AIBL Director Haroon gifts 25% shares to his son

Al-Arafah Islami Bank Ltd (AIBL) Director Mohammed Haroon has transferred 25 per cent shares or around 1.6 crore of the bank to his son Anwar Hossain as a gift.

He recently made the announcement at the 2021 annual general meeting.

Bank Company Secretary Mahmudur Rahman told The Business Post, “The appointment of Mohammed Haroon’s son as a director of the bank was one of the agenda at the AGM. The decision will be effective in 2022.”

In the process, Mohammed Haroon will step down as a sponsor director of the bank next year.

In 2020, Badsha Meah, one of the directors of the same bank, also gifted 1,78,00,000 out of 2,12,98,602 shares held by him to his son Rafiqul Islam.

Mohammed Haroon has expressed his intention to transfer 1,59,83,000 out of his total holding 2,14,22,224 shares of the bank to his son by way of gift outside the trading system of the exchange within next 30 working days from the date of issuance of approval letter by the Dhaka Stock Exchange, said the company in a filing with the DSE on Sunday.

According to the 2021 financial report, eight of the bank’s total entrepreneurial directors have spouses currently serving as directors.

The bank’s earnings per share for April-June, 2022 was Tk 0.68, which was Tk 0.90 in the same period a year ago.

Its consolidated net operating cash flow per share (NOCFPS) was Tk 22.28 for January-June 2022 as against Tk 4.85 for January-June 2021.

“NOCFPS has been increased due to increase of deposit from customers (other than banks) and placement from other banks and financial institutions in this period compared to previous corresponding period,” the company said.

Consolidated net asset value (NAV) per share was Tk 22.39 as on June 30, 2022 and Tk 22.01 as on June 30, 2021. 

The bank’s share price rose 0.42 per cent to Tk 23.80 on Sunday.