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Annual Report 2019 ANNUAL REPORT 2019 Annual Report 2019 Allah has permitted trading and forbidden (Riba) usury. Surah 2 Al-Bakara-275 Page of Contents Qur’anic Verses on Interest 04 Hadith on Interest 05 Opinion of other Religions and Great Men on Interest 06 Board of Directors 07 Executive Committee, Audit Committee, Shariah Supervisory Committee 08 Management Team 09 Vision, Mission and Commitments 12 Corporate Information 13 Notice of the 25th Annual General Meeting 15 5 Year Financial Highlights 17 Economic Impact Report 18 Value Added Statements 19 Chairman’s Address 23 Managing Director’s Address 27 Board of Directors’ Report 39 Report of the Shariah Supervisory 87 Implementation Status of Integrity under National Integrity Strategy 89 Report of the Board Audit Committee 91 Activities of the Board Risk Management Committee in the year 2019 93 Auditors’ Report & Financial Statements for the year 2019 95 Disclosures on Risk Based Capital (Basel-III) 165 Auditors’ Report on the Financial Statements of AIBL Capital Market Services Limited 180 Auditors’ Report on the Financial Statements of AIBL Capital Management Limited 201 Branches of AIBL 216 Proxy Form 223 Qur’anic Verses on Interest I am seeking refuge in Allah from Shaitan, the outcast (the cursed one). In the Name of Allah, the Most Gracious, the Most Merciful. “Those who consume interest cannot stand (on the Day of Resurrection) except as one stands who is being beaten by Shaitan into insanity. That is because they say, ‘Trade is just like interest’ whereas Allah has permitted Trading and has forbidden (Riba) Usury. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah. But whoever returns to (dealing in interest) those are the companions of the Fire; they will abide eternally therein”. (Surah 2 Al-Bakara : 275) “O you who believe! Be afraid of Allah and give up what remains (due to you) from (Riba) Usury, if you are (really) believers. If you do not do it, then take a notice of war from Allah and His Massenger (Rasul)”. (Surah 2 Al-Bakara : 278-279) 4 | Annual Report 2019 Hadith on Interest • “Jabir bin Abdullah (R) said that Rasul (Allah’s Messenger) (S) cursed the acceptor of (Riba) Usury and its payer, and the one who records it, and the witness; and he said They are all equal. (Sahih Muslim) • Abdullah Ibn Masud (R) has quoted a Hadith of Rasul (Allah’s Messenger) (S) as saying: Whenever adultery and usury become rampant in a community, it is inevitable that wrath of Allah will befall upon them. (Abu Yala) • Abu Huraira (R) has narrated that Rasul (Allah’s Messenger) (S) said: Allah as his unique right will not allow four categories of people to enter the heaven and also refrain them from taking taste of his bounties 1) Drunkard 2) Usury 3) Devourers of orphan’s wealth and 4) Disobedience of parents. (Mustadarake Hakim) • Abu Huraira (R) has narrated that Rasul (Allah’s Messenger) (S) said: you should protect yourself from 7(seven) destructive issues ‘what are those’? -asked his companions. He said those are 1) Join in worship others with Allah 2) Mesmerizing 3) Killing someone unlawfully 4) Usury 5) Devourers of orphan’s wealth 6) Flight from the