Gib Annual Report 2022

ANNUAL REPORT
Bangladesh is advancing with limitless potential

and an unbreakable spirit. Global Islami Bank PLC
has been a partner in this progress since inception
specially to materialize the dream of people having the
goal to keep Bangladesh well connected with other
advanced nations. We will continue to march together on the
path to go beyond boundaries.
We expressed gratitude to all GIB customers, stakeholders and
well-wishers for doing “Banking with Faith”.
VERSES FROM
THE HOLY QURAN
IN THE NAME OF ALLAH
MOST GRACIOUS, MOST MERCIFUL!
“..... And it is He who subjected the sea for you to eat from it tender meat
and to extract from it ornaments which you wear. And you see the ships
plowing through it, and [He subjected it] that you may seek of His bounty;
and perhaps you will be grateful. .....”
(Surah An-Nahl, verse : 14)
“He is the One who has made the earth subjugated for you, so walk on its
shoulders, and eat out of His provision, and to Him is the Resurrection.”
(Surah Al-Mulk, verse : 15)
“..... That is because they say Trade is just like usury whereas,
Allah permitted trading and forbidden usury .....”
(Surah Al-Baquarah, verse : 275)
“…..Allah will destroy Riba (usury) and will give increase for Sadaqaat and
Allah likes not the disbelievers, sinners …..”
“..... O you who believe! Be afraid of Allah and give up what remains from
Riba, if you are really believers …..”
“..... If you do not do it, then take a notice of war from Allah and his
messenger; but if repent, you shall have your capital sums. Deal not unjustly
(by asking more than your capital sums), and you shall not be dealt with
unjustly (by receiving less than your capital sums) .....”
“..... Verily never will Allah change the condition of a people until they
change it themselves (with their own souls) .....”
(Surah Ar-Ra’ad, verse : 11)
“And from their properties was given the right of the needy petitioner and
the deprived.”
(Surah Adh-Dhariyat, verse : 19)
GUIDANCE FROM
THE HADITH
Narrated Ma’mar bin ‘Abdullah (RA): Allah’s Messenger (SAW) said:

“None withholds goods till the price rises but a sinner.”
(Sahih Muslim)
“A man’s work ends upon his death except for three things
(a) on-going charity (b) contribution to knowledge and (c) faithful child”
(Sahih Muslim)
Narrated Abu Huraira (RA) the Prophet (Sallallahu Alaihi Wasallam) said,
“Whoever takes the money of the people with the intention of repaying it,
Allah will repay it on his behalf, and whoever takes it in order to spoil it, then
Allah will spoil him.”
(Sahih Al- Bukhari)
Narrated ‘Amr bin Shu’aib on his father’s authority from his grandfather (RA):
“Allah’s Messenger (SAW) said: “The condition of a loan combined with a
sale is not lawful, now two conditions relating to one transaction, nor the
profit arising from something which is not in one’s charge, nor selling what is
not in your possession.”
(Sunan An Nasai)
Narrated Abu Hurairah (RA) that the Messenger of Allah (Sallallahu Alaihi
Wasallam) passed by a pile of food. He put his fingers in it and felt wetness.
He said: ‘O owner of the food, What is this?’
He replied: ‘It was rained upon O Messenger of Allah.’
He said: ‘Why not put it on top of the food so the people can see it?’
Then he said: ‘Whoever cheats, he is not one of us.’
(Jami` at-Tirmidhi)
It was narrated from Abu Hurairah (RA) that the Prophet (Sallallahu Alaihi
Wasallam) said: “Taking oaths may help you to make a sale but it takes
(blessing) away from the Earnings “
(Muttafaq Alaihi)
YEARS OF
BANKING
WITH
FAITH
ASSOCIATES & AFFILIATIONS
Bangladesh Bank Bangladesh Securities & Exchange Commission (BSEC) Bangladesh Association of Banks (BAB)
Association of Bankers Bangla-

desh Limited
Association of Bankers, Bangladesh (ABB) Dhaka Stock Exchange Limited (DSE) Chittagong Stock Exchange PLC (CSE)
Central Depository Bangladesh Limited(CDBL) Primary Dealers Bangladesh Limited (PDBL) Bangladesh Foreign Exchange Dealers Association
Bangladesh Association of Publicly Listed Companies (BAPLC) The Institute of Bankers, Bangladesh (IBB) Bangladesh Institute of Bank Management (BIBM)
Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) Central Counterparty Bangladesh Limited (CCBL) Society for Worldwide Interbank Financial Telecommunication (SWIFT)
Corporate Head Office

Saiham Tower
House # 34, Road # 136,
Block # SE (C-1),
Gulshan Model Town,
Gulshan – 1, Dhaka – 1212,
Bangladesh
AWARDS &
RECOGNITION
Certificate Issued in favor of Global Islami Bank PLC

by Bangladesh Association of Publicly Listed Companies (BAPLC).
06
ANNUAL
REPORT 2022
AWARDS &
RECOGNITION
Saiham Tower,
House No. 34, Road No. 136, Block No. S.E (C-1),
Gulshan Model Town, Dhaka-1212,
Bangladesh

by Dun and Bradstreet.
ANNUAL
REPORT 2022 07
AWARDS &
RECOGNITION
GIB won "Best Corporate Award 2021" from ICMAB

for its performance for establishing Corporate Governance.
08
ANNUAL
REPORT 2022
AWARDS &
RECOGNITION
This is to certify that
Global Islami Bank Ltd - IT Division

Saiham Tower, House # 34, Road # 136, Block # S.E. (C-1), Gulshan, Dhaka 1212, Bangladesh.
has been assessed and complying with
ISO/IEC 27001:2013
Information Security Management System
The management system associated to the following scope:
The Information Security Management System Related to Software Applications and ICT System Integration Services in GIB
IT Division from Gulshan, Dhaka, Bangladesh. This is in line with the latest version of SOA (Statement of Applicability).
Issued Certificate Date : 26/12/2022

Certified Since : 26/12/2022
Expiry Date : 26/12/2025
Certificate No : BDI116G111
Issued Information : Original, Rev-00
The validity of the certificate can be verified by the following website: www.unicertglobal.com
.......................................
DIRECTOR OF UNICERT
The certificate will remain current subject to the organization maintaining its system to
the required standard(s). This will be monitored regularly by UNICERT (United
Certification Services Limited) Bangladesh office: House-08, Road-05, Sector-01, Uttara,
Dhaka, Bangladesh. Certificate
produced a management system in the organization. This certificate is the property of
UNICERT, and to be returned upon request. This certificate will be invalid if annual
surveillance audit is not completed. To know more information please contact by
email: info@unicertglobal.com

by International Organization for Standardization (ISO).
ANNUAL
REPORT 2022 09
TABLE OF
CONTENTS
Verses and Guidance 02

Associations and Affiliations 05
Award and Recognition 06
Table of Contents 10
Letter of Transmittal 14
Forward Looking Methodology 15
Notice of the 10th AGM 16
01
GIB COMPANY ETHOS
About Global Islami Bank 20
GIB Vision 21
GIB Mission 21
GIB Goal 21
GIB Commitments 21
GIB Core Values 22
GIB Strategic Objectives 23
GIB Code of Conduct 24
GIB Business Ethics 25
GIB Outlook 26
GIB Corporate Profile 27
GIB Milestones 28
GIB Products & Services 30
Gratitude to the Architects of GIB 32
02
GIB SHAREHOLDERS INFORMATION
GIB General Information for Shareholders 34
GIB Ownership Composition 34
GIB Dividends 35
GIB Financial Calendar 35
GIB Director Shareholding Status 35
GIB Pattern of Shareholdings [BSEC CGC Compliance] 36
GIB Market Price Information 37
GIB Brand Values 39
Summarized Key Operating and Financial Highlights 40
Operational Highlights 42
Financial Graphical Representation 43
Non-Financial Graphical Representation 47
GIB DuPont Analysis 48
GIB Credit Rating Report 49
GIB Contribution to National Exchequer 50
Grievance Redress of Stakeholders 51
Taxation on Dividend Income 52
Taxation arising from Capital Gain 52
Queries relating to Corporate Information 52
Accessibility of GIB Annual Report 52
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REPORT 2022
03
GIB CORPORATE INFORMATION
GIB Board of Directors 54
GIB Board of Directors Profile 56
GIB Committees of the Board of Directors 63
GIB Shari’ah Supervisory Committee 63
GIB Corporate Organogram 64
GIB Management Committee 65
GIB Committees of the Management 66
GIB Heads/ In-charges at the Corporate Head Office 67
GIB Senior Executives 68
GIB Head of Branches 69
GIB Media Accolade of the Managing Director 73
From the Desk of the Chairman 74
From the Desk of the Managing Director 80
04
GIB PERFORMANCE REPORTING
Board of Director's Report 88
Report of the Executive Committee 113
Report of the Audit Committee 114
Report of the Risk Management Committee 117
GIB Management Report & Analysis 118
GIB Business Analysis by the CBO 124
GIB Yearly Round-Up by DMD 125
From the Desk of CAMLCO 126
GIB Performance Analysis by the CFO 127
05
GIB INTEGRATED REPORTING
GIB Approach to Integrated Reporting 132
GIB Strategies for Deposits and Advances 134
GIB Strategies for Import and Export 135
GIB Stakeholders Analysis 136
GIB Material Forces Analysis 138
GIB SWOT Analysis 139
GIB PESTEL Analysis 141
GIB Industry Forces Analysis 142
GIB Strategic Focus Analysis 143
GIB Entity Analysis 144
GIB Market Value Added Statement 146
GIB Value Added Statement 147
GIB Economic Value Added Statement 148
GIB Basel-III Capital Statement 149
GIB Human Resource Accounting 150
ANNUAL
REPORT 2022 11
06
GIB RISK MANAGEMENT REPORTING
Economic Landscape in Relation to Risk 152
GIB Risk Analysis by the CRO 154
GIB Risk Management Framework 157
GIB Risk Mitigation Methodology 164
Disclosure of Risk Reporting 177
Report on ALCO Purview 188
Report on NPI Management 189
GIB Capital Planning 190
Disclosures on Risk Based Capital (Basel-III) 191
Report on Going Concern 214
07 GIB GOVERNANCE REPORTING

Directors' Responsibility in relation to Financial Statement
Statement of Directors on Adequacy of the System of Internal Control
Declaration of Managing Director and CFO to the Board
CG Overview Statement by the Company Secretary
218
219
220
221
Report of Corporate Governance 222
Compliance on BRPD Circular 243
Bangladesh Bank Checklist for CG Compliance Report 244
Certification of the Compliance Auditor 252
BSEC Checklist for Corporate Governance Code 253
Disclosure on IPO Utilization 264
Disclosure on Dividend Policy 265
Report on Dividend Distribution Compliance 266
Disclosure of Unpaid or Unclaimed Dividend 268
Statement on Protection of Minority Shareholders’ Interest 269
Disclosure on Governance under Secretarial Standards of ICSB 270
Disclosure on National Integrity Strategy 272
08
GIB DIVISIONAL REPORTING
Report on Board and Company Secretariat 276
Report on Human Resources 277
Report on Finance and Accounts 281
Report on Information Technology 283
Report on Internal Control & Compliance 286
Report on Investment Administration 290
Report on CMSME 291
Report on Treasury 292
Report on International Business 294
Report on General Services 296
Report on Anti Money Laundering 299
Report on ADC and Cards 300
Report on Retail Banking 303
Report on Agent Banking 304
Report on Communication and Branding 305
Report on Branch Operations 307
Report on Special Assets Management 309
Report on Central Clearing 311
Report on Central Trade Service 313
Report on Research and Development 314
Report on Marketing and Development 315
Report on Legal and Recovery 317
Report on Shari’ah Supervisory Functions 318
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REPORT 2022
09
GIB SUSTAINABILITY REPORTING
Managing Director’s Message on Sustainability 320
Triple Bottom Line for Sustainability 321
GIB Sustainability Strategy 322
GIB Sustainability Report 323
GIB Commitment to SDG Goals 327
GIB Disclosure on ESG Initiatives 329
Creating Sustainable Value for Stakeholders 331
GIB Material Aspects and Boundaries for Sustainability 332
Report on Green Banking 333
GIB Report on Corporate Social Responsibility 335
GIB an Employee Friendly Bank 339
10
GIB GLIMPSES INFORMATION
GIB Response to the People of Bangladesh 342
GIB Moments in Frame 344
GIB Highlights from the recent AGM 358
GIB Highlights from Shariàh Supervisory Committee 361
GIB Colleagues We Lost in Recent Times 362
GIB Training Institute Activities 363
Good Borrowers Success Story 368
11
GIB FINANCIAL REPORTING
Independent Auditors’ Report 376
Balance Sheet 382
Profit and Loss Account 384
Cash Flow Statement 386
Statement of Changes in Equity 387
Liquidity Statement 388
Notes to the Financial Statements 389
Balance with other banks-outside Bangladesh [Nostro Account] 438
Investment in Shares and Securities 439
Schedule of Fixed Assets 442
Name of Directors and their interest in different entities 443
Statement of Related Party Transactions and their related concerns 446
Highlights 447
12
GIB PERTINENT INFORMATION
Geographic Map of GIB Branches and Sub-Branches 450
GIB Branches and Sub-Branches Network 451
GIB ATM Booths Network 454
GIB Global Correspondents Network 456
Global Reporting Initiatives 458
SAFA CG Disclosure 460
Key Financial Indicators Disclosure 462
Related Glossary 463
Related Acronyms 465
FAQs on Members Meeting 466
Proxy Form 467
Attendance Slip 467
Note Page 468
ANNUAL
REPORT 2022 13
LETTER OF
TRANSMITTAL
To
All Directors/ Members/ Shareholders of GIB
Bangladesh Bank
Bangladesh Securities & Exchange Commission
Registrar of Joint Stock Companies & Firms
Dhaka Stock Exchange Limited
Chittagong Stock Exchange PLC
Central Depositary Bangladesh Limited
Financial Reporting Council
Statutory Auditors
Compliance Auditors
Independent Directors
Subject: Annual report of Global Islami Bank PLC for the year ended
December 31, 2022.
Muhtaram/Muhtarama,
Assalamu Alaikum WRWB,
Please accept best greetings from Global Islami Bank PLC (GIB).
We are pleased to enclose a copy of the “GIB Annual Report 2022”

together with the Audited Financial Statements for the year ended
December 31, 2022. The “GIB Annual Report 2022” comprises Balance
Sheet, Profit and Loss Account, Statement of Changes in Equity, Cash
Flow Statement along with Notes to the Accounts.
This is for your kind information and record.
Ma’as-Salamah,
Yours Sincerely,
Md. Manjur Hossain

Company Secretary
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REPORT 2022
FORWARD LOOKING
METHODOLOGY
A forward looking statement is a statement that contains predictions, projections and possibilities. It relates to
future events. Forward looking statements involve numerous assumptions, inherent risks and uncertainties,
predicts expected future business and financial performance, both general and specific, and the risk that
predictions and other forward looking statements may not prove to be accurate. Statements of this type are
based on hypothesis/ballpark figures. Forward looking statements may also include comments with respect
to the bank’s objectives, strategies to achieve those objectives, expected financial results (including those in
the area of risk management), and the business outlook for the bank. It contains words or phrases such as
‘will’, ‘may’, ‘would’, ‘should’, ‘could’, ‘expect’, ‘anticipate’, ‘believe’, ‘seek’, ‘presume’, ‘assure’, ‘hope’,
‘intend’, ‘estimate’, ‘plan’, ‘may increase’, ‘may fluctuate’ and similar such expressions of future, or
conditional verbs, so on and so forth.
A forward looking statement naturally addresses matters that are, to certain degrees, uncertain and may not
happen. In most cases, a forward looking statement is made in respect of company’s expected income,
earning, business growth, horizontal expansion, cost structure, capital structure, dividends etc. Such a
statement is made based on some assumptions about future events which may happen or may not happen.
Since there are uncertainties about the occurrence of the future events, those should be treated from that
viewpoint in decision making by the users of the “GIB Annual Report 2022”. Therefore, the bank will not stand
accountable to update the amended information in the “GIB Annual Report 2022” which may be effected
in the future.
ANNUAL
REPORT 2022 15
NOTICE OF
THE 10TH ANNUAL GENERAL MEETING (AGM)
Notice is hereby given to the members of Global Islami Bank PLC that the 10th Annual General Meeting
(AGM) of the Bank will be held at Digital Platform through the link: https://globalislamibank.bdvirtualagm.com
on Tuesday, July 25, 2023 at 11.00 a.m. to transact the following agenda:
ORDINARY BUSINESS
1. To receive, consider and adopt the Audited Financial Statements of the Bank for the year ended
December 31, 2022 together with the Auditors’ Report and the Directors’ Report thereon;
2. To declare dividend for the year ended December 31, 2022 as recommended by the Board of
Directors of the Bank;
3. To retire/elect/re-elect Directors and also to confirm the appointment/re-reappointment of new
Directors including Independent Directors (if any);
4. To appoint/re-appoint Statutory Auditors of the Bank for the term until the next Annual General
Meeting and to fix their remuneration;
5. To appoint Corporate Governance Compliance Auditors of the Bank for the year 2023 and to fix their
remuneration;
6. To consider and approve the investment (Loan/Credit/Credit Card) proposals of the Directors as
recommended/approved by the Board of Directors, if any;
Date: July 03, 2023

