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Annual Reportannual 2012 Annual Report Annual Report 2012 Photography, Design & Printed by: Dot Net Ltd. Phone: 9563578 Phone: Ltd. Net Dot by: Printed & Design Photography, www.shahjalalbank.com.bd Messages from the Holy Qur’an Bismillahir Rahmanir Raheem Those who take Riba (usury) will not stand (on the day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say: “Trading is only like Riba (usury),” whereas Allah has permitted trading and forbidden Riba (usury). So whosoever receives an admonition from his Lord and stops eating Riba (usury) shall not be punished for the past; his case is for Allah (to judge); but whoever returns [to Riba (usury)], such are the dwellers of the Fire—they will abide therein forever. —Surah Al-Baquarah, verse-275 Allah will destroy Riba (usury) and will give increase for Sadaqaat (deeds of charity, alms, etc.) And Allah likes not the disbelievers, sinners. —Surah Al-Baquarah, verse- 276 O you who believe! Be afraid of Allah and give up what remains (due to you) from Riba [(usury) (from now onward)], if you are (really) believers. —Surah Al-Baquarah, verse- 278 And if you do not do it, then take a notice of war from Allah and His Messenger; but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums). — Surah Al-Baquarah, verse- 279 Awards In the Year 2012, we have achived the following awards which are dedicated to our valued stakeholders. The awards are “European Award for Best Practices-2012” in gold category from European Society For Quality Research (ESQR), “The Arch of Europe” award also in gold category from Business Initiative Directions (BID) and “ICMAB Best Corporate Award-2012” in the category of islamic banking operation from The Institute of Cost and Management Accountants of Bangladesh (ICMAB). ICMAB Best Corporate The Arch of Europe-Europe European Award for Best Award-2012 Quality Award-2012 Practices-2012 2 Shahjalal Islami Bank Limited Letter of Transmittal All Shareholders, Shahjalal Islami Bank Limited Bangladesh Bank Bangladesh Securities & Exchange Commission Registrar of Joint Stock Companies & Firms Dhaka Stock Exchange Limited Chittagong Stock Exchange Limited National Board of Revenue & other Stakeholders Dear Sir(s) We are pleased to enclose a copy of the Annual Report 2012 of Shahjalal Islami Bank Limited together with the Audit Report and Audited Financial Statements of 2012 along with Notes thereon for your kind information and record. Thank you Yours Sincerely Sd/- Md. Abul Bashar Deputy Company Secretary Annual Report - 2012 3 Standard Disclosure Index The table given below provides a cross reference to the standard disclosures to the key section of the Annual Report-2012: Items Page No. Corporate Objectives, Values & Structure Vision and Mission 10 Overall strategic objectives 11 Core values and code of conduct/ethical principles 12 Profile of the Company 14 Directors’ profiles and their representation on Board of other companies & Organizations Chart 18-29 Management Report and analysis including Directors’ Report/Chairman’s Review/CEO’s Review etc. A general review of the performance of the company 52-58, 66-78 Description of the performance of the various activitices/products/segments of the Banks and Group during 16, 36-37 the period under review A brief summary of the Business and other Risks facing the organization and steps taken to effectively 106-130 manage such risks A general review of the future prospects/outlook 58, 94 Social Corporate Resposibility(CSR) Initiatives 89, 98-104 Environment related Initiatives 103 Information on contribution of the Bank to its responsibilities towards the staff (including health & safety) 82-86, 99-100 Information on Bank’s contribution to the national exchequer & to the economy 38, 39, 79 Disclosure of Accounting policies and General Disclosure Disclosure of accounting policies relevant to assets, liabilities, Income & expenditure in line with best 167-174 reporting standerds Any specific accounting policies 169 Impairment of assets 170 Changes in accounting policies/Changes in accounting estimates 168 Segment Information Comprehensive segment related information bifurcating segment revenue,segment results and segment capital employed Availability of information regarding different segments and units of the entity as well as non-segmental entities/units Segment analysis of -Segment Revenue 183 -Segment Results -Turnover -Operating profit -Carrying amount of Net Segment assets Financial Statements Disclosures of all contingencies and commitments 155, 161 Comprehensive related party disclosures 205-209 Disclosures of Remuneration & Facilities provided to Directors & CEO 200 Statement of Financial Position/Balance