Al-Arafah Islami Bank PLC. has recommended a 15% dividend for its shareholders for the financial year ending December 31, 2023. This positive news for shareholders comes in the form of a combined payout, with 10% distributed as cash and the remaining 5% issued as stock dividend.

The decision was reached during the bank’s 399th board meeting held on Thursday. Alhajj Abdus Samad Labu, Chairman of the Board, presided over the meeting, which saw the participation of several key figures within the bank.

In a positive development for shareholders, the board meeting of Al-Arafah Islami Bank recommended a 15% dividend for the financial year ending December 31, 2023. This dividend will be distributed as a combination of cash and stock. Shareholders will receive 10% of the dividend in cash, while the remaining 5% will be issued as stock dividend.

The bank also announced the date for its upcoming Annual General Meeting (AGM). The 29th AGM will be held virtually on August 18, 2024. Shareholders who wish to be eligible for the dividend payout must ensure their names are on the record books as of June 9, 2023. This is known as the record date.

The board meeting itself was well-attended by prominent figures within the bank.  These included the Chairman, Alhajj Abdus Samad Labu, and the Vice Chairman, Alhajj Abu Naser Mohammad Yeahea.  Several directors were also present, including Mohammad Abdus Salam, Alhajj Mahbub Ahmed, and others listed in the press release. The bank’s management team, led by Managing Director and CEO Farman R Chowdhury and Company Secretary Mohammed Nizam Uddin Bhuiyan, along with other senior executives, rounded out the meeting participants.

This announcement signifies positive financial performance for Al-Arafah Islami Bank and offers a return to its shareholders. The upcoming Virtual AGM will provide a platform for further discussion and updates regarding the bank’s operations and future plans.