Dhaka. By order of the Board of Directors
Md. Manjur Hossain

Company Secretary
Notes:
a) The “Record Date” in lieu of Book Closure for the 10th Annual General Meeting (AGM) was on Tuesday,
May 30, 2023. The members, whose names appeared in the Register of Members of the Bank and/or in
the Depository (CDBL) Register at the close of business on the Record Date will be eligible to attend
and vote at the AGM and entitled to the Dividend, if approved by the members of the Bank in the 10th
Annual General Meeting (AGM).
b) Pursuant to Bangladesh Securities & Exchange Commission (BSEC) Order No. SEC/SRMIC/94-231/25
dated: July 08, 2020, Directive No. BSEC/CMRRCD/2009-193/08 dated: March 10, 2021 and Letter No.
SEC/SRMIC/94-231/91 dated: March 31, 2021, the 10th AGM of the Bank will be conducted at Digital
Platform with live streaming through the link: https://globalislamibank.bdvirtualagm.com
c) The Web Link for joining the Virtual AGM will also be communicated to the valued members through
their respective email addresses and contact number in due course. The members may submit their
e-vote/questions/comments electronically before 24 (Twenty Four) hours of commencement of the
meeting through the web link and also during the Annual General Meeting. In order to login for the
virtual AGM, the members need to have their credentials available with them.
d) A member eligible to attend and vote at the AGM may appoint a proxy to attend and vote on his/her
behalf. The “Proxy Form” duly filled in, signed and stamped for BDT 20.00 by the member and Power of
Attorney/Letter of Authorization from a Company/Corporation must be submitted to the Registered
Office of the Bank or to the email address: secretariat@globalislamibankbd.com not later than 48
(Forty Eight) hours before the time fixed for holding the Annual General Meeting.
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ANNUAL
REPORT 2022
e) Retirement/election/re-election of Directors of the Bank will be conducted in compliance with the
Companies Act, 1994 (amended up to 2020), the Bank Company Act, 1991 (amended up to 2018), the
Articles of Association of Global Islami Bank PLC and other prevailing relevant rules & regulations of the
country.
f) The Board of Directors of Global Islami Bank PLC in its 72nd meeting held on April 27, 2023
recommended 5.00% (Five percent) Cash Dividend and 5.00% (Five percent) Stock Dividend (Bonus
Shares) on the profit of the Bank as at the close of business on December 31, 2022.
g) Pursuant to the Bangladesh Securities & Exchange Commission Directive No.
BSEC/CMRRCD/2009-193/08 dated: March 10, 2021; an Independent Scrutinizer has been appointed
to scrutinize the election/re-election process as well as to provide detailed information regarding the
voting results followed by an Authentication Report.
h) Pursuant to Clause No. 22(1) of the Listing Regulations, 2015 of Dhaka Stock Exchange Limited and
Chittagong Stock Exchange PLC and also condition no. 9(2) of the Bangladesh Securities and
Exchange Commission Notification No. BSEC/CMRRCD/2006-158/208/Admin/81 dated: June 20, 2018
on Financial Reporting & Disclosure; link of the downloadable PDF copy of the “GIB Annual Report
2022” along with Attendance Slip, Proxy Form and the Notice will be forwarded to all the Members at
their respective email address available in their Beneficiary Owners (BO) Accounts maintained with the
Depository Participants. Members may also collect printed copy of “GIB Annual Report 2022” and
Proxy Form from the registered office of the bank or Soft Copy from the Bank's web link
www.globalislamibankbd.com/annual-reports/
i) Depository Participants (DPs)/Stock Brokers are requested to provide us with a list with particulars of
margin loan accounts holding GIB shares, as on the record date with the particulars of members’
name, BO ID, shareholding position, cash dividend receivable, tax rate etc. along with the name of the
contact person and Bank account details (i.e. account name and number, bank and branch name,
routing number etc.) of the DP/Stock Brokers to the Bank’s Registered Office and soft copy to the email
address: secretariat@globalislamibankbd.com or info@globalislamibankbd.com, within July 12, 2023
for receiving the dividends of the margin loan holders Dividend as per Bangladesh Securities and
Exchange Commission’s Directives No. BSEC/CMRRCD/2021-386/03 dated: January 14, 2021. In case of
non-submission of such option within the stipulated time, the dividend will be paid off as deemed
appropriate by the Bank.
j) Existing External Auditor, Shafiq Basak & Co., Chartered Accountants will retire in this Annual General
Meeting for the 1st time and eligible for re-appointment. As such the Board of Directors of Global Islami
Bank PLC in its 72nd meeting held on April 27, 2023 recommended Shafiq Basak & Co., Chartered
Accountants (i.e. enlisted with Bangladesh Bank & Bangladesh Securities and Exchange Commission)
for shareholders’ consideration to appoint as External Auditors for the 2nd time until conclusion of 11th
Annual General Meeting as per applicable laws.
k) The notice has been served for holding the 10th Annual General Meeting (AGM), in accordance with
the Companies Act, 1994 (amended up to 2020) related to the notice period.
l) In compliance with the Bangladesh Securities and Exchange Commission's Circular No.
SEC/CMRRCD/2009-193/154 dated: October 24, 2013 and regulation 24 (2) of the Listing Regulations,
2015 of Dhaka Stock Exchange Limited and Chittagong Stock Exchange PLC; No benefit in cash or
kind, other than in the form of cash dividend or stock dividend will be paid to the holders of the equity
securities at the 10th Annual General Meeting (AGM) of the Bank.
ANNUAL
REPORT 2022 17
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ANNUAL
REPORT 2022
01 COMPANY
ETHOS
“Allah comes in between a person and his heart.”
[Quran 8:24]
ANNUAL
REPORT 2022 19
ABOUT
GLOBAL ISLAMI BANK
In the era of Globalization, no one can survive alone. Modern Technology and foreign policies have brought
the people of the world very close to each other. At present, this world is a global village. Now, the
communication among people is very faster than any previous time. Connectivity is very crucial in this
village. So, Bangladesh cannot live alone in this fastest growing village.
Keeping all these in mind, Bangladesh Bank approved nine banks as fourth generation banks in which, three
banks have the funding of Non-Resident Bangladeshi (NRB) people. This bank is one of those three banks to
materialize the dream of people having the goal to keep Bangladesh well connected with other advanced
nations. It is the brainchild of 25 (twenty-five) well reputed visionary Non-Resident Bangladeshi (NRB) people
residing in different countries of the world.
After hard labor of almost three years complying with all regulatory rules and regulations, it has got the final
approval on July 25, 2013 from the regulatory body to run the banking business in Bangladesh. Gradually, the
mentioned brainchild of those NRBs has become the reality. At present, its Corporate Head Office and
Gulshan Corporate Branch situated at Saiham Tower, 34 Gulshan Avenue, Gulshan-1, Dhaka 1212,
Bangladesh, which is a great example of postmodern structure and one of the finest building of the country.
Mr. Nizam Chowdhury is the founder Chairman of this bank having a long professional experience for about
03 (three) decades in the U.S.A and other Directors are also well reputed in their own sectors of profession.
These nice personalities have well defined mission and vision. Their mission is not to restrict the Bank to a
particular group of people but to bring the huge unbanked people under banking. Their vision is to make the
Bank truly global providing world class services throughout the world.
There is a milestone in the Bank operation that the Bank got the license as first bank amongst all fourth
generation banks to operate Islami Banking side by side of existing Conventional Banking and subsequently
got approval from the Bangladesh Bank to convert the Bank from conventional to full-fledged Islami Bank to
start full-fledged Islami Banking Operations under Islami Shari’ah Principles as “Global Islami Bank Limited”
changing the name from “NRB Global Bank Limited”.
GiB offers a wide range of banking products and services based on islami Shari’ah principles to corporate,
SME and retail customers through a variety of delivery channels. With a vast branches and sub-branches
network along with agent banking, remittance services, internet banking, card business and with dedicated
human resources the bank has already made a distinct mark in the realm of private commercial banking
through boutique service, innovative practices, dynamic problem solving approach and efficient
management. Moving forward, the Bank has clear strategy to rationalize the portfolio, managing risks while
accelerating the delivery of consistently strong results with special focus on people, planet, islami Shari’ah
and profit to embrace sustainability.
GIB is enliested in the Dhaka Stock Exchange Limited and Chittagong Stock Exchange PLC. The bank
complying the Companies (2nd Amendment) Act, 2020 has changed the name to “Global Islami Bank PLC”
from “Global Islami Bank Limited” w.e.f. May 15, 2023.
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REPORT 2022
GIB
VISION
To become exceptional brand in the
financial sector by offering service
excellence and creating value for
everybody encompassing customers,
shareholders, partners, society and
economy through transparency,
technology, innovation & integrity.
GIB
MISSION
• To build confidence among the NRBs for investment.
• To provide fast, accurate and adequate customer
service upholding business ethics and transparency.
• To strengthen inflow of remittance.
• To create value for communities, societies and
economies in which we operate by ensuring growth
and sustainability.
• To match technology with the help of well educated
professionals and experienced sponsors of the Bank.
• To create dignified working environment for Employees
GIB
GOAL
After creating the feature of "Great Experience"

among all our customers and stakeholders, we are
moving ahead keeping “Banking with Faith” as the
ultimate goal.
GIB
COMMITMENTS
• To the Islami Shari’ah.
• To the Regulators.
• To the Shareholders.
• To the Nation.
• To the Society.
• To the NRBs.
• To the Customers.
• To the Employees.
• To the Environment.
• To the other Stakeholders.
ANNUAL
REPORT 2022 21
GIB
CORE VALUES
TRUST TEAMWORK QUALITY RELIABILITY ETHICS INNOVATION
GIB has been a trusted partner to many stakeholders including large, medium and small
enterprises, large and micro depositors since its inception. As a result, the bank is known in
the financial services industry for delivering creative, value-added, robust, and flexible
finance-led transformation solutions that help to achieve the most effect following Islami
Shari’ah Principles.
• We trust in the Almighty Allah;

• We adherence to the spirit of Islami Shari’ah;
• The value that we are a part of the GIB family;
• We believe in honest, efficient and accountable environment;
• We also believe in transparent, innovation and secured service;
• We believe to do “Banking with Faith”, which is fundamental to the overall approach of our bank;
• We approach banking decisions with a focus on long and sustainable outcome and profit;
• Have a strong customer focus and build relationships based on integrity, service excellence and
win-win benefit;
• Innovative Idea generations and designing of banking products and services with zeal;
• GIB enhances economic well-being with the bliss of religious ethics;
• We work for our country's economic independence and poverty eradication;
• We contribute to our country's economic growth and nation-building efforts;
• We upload the bank's name and reputation, Islami Shari’ah, the trending symbol "GIB," and the
country through doing banking with faith;
• We strive to bring value to the valued shareholders' investments;
• People are valued and respected, and decisions are made on merit;
• Base recognition and reward on performance; and
• Be responsible and abiding law of the country in all that we do.
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REPORT 2022
GIB
STRATEGIC OBJECTIVES
The general strategic objectives of GIB are to consider balanced scorecard methodology and continually
adhere to the same through annual reviewing while some specific objectives are mentioned below:
FINANCIAL EFFICIENCY CUSTOMER FOCUS
• Achieve sustainable growth in

all key financial indicators • Develop strategic partnership through
following islami Shari’ah addressing existing and potential
principles; needs of product and services based
• Increase bottom line through on islami Shari’ah principles;
maximization of income and • Endeavor to attract customer through
efficient management of delivering need based financial
expenditure. services;
• Continuous improvement of product
and services for adopting changing
need of customer base to retain
market share.
OPERATIONAL EXCELLENCE
• Include unbanked people into banking

net with Over the Counter banking HUMAN DEVELOPMENT
services;
• Increase efficiencies through use of virtual
technologies for moving towards of • Employ professionals who create
financial excellence; success for customers;
• Increase community outreach through • Develop the leadership abilities and
innovation of various marketing channels; potential of our team;
• Improve internal and external • Align incentives and staff rewards with
communications through social performance;
communication network; • Continually learn and adopt global
updated best practices.
• Develop and implement a promotional
plan to expedite financial inclusion.
ANNUAL
REPORT 2022 23
GIB
CODE OF CONDUCT
The standard of business conduct is which the Bank expects from all of its employees, it is a condition of
employment with the Bank to be reviewed annually at the time of performance appraisal of an employee.
EACH EMPLOYEE OF GIB HAS RESPONSIBILITY TO:

• Conduct Bank’s business with honesty, integrity and in a professional manner;
• Avoid any action that may be viewed or be repugnant, unethical or unlawful on his/ her part by the
customer/ public at large or the Bank itself;
• To understand and comply with the legal/regulatory requirements and internal policies and procedures of
GIB that apply to the duties assigned to the employee;
• Avoid any activities that could involve or lead to involvement in any unlawful or unethical governance
practice;
• Avoid participation in any political or subversive activities and abstain from gambling, betting and
wagering contracts;
• Personal conduct towards GIB, the other employees and customers of GIB should be exemplary and S/he
is expected to behave with decorum both during office hours and at other times;
• Safeguard the confidential information of GIB and its customers.
CONFIDENTIALITY:
• Respect the confidentiality of information and always consult when in doubt;
• Do not misuse information of GIB, clients or colleagues for personal advantage or for the benefit of third
parties;
• During the course of employment and after its termination for whatever reason, the employee must not
disclose to anyone any information relating to GIB or its employees which is not already available to the
public, unless authorized to do so;
• Confidential information concerning a customer or a supplier must never be disclosed to a third party
except pursuant to a statute or regulation, or a court order or other legal process, or after receiving
consent of the customer or supplier in writing;
• Confidential information about Bank’s business or business plans, products and services, marketing
methods, technology or systems, must never be disclosed to a third party except pursuant to a statute or
regulation, or a valid, court order.
NOTIFICATION OF IMPROPER CONDUCT: If an employee believes that someone has acted or may be acting
improperly in contravention of the principles set out in the Bank’s Code of Conduct, employees are
encouraged to inform the Bank of these concerns. Such concerns may be over health and safety matters,
financial malpractice, discrimination or unethical conduct.
FRAUD, THEFT OR ILLEGAL ACTIVITIES: Employees shall be alert and vigilant with respect to frauds, thefts or
illegal activity committed within the office. If any such activity comes to the attention of an employee, the
employee must immediately report it to competent Authority.
PROFESSIONAL BEHAVIOR: Employee should Comply with professional standards and applicable laws and
regulations and avoid any action that may discredit the Bank and to perform not only what is legal, but also
what is right.
INTEGRITY: To earn trust by straightforward and honest behavior in professional and business relationships and
to be truthful about the services provided, the knowledge possessed, and the experience gained.
ACCOUNTABILITY: Understand one’s responsibilities and decisions and assume them without trying to avoid
them; Dare to report any relevant misconduct using the proper escalation and clearance protocol.
RESPECT & DIVERSITY: Treat all colleagues with respect, courtesy, and fairness and understand the impact
that individual behavior has on the Bank, on colleagues, and always seek for responsible action, encourage
and value the diverse mix of people, opinions, and experiences.
24
ANNUAL
REPORT 2022
GIB
BUSINESS ETHICS
SHARI’AH PRINCIPLES OF ETHICS: Being a full-fledged islami bank, avoidance of interest (Riba) in all financial
transactions, ensuring welfare and justice to all the stakeholders, righteousness in dealing with the day to day
operations and ensuring transparency & avoidance of obscurity (Gharar) are the principal business ethics of
GIB.
HONESTY & INTEGRITY: Honesty is the best policy. Honesty is the key component for success in business. GIB
will stick to the honesty and integrity principles in relation to customers, employees, shareholders, other Banks,
regulators and stakeholders. Honesty and integrity in business is at the top when customers are deciding
which company to do business with. The integrity of the banking and financial services market depends
comprehensively on the perception that it functions within a framework of legal, professional and ethical
standards. A reputation for integrity is the one of the most valuable assets of a financial institution.
RELIABILITY: GIB shall offer clear, comprehensible and correct information to its customers within the principle
of reciprocal trust during services and any transactions; and provide the customer services in a nick of time
and humble manner.
LOYALTY: GIB will be loyal in any business dealing as well as in other relation with public organization,
regulators and other institutions. The Bank is worthy of trust, demonstrate fidelity and loyalty to persons and
institutions specially in adversity, supportive and devotion and the Bank does not allow to use or disclose
information learned in confidence for personal advantage.
TRANSPARENCY: This is another ideology that GIB follows. The Bank will inform its customers in an open, easily
understandable and clear way regarding the underlying rights and responsibilities, benefits and risks
attached to the products and services offer to them.
COMPETITION: GIB always positively approaches healthy challenges in industries as well as others with the
compliance of Laws and regulations. GIB is avoiding any kind of unfair means which ruin the discipline of the
economy, industries or financial services and strongly discourage immoral or unjustified acts, behaviors. The
Bank keeps close eye on overall development of the employees, Bank and Banking Industries.
FIGHTING AGAINST MONEY LAUNDERING: To combat Money Laundering is one of the core ethical principle
that GIB always belongs. Launderers are continuously looking for new routes for laundering their funds. With
the back drop against the above, GIB is more conscious in terms of money laundering.
RELATIONS WITH PUBLIC ORGANIZATIONS, REGULATORS AND OTHER INSTITUTIONS/ORGANIZATIONS: GIB

