in 'ifferent mo'es ofI((L

*o s!o+ overall investment proposal, appraisal proce'ures, 'ocumentationsystem of I((L an' ;onventional (an"s

*o s!o+ t!e 'ifference +it! conventional $an"ing regar'ing investment aspects

*o i'entify strengt! an' +ea"ness of investments of I((L

*o i'entify t!e pro$lems relate' to investments face' $y I((L

*o recommen'e' actions t!at may $e necessary to re'esign t!e investments ofI((L

Met!o'ology of t!e eport%

Bor carrying out t!is pro>ect paper I !a' to stu'y t!e actual $an"ing operations of I((L

In or'er to carry out t!is stu'y, t+o sources of 'ata an' information !ave $een use'%

a8 rimary Data

I Bace#to#Bace conversation +it! t!e respective officers an' staffsIntervie+ing officers an' staffs

S!aring practical "no+le'ge of officials

elevant file stu'y provi'e' $y t!e officers concerne'

In#'ept! stu'y of selecte' cases

Islami (an" *raining center 7I(* A8

$8 Secon'ary Data

Des" report of t!e relate' 'epartment

Manuals of Islami (an" (angla'es! Limite' 7(ai#Mura$a!a, (ai#Mua>>al, (ai#Salaam, Mus!ara"a8


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or feature, ensuring >ustice an' e-uity in t!eeconomy *!at is +!y Islamic $an"s are often "no+n as LS $an"


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Historical (ac"groun' of I((L%

(angla'es! signe' t!e ;!arter of Islamic Development (an" an' committe' itself toreorgani=e its economic an' financial system as per Islamic S!aria! *!e signe' year+as 19?G In anuary 1961, *!e t!en resi'ent of eopleFs epu$lic of (angla'es!+!ile a''ressing t!e t!ir' Islamic Summit ;onference !el' at Ma""a! an' *aifsuggeste' t!e Islamic countries s!oul' 'evelop a separate $an"ing system of t!eir o+nin or'er to facilitate t!eir tra'e an' commerce *!is statement creates a favora$lesituation to+ar's esta$lis!ing Islamic $an" an' financial institution in (angla'es!

arlier in 3ovem$er 1960, (angla'es! (an", t!e countryFs ;entral (an" sent arepresentative to stu'y t!e +or"ing of several Islamic $an"s a$roa' In 3ovem$er 1962,a 'elegation of ID( visite' (angla'es! an' s!o+e' "een interests of participate inesta$lis!ing a >oint venture Islamic $an" in t!e private sector *!ey foun' a lot of +or"!a' alrea'y $een 'one an' Islamic $an"ing +as in a rea'y form for imme'iateintro'uction *+o professional $o'ies of Islamic conomics esearc! (ureau 7I (8an' (angla'es! Islamic (an"ers Association 7(I(A8 ma'e significant contri$utionto+ar's intro'uction of Islamic $an"ing in (angla'es!

*!ey came for+ar' to provi'e training on Islamic $an"ing to top $an"ers an'economists to fill up t!e vacuum of lea'ers!ip for t!e future Islamic $an"s in(angla'es! *!ey also !el' seminars, symposiums an' +or"s!ops on Islamiceconomics an' $an"ing t!roug!out t!e country to mo$ili=e pu$lic opinion in favor ofIslamic $an"ing *!eir professional activities +ere reinforce' $y a num$er of Muslimentrepreneurs +or"ing un'er t!e agency of t!e t!en Muslim (usiness society 73o+recogni=e' as in'ustrialist & (usinessmen Association8 *!e $o'y concerne' mainly inmo$ili=ing e-uity capital for t!e emerging Islamic $an"

At last, t!e long 'ra+n struggle to esta$lis! *!e first interest free Islamic S!aria! $ase'

$an" in (angla'es! incorporate' on 15 Marc! 1965 as a pu$lic limite' company un'ert!e ;ompanies Act 1915 in +!ic! 19 (angla'es!i nationals, G (angla'es!i institutionsan' 11 $an"s, financial institutions an' movement $o'ies of t!e mi''le east an' uropeinclu'ing ID( an' t+o eminent personalities of t!e "ing'om of Sau'i Ara$ia >oine'!an's to ma"e t!e 'ream a realty *!e $an" o$taine' license from (angla'es! $an" on26 Marc! 1965 an' starte' $an"ing operations on 50 Marc! 1965 t!roug! its main

$ranc! at D!a"a, +!ic! +as formally inaugurate' later, on 12 August 1965 *!e $an" isa >oint#venture enterprise of 22 private sponsors of (angla'es!, t!e government of(angla'es!, Islamic Development (an", an' 15 $an"s an' financial institutions of t!eoil#ric! Mi''le astern Muslim ;ountries
http://banglapedia.search.com.bd/HT/B_0153.HTMhttp://banglapedia.search.com.bd/HT/B_0153.HTM


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? I((L starte' its $an"ing operations +it! an aut!ori=e' an' pai' up capital of *" 400million an' *" H? 40 million respectively *!e capital is 'ivi'e' into or'inary s!ares of*" 1,000 eac! *!e pai' up capital of t!e $an" +as en!ance' to *" HG0 million in 2001