battle field and 7) To charge against chaste women. (Sahih Al-Bukhari, Sahih Muslim and Sunan Abu Daud) • Samura Ibn Zundub (R) has narrated that Rasul (Allah’s Messenger) (S) said: I saw in a dream that two persons came to me and took me to a sacred place. Thereafter three of us proceeded to a river full to blood and saw that a man was swimming in the river and another was standing on the bank with huge rocks in front of him. When the swimmer approached the bank, the man standing on it hit the swimmer with the rocks so heavily that he receded to his original place. Whenever the swimmer tried to approach the bank of the river again, the standing person did the same as before. Rasul (Allah’s Messenger) (S) asked ‘who is this man in the river’ One of the angels said ‘He is a usurer’. (Sahih Al- Bukhari) Annual Report 2019 | 5 Opinion of other Religions and Great Men on Interest • Interest has been banned in the two books of Hazrat Musa (A.), which are considered as the scriptures of Jews. The 22nd line of Exodus goes as saying, ‘If you lend money to a poor man, don’t become money lenders and don’t realize interest from him.’ • Similarly in 23rd line of ancient scripture of the Jews entitled “Deuteronomy” states, ‘You don’t lend money to your brother for interest -i.e interest on money, interest on foodstuff and interest on anything lent.’ • Hebrewism is known as Musaic or Jewism. Musaic laws or commands of Musa are the basis of Hebrewism. Interest was totally prohibited in Musaic law. This rule was exclusively practiced by the Jews. In this ideology, there are clear directions on interest as other aspects of economics. In Hinduism, usury business was restricted within the ‘Baithayas’. • One Jew couldn’t take interest by lending money from another. But, taking interest was in practice by lending money to the people of other religions. • Some writers quoted from the book, ‘Talmud’ that the Hebrew prophets forbade interest not only from Jews but from all. (Eric Roll, A history of Economic Thought: Page 48) • Interest was prohibited from the beginning of the Christianity to the advent of the Reform Movement and from the Church under pope in Rome to the division of other Churches, Christ said, ‘Lend hopping for nothing again.’ (Luke VI 35, Hanley: History of Economic Thought 1964, Page 101) 6 | Annual Report 2019 Board of Directors Chairman Alhajj Abdus Samad Labu Vice Chairman Alhajj Abdus Salam Member Hafez Alhajj Md. Enayet Ullah Alhajj Salim Rahman Alhajj Md. Liakat Ali Chowdhury Md. Amir Uddin PPM Alhajj Nazmul Ahsan Khaled Alhajj Abdul Malek Mollah Alhajj Md. Harun-ar-Rashid Khan (Nomine Director of China Builders and Machinaries Ltd.) Alhajj Md. Anowar Hossain Alhajj Badiur Rahman Alhajj Engr. Kh. Mesbahuddin Ahmed Alhajj Ahamedul Haque Alhajj Abu Naser Mohammad Yeahea Alhajj Niaz Ahmed Alhajj Mohammed Emadur Rahman Alhajj Badsha Meah Alhajj Mohammed Haroon Khalid Rahim FCA Alhajj M. Kamaluddin Chowdhury Ex Officio Director Managing Director Farman R. Chowdhury Company Secretary Md. Mahmudur Rahman Annual Report 2019 | 7 Board of Directors Executive Committee (EC) Risk Management Committee (RMC) Chairman Chairman Hafez Alhajj Md. Enayet Ullah Alhajj Md. Liakat Ali Chowdhury