practices honesty, integrity, accountability and transparency in terms of building and maintaining
relationship with other organizations and it expresses utmost sincere regarding communication in
accordance with the enforced laws and regulations and guidelines set by competent authority as well as
morality.
LAW ABIDING: Basic Ethical Principle of GIB to abide by laws, rules and regulations relating to its business
activities.
WORKING ENVIRONMENT: GIB is stick to maintain work friendly environment. The Bank has introduced internal
regulation/code of conduct in conformity with the reputation of the profession.
FAIRNESS & RESPECT FOR OTHERS: GIB is fair for just all dealings and does not exercise power arbitrarily, and
does not use overreaching nor indecent means to gain or maintain any advantage nor take undue
advantage of another institutional mistakes or difficulties. It’s also believes in fair people’s manifest, the equal
treatment of individuals, tolerance.
GIB demonstrates respect for the human dignity, autonomy, privacy, rights, and interests and treat all people
with equal respect and dignity regardless of sex, race or national origin.
ANNUAL
REPORT 2022 25
GIB
OUTLOOKS
To make the coming year a success, GIB is ready to take on new challenges with a new imaginative zeal in
order to fulfill the Bank's common objectives, and the coming year will undoubtedly be a challenge for
everyone. GIB has produced a financial budget that is both reasonable and demanding, taking into account
its positions and promises to stakeholders.
• Gradually increase the size of investment portfolio without compromising quality to avoid risk;
• Increasing Branch, Sub-Branch, Agent Outlets networks including ATM facilities;
• Optimizing the capital structure of the bank for long-term growth and maximizing of shareholder value;
• Enhancing the CSR activities in line with the GIB CSR policy;
• Ensuring prudent management ahead of investment risk to offset risk arising concurrent environment;
• Focusing to recovery of NPI & none degradation of existing asset quality;
• Balance sheet management that takes advantage of current opportunities while minimizing market risk;
• Analyzing business process continuously in order to find new business avenue;
• Willing to expand its footprint and to tap un-banked people through sub-branches, booth banking,
agent banking and digital banking platform;
• Ensuring health and safety for all of our staffs and customers;
• Deploying technology to increase customer base, improve efficiencies, fight financial crimes and
enhance service excellence;
• Reengineering business process for increase dynamism and efficiency in service;
• Accelerating of digital on board for different operational procedure and customer service;
• Presenting innovative and new deposit & investment products to the customers;
• Intensifying cost rationalization in line with the spirit of efficient operations;
• Revisiting and reviewing Islami banking practice in our all operation.
Some factors may cause actual results to differ and some may significantly deviate from the outlook. Some
of the factors that may affect the business environment are given below:
• Changes in the general economic condition resulting from natural calamities and political disturbances;
• Changes in government policy issues;
• Increase in corporate tax rate;
• Increase in CRR and SLR of the banks;
• Withdrawal of incentive given to some thrust sectors which may make the projects slow moving.
• Directives to reduce the lending rates to finance essential items;
• Increase in provisioning requirement may reduce the ROA and ROE;
• Reduction of the margin ratio for investment accounts;
• Volatility in profit rate;
• Volatility in capital market arising from speculations;
• Compliance issues raised by the international forums which are likely to affect the export growth;
• Rise in international prices of essentials which may result to volatility in Foreign Exchange Market;
• International embargo/unrest may affect remittances and trade;
• Adverse media reporting.
Nevertheless, the success of GIB in this year clearly affirms that this Bank is ready to accept challenges of the
future. In Sha Allah, GIB’s momentum of growth of business and profitability will be maintained definitely in the
years to come.
26
ANNUAL
REPORT 2022
GIB
CORPORATE PROFILE
• Registered Name : Global Islami Bank PLC
• Legal Form : Publicly Listed Limited Company
• Nature/ Sector of Business : Bank
• Banking Segment : Shari’ah based Full-fledged Commercial Islami Bank
• Date of Incorporation : July 21, 2013
• Date of Commencement of Business : July 21, 2013
• Company Registration : C-110386/13
• Full-fledged Islami Banking License : BRPD(LS-1)/745(62)/2023-3573
• Full-fledged Islami Banking Notification : BRPD(LS-1)/745(62)/2023-3574
• Full-fledged Islami Banking Approval : BRPD(LS-1)/745(62)/2023-3575
• Trade License : TRAD/DNCC/006938/2022
• Authorized Capital : BDT 20,000.00 Million
• Paid Up Capital : BDT 9,404.19 Million
• Registered Address : Saiham Tower,
House - 34, Road - 136, Block # S.E (C-1),
Gulshan Model Town, Gulshan-1, Dhaka-1212, Bangladesh
• Tax Payer Identification Number : 182424749062
• VAT Registration Number : 18141110984
• Number of Sponsors : 25 (Twenty Five)
• Chairman : Mr. Nizam Chowdhury
• Vice Chairperson : Mrs. Maimuna Khanam
• Managing Director : Mr. Syed Habib Hasnat
• Company Secretary : Mr. Md. Manjur Hossain
• Chief Financial Officer : Mr. Mohammad Kamruzzaman FCA
• Head of ICCD : Mr. Ali Akbar Quoreshi
• External Auditors : Shafik Basak & Co. Chartered Accountants
• Compliance Auditors : Ahmed Zaker & Co. Chartered Accountants
• Tax Consultants : Rahman Mostafa Alam & Co. Chartered Accountants
• Credit Rating Agency & Rating : Alpha Credit Rating Limited
Long Term “A+”, Short Term “ST-2” and Outlook “Stable”
• Date of Opening of First Branch : October 23, 2013
• Date of Opening of First Islami Window : August 01, 2019
• Date of Opening of First Islami Branch : September 08, 2019
• Date of Opening of First Sub-Branch : November 05, 2020
• Commencement of Full-fledged Islami Banking : January 01, 2021
• DSE and CSE Listing Date : November 10, 2022 and November 13, 2022
• Commencement of Trading of Shares : November 16, 2022
• Total No. of Branches : 99 (Ninety Nine) Branches
• Total No. of Sub-Branches : 116 (One Hundred Sixteen) Sub-Branches
• Total No. of AD Branches : 05 (Five) AD Branches
• Number of ATM Booths : 103 (One Hundred Three) ATMs
• Number of Employees : 2223 employees (including support staffs)
• Bank Website : www.globalislamibankbd.com
• SWIFT : NGBLBDDH
• Email : info@globalislamibankbd.com
• Phone : +88 09617176037
• Fax : +88 02-222260968
• Call Center : 16671
• Trading Symbol : GIB
ANNUAL
REPORT 2022 27
GIB
MILESTONES
Getting NOC from Bangladesh Bank June 19, 2013

2013 Consent from BSEC for raising Paid up Capital July 07, 2013
Incorporation from RJSC July 21, 2013
Commencement of Business July 21, 2013
License from Bangladesh Bank for Banking Business July 25, 2013
Enlistment as a Scheduled Bank July 29, 2013
First Board of Directors Meeting of the Bank August 04, 2013
Opening of GIB Corporate Head Office September 09, 2013
Start of Banking Business through
GIB Gulshan Corporate Branch October 23, 2013
Obtain License from Bangladesh
Bank as Authorized Dealer November 17, 2013
Opening of GIB Agrabad Corporate Branch

as 1st Branch in Chattogram December 29, 2013
2014 Approval from Bangladesh Bank for

BACH live Participation January 01, 2014
Statutory Meeting of the Board of
Directors of the Bank January 12, 2014
Approval from Bangladesh Bank for

BEFTN live Participation June 04, 2014
First GIB ATM Booth Installation June 23, 2014
First Annual General Meeting (AGM) of the Bank July 14, 2014
First Anniversary of GIB Banking Operations October 23, 2014
Launching of GIB Credit Card June 16, 2015

2015 Launching of GIB Debit Card August 23, 2015
Second Anniversary of GIB Banking Operations October 23, 2015
Inauguration of GIB Training Institute July 31, 2016

2016 Third Anniversary of GIB Banking Operations October 23, 2016
Fourth Anniversary of GIB Banking Operations October 23, 2017

2017
2018 First Dividend Declared for the Shareholders

Opening of 50th Branch as
April 18, 2018
GIB Aturar Depot Branch, Chattogram August 12, 2018
Fifth Anniversary of GIB Banking Operations October 23, 2018
28
ANNUAL
REPORT 2022
GIB
MILESTONES
Approval from BB for Opening of

2019 GIB Islami Banking Window/Branch April 30, 2019
Opening of First Islami Banking Window at
GIB Gulshan Corporate Branch, Dhaka August 01, 2019
Opening of First GIB Islami Banking Branch
at Pacchor, Madaripur September 08, 2019
Opening of GIB Call Center October 15, 2019
Sixth Anniversary of GIB Banking Operations October 23, 2019
Seventh Anniversary of GIB Banking Operations October 23, 2020

2020 Opening of First Sub-Branch as
GIB Baunia-Badaldi Sub-Branch, Dhaka November 08, 2020
Approval for Full-fledged Islami Banking December 31, 2020
Inauguration of “Go Fast” Internet Banking Service January 31, 2021

2021 Inauguration of GIB Agent Banking Service February 07, 2021
Opening of 50th Sub-Branch as
GIB Hazirhat Sub-Branch, Pabna September 09, 2021
Agreement signed on Automated Challan System with
Bangladesh Bank October 07, 2021
Eighth Anniversary of GIB Banking Operations October 23, 2021
Opening of 100th Sub-Branch as

2022 GIB DC Road Sub-Branch, Chattogram August 24, 2022
Opening of 100th GIB ATM Booth at
Patiya Shantirhat Branch, Chattogram July 07, 2022
Obtaining Consent letter from BSEC in respect of IPO September 08, 2022
Suscription Period for IPO October 16-20, 2022
Ninth Anniversary of GIB Banking Operations October 23, 2022
Pro-rata allotment Ceremony of Shares at DSE November 07, 2022
Listing with Dhaka Stock Exchange Limited (DSE) November 10, 2022
Listing with Chittagong Stock Exchange PLC (CSE) November 13, 2022
Commencement of trading of shares of GIB
in DSE & CSE November 16, 2022
Achievement of “ICMAB Best Corporate Award 2021” December 02, 2022
Signing of Agreement between GIB and WZPDCL December 21, 2022
Achievement of ISO/IEC 27001:2013 Certificate December 28, 2022
ANNUAL
REPORT 2022 29
GIB
PRODUCTS & SERVICES
A GIB ASSET
PRODUCTS
• Bai Muajjal - FO
• Bai Murabaha - Hypo
• Bai Murabaha - General
• Bai Muajjal - Professional/ Executive/ Festival/ Adhoc/ Marriage/ Travel
• Bai Muajjal - Uddom/ Nandini/ Utshoho/ Shohoyata/ Proshar/ Kishan
• HPSM - Industrial/ Commercial/ Consumer/ Retail/ Auto/ Staff
• Local Documentary Bill Purchased (LDBP)
• Foreign Documentary Bill Purchased (FDBP)
• Bai-Murabaha Post Import (MPI) - Trust Receipt
• Murabaha Import Bills (MIB) – Cash LC
B GIB LIABILITY
PRODUCTS
• Al-Wadeeah Current Account
• Mudaraba Short Notice Deposit Account
• Mudaraba Savings Account
• Mudaraba Queen Savings Account
• Mudaraba Perfect Savings Account
• Mudaraba Junior Savings Account (School Banking Account)
• Mudaraba Freshers Savings Account
• Mudaraba Farmers Savings Account
• Mudaraba Salary Savings Account
• Mudaraba Term Deposit Account
• Mudaraba Student Savings Account
• Mudaraba Swadesh Savings Account
• Mudaraba Foreign Currency Savings Account
• Mudaraba Tawfiq (Probable Lakhpoti) Deposit Scheme
• Mudaraba Tayeba (Probable Millionaire) Deposit Scheme
• Mudaraba Hasanah (Probable Kotipoti) Deposit Scheme
• Mudaraba Tahseen (Probable Double) Deposit Scheme
• Mudaraba Deposit Pension Scheme
• Mudaraba Monthly Profit Deposit Scheme
• Mudarabah Labbaik Hajj Deposit Scheme
• Non Residence Foreign Currency Deposit Account
• Residence Foreign Currency Deposit Account
• Mudarabah NRB Savings Bond Scheme
• Mudarabah Mohorana Savings Scheme
30
ANNUAL
REPORT 2022
GIB
PRODUCTS & SERVICES
C GIB OTHER
SERVICES
• GIB Mudaraba Gift Cheque
• GIB Internet Banking (Gofast)
• GIB ATM 24/7 Services
• GIB Agent Banking
• GIB Automated Clearing Services
• GIB Electronic Fund Transfer Services
• GIB RTGS (Real Time Gross Settlement) Services
• GIB Call Centre Services
• GIB Locker Service
• GIB Online Banking Services
• GIB Evening Banking Services
• GIB SMS Banking
• GIB POS (point of Sale)
• GIB Centralized Trade Processing Services
• Foreign Remittance Services
• Export Services
• Import Services
• Bank Guarantee Services
• Utility Bills Services
• Correspondent Banking Services
D GIB CARD
PRODUCTS
• GIB Debit Card

