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Economy

Social Impact Bonds for factories in Bangladesh

The two main initiatives established in response to the 2013 Rana Plaza disaster in Bangladesh, where nearly 1,200 garment workers lost their lives from a factory collapse, are wrestling with a critical question: Who should pay for the work needed to ensure basic factory safety standards in Bangladesh? ranaplazaIt turns out that the global economy has enough financial assets, yet funds don’t always flow in the areas where they are needed. The global debt market is around $78 trillion and growing. Every week, an average of $100 billion in inv...

Non-farm activities generate the bulk of rural income

Rural households earn more from non-farm activities than agriculture due to the low price of farm products and lack of an appropriate marketing system, a recent survey by Bangladesh Bureau of Statistics found. Of their average annual income of Tk 91,739, 22.77 percent comes from agriculture sector and 77.23 from the non-agriculture sector, according to the Rural Credit Survey 2014. The reason, according to Khondker Ibrahim Khaled, former chairman and managing director of Krishi Bank, was that the production cost for agriculture is much higher, which may have eaten into the incomes, the Daily Star reports.

Govt declares ‘Agar’ as small industry

Considering the empowerment at the grassroots and its contribution to economic activities, the government has declared 'Agar' as a small industry. SME-FoundationThe decision was taken at a meeting of executive committee of National Council for Industrial Development in the meeting room of Industries Ministry with Minister Amir Hossain Amu in the chair. "'Atar' extracted from the 'Agarwood' is a sought-after perfume worldwide and its demand in the international market is huge. That is why, we are declaring it as a small industry," Amu said...

BASIC Bank will operate as a scheduled bank from now: BB

State-owned BASIC Bank will operate as a scheduled bank from now on rather than a specialised one, says Bangladesh Bank. The decision was taken at a Board meeting of the central bank recently. “The board members have been instructed to describe BASIC Bank as a commercial bank. And all the banks have been instructed accordingly,” said Bangladesh Bank’s Executive Director M logo-basic-bankMahfuzur Rahman. According to its Articles of Association, BASIC bank has to disburse 50 percent of its funds available for borrowing to small and me...

Bangladesh approves Islamic financial instruments

In a bid to accelerate the country’s economy, Bangladesh has launched a new interest-free financial instrument pertaining to Islamic Shari‘ah, highlighting the need for a strong Islamic Shari‘ah board or council to operate and supervise the new instrument. “This Islamic Investment Bond is good financial instrument for islamic bondBangladesh economy,” Professor Mujahidul Islam, senior teacher and former chairman of the banking department of Dhaka University, told OnIslam.net. “But there are some problems, so this kind of bond is not popular i...

Interest rebate for good borrowers

Bangladesh Bank (BB) has finally offered incentives to good borrowers, as there has been an allegation that the central bank always stands by defaulters. bbThe BB issued a circular in this regard on Thursday. “Borrowers having regular loan repayment records will be given 10 percent rebate on the interests in the 3rd year of loan repayments,” said the circular asking the chief executives of all banks to take necessary steps in this regard. This rebate will continue in the following years if the borrowers continue to be ‘good borrowers’, the BB said. ...
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