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6Co/t"ibuti/7 i/ A!4ie%i/7 t4e U1tim.te Go.1 o0 I&1.mi! E!o/omi!Sy&tem

More specifically, t!e o$>ectives of Islamic $an"ing +!en vie+e' in t!e conte.t of itsrole in t!e economy are liste' as follo+ing%

*o offer contemporary financial services in conformity +it! Islamic S!aria!E

*o contri$ute to+ar's economic 'evelopment an' prosperity +it!in t!e principles of Islamic >usticeE


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9O$timum A11o!.tio/ o0 Re&ou"!e&'

Anot!er important o$>ective of Islamic $an"ing is t!e optimum allocation of scarceresources *!e foun'ation of t!e Islamic $an"ing system is t!at it promotes t!einvestment of financial resources into t!ose pro>ects t!at are consi'ere' to $e t!e most

profita$le an' $eneficial to t!e economy

I&1.mi! B./6i/7 0o" E>uit.b1e Di&t"ibutio/ o0 Re&ou"!e&'

er!aps t!e must important o$>ective of Islamic $an"ing is to ensure e-uita$le'istri$ution of income an' resources among t!e participating parties% t!e $an", t!e'epositors an' t!e entrepreneurs

Mi&&io/ o0 I&1.mi B./6 B./71.de&4 Limited'

*o esta$lis! Islamic (an"ing t!roug! t!e intro'uction of +elfare oriente' $an"ing an'also ensure e-uity an' >ustice in t!e fiel' of all economic activities, ac!ieve $alance'gro+t! an' e-uita$le 'evelopment t!roug! 'iversifie' investment operations

particularly in t!e priority sectors an' less 'evelopment areas of t!e country, *oencourage social#economic enlistment an' financial services to t!e lo+#incomecommunity particularly in t!e rural area

Vi&io/ o0 I&1.mi B./6 B./71.de&4 Limited'

Islamic $an" vision to al+ays strive to ac!ieve superior financial performance isconsi'ere' a lea'ing Islamic $an" reputation an' performance *o esta$lis! an'maintain t!e mo'ern $an"ing tec!nology, to ensure t!e soun'ness an' 'evelopment oft!e financial system $ase' on Islamic principles an' to $ecome t!e strong an' efficientorgani=ation +it! !ig!ly motivate' professional, +or"ing for t!e $enefit of people,


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$ase' upon accounta$ility, transparency an' integrity in or'er to ensure t!e sta$ility offinancial system

10

*ry to encourage savings in t!e form of 'irect investment *ry to encourage investment particularly in pro>ect, +!ic! are more li"ely to

lea' to !ig!er employment

Bu&i/e&& P4i1o&o$4y o0 IBBL

*!e p!ilosop!y of I((L is to t!e principles of Islamic s!aria! *!e organi=ation ofIslamic conference 7ustice in t!e fiel' of all economic activities


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It e.ten's socio#economic an' financial services to t!e poor, !elpless an' lo+#income group of t!e people for t!eir economic enlistment particularly in t!erural areas

11 It plays a vital role in !uman resource 'evelopment of t!e country t!roug!

'iversifie' investment operations particularly in t!e priority sectors an' in t!eless 'evelope' areas

Fu/!tio/& o0 IBBL

*!e operation of Islamic (an" (angla'es! Limite' can $e 'ivi'e' into t!ree 758 ma>orcategories

*? Ge/e".1 B./6i/7

It inclu'es%

a8 Mo$ili=ation of 'eposits

$8 eceipts an' payment of cas!

c8 an'ling transfer transaction

'8 8 Maintenance of internal accounts of t!e $an"

Islamic $an"ing is a response to suc! e.igencies It mo$ili=es savings of t!e common people in line +it! Islamic Shariah *ec!ni-ues employe' $y Islamic $an"s for savingmo$ili=ation are as follo+s


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*,


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15

*?A1< 9.dee.4 A!!ou/t

,?Mud.".b.4 A!!ou/t

Mud.".b.4 S.%i/7& A!!ou/t 2MSA3

Mud.".b.4 H.== S.%i/7& A!!ou/t 2MHSA3

Mud.".b.4 S.%i/7& Bo/d 2MSB3

Mud.".b.4 S$e!i.1 S!4eme 2MSS3

Mud.".b.4 Te"m De$o&it Re!ei$t 2MTDR3

Mud.".b.4 Mo/t41y P"o0it Di&t"ibutio/ S!4eme 2MMPDS3

Mud.".b.4 Mo4o" S.%i/7& A!!ou/t 2MMSA3

Mud.".b.4 S4o"t Noti!e A!!ou/t 2MSNA3


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,? I/%e&tme/t

It inclu'es%

I((L invests its money in various sectors of t!e economy t!roug! 'ifferent mo'es permitte' $y S!aria! an' approve' $y (angla'es! (an" *!e mo'es of investment areas follo+%