• GIB Dual Gold Card
• GIB Platinum Card
ANNUAL
REPORT 2022 31
GRATITUDE TO
THE ARCHITECTS OF GIB
We owe a debt of gratitude to all of our sponsor directors for conceiving up such a fantastic corporate
adventure, which is now so well-known banking brand (i.e. GIB) and admired throughout the community.
SL NAME STATUS
1 Mr. Nizam Chowdhury Sponsor & Chairman
2 Mrs. Maimuna Khanam Sponsor & Vice Chairperson
3 Dr. Mohammed Faruque Sponsor Director
4 Mr. Mohammad Shahjahan Meah Sponsor Director
5 Mr. Hasan Mansur Sponsor & Nominated Director
6 Mr. Mohammed Yousuf Sponsor Shareholder
7 Mr. Rashed Uddin Mahmud Sponsor Shareholder
8 Mr. Mohammad Kamal Pasha Sponsor Shareholder
9 Ms. Danny Chowdhury Sponsor Shareholder
10 Mr. Jashim Uddin Chowdhury Sponsor Shareholder
11 Mr. Mohammad Hanif Chowdhury Sponsor
12 Mr. Ghulam Mohammed Sponsor
13 Mr. Mohd. Ataur Rahman Bhuiyan Sponsor
14 Mrs. Sarina Tamanna Huq Sponsor
15 Mr. Md. Aftab Alam Sponsor
16 Mr. Helal Uddin Ahmed Sponsor
17 Mr. Shaukat Sadek Hussain Sponsor
18 Mrs. Shahella Rashid Sponsor
19 Mr. Zahedul Huq Sponsor
20 Mr. Mizanur Rahman Sponsor
21 Mr. Mohammad Fazlay Morshed Sponsor
22 Mrs. Reshma Parvin Morshed Sponsor
23 Mr. Kamal Pasha Sponsor
24 Ms. Shakira Shaherin Sponsor
25 Mr. Majad Huq Sponsor
32
ANNUAL
REPORT 2022
02 SHAREHOLDERS’
INFORMATION
“Indeed we belong to Allah, and indeed to Him we will return.”
[Quran 2:156]
ANNUAL
REPORT 2022 33
GIB GENERAL INFORMATION
FOR SHAREHOLDERS
BASIC INFORMATION
Authorized Capital BDT 20,000 Million
Issued, Subscribed & Paid-up Capital BDT 9,404.19 Million
Sector / Industry Bank
Financial Year January to December
Class of Shares Ordinary Shares
Voting Rights One Vote per Ordinary Share
SHARE-RELATED INFORMATION
Total number of Outstanding Securities 940,418,750 units of equity shares as on
31.12.2022
Face Value / Par Value BDT 10.00
Number of Shareholders 1,09,203 as on December 31, 2022
GIB OWNERSHIP
COMPOSITION [As on December 31, 2022]
2022 2021
PARTICULARS VALUE OF VALUE OF
NUMBER OF % OF NUMBER OF % OF
SHARES IN SHARES IN
SHARES SHAREHOLDING SHARES SHAREHOLDING
BDT BDT
Sponsors/Directors 427,843,858 45.50% 4,278,438,580 427,843,858 83.01% 4,278,438,580
Institutions 281,472,828 29.93% 2,814,728,280 65,968,892 12.80% 659,688,920
Government - 0.00% - - 0.00% -
Foreign investors 1,000 0.00% 10,000 - 0.00% -
Non-Resident
29,358,420 3.12% 293,584,200 21,606,000 4.19% 216,060,000
Bangladeshi (NRB)
General public 201,742,644 21.45% 2,017,426,440 - 0.00% -
Total 940,418,750 100.00% 9,404,187,500 515,418,750 100.00% 5,154,187,500
Shareholding Structure 31.12.2022 Shareholding Structure 31.12.2021
Non-Resident General Public Instittutions

Bangladeshi (NRB) 21.45% 12.80% Non-Resident
3.12% Bangladeshi (NRB)
4.19%
Sponsors/
Instittutions Directors
29.93% 45.50%
Foreign Invesrtors Sponsors/Directors

0.00% 83.01%
34
ANNUAL
REPORT 2022
GIB DIVIDENDS
FOR THE YEAR 2021
PARTICULARS DATE
Notice Date April 28, 2022
Book Closure/ Record Date April 13, 2022
9th Annual General Meeting
Held on May 19,2022
Dividend Nil
GIB FINANCIAL
CALENDAR YEAR 2022
QUARTERLY RESULTS AS ON EPS
Unaudited result for 1 quarter
st
31.03.2022 0.35
Unaudited result for 2nd quarter 30.06.2022 0.90
Unaudited result for 3 quarter
rd
30.09.2022 1.57
GIB DIRECTOR
SHAREHOLDING STATUS [As on December 31, 2022]
NO. OF % OF
SL. NAME REPRESENTED BY DESIGNATION
SHARE SHARES
1 Mr. Nizam Chowdhury - Chairman 24,255,000 2.579%
2 Mrs. Maimuna Khanam - Vice-Chairperson 25,770,938 2.740%
3 Dr. Mohammed Faruque - Director 19,627,500 2.087%
Mr. Mohammad Shahjahan
4 - Director 19,627,500 2.087%
Meah
5 Mr. Mohammad
WESCO Limited Director 24,255,000 2.579%
Mostan Billah Adil
6 Hasan Abasan (Pvt.) Limited Mr. Arif Ahmed Director 19,387,021 2.062%
7 Unitex Tyre Limited Mr. Hasan Mansur Director 19,293,750 2.052%
Shah Amanat Prakritik Gas
8 Ms. Farzana Begum Director 24,406,594 2.595%
Company Limited
9 Global Trading Corporation
Mr. Wahidul Alam Seth Director 40,221,924 4.277%
Limited
Mr. Subrata Kumar
10 Karnaphuli Prakritik Gas Limited Director 19,233,377 2.045%
Bhowmick, FCA
11 Fatehabad Farm Limited Mr. Shahidul Alam Director 19,404,000 2.063%
12 Portman Cements Limited Ms. Shahana Ferdous Director 35,521,447 3.777%
13 Mr. Bourhanul Hassan
Modern Properties Limited Director 21,799,181 2.318%
Chowdhury
14 Prasad Paradise Resorts Limited Ms. Rokea Yesmin Director 40,020,750 4.256%
Bangladesh Petro-Chemicals Mr. Mohammed
15 Director 19,233,376 2.045%
Limited Oheidul Alam
Independent
16 Dr. Md. Nizamul Hoque Bhuiyan - - 0.000%
Director
Independent
17 Mr. Ahmed Muktadir Arif - - 0.000%
Director
Independent
18 Mr. Hasan Iqbal - - 0.000%
Director
Total 372,057,358 39.56%
ANNUAL
REPORT 2022 35
GIB PATTERN OF
SHAREHOLDINGS [BSEC Compliance of condition 1.5 (xxiii) as on Dec 31, 2022]
A) Parent/ Subsidiary/Associated Companies and other related parties: NIL

[GIB has no parent/ subsidiary/ associated company]
B) Shareholding by Directors with their spouse and Minor child:

POSITION & TOTAL SHARES
SL NAME OF DIRECTORS RELATIONSHIP NO. OF SHARE WITH SPOUSE % OF SHARES
1 Mr. Nizam Chowdhury Chairman 2,42,55,000
2,54,67,750 2.71%
Ms. Danny Chowdhury Spouse 12,12,750
2 Mr. Mohammad Shahjahan Meah Director 196,27,500
2,42,55,000 2.58%
Ms. Mosammat Shajada Noor Begum Spouse 46,27,500
3 Dr. Mohammed Faruque Director 19,627,500
2,42,55,000 2.58%
Royal Orchard Holdings Limited Company 4,627,500
[No person, no company or member of the family either individually or jointly or in both ways hold
10% or more shares of the Paid-up Capital of the Bank. So there is no family influence in the Bank
because no individual or single-family holds majority shares of the Bank to control the Bank
unilaterally.]
C) Shareholding by MD, CS, CFO, HIAC and their spouse and Minor child:
Sl Names Designation No. of Shareholding by their

Share spouse and Minor child
1 Mr. Syed Habib Hasnat Managing Director Nil Nil
2 Mr. Mohammad Kamruzzaman FCA CFO Nil Nil
3 Mr. Md. Manjur Hossain CS 5000 Nil
4 Mr. Ali Akbar Quoreshi HIAC Nil Nil
D) Shareholding by Top 5 (five) Executives and their spouse and Minor child:
Sl Names Designation No. of Shareholding by their

Share spouse and Minor child
1 Mr. Md. Golam Sarwar AMD Nil Nil
2 Mr. Kazi Mashiur Rahman Jayhad AMD Nil Nil
3 Mr. Ataus Samad DMD 1000 Nil
4 Mr. Sami Karim DMD Nil Nil
5 Mr. Md. Shamsur Rahman Majumder EVP Nil Nil
E) Shareholders holding ten percent or more voting interest in the Company: NIL
[As per Section 14A of Bank Company Act 1991, no person, company or member of a family
either individually or jointly or in both ways, shall buy more than ten percent of the shares of a
Bank. There was no shareholder holdings 10% and above shares in the Paid-up Capital of the Bank
either individually or jointly or in both ways during the year.]
36
ANNUAL
REPORT 2022
GIB MARKET SHARE
INFORMATION [for the year 2022]
Global Islami Bank (GIB) has been listed with Dhaka Stock Exchange Limited (DSE) and
Chittagong Stock Exchange PLC (CSE) and shares of GIB have been being traded in the both
Exchanges since November 16, 2022.
PARTICULARS DSE CSE

Trading Code GIB GIB
Scrip Code 11153 22037
Market Category N N
GIB’s shares performed well in 2022, despite a challenging capital market environment. Daily
Opening, Closing, High, Low, Day’s volume (Nos.), Day’s Value (Million) and numbers of shares
traded in Dhaka Stock Exchange Limited (DSE) and Chittagong Stock Exchange PLC (CSE) during
the year 2022 are illustrated below:
DSE - Share Trading (Volume-Nos)
DAILY SHARE TRADING IN DHAKA STOCK EXCHANGE LIMITED (DSE):
SHARE PRICE DAY'S

DAY'S VALUE DAY'S TRADE
DATE OPENING CLOSING VOLUME
HIGH LOW (MN) (NOS.)
(NOS.)
29-Dec-22 9.00 9.00 9.00 9.00 1,542 0.01 6
26-Dec-22 9.00 9.00 9.00 9.00 6,789 0.06 11
22-Dec-22 9.00 9.00 9.00 9.00 3,308 0.03 15
18-Dec-22 9.00 9.00 9.00 9.00 37,276 0.34 17
15-Dec-22 9.00 9.00 9.00 9.00 1,507 0.01 12
11-Dec-22 9.00 9.00 9.00 9.00 1,867 0.02 8
8-Dec-22 9.00 9.00 9.00 9.00 3,439 0.03 15
4-Dec-22 9.00 9.00 9.00 9.00 25,021 0.23 18
1-Dec-22 9.00 9.00 9.00 9.00 4,542 0.04 25
27-Nov-22 9.00 9.00 9.00 9.00 125,189 1.13 53
24-Nov-22 9.00 9.00 9.00 9.00 43,105 0.39 58
20-Nov-22 9.10 9.00 9.10 9.00 4,309,372 38.81 936
17-Nov-22 9.00 9.00 9.20 9.00 1,732,380 14.33 1099
16-Nov-22 9.80 9.00 9.80 9.00 23,533,661 212.58 11817
ANNUAL
REPORT 2022 37
CSE - Share Trading (Volume-Nos)
DAILY SHARE TRADING IN CHITTAGONG STOCK EXCHANGE PLC (CSE):
SHARE PRICE DAY'S

DAY'S VALUE DAY'S TRADE
DATE OPENING CLOSING VOLUME
HIGH LOW (MN) (NOS.)
(NOS.)
29-Dec-22 9.00 9.00 9 9 11 0.00 2
26-Dec-22 9.00 9.00 9 9 1 0.00 1
22-Dec-22 9.00 9.00 9 9 4,091 0.04 3
18-Dec-22 9.00 9.00 9 9 2,000 0.02 2
15-Dec-22 9.00 9.00 9 9 6,614 0.06 10
11-Dec-22 9.00 9.00 9 9 1,241 0.01 12
8-Dec-22 9.00 9.00 9 9 0 0 0
4-Dec-22 9.00 9.00 9 9 10,000 0.09 4
1-Dec-22 9.00 9.00 9 9 138 0.00 5
30-Nov-22 9.00 9.00 9 9 10 0.00 1
27-Nov-22 9.00 9.00 9 9 1,500 0.01 2
24-Nov-22 9.00 9.00 9 9 2,360 0.02 11
20-Nov-22 9.00 9.00 9.1 9 363,028 3.27 193
17-Nov-22 9.00 9.00 9.2 9 1,732,380 15.61 1099
16-Nov-22 9.90 9.00 9.9 9 2,285,807 20.58 1032
38
ANNUAL
REPORT 2022
GIB
BRAND VALUES
In light of Islami Shari’ah, we follow the values and norms of Islam by

being generous, modest, polite and respectful of others. We are
hospitable and treat everyone with warmth. We desire to establish trust
and build relationships with people before doing business. GIB has SHARI’AH
been strengthening its social relationship with the prospective
customers who are showing their interest in Islami banking with
different products explaining Shari’ah compliance.
We move mountains to create more effective processes, products

and ideas. Being innovative does not necessarily mean inventing
INNOVATION something new, it is about challenging the status quo and adapting to
changes in demands to deliver better products or services to everyone
around us.
We strive for clarity and consistency, making decisions pragmatically

and focusing on the bare essentials. We acknowledge that banking is
complicated, so we go out of our way to find streamlined solutions to SIMPLE
simplify the lives of everyone around us to do banking with faith.
We think big, we’re never afraid to cross boundaries in order to drive

transformational growth. Without compromising on our values, we
BOLD challenge the norms in order to make our mark, differentiating
ourselves from the competition so we can continue to be recognized
as one of the best Islami Bank in Bangladesh.
ANNUAL
REPORT 2022 39
SUMMARIZED KEY
OPERATING & FINANCIAL HIGHLIGHTS
Data of Preceding 5 (Five) Years of GIB are given below:
40
ANNUAL
REPORT 2022
* The Board of Directors recommended for 10% Dividend (i.e. 5% Cash and 5% Stock) for the shareholders of
the Bank subject to the approval of shareholders in the 10th AGM of the Bank.
ANNUAL
REPORT 2022 41
OPERATIONAL
HIGHLIGHTS
1 4
ENHANCING GIB CUSTOMERS’ HUMAN CAPITAL
BANKING EXPERIENCE
Our continued commitment to making The emphasis on recruiting, developing

banking easier for our customers through and retaining qualified talent is
simplifying their money matters was paramount in GIB Human Capital
reinforced by the introduction of a further strategy. Online courses for significant
range of cutting-edge products and number of officials have participated in
services, stimulated by our ongoing training disciplines in AML, FATCA,
comprehensive digital transformation. Foundation Course, Investment and Trade
Every facet of our business has been Finance etc. Employee engagement has
positively impacted, from points of been enhanced with various new and
customer contact, to seamless internal innovative programme.
coordination and efficiencies, as
digitization has become an intrinsic core
pillar of the bank’s strategy.
2 5
DIGITAL BANKING BRAND, MARKETING AND
CORPORATE COMMUNICATIONS
Agent banking and Online banking have The new brand promise of simplifying our
transformed the manner in which the customers’ money matters, crafted in the
Bank reaches its customers. Via our portal, previous year, was shared widely with our
checking account balance, fund transfer, customers and business partners, and fully
statement printing and top-up financing embedded throughout the Bank in this
etc are accessible in less than few year, reinforcing our values and guiding
minutes, and the ability to onboard principles. We have introduced ‘16671’,
customers through ‘GIB Go Fast’ has our 24/7 call centre, social media
made banking even easier than before. activities and gave life to our hashtag
Additionally, we have introduced new ‘GIB’.
features debit and credit cards, and
replaced some of our GIB ATMs,
simplifying further our customers’
experience to do banking with faith.
3
INFORMATION TECHNOLOGY AND
RISK MANAGEMENT
Our online banking platform is the Bank’s

core strength in improving the end-user
experience, eliminating the need to invest
in expensive infrastructure. The efficiency
in processing financial and administrative
processes is complemented by stronger
risk and regulatory compliance
management. Our revised risk appetite
has reshaped our business, adapting to
market conditions and the local and
regional economy.
42
ANNUAL
REPORT 2022
FINANCIAL
GRAPHICAL REPRESENTATION
Regulatory Capital [BDT In Million] Shareholders' Equity [BDT In Million]
Paid-Up Capital [BDT In Million] Statutory Reserve [BDT In Million]
Retained Earnings [BDT In Million] Total Risk Weighted Assets [BDT In Million]
ANNUAL
REPORT 2022 43
FINANCIAL
Total Deposits [BDT In Million] Total Investments [BDT In Million]
Total Assets [BDT In Million] Total Liabilities [BDT In Million]
Operating Income [BDT In Million] Operating Expenses [BDT In Million]
44
ANNUAL
REPORT 2022
FINANCIAL
Operating Profit [BDT In Million] Profit After Tax [BDT In Million]
Operating Profit Per Employee [BDT In Million] Earnings Per Share [Figure in BDT]
Profit Earning Assets [BDT In Actual] Net Asset Value Per Share [Figure in BDT]
ANNUAL
REPORT 2022 45
FINANCIAL
Return on Equity (ROE) [Percentage] Return on Assets (ROA) [Percentage]
Non Performimg Investment (NPI) [BDT In Million] Debt Equity Ratio [Percentage]
Import Business [BDT In Million] Export Business [BDT In Million]
46
ANNUAL
REPORT 2022
NON-FINANCIAL
Number of Branches [Number] Number of Sub-Branches [Number]
Number of Employees [Number] Number of Customers [Figure In Thousand]
400
300
200
100
50
Number of ATM [Number] Number of In-House Training [Number]
150
125
100
75
50
ANNUAL
REPORT 2022 47
GIB DuPONT
ANALYSIS
DuPont analysis is an approach that consists of a detailed examination of Return on Equity (ROE) of a
company which analyses Return on Assets and Financial Leverage to avoid misleading conclusions
regarding a company’s profitability. DuPont Analysis gives a broader view of the Return the company in
earnings on its Equity. This analysis, in turn, helps management to take various strategic and operational
decisions.
ROE
ROA Leverage
Net Profit Total assets