Sheet and relevant schedules 154-155 Income Statement/Profit and Loss Account and relevant schedules 156-157 Statement of Changes in Equity/Reserves &Surplus Schedule 159 4 Shahjalal Islami Bank Limited Items Page No. Disclosures of Types of Share Capital 193 Statement of Cash Flow 164 Consolidated Final Statement (CFS) 158 Extent of compiance with the core IAS/IFRS or equivalent National Standards 140 Disclosures / Contents of Note to Accounts 167-174 Information about Corporate Governance Board of Directors,Chairman and CEO 133-139 Vision,Mission and Strategy 10-11 Audit Committee(Composition,role,meetings,attendance,etc.)Internal Control & Risk Management 92-93 Ethics and Compliance 12 Remuneration and other Committees of Board 29 Human Capital 82-86 Communication to Shareholders &Stakeholders 40 Environmental and Social Obligations 103 Management review and resposibility 60-95 Any other investor friendly information 7, 8, 17 Stakeholders Information Distribution of Shareholders (Numbers of shares as well as category wise, e.g Sponsors, Fll etc) 145, 193 Shares held by Directors/Executives and relatives of Directors/Executives 145 Redressal of investors complaints 14 Graphical/Pictorial Data Earnings per Share 36 Net Assets 36 Stock Performance 40 Shareholders’ Fund 37 Return on Shareholders’ Fund 36 Horizontal/Vertical Analysis including following: Operating Performance (Income Statement) -Total Revenue -Operating profit 70 -Profit before Tax -Profit after Tax -EPS Statement of Financial Position(Balance Sheet) -Shareholders’Fund -Property,Plant & Equipment 69 -Net Current Assets -Long term liabilites/Current liabilities Profitability/Dividends/Performance and Liquidity Ratios Gross Profit Ratio 35 Earning before interest,Depreciation and Tax 34 Price earing ratio 35 Annual Report - 2012 5 Items Page No. Current Ratios Return on Capital Employed 34 Equity Debt Ratio Statement of Value Added and Its Distribution Government as Taxes Shareholders as dividend Employees as bonus/remuneration 38 Retained by the entity Market share information of Bank’s product/services Economic value added 39 Additional Disclosures Sustainability Development Reporting 98-104 Human Resource Accounting Specific Disclosures Disclosure of Ratings given by various ratings agencies for Instruments issued by/of Bank. 97 74-76, Details of Advances portfolio classification wise as per the direction issued by the central bank 182-185 Disclosure for Non performing assets -Movements in NPA -Sector-wise breakup of NPA 34, 184-185 -Movement of provitions made against NPA -Details of accounts restructured as per regulatory guidelines Maturity Pattern of Key Assets and Liabilities(ALM) 166 Classification and valuation of investments as per regulatory guidelines/Accounting Standards 169 Business Ratio/Information -Statutory liquidity Reserve (Ratio) -Net interest income as a percentage of working funds/Operating cost efficiency ratio -Return on Average Asset -Cost/Income ratio -Net asset Value per Share 34-35, -Profit per employee 175, 214 -Capital Adequacy ratio -Operating profit as a percentage of working funds -Cash Reserve Ratio/Liquid Asset ratio -Dididend Cover Ratio -Gross Non-performing assets to gross advances/Non-performing Loans (Assets)to Total Loans (Assets) Details of credit concentration/Sector wise exposures 76, 182-185 The break-up of ‘Provisions and contingencies’ included in the Profit and Loss Account 195, 201 Disclosure under regulatory guidelines: Market Discipline Piller-3 Disclosures on Risk Based Capital (Basel II) 120-130 Details of Non-Statutory investment Portfolio 180-181 Disclosure in respect of assets given on operating & finance lease 182 Disclosures for derivative investments - Bank’s Network:List of Branches or Centers 236 6 Shahjalal Islami Bank Limited Financial Tk. 11,055m Tk. 132,823m Highlights 2011: Tk. 9,183m|2010: Tk. 7,747m 2011: Tk. 107,229m|2010: Tk. 78,800m Tk. 102,177m Tk. 96,185m 2011: Tk. 83,350m|2010: Tk. 62,965m 2011: Tk. 80,592m|2010: Tk. 61,440m Tk. 111,837m Tk. 110,789m 2011: Tk. 82,341m|2010: Tk. 60,066m 2011: Tk. 79,225m|2010: Tk. 48,857m SJIBL has continued to deliver consistent, diverse and sustained Tk.110,420m 12.31% growth while investing 2011: Tk.91,903m|2010: Tk. 67,139m 2011: 11.40%|2010: 10.08% to underpin future momentum and building balance sheet resilience. 2.96% Tk.128.94m 2011: 1.89%|2010: 1.91% 2011: Tk.126.76m|2010: Tk.88.68m Earnings Per Share Tk. 3.11 Tk. 17.33 2011: Tk. 2.10|2010: Tk. 4.65 2011: Tk. 17.78|2010: Tk. 19.70 Operating Profit Profit Before Tax Tk. 4,447m Tk. 3,535m 2011: Tk. 2,998m|2010: Tk. 3,529m 2011: Tk. 2,387m|2010: Tk. 2,960m Annual Report - 2012 7 Operating Highlights
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