18 (ai#Mec!anism 7*ra'ing Moo'8%

(ai#Mura$a!a

(ai#Mua==al

(ai#Salam

Istis!ana

28 I>ara Mec!anism 7Leasing Mo'e8%

Leasing: I>ara : ire urc!ase 7 8

ire purc!ase un'er s!ir"atul Mel" 7 SM8

58 S!ir"at Mec!anism 7S!are Mo'e8%

Mus!ara"a Mu'ara$a

1G


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+? Fo"ei7/ E;!4./7e

Boreign e.c!ange $usiness plays a vital role in provi'ing su$stantial revenue in t!e $an" income pool Li"e all mo'ern $an" I((L operates in t!e area of t!e foreigne.c!ange $usiness I((L performs t!e follo+ing tas"s%


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Islamic $an" !ospital +as esta$lis!e' to e.ten' first !an' mo'ern an'contemporary me'ical service to t!e people on non#profit $usiness

umanitarian assistance is $eing provi'e' to t!e poor, families affecte' $y rivererosion an' for marriage of poor girls

nergy relief operations are provi'e' to t!e people affecte' $ y naturalcalamities

Assistance to mos-ue for construction, repair an' renovation

S4."i.4 Cou/!i1 ./d S4."i.4 Su$e"%i&io/'

S!aria! council of t!e $an" is playing a vital role in gui'ing an' supervising t!eimplementation an' compliance of Islamic S!aria! principles in all activities of t!e

$an" since its very inception *!e council +!ic! en>oys a !ig! status in t!e structure oft!e (an" consists of prominent ulema, repute' $an"er, reno+ne' la+yer an' eminenteconomist

Mem$ers of t!e S!aria! ;ouncil meet fre-uently an' 'elivera$le on 'ifferent issuesconfronting t!e (an" on S!aria! matters *!ey also con'uct S!aria! inspection of

$ranc!es regularly so as to ensure t!at t!e S!aria! principles are implemente' an'complie' +it! meticulously $y t!e $ranc!es of t!e $an"

Mem$ers!ip of Different


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1H

Fo"ei7/'

I/te"/.tio/.1 A&&o!i.tio/ o0 I&1.mi! B./6& 2IAIB35 edd.45 K?S?A?

A!!ou/ti/7 ./d Auditi/7 O"7./i .tio/& 0o" I&1.mi! Fi/./!i.1 I/&titutio/&2AAOIFI35M./.m.5 B.4".i/?

Ge/e".1 Cou/!i1 o0 I&1.mi! B./6& # Fi/./!i.1 I/&titutio/& 2GCIBFI35 M./.m.5B.4".i/ 2IBBL i& . membe" o0 it& E;e!uti%e Cou/!i13

So!iety 0o" 9o"1d:ide I/te"


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1?

16


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Investment of I((L

Islami (an" emp!asis on legitimate 7 alal8 $usiness Islamic (an" 'oes not invest inloans an' fi.e' interest securities It can invest in or'inary s!are only +!ile interest

$ase' $an" can invest in loans an' 'ifferent "in's of securities Islami (an" esta$lis!esan' participate pro>ects +it! its client as a partner an' $ears t!e ris" along +it! t!eclient on a proportionate $asis t!e concept of Islamic (an" is to esta$lis! onegalitarian society $ase' on principles of social >ustice an' e-uity e !ave gat!ere't!e fact t!at investment management is t!e t!eme of I((L *!e $an" ta"es 'eposits an'invests t!e same $ase' on t!e profit#loss s!aring (an" go for t!e investment mainly+!ic! are long term an' profita$le in nature I((L also give !ig! concentration on t!einvestment t!at +ill generate more employment As investment is one of t!e most

priority areas for t!e I((L, so it nee's to cautious in investment 'ecision *o ensure proper investment I((L al+ays go +it! in#'ept! stu'y $efore ma"ing t!e investmentSo in t!e ne.t p!ases +e are going to 'emonstrate t!e +ay I((L follo+ t!e manageinvestment

Ob=e!ti%e& ./d P"i/!i$1e& o0 I/%e&tme/t O$e".tio/&'

*!e o$>ectives an' principles of investment operations of t!e (an" are%

*o invest fun' strictly in accor'ance +it! t!e principles of Islamic s!aria!

*o 'o a+ay +it! 'isparity an' esta$lis! >ustice in tra'e, commerce an' In'ustry

*o 'iversify its investment portfolio $y si=e of investment portfolio $y sectors

7 u$lic & rivate8, $y economic purpose, $y securities an' $y geograp!ical areainclu'ing in'ustrial, commercial & agricultural

*o ensure mutual $enefit $ot! for t!e $an" an' t!e investment client $y professional appraisal of investment proposals, >u'icious sanction of investment,close an' constant supervision an' monitoring t!ereof

*o ma"e investment "eeping t!e socio economic re-uirement of t!e country invie+

*o increase t!e num$er of potential investors $y ma"ing participatory an' pro'uctive investment


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19

*o finance various 'evelopment sc!emes for poverty alleviation, income an'employment generation +it! a vie+ to accelerate sustaina$le socio#economicgro+t! an' upliftment of t!e society

*o s!un even !ig!ly profita$le investment in t!e fiel's for$i''en un'erIslamic S!ariFa! an' are !armful for t!e society