Margin turnover
Interest Tax EBIT

burden burden margin
PARTICULARS 2022 2021

Net Profit Margin (PAT/Total Income) 6.57% 9.78%
Total Asset Turnover (Total Income/Average Assets) 9.53% 10.63%
Return on Asset (PAT/Average Assets) 0.67% 1.04%
Financial Leverage (Average Assets/Average Equity)(Times) 11.86 17.56%
Return on Equity (PAT/Average Equity) 9.29% 18.25%
The Net Profit Margin is equal to how much net income or profit is generated as a percentage of revenue. It
is an indicator of a GIB’s pricing strategies and how well GIB controls costs. However, the higher the value of
all components of DuPont analysis indicates the higher positive impact on Return on Equity. Main Highlights
of DuPont analysis:
1. Net Profit Margin has been decreased due to decrease in net profit after taxation and increase in total
general and specific provisions.
2. Asset Turnover in terms of total income has been deteriorating due to re-pricing of Investments as high as
9% to comply the central bank caps. Moreover, total asset grew at 15.81% which was more than total
income growth at 9.09% over the last year.
3. Financial Leverage reached to 11.86% as on 2022 from last year 17.56% which indicates increasing trends
of paid up captal in proportion to the average assets.
4. Return on Equity has been decreased due to significant increase in paid up capital through IPO and
decrease in net profit after taxation resulting from maintaining total general and specific provisions.
48
ANNUAL
REPORT 2022
GIB CREDIT RATING
REPORT
To improve the risk management process and corporate governance system of the Bank and to safeguard
the interest of investors, depositors, creditors, members, other stakeholders and the Bank Management as a
whole, Credit Rating of the Bank was done as per requirement of Bangladesh Bank’s BRPD Circular No. 06
dated July 05, 2006. Below enclosed credit rating indicators of the Bank:
CREDIT RATING 2022 2021 INTERPRETATION
Long Term A+ A+ Strong Capacity
Short Term ST - 2 ST - 2 Strong Capacity
Outlook Stable Stable Rating is likely to remain unchanged
Date of Rating June 12, 2022 June 17, 2021
Validity of Rating June 11, 2023 June 16, 2022
Rated By Alpha Credit Rating Alpha Credit Rating
The rater considered financial performance, capital base, asset quality, liquidity position, management
experience and prospect of the industry while assigning the rating. The assigned rating reflects the strengths
of GIB which is backed by significant growth in earnings, deposits and investments, adequate capital
coverage, improved asset quality and well controlled liquidity position.
Credit rating is being done on regular basis and credit rating for the forthcoming year will be completed
within due time.
ANNUAL
REPORT 2022 49
GIB CONTRIBUTION TO
NATIONAL EXCHEQUER
Global Islami Bank is always responsible to the society and the country as a whole. GIB considered to be one
of the major contributors in the economy of Bangladesh.
Its pleasure to disclose that, GIB has contributed significantly to the government’s effort of revenue
collection. As a complied corporate entity, GIB ends up paying corporation tax, VAT and excise duty on its
own side according to prevailing laws and deposits the same to the nation exchequer due diligently.
Besides, the bank deducts Income Tax, VAT and excise duty at source from its employees, customers,
suppliers & from all others applicable and deposits the same to the national exchequer. the Bank contributed
BDT 1,969.91 million to national exchequer in 2022 as compared to BDT 1,712.72 Million in 2021.

Excise Duty 93.77 71.29
Income Tax (Staff) 47.34 34.07
Corporate Tax 840.00 680.00
Tax Deducted at Source (TDS) 856.68 788.12
Value Added Tax (VAT) 132.12 139.24
Total 1,969.91 1712.72
50
ANNUAL
REPORT 2022
GRIEVANCE
REDRESS OF STAKEHOLDERS
Global Islami Bank (GIB) strongly believes in maintaining effective and interactive relationship with the
stakeholders. GIB is committed to serving stakeholder’s redressed proactively to handle all types complaints
in an effective and fair manner. GIB strongly believes in equitable treatment to every shareholder. We resolve
any shareholders’ complaint on a priority basis and have committed to serve the appropriate mechanism to
address the shareholders’ grievance within the time frame stipulated by the Bank.
RIGHTS OF SHAREHOLDERS AND EQUITABLE TREATMENT

Global Islami Bank (GIB) believes equitable treatment of every Shareholders and encourages participation
at its annual general meetings (AGMs). Prior to the meeting, the bank provides shareholders with information
on the date, time and venue, along with all agenda items and supporting data with regards to the issues to
be discussed. Notice of Annual General Meeting (AGM) and other documents are dispatched to
shareholders at least 21 days prior to the meeting. The notice is also published on the bank’s website for ease
of shareholder access, prior to dispatch of the paper copy of the notice and other documents.
Invitation to the AGM comprises shareholder information and guidelines relevant to the meeting, including
the voting procedure. In case shareholders cannot personally attend the meeting for any reason, they may
appoint a proxy through filling out the Proxy Form provided along with the other documents, or can even
download the same from the bank’s website, to appoint any person as proxy to attend and vote on their
behalf at the AGM.
The bank’s website URL from where shareholders and other interested stakeholders can download financial
Statements, corporate profile and other meeting information is: www.globalislamibankbd.com
Investors’ inquiries related to transfer of shares, changes of name and address and payment of dividend
should be sent to the following address:
Company Secretary
Board & Company Secretariat Division
Global Islami Bank PLC
Rashid Tower,
House-11, Road-18,
Dhaka-1212, Bangladesh
E-mail: secretariat @globalislamibankbd.com
Telephone: +88 09617176037
INVESTOR COMPLAINTS REDRESS MECHANISM

GIB has established a robust grievance redress mechanism through which investors can lodge their
grievances/ complaints:
• Through a designated e-mail ID: secretariat@globalislamibankbd.com
• Through a letter dispatched to our designated Address.
COMMUNICATION TO SHAREHOLDERS
All through the year we communicate with Shareholders within the taking after ways:
• By disclosing PSI via website of exchanges and also in Bank website: www. globalislamibankbd.com;
• By Publishing Price Sensitive Information (PSI) following regulators guidelines;
• By publishing Press Release about Bank’s important events in the newspapers;
• By issuing notices to the Shareholders for holding General Meeting;
• By sending the GIB Annual Reports every year to the members;
• By publication Financial Statements in the newspapers;
• By holding General Meetings of Shareholders;
• Electronic broadcasting and other media of communications with Shareholders.
As an effective shareholder/ investor outreach initiative, GIB continues to engage in regular communication
with shareholders through the issue of performance updates and other messages comprising material
matters as soon as they transpire.
ANNUAL
REPORT 2022 51
TAXATION
ON DIVIDEND INCOME
Stock dividend is tax exempted. In case of cash dividend, following is the current rate for deduction of tax at
source on dividend income as per current Finance Act:
• If the shareholder is a company, either resident or non-resident Bangladeshi, at the rate applicable to
the company i.e. 20%.
• If the shareholder is a resident or non-resident Bangladeshi person, other than company, at the rate of
10% where the person receiving such dividend furnishes his 12digit e-TIN to the payer or 15% if the person
receiving such dividend fails to furnish his/ her 12 digits e-TIN to the payer.
• If the shareholder is a non-resident (other than Bangladeshi) person, other than company, at the rate of
30%.
TAXATION
ARISING FROM CAPITAL GAIN
Capital gain arising from transfer or sale of government securities is tax exempted. Capital gain arising from
transfer or sale of securities of public companies listed with stock exchanges is taxable at the rate of 10%.
QUERIES RELATING TO
CORPORATE INFORMATION
Shareholders of Global Islami Bank (GIB) may contact/ communicate to the Company Secretary for any
issues related to the company. In addition to this, Queries relating to any corporate information and
published financial information may be directed to the Company Secretary of GiB in the following address:
PRIMARY CONTACT ESCALATION POINT
Md. Sazzadul Alam Niazi ACS Mohammed Maruf Al Hasnat FCS Md. Manjur Hossain
Senior Principal Officer FAVP and In-Charge Company Secretary
Board & Company Secretariat Share Department Global Islami Bank PLC
E-mail: secretariat@globalislamibankbd.com
Telephone: +88 09617176037
ACCESSIBILITY OF
GIB ANNUAL REPORT
GIB Annual Report and other information about GIB are available on bank’s website
(www.globalislamibankbd.com). The bank provides copies of GIB Annual Reports to the Bangladesh Bank
(BB), Bangladesh Securities and Exchange Commission (BSEC), Dhaka Stock Exchange Limited (DSE),
Chittagong Stock Exchange PLC (CSE) and Bangladesh Institute of Bank Management (BIBM) and other
applicable (if any) for their references.
52
ANNUAL
REPORT 2022
03 GIB CORPORATE
INFORMATION
“So be patient, Indeed, the promise of Allah is Truth.”
[Quran 30:60]
ANNUAL
REPORT 2022 53
GIB BOARD
OF
BOARD
DIRECTORS
OF DIRECTORS
Mr. Nizam Chowdhury Mrs. Maimuna Khanam

Chairman Vice Chairperson of the Board of Directors &
Board of Directors Chairperson of the Executive Committee
Mr. Arif Ahmed Mr. Hasan Iqbal

Director & Independent Director &
Chairman of the Risk Management Committee Chairman of the Audit Committee
Dr. Mohammed Faruque Mr. Shahidul Alam Ms. Shahana Ferdous

Director Director Director
54
ANNUAL
REPORT 2022
GIB BOARD
OF DIRECTORS
Mr. Mohammad Mostan Billah Adil Mr. Bourhanul Hasan Chowdhury Ms. Rokea Yesmin
Mr. Subrata Kumar Bhowmick FCA Mr. Wahidul Alam Seth Mr. Mohammed Oheidul Alam
Mr. Mohammad Shahjahan Meah Ms. Farzana Begum Mr. Hasan Mansur
Dr. Md. Nizamul Hoque Bhuiyan Mr. Ahmed Muktadir Arif Mr. Syed Habib Hasnat
Independent Director Independent Director Ex-Officio Director
ANNUAL
REPORT 2022 55
GIB BOARD OF
DIRECTORS PROFILE
Mr. Nizam Chowdhury

Chairman
Board of Directors
Mr. Nizam Chowdhury, being a Non-Resident Bangla-
deshi (NRB), was appointed as a Director of Global Islami
Bank on July 21, 2013 and then became the Chairman of
the Bank. He was re-elected as Director in the 9th Annual
General Meeting (AGM) of the Bank held on May 19,
2022. And also re-elected as the Chairman of the Bank in
the subsequent Board of Directors meeting.
Mr. Chowdhury has diversified experiences in overseas

Banking for about 03 (Three) decades. He worked at Wells
Fargo Bank and rose to Loan Consultant in the same
reputed bank. Then, he joined PMP International Compa-
ny as Assistant General Manager. He is the President of
Trade Balance USA Corporation INC., the Chairman of
Trade Balance Bangladesh Limited and the Director of
Kushiara Power Limited. He is a Senate Member of Univer-
sity of Dhaka and attended many trainings, seminars and
workshops at home and abroad. He completed his Grad-
uation and Post-Graduation from the University of Dhaka.
He was born on January 01, 1960
Mrs. Maimuna Khanam

Vice Chairperson of Board of Directors &
Chairperson of Executive Committee
Mrs. Maimuna Khanam, a Non-Resident Bangladeshi
(NRB), is the Director of Global Islami Bank. She is the
Vice-Chairperson of the Bank and also the Chairperson of
Executive Committee of the Board of Directors of the
Bank. She was appointed as Director of the Bank on July
21, 2013 and re-elected in the 7th Annual General
Meeting (AGM) of the Bank held on December 30, 2020.
She has engaged herself with different businesses,

socio-economic organizations and contributing for
upbringing the young women in the main stream of
economy. She is associated with Unitex Group, Aviva
Finance Limited, Northern Islami Insurance Limited,
Shahella Spinning Mills Limited, Omnibus Logistics Limited,
C&A Fabrics Limited, C&A Accessories Limited, Blythe
Limited, Global Synthetic Limited, Western Designers
Limited, Genesis Textiles Accessories & Apparels Limited
and Maimuna Trading etc. She hails from a very
respectable Muslim family of Chattogram. She widely
travelled many countries across the globe.
56
ANNUAL
REPORT 2022
GIB BOARD OF
DIRECTORS PROFILE
Mr. Arif Ahmed

Director &
Chairman of Risk Management Committee
Mr. Arif Ahmed is representing Hasan Abasan (Pvt.) Limited
in the Board of Directors of Global Islami Bank. He was first
appointed as a Director of the Bank in the 26th meeting of
the Board of Directors held on December 27, 2016 for
representing Shah Amanat Prakritik Gas Company Limited
and re-elected in the 5th Annual General Meeting (AGM)
of the Bank held on December 01, 2018. He has been
further appointed in the 54th meeting of the Board of Direc-
tors held on June 24, 2021 to represent Hasan Abasan (Pvt.)
Limited and he was re-elected as Director in the 9th Annual
General Meeting (AGM) of the Bank held on May 19, 2022.
He is the Chairman of Risk Management Committee and
also a member of Audit Committee of the Board of Direc-
tors of the Bank.
Mr. Ahmed has professional experiences for more than 20

years. He is the Proprietor of M/s. Arif Enterprise, Managing
Director of Sparrow Textiles Limited and Baraka Farm House
Limited. He completed the BBA from Independent Universi-
ty, Bangladesh (IUB) and M.Sc. in C.E.M. from Assumption
University, Thailand and A.P.-C.I.M. He was born on Octo-
ber 01, 1982.
Mr. Hasan Iqbal

Independent Director &
Chairman of Audit Committee
Mr. Hasan Iqbal is an Independent Director of Global Islami
Bank since December 27, 2022. He has been appointed as
an Independent Director in the 68th Board of Directors
meeting of the Bank held on December 27, 2022. He is the
Chairman of the Audit Committee of the Board of Directors
of the Bank. Mr. Hasan Iqbal is a very successful and veter-
an banker with 38 years of banking experience including
working in different multicultural organizations, such as
Janata Bank Limited, Sonali Bank Limited and Union Bank
Limited. In addition, he was Professor of Daffodil University
and Honorary faculty of Janata Bank Staff College and
Sonali Bank Staff College.
Mr. Hasan Iqbal started his career with Sonali Bank Limited
as Senior Officer in 1984 in Dhaka, Bangladesh. He has
travelled widely and attended numerous trainings,
seminars and workshops on different aspects of Banking
arena held in the country and abroad. He completed the
M.Sc in Chemistry with First Class from Jahangirnagar
university and also have an Executive MBA. He hails from a
very respectable Muslim family of Feni and was born on
June 30, 1957.
ANNUAL
REPORT 2022 57
GIB BOARD OF
DIRECTORS PROFILE
Dr. Mohammed Faruque being a Non-Resident Bangladeshi (NRB), was

appointed as a Director in the Board of Global Islami Bank on July 21,
2013 and re-elected in the 9th Annual General Meeting (AGM) of the
Bank held on May 19, 2022. He is one of the members of Executive
Committee and also the Risk Management Committee of the Board of
Directors of the Bank.
Mr. Faruque has professional experience for more than 38 years. He is

associated with Orchard Group, Bengal Telecom Company Limited,
Mecca Cola Limited and Royal Aviation Services Limited. He
completed MBA and also Ph.D. in Management from Edward University,
USA. Dr. Faruque completed his B.Com. from the University of Dhaka. He
was born on July 01, 1956.
Dr. Mohammed Faruque Being a successful business entrepreneur in the country, he has travelled
Director
many countries of the globe.
Mr. Shahidul Alam is representing Fatehabad Farm Limited in the Board

of Directors of Global Islami Bank. He was 1st appointed as a Director of
the Bank on June 30, 2020 for representing Norinco Engineering Limited
and further appointed in the 54th meeting of the Board of Directors held
on June 24, 2021 to represent Fatehabad Farm Limited and re-elected
in the 9th Annual General Meeting (AGM) of the Bank held on May 19,
2022. He was born in Chattogram in a highly respectable Muslim noble
family on February 01, 1956. Mechanical Engineering Mr. Alam is a man
with distinctive vision, dynamism, commitment and innovative ideas
have been engaged in business with good reputation in tourism, edible
oil, agriculture, steel manufacturing and merchandize. He is associated
with M/s. Tazin Enterprise and Sonali Traders as Proprietor, Galco Steel
(BD) Limited and Fatehabad Farm Limited as Director, Norinco
Engineering Limited and S. Alam Vegetable Oil Limited as Managing
Mr. Shahidul Alam Director etc.
Director As a business person, Mr. Alam is a widely travelled person across the
globe.
Ms. Shahana Ferdous is representing Portman Cements Limited in the

