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ICB Bank Ltd.

Home/Institute List /ICB Bank Ltd.

ICB Bank Ltd. (ICB)

Logo of ICB Bank Ltd.
  • Type : Private Commercial Bank
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About ICB Islamic Bank Limited


Introduction :

The Bank has been incorporated on 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. 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.


Nature of Business :

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.


Significant Accounting Polices Basis of Accounting :

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.


Consolidation :

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, 2001.


Balance with other banks and exchange gains or losses :

Balances with foreign banks at year-end are translated at the average of telegraphic transfer of buying and selling rates. Excess/shortage of translated figures over book figures at year-end is transferred to Profit and Loss Account.


Investments :

Investment are stated at 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 were 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.

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ICB Bank Ltd Senior Officer 2014.

ICB SO 2014
Bank Examination 10 year(s) ago 4 take test 1542 views

Related Institutes (Private Commercial Bank)

  • AB Bank Limited (ABBL)

  • Al Arafah Islami Bank Ltd (ALBL)

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  • City Bank Limited (CBL)

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  • EXIM Bank Ltd (EBLB)

  • First Security Islami Bank Ltd. (FSIBL)

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  • National Credit and Commerce Bank Ltd. (NCC)

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  • Shahjalal Islami Bank Limited. (SJIBL)

  • South Bangla Agriculture and Commerce Bank Limited (SBAC)

  • Southeast Bank Ltd. (SEB)

  • Standard Bank Limited (SBL)

  • The Premier Bank Limited. (TPBL)

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  • Trust Bank Limited. (TBL)

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  • United Commercial Bank Limited. (UCBL)

  • Uttara Bank Limited. (UBL)

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