*!e (an" e.ten's investments un'er t!e principles of (ai#Mura$a!a, (ai#Mua==al, ire urc!ase un'er S!ir"atul Mel" an' Mus!ara"a *!e (an" isma"ing sincere efforts to go for investment un'er Mu'ara$a principle in nearfuture

*o invest in t!e form of goo's an' commo'ities rat!er t!an give out cas! moneyto t!e investment clients

*o contri$ute to social upliftment an' sustaine' conomic gro+t! of t!ecountry

Investment to tra'e, commerce, In'ustry, Boreign tra'e, I*, small scale in'ustry,transportation, service sector

I((L invests its money in various sectors of t!e economy t!roug! 'ifferent mo'es permitte' $y s!aria! an' approve' $y t!e (angla'es! (an' *!e mo'es of investmentare as follo+s%

(ai#Mec!anism 7*ra'ing Mo'e8%

(ai#Mura$a!a

(ai#Mua==al

(ai#Salam

Istis!ana

I>ara Mec!anism 7Leasing Mo'e8

Leasing: I>ara : ire urc!ase 7 8

ire purc!ase un'er s!ir"atul Mel" 7 SM8


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20

S!ir"at Meec!anism%

Mus!ara"a Mu'ara$a

Investment Mec!anism of I((L

.3 B.i


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20

(ai#Mec!anism 7*ra'ing mo'e8%

B.i


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21(ai#Mua>>al

(ai#Mua>>al may $e 'efine' as a contract $et+een a $uyer an' a seller un'er +!ic! t!e

seller sells certain specific goo's 7permissi$le un'er Islamic S!aria! an' t!e La+ of t!ecountry8, to t!e $uyer at an agree' fi.e' price paya$le at a certain fi.e' future 'ate inlump#sum or +it!in a fi.e' perio' $y fi.e' instalments *!e seller may also sell t!egoo's purc!ase' $y !im as per or'er an' specification of t!e $uyer

Meaning

*!e terms (ai an' Mua>>al !ave $een 'erive' from Ara$ic +or's NOP an' QR *!e +or' NOP means purc!ase an' sale an' t!e +or' QR means a fi.e' time or a fi.e'

perio' (ai#Mua>>al means sale for +!ic! payment is ma'e at a future fi.e' 'ate or+it!in a fi.e' perio' In s!ort, it is a sale on ;re'it

(ai#Mura$a!a (ai#Mua>>ala Sale on cost plus profit a Sale on agree' price

$ ;as! or cre'it $ .clusively on cre'itc ;ost an' profit must $e 'isclose' to t!e

cleint

c it is not man'atory to 'isclose t!e cost

an' profit to t!e client

(ai#salam

Un'er t!is mo'e (an" +ill e.ecute purc!ase contract +it! t!e client an' ma"e paymentagainst purc!ase of pro'uct, +!ic! is un'er process of pro'uction (ai#Salam contract+ill $e e.ecute' after ma"ing any investment s!o+ing price, -uality, -uantity, time,

place an' mo'e of 'elivery *!e profit is to $e negotiate' In t!is mo'e t!e payment ast!e price of t!e goo's is ma'e at t!e time of Agreement an' t!e 'elivery of t!e goo's is'eferre'

I&ti&/. S.1e

*!e Istisna a sale is a contract in +!ic! t!e price is pai' in a'vance at t!e time of t!econtract an' t!e o$>ect of sale is manufacture' an' 'elivere' later *!e ma>ority of t!e

>urists consi'er Istisna a as one of t!e 'ivisions of Salam, *!erefore, it is su$sume'un'er t!e 'efinition of Salam (ut t!e anafie sc!ool of urispru'ence classifies

Istisna a as an in'epen'ent an' 'istinct contract *!e >urists of t!e anafie sc!ool !avegiven various 'efinitions to Istisna a some of +!ic! are% *!at it is a contract +it! amanufacturer to ma"e somet!ing an' It is a contract on a commo'ity on lia$ility +it!


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22t!e provision of +or" *!e urc!aser is calle' Mustasnia contractor an' t!e seller iscalle' Sania ma"er or manufacturer an' t!e t!ing is calle' Masnooa , manufacture',

$uilt, ma'e 7A(II(8

I>ara Mec!anism 7Leasing Mo'e8

ire urc!ase :I>ara!

*!e term I>ara! !as $een 'erive' from t!e Ara$ic +or"s A>r an' U>rat +!ic! meansconsi'eration, return, +ages or rent *!is is really t!e e.c!ange value or consi'eration,return, +ages, rent of service of an Asset I>ara! !as $een 'efine' as a contract $et+eent+o parties, t!e iree an' irer +!ere t!e irer en>oys or reaps a specific service on

$enefit gainst a specifie' consi'eration or rent from t!e asset o+ne' $y t!e iree It is a!ire agreement un'er +!ic! a certain asset is !ire' out $y t!e iree to a irer againstfi.e' rent or rentals for a specifie' perio'

ire purc!ase un'er Sir"atul Meel"

Un'er t!is mo'e (an" may supply implements: e-uipment:goo's on rental $asis *!eo+ners!ip of t!e implements:e-uipment:goo's +ill $e +it! t!e (an" an' t!e client

>ointly an' t!e portion of t!e client +ill remain to t!e (an" as mortgage until t!eclosure of t!e investment account, $ut t!e client +ill $e aut!ori=e' to possess t!ee-uipment for certain perio' *!e client, after completion of t!e installments, +ill $e t!eo+ner of t!e implements: e-uipment:goo's

Meaning an' Definition

ire urc!ase un'er S!ir"atul Mel" is a Special type of contract +!ic! !as $een'evelope' t!roug! practice Actually, it is a synt!esis of t!ree contracts%

S!ir"at

I>ara!