Board of Directors of Global Islami Bank. She was appointed as a
Director in the Board of the Bank on December 27, 2016 and has been
re-elected in the 8th Annual General Meeting (AGM) of the Bank held on
July 29, 2021. She is also a member of the Executive Committee of the
Board of Directors of the Bank.
Ms. Ferdous is engaged in different businesses since 1989. She is the
Proprietor of M/s. Shahnaj Trading. She is also a Director of S. Alam Edible
Oil Limited and the Managing Director of Galco Steel (BD) Limited. Ms.
Ferdous completed the Bachelor of Science (B.Sc.). She was born on
May 01, 1976.
Being a successful business entrepreneur in the country, she has
travelled many countries of the globe.
Ms. Shahana Ferdous
Director
58
ANNUAL
REPORT 2022
GIB BOARD OF
DIRECTORS PROFILE
Mr. Md. Mostan Billah Adil is representing Wesco Limited in the Board of
Directors of Global Islami Bank. He was first appointed as a Director of
the Bank on December 27, 2016 for representing Fatehabad Farm
Limited. He has been further appointed in the 54th meeting of the Board
of Directors held on June 24, 2021 to represent Wesco Limited and
re-elected in the 9th Annual General Meeting (AGM) of the Bank held on
May 19, 2022. He is also a member of the Executive Committee of the
Board of Directors of the Bank.
Mr. Adil has engaged himself in business since 2001. He is the Proprietor
of M/s. Mostan Billah Adil, Managing Director of Sparrow Spinning
Limited, Platinum Endeavors Limited, Evergreen Shipping Limited and
Director of Infinia Spinning Mills Limited.
Being a successful business entrepreneur in the country, he has travelled
Mr. Md. Mostan Billah Adil
Director many countries of the globe. He was born on December 15, 1987 in
Chattogram. He completed the Bachelor of Business Administration (BBA).
Mr. Bourhanul Hasan Chowdhury was appointed as one of the Directors

of the Bank on July 27, 2017 and has been re-elected in the 8th Annual
General Meeting (AGM) of the Bank held on July 29, 2021. He is
representing Modern Properties Limited in the Board of Directors of the
Bank. He is a member of the Risk Management Committee of the Board
of Directors of the Bank.
Mr. Chowdhury is involved with different concerns like Idea Infinity,

Greenvest Properties Limited, Bijoy TV Limited, Café Milano, Milano
Express, Little Asia, Black Hawk Security Service, Green Harvest Agro and
also Premier University. He completed the B.A. (Hons) in Business
Administration & Marketing from University of Greenwich, UK and
Executive M.B.A. from Independent University Bangladesh (IUB). He was
born on January 27, 1988.
Mr. Bourhanul Hassan
Chowdhury
Director
Ms. Rokea Yesmin is representing Prasad Paradise Resorts Limited in the

Board of Directors of Global Islami Bank. She was appointed as a
Director of the Bank on February 15, 2018 and has been re-elected in
the 7th Annual General Meeting (AGM) of the Bank held on December
30, 2020.
Ms. Yesmin is engaged with different entities. She is the Proprietor of

Chittagong Export. She is the Chairperson of Moon Express (Private)
Limited and Vice Chairperson of JMC Shipping Lines (Pvt.) Limited. Ms.
Yesmin is also the Director of JMC Builders (Private) Limited and Mostafa
Salt Industries (Private) Limited. She is a successful woman entrepreneur
in the country. She was born on March 13, 1970 in Chattogram.
Being a successful business entrepreneur in the country, she has

Ms. Rokea Yesmin travelled many countries of the globe.
Director
ANNUAL
REPORT 2022 59
GIB BOARD OF
DIRECTORS PROFILE
Mr. Subrata Kumar Bhowmick FCA is representing Karnaphuli Prakritik

Gas Limited in the Board of Directors of Global Islami Bank. He was
appointed as a Director in the Board of the Bank on June 06, 2018 and
has been re-elected in the 7th Annual General Meeting (AGM) of the
Bank held on December 30, 2020. He is a member of the Audit
Committee of the Board of Directors of the Bank.
Mr. Bhowmick has become a Fellow member of Institute of Chartered

Accountant of Bangladesh (ICAB) after completing his
Post-Graduation. He is holding in key positions of Finance and Accounts
with multidisciplinary business organization. Mr. Bhowmick has roamed
many countries in the world and attended in various national and
international seminars. He was born on May 21, 1971.
Mr. Subrata Kumar
Bhowmick FCA
Director
Mr. Wahidul Alam Seth a well-known businessman is representing Global

Trading Corporation Limited in the Board of Directors of Global Islami
Bank. He was appointed as a Director of the Bank on July 18, 2019 and
has been re-elected in the 8th Annual General Meeting (AGM) of the
Bank held on July 29, 2021. He is a member of the Executive Committee
of the Board of Directors of the Bank.
Mr. Seth was born on January 07, 1970 and belongs to a respectable
Muslim family in Chattogram. He completed Graduation in Commerce
background. He possesses a good morale and pleasant personality. He
is associated with INTRA, Global City HVAC, Staple Food and Excel
Dyeing & Printing Limited. Mr. Seth has visited many countries in the
world for business purposes. He has attended various seminars and
symposium in the country and abroad.
Mr. Wahidul Alam Seth
Director
Mr. Mohammed Oheidul Alam was appointed as a Director on October

19, 2017 representing Bangladesh Petro Chemicals Limited in the Board
of Directors of the Bank and re-appointed in the 47th Board of Directors
Meeting held on March 01, 2020.
Mr. Alam is a renowned businessman and also a Non-Resident

Bangladeshi (NRB). He is involved with different concerns like Taysir
Trade, C&A Real Estate Limited, Land Mark Hotel & Restaurant, Orchid
Business Hotel and Blue Touch. He was born on March 03, 1969.
Being a successful business entrepreneur in the country, he has travelled

many countries of the globe.
Mr. Mohammed Oheidul

Alam
Director
60
ANNUAL
REPORT 2022
GIB BOARD OF
DIRECTORS PROFILE
Mr. Mohammad Shahjahan Meah being a Non-Resident Bangladeshi

(NRB), was elected as a Director of the Bank in the 7th Annual General
Meeting (AGM) held on December 30, 2020. He is also a member of
Audit Committee of the Board of the Directors of the Bank.
Mr. Meah is the General Manager of Rashad Establishment in Sultanate

of Oman. He is also involved with different concerns like Rashad
Industries (Pvt) Limited, H.N. Automobiles Limited and Muscat Holiday
Resort Limited. He is associated with various social and philanthropic
activities. Mr. Meah is also a widely travelled person across the globe
and visited many countries of the world. He was born on September 08,
1956 in a respectable Muslim family in Chattogram.
Mr. Mohammad
Shahjahan Meah
Director
Ms. Farzana Begum is representing Shah Amanat Prakritik Gas Company

Limited in the Board of Directors of Global Islami Bank. She has been
appointed as a Director of the Bank in its 54th meeting of the Board of
Directors held on June 24, 2021.
Ms. Begum is engaged with different entities. She is the Proprietor of M/s.
Farzana Trading Enterprise. She is the Managing Director of Shah
Amanat Prakritik Gas Company Limited and Lion Securities &
Investments Limited. She is also the Director of Global Trading
Corporation Limited, Infinity C.R. Strips Industries Limited and Kingston
Flower Mills Limited. Being a successful woman entrepreneur in the
country, she is a widely travelled person. She was born on October 15,
1980 in Chattogram. She completed the Bachelor of Arts.
Ms. Farzana Begum
Director
Mr. Hasan Mansur is representing Unitex Tyre Limited in the Board of

Directors of Global Islami Bank. He was appointed as a Director of the
Bank on June 06, 2018 for representing Unitex Cement Limited and
retired from the directorship in the 8th Annual General Meeting (AGM)
held on July 29, 2021. Thereafter, he has been appointed as a
nominated Director by Unitex Tyre Limited in the subsequent 55th Board
of Directors Meeting held on July 29, 2021. He is also a member of the
Risk Management Committee of the Board of Directors of the Bank. Prior
to engagement with different business entities, he served as an
emerging banker in Canadian Imperial Bank of Commerce (CIBC)
where he held important key positions. He completed the executive MBA.
A Non-Resident Bangladeshi (NRB) and an astute entrepreneur, Mr.

Mansur prides himself for the establishment of Real Estate business
Mr. Hasan Mansur named Padma Canada in Ontario, Canada. Now, he is the Director of
Director Padma Canada. He was born on November 28, 1978 in a respectable
Muslim family in Chattogram.
ANNUAL
REPORT 2022 61
GIB BOARD OF
DIRECTORS PROFILE
Dr. Md. Nizamul Hoque Bhuiyan is an Independent Director of the Board

of the Bank since December 01, 2018. He is a prominent academician,
leader and Nutrition Science expert of Bangladesh. Dr. Bhuiyan is a
Professor in Institute of Nutrition and Food Science in the University of
Dhaka. He is a member of the Audit Committee of the Board of
Directors of the Bank.
Apart from his teaching and research activities, Prof. Bhuiyan also
successfully served in many administrative positions. He has enriched his
experience attending different workshops and seminars arranged by
national and international organizations at home and aboard. He is a
widely travelled person and led a number of Team/Group. Dr. Bhuiyan
is an internationally recognized person in the Nutrition and Food
Science sector having more than 31 years of experiences.
Though Prof. Bhuiyan is an academician in the field of Nutrition and
Dr. Md. Nizamul Hoque Food Science, he loves sports and had been a good organizer of
Bhuiyan sporting activities. He was born in a respectable Muslim family in
Independent Director
Noakhali on January 01, 1962.
Mr. Ahmed Muktadir Arif has been appointed as an Independent

Director of the Bank in the 53rd meeting held on May 4, 2021. He is the
retired Brigadier General of Bangladesh Army. He held prominent top
level Executive position in different capacities with the Government and
Private organizations.
Apart from his long successful career, Mr. Arif was the Director (Audit &
Compliance) of Shun Shing Group International Limited, Senior
Executive Director & Chief HR Officer of East West Media Group Limited,
Executive Director & Head of HR of Bashundhra Group, Director
(Operations) of Reedisha Knit Composite Industries Limited, Deputy
Chief of UNGCI in North Iraq, Managing Director of Senakalyan
Shangstha under Defense Ministry and Ex-officio Managing Director of
Hotel Radisson Water Garden, Dhaka. He is a widely travelled and an
internationally recognized person having more than 45 years of
experiences.
Mr. Ahmed Muktadir Arif Mr. Muktadir was born in a respectable Muslim family in Chuadanga on
Independent Director
December 16, 1955. He completed the Bachelor of Arts from University
of Dhaka and did MBA in HRM.
Mr. Syed Habib Hasnat joined the Global Islami Bank as the Managing
Director on August 01, 2018. Prior to that, he was the Additional
Managing Director of First Security Islami Bank.
Mr. Hasnat started his career as Probationary Officer in United
Commercial Bank in 1986. Over the last 37 years in banking, his career
evolved as a well-rounded banker with adequate exposure in General
Management, Client Coverage, Corporate Banking, Risk Management,
Credit Administration, ICC Operation, Foreign Exchange Operation and
HR Management etc. He played various vital managerial roles in United
Commercial Bank, Southeast Bank and First Security Islami Bank. He
completed the Post-graduation and also completed different
specialized courses in Banking.
Mr. Hasnat has travelled widely and attended numerous trainings,
Mr. Syed Habib Hasnat seminars and workshops on different aspects of Banking arena held in
Director
Managing Director the country and abroad. He is associated with a number of
associations, clubs and communities in the country.
62
ANNUAL
REPORT 2022
GIB COMMITTEES OF
THE BOARD OF DIRECTORS
EXECUTIVE COMMITTEE
Name Status
Mrs. Maimuna Khanam Chairperson
Dr. Mohammed Faruque Member
Mr. Mohammad Mostan Billah Adil Member
Ms. Shahana Ferdous Member
Mr. Wahidul Alam Seth Member
AUDIT COMMITTEE
Name Status
Mr. Hasan Iqbal Chairman
Mr. Arif Ahmed Member
Mr. Subrata Kumar Bhowmick FCA Member
Mr. Mohammad Shahjahan Meah Member
Dr. Md. Nizamul Hoque Bhuiyan Member
RISK MANAGEMENT COMMITTEE
Name Status
Mr. Arif Ahmed Chairman
Dr. Mohammed Faruque Member
Mr. Bourhanul Hasan Chowdhury Member
Mr. Hasan Mansur Member
NOMINATION & REMUNERATION COMMITTEE

The formation of “Nomination & Remuneration Committee” has been barred by Bangladesh Bank vide its
letter under reference no. BRPD (R-1-717/2021-5064), dated: June 16, 2021.
GIB SHARI’AH SUPERVISORY

COMMITTEE
We, at GIB, always consider the Shari’ah compliance as the most significant and strategic priority in our
Banking and Services. Our products & services are designed in conformity with the principles of Islami
Shari’ah. We have constituted “GIB Shari’ah Supervisory Committee” consisting of qualified Faqihs (experts
on Islami jurisprudence), Islami Scholars and professionals to ensure Shari’ah compliance in each and every
aspect of our Islami Banking operations. GIB Shari’ah Supervisory Committee consists of the following
members:
Name Status
Professor Dr. Mohammad Giasuddin Talukder Chairman
Mufti Sayed Ahmed Vice Chairman
Mufti Shahed Rahmani Member
Mufti Mawlana Muhibbullahil Baquee Member
Professor Md. Muzahidul Islam Chowdhury Member
Mawlana Shah Waliullah Member
Professor Dr. Mohammad Abdus Samad Member Secretary
ANNUAL
REPORT 2022 63
GIB CORPORATE
ORGANOGRAM
At Global Islami Bank, we possess a streamlined organogram, or organizational structure, with clear line of
reporting. This framework enables rapid communication and direct engagement across the various levels of
the bank, thereby supporting quick and quality decision-making. This represents a core competitive
advantage in a rapidly changing business environment.
BOARD OF
DIRECTORS
Shari’ah Supervisory
Committee
Executive Risk Management

Audit Committee
Committee Committee
Board & Company

Secretariat Division
Managing Director
& CEO
Shari'ah Secretariat Share Department
MD’s Secretariat Regulatory Protocol
Shari'ah Audit (Audit & Inspection Unit)

IA&C Division
(Compliance & Monitoring Unit)

IA&C Division
Management team
- Finance and Accounts Division - Human Resources Division - Investment Division

