ICB Islamic Bank The Bank has been incorporated in April 1987 as a public limited company under the Companies Act, 1913 to undertake and carry out all kinds of banking, financial and business activities, transactions, and operations in strict compliance with the principles of Islamic Law (Shariah) relating to business activities, in particular, avoiding usury in credit and sales transactions
and any practice which amounts to usury. A certificate for commencement of business has been issued to the bank on April 30, 1987. The Bank has been authorized by the Bangladesh Bank to carry on the banking business in Bangladesh with effect from May 4, 1987. However, actual banking operations commenced on May 20, 1987.
All kinds of commercial banking services are provided by the bank to the customers observing the provisions of the Bank Company Act 1991, Bangladesh Bank’s directives, and the principles of Islamic Shariah.
The accompanying financial statements, comprising Balance Sheet, Profit, and Loss Account, and Notes thereto have been prepared according to Banking Companies Act, 1991 and Bangladesh Bank circulars applicable to accounts, on a going concern basis, under historical cost convention and are based on generally accepted accounting principles.
ICB Islamic Bank Limited Vision
ICB Islamic Bank is committed to creating and maximizing sustainable values for all its customers, employees, partners, and shareholders and especially for the society it operates in by delivering excellence in its offerings in all areas of banking and financial services complying with Islamic Shariah.
Islamic Bank Limited Mission
To constantly meet and exceed our customers’ expectations by challenging the status quo and crafting innovative Shariah-compliant Islamic products and services to cater to the diverse requirements of our customers by constantly framing and refreshing transparent policies and processes to keep our customers delighted. To ensure sustainable values:
- For our people by constantly creating difficult yet achievable challenges and providing means of achieving them in the form of appropriate coaching, guiding and training, and fostering a competitive but meritocratic culture.
- For our partners by guaranteeing a soothing coexistence.
- For our shareholders by delivering them optimum returns on their investments.
- For society, we operate by making meaningful impacts on the well-being of the underprivileged of society.
A separate set of records for consolidating the Statement of Affairs and Income and Expenditure Statements of the branches are maintained at the Head Office of the bank in Dhaka from which these financial statements are drawn up. Branch Managers of respective bank branches have certified the statement of affairs for the year ended December 31, 2016.
Balances with foreign banks at year-end are translated at the average telegraphic transfer of buying and selling rates. Excess/shortage of translated figures over book figures at year-end is transferred to the Profit and Loss Account.
Investment of ICB Islamic Bank
Investment is stated at the amount as reduced by balance of Profit suspense account and provision for bad and doubtful debts; Profit is not charged on bad and doubtful investments from the date of filing money suits against the borrowers; Income which was charged on Investment classified by Bangladesh Bank Inspection Team and by the Bank management as sub-standard, doubtful and bad were kept in profit suspense account as per Bangladesh Bank BCD Circulars and such income is not accounted for as profit until realized from borrowers.