Sale


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25S!ir"atul Mel"

S!ir"at means partners!ip S!ir"atul Mel" means s!are in o+ners!ip !en t+o ormore persons supply e-uity, purc!ase an asset, o+n t!e same >ointly, an' s!are t!e $enefit as per agreement an' $ear t!e loss in proportion to t!eir respective e-uity, t!econtract is calle' S!ir"atul Mel" contract

I>ar!

*!e term I>ara! !as $een 'erive' from t!e Ara$ic +or's 7Air8 an' 7U>rat8 +!ic! meansconsi'eration, return, +ages or rent *!is is really t!e e.c!ange value or consi'eration,return, +ages, rent of service of an asset I>ara! !as $een 'efine' as a contract $et+eent+o parties, t!e ire an' irer +!ere t!e irer en>oys or reaps a specific service or

$enefit against a specifie' consi'eration or rent from t!e asset o+ne' $y t!e ire It is a!ire agreement un'er +!ic! a certain asset is !ire' out $y t!e ire to a irer againstfi.e' rent or rentals for a specifie' perio'

Stages of ire urc!ase Un'er S!ir"atul Mel"

*!us ire urc!ase un'er S!ir"atul Mel" Agreement !as got t!ree stages%a8 urc!ase un'er >oint o+ners!ip

$8 ire an'

c8 Sale an' :or transfer of o+ners!ip to t!e ot!er partner irer

Sl 3o ent rofit01 It is c!arge' on t!e tangi$le asset It is t!e outcome of $uying an' selling02 It is c!arge in several times it is c!arge for once05 After e.piry of t!e investment

perio', rent can $e c!arge on principal amount

After e.piry of t!e investment perio', profit can not $e c!arge'


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2G

S4i"6.t Mee!4./i&m 2S4."e Mode3'

Mu'ara$a!

It is a form of partners!ip +!ere one party provi'es t!e fun's +!ile t!e ot!er provi'est!e e.pertise an' management *!e first party is calle' t!e Sa!i$#Al#Maal an' t!e latteris referre' to as t!e Mu'ari$ Any profit accrue' is s!are' $et+een t!e t+o parties on a

pre#agree' $asis, +!ile capital loss is e.clusively $orne $y t!e partner provi'ing t!ecapital

Importer features%

(an" supplies capital as Sa!i$#Al#Mall an' t!e client invest if in t!e $usiness+it! !is e.perience

A'ministration an' management is maintaine' $y t!e client

rofit is 'ivi'e' as per management (an" $ears t!e actual loss alone

;lient can not ta"e anot!er investment for t!at specific $usiness +it!out t!e permission of t!e (an" 7;lass, 3otes, ussain, A$ul8

Mus!ara"a%

An Islamic financial tec!ni-ue t!at a'opts e-uity s!aring) as a means of financing pro>ects *!us, it em$races 'ifferent types of profit an' loss s!aring partners!ip *!e partners 7entrepreneurs, $an"ers8 etc 8 S!are $ot! capital an' management of a pro>ectso t!at profits +ill $e 'istri$ute' among t!em as per rations, +!ere loss is s!are'accor'ing to ratios of t!eir e-uity participation

Important feature%

*!e investment client +ill normally run an' manage t!e $usiness


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24 *!e (an" s!all ta"e part in t!e policy an' 'ecision ma"ing as +ell as overseeing

7supervision an' monitoring8 t!e operations of t!e $usiness of t!e client *!e(an" may appoint suita$le person7s8 to run t!e manage t!e $usiness an' tomaintain $oo"s of accounts of t!e $usiness property

As t!e investment client s!all manage t!e enterprise, t!e (an" may pay mores!are of profit to !im t!an t!at of !is proportionate capital contri$ution

Loss, if any, s!a:r $e s!are' on t!e $asis of capital ratio 7;lass 3otes, A$ulussain8

Sl 3o Mus!ara"a Mu'ara$a01 All parties supply e-uity in t!e $usiness


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t!e to+ns, cities an' metropolis it! t!eir limite' income, it !as $ecome almostimpossi$le on t!e part of t!e lo+er mi''le class, mi''le class an' sometimes, even for

2Hupper mi''le class to solve t!eir !ousing pro$lem *o meet t!is $asic !uman nee',Islami (an" (angla'es! Limite' is committe' to contri$ute to t!is en' to provi'e a

peaceful an' !appy living *!e (an" !as intro'uce' Hou&i/7 I/%e&tme/t S!4eme+it! t!e o$>ective to ease an' minimi=e t!e !ousing pro$lem an' assist service !ol'ersan' professionals +it! limite' income in materiali=ing t!eir 'ream of $ecoming o+nerof !ouses