- Treasury Division - Agent Banking Division - Branch Operations Division
- Investment Administration Division - R&D Division - Central Clearing Department
- Retail Banking Division - Information Technology Division - Communication & Branding Division
- CMSME Division - MIS Division - Marketing & Development Division
- Agricultural Investment Division - General Services Division - Legal Department
- Sustainable Finance Unit - Training Institute, Dhaka - AML Division
- ADC & Cards Division - Regional Training Institute, Chattogram - International Division
- Risk Management Division - Central Trade Service Unit - Contact Centre
- Special Assets Management Department - Uposhakha Contolling Unit
64
ANNUAL
REPORT 2022
GIB MANAGEMENT
COMMITTEE (MANCOM)
3 6 4
8 2 10
9 7 1
5
11 12
1 2 3
Mr. Syed Habib Hasnat Mr. Md. Golam Sarwar Mr. Kazi Mashiur Rahman Jayhad
Managing Director Additional Managing Director Additional Managing Director
Chairman of the MANCOM Member Member
4 5 6
Mr. Ataus Samad Mr. Sami Karim Mr. Zulfiquar Ali Khan
DMD & Head of Gulshan Corporate Branch Deputy Managing Director EVP & Head of GSD
Member Member Member
7 8 9
Mr. Deen Mohammad Khan Mr. S. M. Mizanur Rahman Mr. Gazi Mahmud Hassan
EVP & Head of Treasury Division EVP & Head of Investment Division SVP & Head of International Division
Member Member Member
10 11 12
Mr. Osman Gani Mollah Mr. Md. Manjur Hossain Mr. Mohammad Kamruzzaman FCA
VP & Head of HRD SAVP & Company Secretary SAVP & Chief Financial Officer (CC)
Member Member Secretary Member
ANNUAL
REPORT 2022 65
GIB COMMITTEES OF
THE MANAGEMENT
ASSET LIABILITY COMMITTEE (ALCO)
Sl. Executives/Officials Designation Status

01 Mr. Syed Habib Hasnat MD Chairman
02 Mr. Md. Golam Sarwar AMD Member
03 Mr. Kazi Mashiur Rahman Jayhad AMD Member
04 Mr. Ataus Samad DMD Member
05 Mr. Sami Karim DMD Member
06 Mr. Deen Mohammad Khan EVP Member Secretary
07 Mr. S. M. Mizanur Rahman EVP Member
08 Mr. Gazi Mahmud Hassan SVP Member
09 Mr. Debashish Dasgupta VP Member
10 Mr. Mohammad Kamruzzaman FCA SAVP Member
11 Mr. Mohammad Shahidullah AVP Member
12 Mr. S. M. Mahafuzur Rahman AVP Member
13 Mr. Md. Yaqub Hossain AVP Member
14 Mr. S.M. Tareq SPO Member
MANAGEMENT INVESTMENT COMMITTEE (MIC)

01 Mr. Md. Golam Sarwar AMD Chairman
04 Mr. Sami Karim DMD Member
05 Mr. S.M. Mizanur Rahman EVP Member Secretary
06 Mr. Deen Mohammad Khan EVP Member
08 Mr. A.N.M. Ahsan Habib VP Member
RISK MANAGEMENT COMMITTEE (RMC)

01 Mr. Md. Golam Sarwar AMD & CRO Chairman
04 Mr. S. M. Mizanur Rahman EVP Member
07 Mr. Ali Akbar Quoreshi SAVP Member
09 Mr. Mohammad Shahidullah AVP Member Secretary
10 Mr. Mohammad Yaqub Hossain AVP Member
66
ANNUAL
REPORT 2022
GIB COMMITTEES OF
THE MANAGEMENT
SUSTAINABLE FINANCE COMMITTEE (SFC)

01 Mr. Sami Karim DMD Chairman
02 Mr. Zulfiquar Ali Khan EVP Member
03 Mr. S M Mizanur Rahman EVP Member Secretary
05 Mr. Md. Osman Gani Mollah VP Member
06 Mr. Imtiaz Ahmed Siddiqui VP Member
07 Mr. A.N.M. Ahsan Habib VP Member
09 Mr. Mohammad Kamruzzaman SAVP & CFO (CC) Member
10 Mr. Ali Akbar Quoreshi SAVP Member
12 Mr. S. M. Mahafuzur Rahman AVP Member
13 Md. Yaqub Hossain AVP Member
NATIONAL INTEGRITY COMMITTEE (NIC)

01 Mr. Md. Golam Sarwar AMD Chairman
03 Mr. Sami Karim DMD Focal Point
05 Mr. Zulfiquar Ali Khan EVP Member
07 Mr. S.M. Mizanur Rahman EVP Member
10 Mr. Md. Manjur Hossain SAVP Member
12 Mr. Md. Safiqul Islam FAVP Member
CENTRAL COMPLIANCE COMMITTEE (CCC)

01 Mr. Sami Karim DMD & CAMLCO Chairman
02 Mr. S.M. Mizanur Rahaman EVP Member
04 Mr. Md. Abdur Rahim VP & Deputy CAMLCO Member Secretary
06 Mr. A.N.M Ahsan Habib VP Member
10 Mr. S. M. Mahfuzur Rahman AVP Member
ANNUAL
REPORT 2022 67
GIB HEADS/ IN-CHARGES AT
THE CORPORATE HEAD OFFICE
Functional
Sl. Name and Designation Assigned Division/ Department/ Unit
Position
01 Mr. Zulfiquar Ali Khan Head General Services Division
Executive Vice President
02 Mr. Deen Mohammad Khan Head Treasury Division
Executive Vice President
Investment Division
CMSME Division
03 Mr. S.M. Mizanur Rahman Head Retail Banking Division
Executive Vice President Agricultural Investment Division
Research & Development Division
Sustainable Finance Unit
04 Mr. Gazi Mahmud Hassan Head International Division
Senior Vice President
05 Mr. Md. Osman Gani Mollah Head Human Resources Division
Vice President
06 Mr. Imtiaz Ahmed Siddiqui Head Marketing & Development Division
Vice President
07 Mr. Mohammad Nasir Uddin Zonal Head Zonal Office, Chattogram and
Vice President & In-Charge Regional Training Institute, Chattogram
08 Mr. Md. Abdur Rahim Head Anti-Money Laundering Division
Vice President
09 Mr. A. N. M. Ahsan Habib Head ADC & Cards Division
Vice President
10 Mr. Debashish Dasgupta CITO Information Technology Division
Vice President
11 Mr. Ali Akbar Quoreshi Head Internal Control & Compliance Division
Senior Assistant Vice President
12 Mr. Md. Manjur Hossain Company Board & Company Secretariat Division
Senior Assistant Vice President Secretary
13 Mr. Mohammad Kamruzzaman FCA CFO (CC) Finance & Accounts Division
14 Mr. A.K.M Nurul Afsar Head Agent Banking Division
15 Mr. Mohammad Shahidullah Head Risk Management Division
Assistant Vice President
16 Mr. S. M. Mahafuzur Rahman In-Charge Branch Operation Division
Assistant Vice President
17 Mr. Yaqub Hossain In-Charge Investment Administration Division
Assistant Vice President Special Asset Management Department
Legal Department
18 Mr. Md. Safiqul Islam In-Charge Communication & Branding Division
First Assistant Vice President
19 Mr. Sk. Shaffat Ali In-Charge Central Clearing Department
First Assistant Vice President
20 Mr. Md. Humayun Kabir Principal GIB Training Institute
Faculty Member
68
ANNUAL
REPORT 2022
GIB
SENIOR EXECUTIVES [In Alphabetical Order]
Executive Vice Presidents
• Mr. Deen Mohammad Khan

• Mr. S.M. Mizanur Rahman
• Mr. Ekram Elahi
• Mr. Zulfiquar Ali Khan
• Mr. Md. Shamsur Rahman Majumder
Senior Vice Presidents
• Mr. Gazi Mahmud Hassan
Vice Presidents
• Mr. Ahmed Shoeb • Mr. Md. Faizur Rahman Mazumder

• Mr. A.N.M. Ahsan Habib • Mr. Md. Monower Hossain
• Mr. Debashish Dasgupta • Mr. Md. Osman Gani Mollah
• Mr. Imtiaz Ahmed Siddiqui • Mr. Mohammad Nasir Uddin
• Mr. Kazi Anwarul Azam • Mr. Murad Mahmud
• Mr. Md. Abdur Rahim • Ms. Shamsun Nahar
Senior Assistant Vice Presidents
• Mr. Ali Akbar Quoreshi • Mr. Md. Noor-A-Alam Siddique

• Mr. A. K. Ariful Haque • Mr. Md. Shamsul Alam
• Mr. A. K. M. Nurul Afsar • Mr. Md. Zillur Rahman
• Mr. A. K. M. Zafor Ulla • Mr. Mohammed Akther Hossain
• Mr. A M Monsurul Hoque • Mr. Mohammad Ansarul Karim Shahed
• Mr. A.N.M. Monjurul Hoque Chowdhury • Mr. Mohammad Kamruzzaman FCA
• Mr. Ariful Hassan Khan • Mr. Mohammad Shahnour Alam
• Mr. Bisawjit Bhattacharjee • Mr. Mohammad Zahid Hasan
• Mr. Md. Billal Hossain • Mr. Mokterul Islam
• Mr. Md. Fakhrul Islam • Ms. Sharmin Khan
• Mr. Md. Fazlur Rahman • Mr. Syed Asad Mahmood
• Mr. Md. Mahbubur Rahman Lasker • Mr. Syed Muhammad Sharfuddin
• Mr. Md. Manjur Hossain
ANNUAL
REPORT 2022 69
GIB
HEAD OF BRANCHES
Sl. Head of Branch Designation Name of Branch
1 Mr. Ataus Samad DMD Gulshan Corporate Branch

2 Mr. Md. Shamsur Rahman Majumder EVP Motijheel Branch
3 Mr. Ekram Elahi EVP Banani Branch
4 Mr. Mohammad Nasir Uddin Vice President Agrabad Corporate Branch
5 Mr. Md. Faizur Rahman Mazumder Vice President Chawkbazar Branch, Dhaka
6 Ms. Shamsun Nahar Vice President Panthapath Mahila Branch
7 Mr. Ahmed Shoeb Vice President Mohammadpur Chowrasta Branch
8 Mr. Md. Monower Hossain Vice President Mohakhali Branch
9 Mr. Kazi Anwarul Azam Vice President Dhanmondi Branch
10 Mr. Md. Shamsul Alam SAVP Alangkar Mor Branch
11 Mr. Mokterul Islam SAVP Khatungonj Branch
12 Mr. A.N.M. Monjurul Hoque Chowdhury SAVP Bashabo Branch
13 Mr. Md. Zillur Rahman SAVP Mirpur Branch
14 Mr. Syed Asad Mahmood SAVP Jubilee Road Branch
15 Mr. A.K.M Zafor Ulla SAVP Nawabpur Road Branch
16 Mr. Md. Noor-A-Alam Siddique SAVP Nasirabad Branch
17 Mr. Md. Fazlur Rahman SAVP Hemayetpur Branch
18 Mr. Mohammed Akther Hossain SAVP Mehedibagh Branch
19 Mr. Md. Mahbubur Rahman Lasker SAVP Sylhet Branch
20 Mr. Md. Billal Hossain SAVP Naya Paltan Branch
21 Mr. Mohammad Ansarul Karim Shahed SAVP Sheikh Mujib Road Branch
22 Mr. Mohammad Shahnour Alam SAVP Cumilla Branch
23 Mr. Mohammad Zahid Hasan SAVP Nawab Siraj-Ud-Doula Road Branch
24 Mr. Syed Muhammad Sharfuddin SAVP Barishal Branch
25 Mr. Mohammad Abul Bashar Bhuiyan AVP Narayanganj Branch
26 Mr. Mohammad Jahangir Alam AVP Patiya Branch
27 Mr. Md. Mohiuddin Chowdhury AVP Barabkunda Branch
28 Mr. Mujtaba Zaman AVP Mawna Branch
29 Mr. Sheif Uddin Ahmed Chowdhury AVP Dakshin Keraniganj Branch
30 Mr. Mohammad Sayek Ahammad AVP Pragati Sarani Branch

Chowdhury
31 Mr. G.M. Shahadat Hossain AVP Gazipura Branch

32 Mr. Md. Zulhash Uddin AVP Shindurpur Branch
33 Mr. Fazlul Kabir Chowdhury AVP Ulokhola Branch
70
ANNUAL
REPORT 2022
GIB
HEAD OF BRANCHES

34 Mr. Sk. Rasel Uddin AVP Aturar Depot Branch
35 Mr. Hasan Shahrior AVP Tongi Bazar Branch
36 Mr. Md. Nazrul Islam AVP Kapasia Branch
37 Mr. Md. Kamal Hossain AVP Jashore Branch
38 Mr. Mohammad Abdul Hannan AVP Shyamoli Branch
39 Mr. Ashraf Ali Munir AVP Khulna Branch
40 Mr. Mohammad Mubinul Haque Khan AVP Chawkbazar Branch, Chattogram
41 Mr. Mohd. Enamul Hoque AVP Cox's Bazar Branch
42 Mr. Md. Zohurul Islam AVP Mundumala Bazar Branch
43 Mr. Mohammed Nurul Absar AVP Link Road Branch
44 Mr. Md. Niazul Islam AVP Narail Branch
45 Mr. M. M. Salim Ahmed AVP Faridpur Branch
46 Mr. A.B.M. Zabed Sultan FAVP Chandina Branch
47 Mr. A.K.M. Azamgir Chowdhury FAVP Anowara Branch
48 Mr. Md. Hasan Ali FAVP Mawa Branch
49 Mr. Kazi Rafiqul Islam FAVP Badher Hat Branch
50 Mr. Md. Tayub FAVP Al-Amin Bazar Branch
51 Mr. Sefaitul Aman FAVP Chakaria Branch
52 Mr. Mohammad Oli Ullah FAVP Rowshan Hat Branch
53 Mr. Mohammad Kamrul Islam Mazumder FAVP Kalatia Branch
54 Mr. Shahriar Bahasty FAVP Ashulia Branch
55 Mr. Kowshar Ahammed Chowdhury FAVP Kashipur Bazar Branch
56 Mr. Syed Nomanur Reza FAVP Madhabdi Branch
57 Mr. Mohammed Maruf Al Hasnat FAVP Feni Branch
58 Mr. Sadequr Rahman Khan FAVP Joyna Bazar Branch
59 Mr. Washim Uddin FAVP Fatikchari Branch
60 Mr. Md. Jahedul Hashan FAVP Rajshahi Branch
61 Mr. K. R. U. M. Shamsul Arefin FAVP Boalkhali Chowdhury Hat Branch
62 Mr. Mobarock Ali FAVP Sharafbhata Branch
63 Mr. Ismail Hossain Khan FAVP Pacchor Branch
64 Mr. Md. Sakhawat Hossain FAVP Kushtia Branch
65 Mr. Md. Firoz Murad Hossain FAVP Uttara Branch
66 Mr. Md. Mijanur Rahman FAVP Rangpur Branch
67 Mr. Chowdhury Adnan Khalid FAVP Dinajpur Branch
ANNUAL
REPORT 2022 71
GIB
HEAD OF BRANCHES
68 Mr. Mohammad Monsur Ali Chowdhury FAVP Khulshi Branch