Vice Chairman Member Alhajj Salim Rahman Alhajj Abdus Samad Labu Alhajj Abdus Salam Member Alhajj Mohammed Emadur Rahman Alhajj Nazmul Ahsan Khaled Md. Amir Uddin PPM Alhajj Md. Harun-ar-Rashid Khan Alhajj Engr. Kh. Mesbahuddin Ahmed Shariah Supervisory Committee Alhajj Ahamedul Hoque Chairman Alhajj Abu Naser Mohammad Yeahea Mufti Sayeed Ahmad Muzaddedi Board Audit Committee (BAC) Member Chairman Mufti Muinul Islam Md. Amir Uddin PPM Mufti Shahed Rahmani Mohammad Abul Hossain Al-Azhari Member Mawlana Mohammad Abdul Hai Nadvi Alhajj Abdus Salam Al-Hajj A.Z.M. Shamsul Alam Alhajj Abdul Malek Mollah Alhajj Abdus Samad Labu Alhajj Niaz Ahmed Khalid Rahim FCA Secretary Md. Abdur Rahim Khan 8 | Annual Report 2019 Management Team MANAGING DIRECTOR Md. Mazharul Islam Md. Abdul Mobin Farman R. Chowdhury Md. Obaydul Islam Md. Nazmul Huda Md. Soheb Ahmed DEPUTY MANAGING DIRECTOR Mohammad Azam VICE PRESIDENT Md. Fazlul Karim A. K. M. Sazzad Hossain S. M. Jaffar SENIOR VICE PRESIDENT Md. Abdur Rahim Sarder Mohammed Zubair Wafa A. K. M. Amzad Hossain Md. Mizanur Rahman Sabbir Ahmed Md. Sharif Uddin Pramanik Md. Sultan Mahmud Md. Shafiqur Rahman Iqbal Hossain Ahmed Md. Abul Kalam Md. Golam Sarwar C. G. M. Asaduzzaman SENIOR EXECUTIVE VICE PRESIDENT Md. Zakir Hossain Bhuiya Md. Shah Jalal Sheikh Md. Abdullah Al- Mamun M. A. S. Jalal Azad Md. Aminul Islam Syed Masodul Bari Md. Masudur Rahman Masudur Rahman Khalifa Abed Ahmed Khan Md. Sanaullah Ishtiaq Ahmed Md. Nadim Md. Nizamul Hoque Chy. Md. Hablbullah Bahar Md. Mahmudur Rahman Md. Rajibul Islam Bhuiyan Md. Mainul Islam Kazi Mahmood Karim Md. Yahya Mahbub Hasan Md. Mujibul Quader Md. Azharul Islam Md. Asif Chowdhury Md. Zahidul Islam Md. Hashim Uddin EXECUTIVE VICE PRESIDENT Md. Mostafizur Rahman Md. Lokmanur Rahman M. Tariqul Islam Md. Showkat Islam Ashraf Hossain Md. Abdur Rahim Duary Md. Sharif Chowdhury Jashim Ahmed Chy Manir Ahmad Kamal Hossain Md. Azmal Hoque Md. Manjur Hasan Md. Zakir Hossain Md. Abdul Mannan Akhand A. N. M. Mofidul Islam M. M. Saiful Islam S. M. Zabidul Haque Md. Aminul Islam Bhy. Md. Fazlur Rahman Md. Ferdous Hassan Engineer Md. Habib Ullah Md. Abdur Rob Md. Jahangir Alam S. M. Kowsar Md. Nazim Uddin Md. Nahid Hossain Mohammed Hossain Muazzem Hossain Md. Shamsul Huda Babar S. M. Abu Jafar Mohammad Ullah Md. Kabir Ahamed Md. Monjurul Alam Jalal Ahmed Touhid Siddique Md. Asaduzzaman Bhuiyan Md. Majiber Rahaman Jahangir Alam Md. Idris Ali Monir Ahammad Md. Shahjahan Aktar Kamal Md. Salamat Ullah Jalal Ahmad Annual Report 2019 | 9 Management Team Md. Abdur Rahim Khan Shahadat Ali Md. Abul Hossain Saju Md. Zahurul Hoque Md. Mustafizur Rahman Md. Humayun Kabir Sardar Mirza Mohidul Islam Md. Mustaque Ahamed Mollah Md. Mujibur Rahman Khondoker Monirul Hoque Md. Enayet Fakir Md. Moniruzzaman Md. Rafiqul Islam A.M.M. Arif Billah Mithu Md. Akber Hussain Ashik Ahmed Siddikey Md. Golam Quddus Talukder Md. Maynal Hossain Imroz Chowdhury Md. Momtazul Hoque Mollah Khalilur Rahman Md. Shamsul Kabir Md. Golam Arfin Md. Mijanur Rahman Muhammed Alamgir Md. Zamshed Hossain Sarker Md. Ismail Hossain Md. Aminur Rahman Md. Mushfiqur Rahman Talukder Gazi Abdur Rahman Aminy Md.
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