5 eal State Investment rogram

rofessionals, Service#!ol'ers, (usinessmen, eal state Developer an' ot!er

categories of people +!o are not entitle' for availing investment facilities un'erousing Investment Sc!eme, s!all $e eligi$le un'er t!is programme Investment is to $e e.ten'e' to $uil' ne+ !ouses an' for e.tension: completion of t!e !ouse alrea'yconstructe', commercial $uil'ing, s!opping comple., flat:apartment etc

G *ransport Investment rogram

*!e role of mo'ern communication is most vital for t!e socio#economic gro+t! an'uplift of a 'eveloping country li"e (angla'es! A soun' an' efficient communication

net+or" is t!e pre#re-uisite for sustaine' 'evelopment t!roug! t!e e.pansion of tra'e,commerce an' in'ustry In t!is $ac"'rop t!e 'eman' for roa' an' +ater transports !asincrease' manifol' t!roug!out t!e country Moreover, t!e use of mo'ern transports !asincrease' "eeping pace +it! t!e rise of t!e stan'ar' of living of t!e professionals;onsi'ering all t!ese facts, Islami (an" (angla'es! Limite' !as intro'uce' T"./&$o"tI/%e&tme/t S!4eme Un'er t!is sc!eme investment on easy terms is $eing e.ten'e' tot!e e.isting successful $usinessmen in roa' an' +ater transports an' potentialentrepreneurs in t!is sector for 'ifferent types of roa' an' +ater transports (esi'es,Multinational companies, esta$lis!e' $usiness !ouses an' +ell to 'o officials an'

professionals can $ecome o+ner of various "in's of transports t!roug! ire urc!aseun'er t!is sc!eme

4 ;ar Investment Sc!eme

;ar is consi'ere' as on essential mo'e of transport in t!e mo'ern society, particularly $y a section of t!e officials, $usiness !ouses an' $usiness e.ecutives an' esta$lis!e' professionals for movement in 'isc!arging t!eir 'uties an' responsi$ilities punctuallyan' efficiently Many of t!ese categories of people can not purc!ase a car on paymentof entire purc!ase value at a time out of t!eir o+n sources *o meet t!is nee' Islami(an" !as intro'uce' t!e C." I/%e&tme/t S!4eme for t!e mi' an' !ig! ran"ingofficials of government an' semi#government organi=ations, corporations, e.ecutives
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an' 'irectors of $ig $usiness !ouses an' companies an' also for persons of 'ifferent professional groups on easy payment terms an' con'itions

2?

H Investment Sc!eme for Doctors

Islami (an" (angla'es! Limite' !as ta"en t!e initiative an intro'uce' t!e DoctorsInvestment Sc!eme to ensure mo'ern treatment an' me'ical facilities availa$le to t!e

people t!roug! e.tension of (an" s investment facilities for self#employment of ne+lygra'uate' 'octors an' at t!e same time e.ten'ing investment facilities to t!e esta$lis!e'me'ical practitioners to procure mo'ern an' sop!isticate' me'ical e-uipment

? Small (usiness Investment Sc!eme

Islami (an", as +elfare oriente' financial institution, is committe' to generateemployment an' $ring a$out an overall improvement in t!e socio#economic con'itionof t!e people an' t!e -uality of t!eir life *!e (an", to ma"e effective contri$ution int!is respect, !as ta"en#up a special programme an' intro'uce' Small (usinessInvestment Sc!eme to ma"e t!e small tra'ers, entrepreneurs an' neglecte' unemploye'yout!s of ur$an an' rural areas self#reliant $y provi'ing t!em re-uire' financialsupport *!e follo+ing $enefits +ill $e ac!ieve' t!roug! implementation of t!isSc!eme

6 Agriculture Implements Investment Sc!eme

Islami (an" (angla'es! Limite' is a +elfare oriente' (an" It can play positive an'important role in t!e economic 'evelopment, progress an' uplift of t!e country $yinvesting in t!e agricultural sector *!e (an" !as, t!erefore, intro'uce' A7"i!u1tu"eIm$1eme/t& I/%e&tme/t S!4eme to provi'e po+er tillers, po+er pumps, s!allo+tu$e+ells, t!ras!er mac!ine etc on easy terms to t!e unemploye' yout!s for self#employment an' to t!e farmers to !elp augment pro'uction in agricultural sector

9 Micro In'ustries Investment Sc!eme

*!is is inten'e' mainly to create ne+ >o$s for t!e e'ucate', s"ille' & semi s"ille'unemploye' an' also to encourage t!ose +!o remain outsi'e t!e purvie+ of investment'ue to s!ortage of fun's an' insufficient collaterals *!e sc!eme !as $een prepare' +it!easy terms an' con'itions to encourage t!e small entrepreneurs, e'ucate' unemploye'yout!s an' s"ille' :semi s"ille' persons to come for+ar' for esta$lis!ment of microin'ustries commensurate +it! t!e local 'eman'
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26List of Micro In'ustries%

