MINIUTES OF FOURTEENTH ANNUAL GENERAL MEETING OF BAB

Date	:	June 4, 2007
Time	:	11:00 AM
Venue	:	Board Room of BAB

The Following members of the General Body were present :

The notice contained the following agenda:

Agenda:

1. To confirm the minutes of the 13th Annual General Meeting of BAB held on April 19, 2006
2. To receive and adopt the Report of the Executive Committee of BAB for the year ended December 31, 2006.
3. To receive and pass the audited accounts of BAB for the year ended December 31, 2006.
4. To appoint Auditors for the year 2007 and fix their remuneration.
5. To transact any other business with the permission of the Chair.

The meeting was presided over by Mr. M. Syeduzzaman, Chairman, Bangladesh Association of Banks. After the quorum was fulfilled the Chairman called the meeting to order. The Chairman then initiated the discussion as per agenda.

Item No. 1 of the agenda

To confirm the minutes of the 13th Annual General Meeting of BAB held on April 19, 2006

The Chairman observed that the minutes of the 13th Annual General Meeting of BAB held on April 19, 2006 were circulated to the members and proposed that if there be no objection, the minutes be treated as read and confirmed.

Since there was no objection Mr. Kazi Harun-ar-Rashed, Chairman, Audit Committee, Islami Bank Bangladesh Ltd. proposed to confirm the minutes, while Mr. A. K. M. Nurul Fazal, Director, EXIM Bank Ltd. seconded the proposal. The members of the General Body then unanimously took the following decision:

Decision:
"The minutes of the 13th Annual General Meeting of BAB held on April 19, 2006, be conformed."

 

Item No. 2 of the agenda

To receive and adopt the Report of the Executive Committee of BAB for the year ended December 31, 2006.

The members of the General Body appreciated the Report of Executive Committee of BAB for the year ended December 31, 2006. Engr. Md. Eskander Ali Khan, Director, Islami Bank Bangladesh Ltd. proposed to receive and adopt the Report of the Executive Committee of BAB for the year ended December 31, 2006, while Mr. Ferozur Rahman, Director, Standrad Bank Ltd. seconded the proposal. The members of the General Body then unanimosly took the following decision:

Decision:
"The Report of the Executive Committee of BAB for the year ended December 31, 2006, be received and adopted".

Item No. 3 of the agenda

To receive and pass the audited accounts of BAB for the year ended December 31, 2006.

The Chairman requested the members to consider the audited accounts of the Association for the year ended December 31, 2006 . The members carefully examined the Auditors Report and statement of Accounts of the Bangladesh Association of Banks. Some members made some queries about some figures in the said accounts, which were duly explained by the Chairman.

Mr. Kazi Harun-ar-Rashed, Director, Islami Bank Bangladesh Ltd. Proposed to receive and adopt the Audited Accounts of BAB for the years ended December 31, 2006 while the same was seconded by Mr. Mashiur Rahman, Managing Director, IFIC Bank Ltd. The members of the General Body then unanimously took the following decision:

Decision:
The Sudited Accounts of BAB for the year ended December 31,2006 be received and adopted”

Item No. 4 of the agenda

To appoint the Auditors for the year 2007 and fix their remuneration.

In response to our invitation a total number of 3(three) firms submitted officer for appointment as External Auditors of the Bangladesh Association of Banks for the year 2007. After carefully examining the offers received from M/s Rahman Mustafa Huq & Co, M/s Akhter Amin &Co. and M/s Ata Khan & Co. the members observed that the offer of M/s Ata Khan & Co. for appointment as External Auditor of BAB for the year 2007 was very reasonable and competitive. Hence the members proposed that M/s Ata Khan & Co. Might be appointed as the Auditor for auditing the BABs accounts for the year 2007 at a remuneration of Tk.12,000/- (twelve thousand) only.

Decision:
M/s Ata Khan & Co. be appointed as the External Auditor of BAB for the year 2007 at a remuneration of Tk.12000/- (twelve thousand) only.”

 

Item No. 5 of the agenda

To transact any other business with the business permission of the Chair

i) Mr. Kazi Harun-ar-Rashed, Chairman, Audit committee IBBL observed that the amount of cash and bank balances of the Association stood at Tk. 1,966,264.39 and suggested that a part of it might be deposited as FDR for generation income of the Association.

Mr. A.K.M. Shaheed Reza Chairman, EC, Mercantile Bank Lit. suggested that the full amount of accrued interest from FDRs maintained with various pcb0s Might be added with the principal amounts periodically after maturity instead of 0withd0rawing the same for meeting expenses of the Association.

Engr. Md Eskander Ali Khan, Director, IBBL proposed that proper budgeting of the Association should be done annually towards smooth running of the Association.

In the light of the above, it was decided that a finance sub Committee be formed in the next E.C. Meeting to deal with the management of money and finance, which was agreed by the members present.

ii) Mr. Kazi Harun-ar-Rashed, Chairman, Audit Committee IBBL emphasized that BAB being a strong forum in the Banking sector should have its own office space like BGMEA and other trade bodies. He further added that for this purpose financial assistance from member banks, Might be sought.

While agreeing with the suggestion of Mr. Kazi Harun-ar-Rashed, Mr. Kazi Akramuddin Ahmed, Chairman, Standard Bank Ltd. said that BAB might at least own a floor space for its office, if construction of a building not possible at this stage.

Mr. M. Shahjahan Bhuiyan, Managing Director, Prime Bank Ltd. Pointed out that present annual rent of BAB's office amounting to about Tk.25,00,000/- (twenty five Lac) could have been saved if BAB had its own office.

In view of the above suggestions, it was decided that the issue be thoroughly discussed in the E.C. meeting.

iii) Mr. Mahabubul Alam Tara, Chairman, NCC Bank Ltd. suggested that BAB could earn money through advertisements of its member banks in its publications. He further added that seminars conferences symposiums etc. should be arranged by BAB which would also generate its income.

In the context of the above the chairman informed that advertisements from member banks were published in some existing publications of BAB from which the Association earned some money. The Chairman also informed that under the guidance of Mr. Muhammad A. (Rumee) Ali vice Chairman BAB a Sub–Committee was formed already which had been entrusted with the responsibility of arranging seminars conferences and training programmes.

iv) Mr. A.Z.M. Shamsul Alam Director, Al Arafah Islami Bank Ltd. wanted to know from the Chairman BAB if permission from the Bangladesh BANK for opening branches of private Commercial Banks abroad could be expedited. The Chairman pointed out that there were certain specific guidelines of Bangladesh Bank to be complied with for opening branches of commercial banks abroad which should be individual initiative of the bank intending to open branch abroad.

v) Some members suggested that photographs of some important events of the Association should be included in its Annual Report, which was agreed by all.

vi) Engr. Md. Eskander Ali Khan Director IBBL suggested that BAB should have close relationship with bankers associations of the neighboring countries so that it could have first hand information about their activities and collect relevant statistical data from them.

There being no other subject to discuss the Chairman declared the meeting closed with a vote of thanks to all participants.

 

M. Syeduzzaman Chairman