1 Boo' an' Agriculture In'ustries%

2 lastic & u$$er In'ustries%

5 Borestry & Burniture In'ustries%

G ngineering In'ustries%

4 Leat!er In'ustries%

H ;!emical In'ustries%

? *e.tile In'ustries

6 ecycling In'ustries%

9 Service In'ustries%

10 lectrical Accessories In'ustries%

11 ;omputer *ec!nology%

12 aper ro'ucts In'ustries%

15 an'icrafts In'ustries%

1G Bis!ery & Live Stoc" Barming%

10 Mirpur Sil" eavers Investment Sc!eme

*!e Sc!eme !as $een ta"en up to assist t!e sil" +eavers of Mirpur area particularly inrespect of re-uirement of +or"ing capital, (M of e.isting unit $y a''ing furt!ermac!ineries, to 'evelop ne+ entrepreneurs an' to assist t!e +or"ers for getting furt!ertraining for pro'ucing pro'ucts of various mo'ern 'esign an' for mo'ernisation of t!eSil" Sector
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29

Bigure% Mo'e +ise Investment 7200H8

Brom t!e a$ove figure +e can see t!at (ai#Mura$a!a mo'e cover 44K 0f totalinvestment $ecause it is permissi$le for t!e client to purc!ase t!eir specifie' goo'sBrom $an" +it! some mar"up price (ot! part agree' t!e price So it is lucrative toclient In SM client an' $an" provi'e e-uity an' purc!ase asset, s!are t!e $enefits

>ointly, loss >ointly So it is also popular Mu'ara$a an' Mus!ara"a are !ig! ris"yinvestment for $an" So t!is mo'es investment is very fe+

MODE WISE INVESTMENT 31.12.2006

BAI-MURABAHA

HIRE PURCHASE UNDERSHIRKATUL MELKBAI-MUAJJAL

PURCHASE& NEGOTIATION

QUARDE HASANA

BAI- SALAM

MUDARABA

MUSHARAKA


45/53

50S9OT A/.1y&i&

St"e/7t4 o0 t4e B"./!4

Strong li-ui'ity position

Sta$le source of fun'

Largest net+or" of $ranc!es among t!e $an"s

9e.6/e&& o0 t4e B"./!4

Marginal capital a'e-uacy ratio

Ina'e-uate I* infrastructure

Lac" of Islamic money mar"et instrument

O$$o"tu/ity o0 t4e B"./!4

ising a+areness of Islamic $an"ing

egulatory environment favouring private sector 'evelopment

oo'+ill

T4"e.t o0 t4e B"./!4

Increase' competition in t!e mar"et for pu$lic 'eposits


46/53

S!rin"age in e.port, import an' guarantee $usiness 'ue to economic slump an'+ar overnment rules an' regulations

51


47/53

52

I&&ue& ./d P"ob1em& o0 I&1.mi! B./6i/7 Sy&tem

*!e Islamic $an"s face a num$er of c!allenges%

*!e ris" involve' in profit#s!aring seems to $e so !ig! t!at most of t!e $an"s!ave resorte' to t!ose tec!ni-ues of financing +!ic! $ring t!em a fi.e' assure'

return As a result, t!ere is a lot of genuine criticism t!at t!ese $an"s !ave nota$olis!e' interest $ut !ave in fact only c!ange' t!e nomenclature of t!eirtransactions

*!e Islamic $an"s 'o not !ave t!e legal support of central $an"s of t!eirrespective countries 7e.cept in a"istan an' Iran8, +!ic! e.poses t!em to greatris"s

*!e Islamic $an"s 'o not !ave t!e necessary e.pertise an' traine' manpo+er toappraise, monitor, evaluate an' au'it t!e pro>ects t!ey are re-uire' to finance As aresult, t!ey cannot e.pan' 'espite !aving financial li-ui'ity

*!e comple. pro$lem in measuring li-ui'ity is t!at lia$ility management in t!econventional $an"ing system !as $een gra'ually replacing asset management tofun' li-ui'ity nee's At present, no suc! facilities e.ist un'er t!e Islamic $an"ingsystem As a result, t!ese $an"s !ave to 'epen' on t!eir central $an" to supply cas!

*!ey !ave not yet $een successful in 'evising an interest#free mec!anism to place t!eir fun's on a s!ort#term $asis *!ey face t!e same pro$lem in financingconsumer loans an' government 'eficits

Monitoring cost as +ell as cost of +riting an' enforcing contracts +oul' $e

!ig!er in Islamic $an"ing t!an in t!e interest $ase' system +!ic! is t!eanot!er pro$lem face' $y t!e Islamic (an"s, $ecause of t!eir Mus!ara"a mo'e


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of investment *!is !ig!er cost of information coul' $e ma>or set$ac" ineffective implementation of t!e LS system

55 ;ontrol over ;ost of Bun's %

Interest $ase' $an"s ma.imi=e t!eir profit su$>ect to cost of fun's as it is in a position to "no+ in a'vance, +it! a reasona$le 'egree of certainty, t!e amount of profit it may earn in t!e s!ort term *!roug! t!e use of !e'ging it can also 'eterminet!e level of profits in t!e long run Un'er t!e LS system, on t!e ot!er !an', t!ere isno suc! scope to "no+ t!e cost of fun's $efore!an' *!e 'epositors are pai' a

portion of $an"Ts profits t!e volume of +!ic! is e.tremely uncertain In t!issituation if profit rate e.pecte' $y t!e 'epositors is not reali=e', t!e Islamic

$an"s coul' face greater uncertainty in t!eir profit $ase

@aluation of (an"Ts Assets %

It is argue' t!at Islamic $an"s may suffer a loss of value of its assets in t!e a$senceof a fi.e' positive rate of return Burt!er, +it!out t!e provision of insurance Islamic

$an"s may face trou$le in ma"ing t!eir system sta$le an' avoi'ing li-ui'ity crisesSo far, un'er Islamic $an"ing, no suc! insurance system e.ists

*!eoretically, Islamic $an"s are li"ely to face a 'ual ris"% 7a8 t!e )moralT ris" 'ue tolac" of !onesty an' integrity on t!e part of t!e $orro+er of fun's in 'eclaringa loss, 7$8 t!e )$usinessT ris" arising from une.pecte' mar"et $e!aviour *!e'eposits un'er a profit an' loss s!aring system are conceptually more a"in to amutual fun'Ts s!are certificate *!ese 'eposits +oul' s!are in $ot! t!e realise'as +ell as unrealise' gains an' losses on t!e investment of Islamic $an"s*ypically un'er current enerally Accepte' Accounting rinciples, t!e investment

portfolio is a'>uste' to mar"et values in investment companies An up+ar'a'>ustment of t!e assets account re-uires an offsetting cre'it to eit!er revenue orunreali=e' capital increment Unreali=e' capital 'ecrement re-uires recor'ing of anunreali=e' loss on long#term e-uity securities as a contra item in stoc"!ol'erTse-uity

Bailure of Islamic $an"s to finance !ig!#return pro>ects%

Islamic $an" fails to appropriate !ig! profit from !ig!#return pro>ects since t!eo+ners of t!ese pro>ects prefer $orro+ing from conventional $an"s +!ere cost of

$orro+ing turns out to $e lo+er *!at means, only t!e pro>ects +it! rates of returne-ual to or $elo+ t!e mar"et rate of interest are left +it! t!e Islamic $an"s At t!issituation, Islamic $an"s are not a$le to invest on t!e pro>ects !aving rates of return

$elo+ t!e prevailing rate of interest t!ere$y limiting t!eir capacity to utili=einvestment opportunity to t!e level of t!eir conventional counterpart *!is lea's


49/53

to limiting t!e application of profit#loss#s!aring mo'es suc! as Mu'ara$a an'Mus!ara"a In ot!er +or's, Islamic $an"s, at t!at situation, s+itc! over to ot!ermo'es of financing suc! as Mura$a!a, !ire purc!ase, leasing, etc

5G

Re!omme/d.tio/

It is not une.pecte' to !ave many pro$lems in any organi=ation Bor t!is reason alrea'yI !ave foun' many pro$lems of I((L *o t!ese pro$lems, I can suggest follo+ingrecommen'ation

I((L can 'iffuse its scope t!e investment t!roug! focusing S!aria! conceptregar'ing investment among t!e (an"


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Co/!1u&io/

Most of t!e people of our country !ave a $a' impression a$out I((LFs operations

regar'ing in'irect generation of interestE +!ic! means no 'ifference $et+eeninvestments of I((L loan:cre'it:a'vance of conventional $an"s for t!is reason *!eyare not too muc! intereste' +it! I((L $ecause ma>ority of our people !ave proper"no+le'ge a$out t!e activities of Islami (an"ing as +ell as its investment mec!anism*!ey 'onFt "no+ mar" up is accepte' Islamic S!aria! *!e $an" is committe' to run itsall activities as per Islamic S!aria!, I((L t!roug! its stea'y progress an' continuoussuccess !as $y no+ earne' t!e reputation of $eing one of t!e lea'ing private sector $an"of t!e country *!e $an" !as s!o+n stea'y progress in t!is important sector Main itemsof imports 7$y t!e !elp of I((L8 mac!inery, garments, fa$rics, an' accessories, s!ips ofscrapping, rice, !armaceuticals etc +!ere as main items of e.ports are >ute goo's,rea'yma'e garments, leat!er, fro=en fis!, fertili=er etc I((LFs capital a'e-uacy,'eposits, reserves, earning per s!are, e.port, import an' remittances are increasing 'ay

$y 'ay So, no 'ou$t I((L is a gro+ing profita$le financial institute an' its strengt!s is!ig!


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5H

A$$e/di;

Interns!ip rogram for ((A Stu'entsBrom uly 01,2006 to Septem$er 01,2006

Islami (an" (angla'es! Limite'


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Bib1io7".$4y

Boo6&'

Ca$ir at el, *e.t (oo" on Islamic (an"ing, Islamic conomics researc!(earue, D!a"a

M./u.1 2IBBL3'

(ai#Mura$a!a

ire urc!ase Un'er S!ir"atul#Mel"

(ai#Salam

Mus!ara"a

9eb Site 2IBBL3 %

!ttp%::+++ islami$an"$' com

Ot4e"&%

@arious lecture s!eets of I(* A
http://www.islamibankbd.com/http://www.islamibankbd.com/


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