69 Mr. Md. Rafiqul Islam Milon SPO Beldi Bazar Branch
70 Mr. Mohammad Saiful Hasan SPO Nandiapara Bazar Branch
71 Mr. Mohammad Ruhul Amin SPO Dakbangla Bazar Branch
72 Mr. Md. Al-Amin Sarkar SPO Bogura Branch
73 Mr. Ali Arshed SPO Ishapur Branch
74 Mr. Md. Shahidul Amin SPO Kaliachapra Branch
75 Mr. Md. Hassan Shaikh SPO Khukni Branch
76 Mr. Rewaz Mahmud SPO Patherhat Branch
77 Mr. S.M. Abdul Munem SPO Jagatpur Branch
78 Mr. Mohammad Jahangir Alam SPO Tebunia Bazar Branch
79 Mr. Shaheen Moklasur Rahman SPO Satkhira Branch
80 Mr. Md. Wahedul Bari SPO Chapai Nawabganj Branch
81 Mr. Mohammad Khurshed Alam Chakder SPO Dhobaura Branch
82 Mr. Md. Masiur Rahman SPO Rajoir Branch
83 Mr. Mohammad Harun-Or-Rashid SPO Chambol Branch
84 Mr. Sk. Md. Jamir Uddin SPO Pekua Branch
85 Mr. Mohammad Shalim Morshed SPO Lama Branch
86 Mr. Shah Tareq Sknder SPO Mymensingh Branch
87 Mr. S.M. Mashekur Rahman SPO Natun Bazar Branch
88 Mr. Fazlul Hoque Chowdhury SPO Keranihat Branch
89 Mr. S. M. Humayun Kabir SPO Jhenaidah Branch
90 Mr. Md. Abdul Hamid SPO Rangunia Shantirhat Branch
91 Mr. Md. Ahmedur Rahman Principal Officer Dohazari Branch
92 Mr. Md. Zamir Uddin Principal Officer Tarash Branch
93 Mr. Md. Moin Uddin Principal Officer Panchgachia Bazar Branch
94 Mr. Hasan Mohammad Sujan Principal Officer Adhunagar Branch
95 Mr. Md. Salah Uddin Principal Officer Moricha Bazar Branch
96 Mr. Mohammed Ramij Uddin Ahmed Principal Officer Dollai Nawabpur Branch
97 Mr. Md. Masheur Rahaman Principal Officer Baraigram Branch
98 Mr. Md. Habib Sharif Ullah Principal Officer Gunabati Branch
(Cash)
99 Mr. Muhammad Shamsuddin Senior Officer Narayan Hat Branch
72
ANNUAL
REPORT 2022
GIB MEDIA ACCOLADE
OF THE MANAGING DIRECTOR
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ANNUAL
REPORT 2022 73
FROM THE DESK OF
THE CHAIRMAN
74
ANNUAL
REPORT 2022
“Bismillahir Rahmanir Rahim”
Dear Honorable Shareholders and other Stakeholders,
Extending a very warm welcome, at the very outset I greet to every

single one of you to the 10th Annual General Meeting of Global
Islami Bank. I am majestically delighted in placing before you the
GIB Annual Report of your bank for the fiscal year ended Decem-
ber 31, 2022 and it makes me feel amused to put my thoughts
before you. In sharp contrast to an upbeat global uncertain
environment full of delayed economic recovery deficiencies, the
year 2022 had been a fantastically one of challenging obstacles to
go through which GIB faced tremendously with all profound
succeeding factors to achieve significant progress and advance-
ment while demonstrating resilience and strength. Since the last 9
years of operation from the very starting of its business, GIB has
been the ground breaker among the 4th generation’s banking
companies proving prosperous legacy of providing top-notch
services to the society all over the Country being highly committed
to its mission, vision and goals.
As a just nine (9) years old 4th generation based private bank, we
are thrilled to enter the capital market of Bangladesh in 2022. I
proudly consider it as our great achievement as GIB’s IPO which is
Tk. 425 Crore, is the second largest IPO in the Banking sector. Thanks
to BSEC for allowing so and having confidence on us. GIB promises
dignifiedly to maintain a healthy balance between risk and returns.
I highly acknowledge the commendable efforts of our diligent

workforce which enabled our consistent progressive performance
excellence even on the verge of a future full of uncertainties.
Regardless of the uncertainties, the Bank has remained committed
to strengthening business resilience across all performing spheres.
On behalf of the Board, I express my sincere appreciation and
gratefulness to all the members of the Board, the Management
team, our amazing staff community and all of our well-wishers as
each of your noteworthy contribution is everything that are making
GIB more and more prosperous day by day.
ANNUAL
REPORT 2022 75
OUR MONETARY GROWTH AMID EVOLVING ECONOMIC SURROUNDINGS
It is heartening to note that in today’s world inflation is peaking in high rate. Inflation, which was already on
a sharp climb towards the end of 2022, seems expected to grow further as the fallout from the invasion of
Ukraine, has a direct influence on pricing, particularly for oil and commodities. Over the past year, the ongo-
ing pandemic has continued to exact an enormous health and socioeconomic toll, affecting lives and
livelihoods everywhere. In the midst of the just beginning recovery, the world is facing a second, unprece-
dented shock: Russia’s invasion of Ukraine. According to IMF estimates, the world GDP in 2022 stands to be
101.56 trillion dollars. IMF also states, global growth in 2022 was 3.4%, which is expected to fall to 2.9% in 2023
and then increase to 3.1% in 2024. Bangladesh's economic prognosis for the year 2023 is indicated by the
World Bank in its most recent Global Economic Prospects report, where the findings suggest that the country's
GDP growth rate would decrease to 5.2% in FY23.
In the middle of this situation GIB continues to explore diversified signifying strategies and policy interventions
needed to accelerate the financial development phase of the Bank. Our financial results for the year speak
for their own. During 2022 GIB grew at 27% as compared to the last year in terms of its operating profit. We
have achieved record profits, increased our assets, and expanded our customer ground. Our investment
portfolio has grown significantly. In addition to our financial performance, we have also made significant
progress in the areas of corporate social responsibility and sustainability. We have implemented policies and
practices to reduce our environmental footprint, support local communities, and promote diversity and
inclusion.
For the year 2022, we outlined our strategy which called for using all of the resources at our disposal to investi-
gate undiscovered market potential strength and resources. The bank focused on strengthening client
connections by providing exceptional services during challenging times, making banking more available
and inclusive to those in the community. Furthermore, we improved our staff's knowledge and competence
in basic banking procedures in order to better prepare them. Training sessions for all staff levels were held on
a variety of subjects, with a focus on compliance, anti-money laundering, and ethical standards.
OUR FINANCIAL PERFORMANCE
In 2022 GIB implemented strict policies regarding non-performing assets in order to maintain asset quality and
shareholder value. Our financial performance excelled over the previous year. The Bank's deposits totaled
BDT 118,809.22 Million at the end of the year. With all of the inherent challenges, the Bank could create invest-
ment plans totaling BDT 118,680.54 MIllion. Notably, our bank has established a large number of branches,
sub-branches, and ATMs. GIB earned BDT 2,904.77 Million in operating profit during the reviewed year (2022)
while conducting banking operations through 99 branches and 116 sub-branches in various places around
the Country, demonstrating remarkable operational performance. Following are the assets of GIB as of
December 31, 2022:
Particulars Amount in BDT (Million) Percentage
Investment 118680.54 77.16%
Investment in Shares & Securities 7202.43 4.68%
Fixed Assets including premises 2158.34 1.40%
Liquid Assets 16690.96 10.85%
Others Assets 9078.63 5.90%
Total Assets 153810.90 100%
COMPONENTS OF GIB’S ASSETS

Liquid Assets Other Assets
10.85% 5.90%
Fixed Assets
1.40%
Investments in
Shares & Securities
4.68%
Investments
77.16%
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REPORT 2022
CAPITALIZATION
GIB has maintained excellent capital levels throughout 2022 in order to satisfy regulatory requirements. At
the year ending moment, the Bank’s required capital stood at BDT 10,580.82 Million having CAR of 16.49%. In
2022, the Bank's plan was backed by a variety of funding alternatives, including deposits, investments, and
shares. Low-cost deposits increased by 20.77%, lowering the cost of money and allowing us to provide the
finest alternatives for our customers. We are constantly analyzing our capital requirements with the goal of
decreasing funding costs while increasing shareholder value.
CORPORATE GOVERNANCE COMPLIANCE
Our robust governance frameworks and risk management concepts support our company operations. As in
the old days, we seek to keep our governance structures adaptable to changes in the operational environ-
ment. As a result, we continue to examine and update our policies and processes on a regular basis. As a
result, during the fiscal year, the Board considered and updated policies and frameworks related to business
continuity, company risk management, operational risk management, strategic planning, and investment
growth.
RISK CONTROL
At GIB, risk management is conducted in a thorough and proactive manner from a strategic approach. We
aimed to build a predictive capabilities system that will analyze portfolio performance and market trends to
detect risky assets. Furthermore, the Board rendered guidance and recommendations on prudent capital
management and planning, since capital acts as an important buffer during times of higher investment risk.
Given this pressing condition, our comprehensive planning to manage risk efficiently made our governance
structure more effective and proactive in moving forward.
Additionally, as we navigate a highly competitive and overcrowded industrial context, the Board must prac-
tice greater corporate stewardship with greater care. All of our stakeholders, to whom we owe a duty of fair
returns and who we are accountable, have high expectations for openness, accountability and effective
leadership that go beyond the bare minimum of compliance. The Bank must demonstrate its corporate
integrity and responsibility via its actions and performance, and we value this command of the challenging
moment as a prerequisite for our capacity to continue operating as a successful business in society.
ADOPTING TECHNOLOGICAL ADVANCEMENTS
In the modern world, adopting new technology is essential. In Bangladesh, the rate of digitalization is accel-
erating across all industries, and banks are not an exception. GIB is committed to making investments in tech-
nological advancement and venturing into unexplored waters in the digital sphere. Since 2022, we have
made more concerning focus on moving towards obtaining technological facilities through the medium of
online banking development, various software, mobile app and needed training mechanisms adoption to
ensure better future ahead of time.
Our commitment to our shareholders is our top concern, and even in challenging circumstances, knowing
that we have kept our word gives us confidence and a sense of pride. Going forward, we intend to maintain
growing and significantly increasing the value we provide to both our shareholders and our cherished clients,
who are the Bank's lifeblood.
CONTINUING TRANSFORMATION
The Bank has embarked on a thorough transformation journey focused on procedures, products, platforms,
developing people skills, and increasing compliance. Since that technological innovation is a continuous
process, transformation requires an ongoing journey to guarantee that the Bank stays competitive in the
market. As a result, the Bank continues to make major investments in strengthening its IT infrastructure and
developing cutting-edge digital platforms. Currently we are focusing on to develop GIB mobile app for
online banking’s better formulation and excellent continuation. The future of banking lies in using the power
of analytics, digitalization, and technology to provide clients with world-class banking services. While we
construct a Bank of first choice for our clients, we are also building a learning organization, and our commit-
ment in improving our workforce's abilities endures. As the Chairman of the Bank, I am happy to be a partner
in driving these efforts.
SUSTAINABILITY INITIATIVES
GIB well appreciates the linkage between business and society and recognizes its responsibility to support the
communities within the region with the hope of creating shared value and a positive impact. Our Communi-
ANNUAL
REPORT 2022 77
cation and Branding team facilitates its participation in more impactful CSR initiatives. As a result, in 2022, BDT
49,291,445 approximately was allocated for charitable, donations and sponsorship activities to drive the
Bank's environmental & social sustainability initiatives. We continue to refine our sustainability agenda reflect-
ing the Bank’s vision. At GIB we remain engaged to mitigating direct social and environmental impacts and
managing indirect impacts.
CONTRIBUTING TOWARDS THE SOCIETY
Every year GIB holds various charitable, sponsorship or welfare programs to perform its responsibilities towards
the society. The advantages of CSR go far further than just enhancing trust and image; rather, it actively
supports community initiatives and enhances the ability of the public and consumers to interact meaningfully
with a company. GIB has consistently supported these causes and aided those in need. During situation of
flood, education betterment purpose and others, GIB has given donations to the Prime Minister's relief fund
and other emergency relief funds on a number of occasions. GIB provides winter support to the needy each
year to help them get through the season. A large number of people have benefited from our assistance
throughout their medical treatment and emergencies. We are dedicated to carrying out our CSR initiatives
for society's benefit and we promise to be more and more better in coming days for this purpose.
TRANSPARENCY AND ACCOUNTABILITY
GIB prioritizes to be transparent for being fair and nonjudgmental in the eyes of its Stakeholders. The manage-
ment team and board members share duties and obligations to guarantee effective oversight and efficient
management. The Board oversees the management to achieve company objectives, authorizes key and
strategic policy decisions, and gives policy guidance and directions to the management. While the risk man-
agement committee examines the bank's overall risk management process and systems, the audit commit-
tee looks at Bangladesh Bank's internal controls and compliance procedures, internal audit reports, and
associated compliance. The statutory auditors were given complete freedom in auditing and certifying
compliance, risk management, and financial statements prepared in accordance with International Finan-
cial Reporting Standards (IFRS). By following the finest standards of corporate governance in our Bank, we
are dedicated to setting an example for the corporate sector.
FINANCIAL INCLUSION
SDGS and full financial inclusion can be accomplished only when everyone from every part of the country,
regardless of background or circumstances, is brought into a formal banking channel. More than half of the
population lacks bank accounts and does not have access to a financial network. Our agent-centric asset
business model has been expanded to operate across the country, allowing disadvantaged individuals to
undertake banking transactions with confidence.
More importantly, more than ever before, GIB prioritizes in ensuring that all individuals and business organiza-
tions, particularly including also those of earning low-income and undeserved communities have access to
affordable and appropriate banking products and services. This is our inherent goal as well as promise to the
society and hence the country to promote economic growth, poverty reduction and financial stability and
resilience enhancement and affirmation.
DIVIDEND DECLARATION
For the fiscal year ended December 31, 2022, the Bank's Board of Directors has recommended a 5% cash
dividend and 5% stock dividend for Shareholders. We always transmit exciting implications to ensure consis-
tent dividend payment and the company's capital foundation. For the upcoming days, we want to perse-
vere in distributing a benefiting quantity of dividend settled for a strong evaluation and compliance of
numerous regulatory conditions while accomplishing the Bank's improved performance excellence and
expansion prospects.
OUTLOOK
Bangladesh's banking industry has been skillfully navigating the extraordinary COVID-19 outbreak from the
start. The sector now has the primary duty of putting most of the stimulus plans announced by the govern-
ment into action. The GIB's brand promise, 'Banking with Faith,' says eloquently as we continue to prioritize our
customers first and foremost. With the Bank's progress over the years toward being a future-ready bank, the
merger ensures that the benefits of scale and size are available to a larger set of clients and stakeholders. The
integration process is well underway now that merger is in force, with a clear plan in place for customer,
employee, and process integration. There is an opportunity for us to build a world-class company for our
customers, employees, and other stakeholders.
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ANNUAL
REPORT 2022
We aspire to provide outstanding value to our clients by putting our digitization and product innovation
projects at the forefront of enabling exceptional service delivery across the country. We anticipate
increased growth and new prospects in 2023 as a result of this, as well as improved investor confidence and
a resurgence in the economies. 2023 will undoubtedly be another year filled with challenges and unpredict-
ability. Only by working together can we properly confront the difficulties we face.
AWARDS & ACHIEVEMENTS
Global Islami Bank has received the "Best Corporate Award 2021" from the Institute of Cost and Management
Accountants of Bangladesh (ICMAB) for its efforts in improving corporate governance. Also, the Bank has
obtained the ISO/IEC 27001:2013 Information Security Management System (ISMS) Certificate for Software
Applications and ICT System Integration Services. With this accreditation, GIB has been evaluated and
certified in accordance with the most recent edition of the SOA (Statement of Applicability), and has met
the international standards of Banking IT Security.
ACKNOWLEDGEMENT & APPRECIATION
I want to acknowledge that 2022 is a remarkable year for GIB. On behalf of the Board, we appreciate the
invaluable efforts of all the teams within GIB to ensure the Company's sustained growth.
I want to thank my fellow Board members for providing strategic guidance to the business along with whole
management staff, and each and every employee for their ongoing efforts and dedication to obtaining the
targeted results. In addition, all our customers and service providers continue to extend invaluable support
and patronage and for which we are grateful. Besides, I am appreciative to Bangladesh Bank, Bangladesh
Securities and Exchange Commission, DSE, CSE, and other regulatory bodies for their wise advice and
support. We shall be looking forward to the regulation policies’ intervention around digitalization banking
services as we focus on facilitating financial inclusion. Again, I would want to express my sincere gratitude to
all the participants who have provided constant and steadfast support over the years. Lastly, I want to
congratulate Mr. Syed Habib Hasnat and his talented leadership team for everything they have accom-
plished in 2022. It was not simple to keep the bank running smoothly throughout the severe inflation and
epidemic conditions.
Wishing the best for you in every spheres of your life.
Ma’as-salamah,
Sincerely,
Nizam Chowdhury
Chairman
Board of Directors
ANNUAL
REPORT 2022 79
FROM THE DESK OF
THE MANAGING DIRECTOR
80
ANNUAL
REPORT 2022
Dear Dignified Board of Directors, Shareholders, Valued Customers

and other Stakeholders,
Warmly welcoming you all to GIB Annual Report 2022 hoping best for
your wellness. It gives us great gladness as by the grace of Almighty
Allah GIB has completed another booming year in the Banking
Industry and has entered the Bank's tenth year. Devotedly I praise
Allah Subhanahu Wa-Ta’ala for His mercy and greatness to bestow us
with strength for which we could make 2022 a marvelously
momentous span full of succeeding stories of the Bank.
Bounded by global pandemic surroundings, 2022 was not an easy to

go year for GIB. Like others we faced turbulences and our business
operations got disrupted because of the struggling economic state of
affairs. Amidst these situation, our Bank achieved resilient growth
framework in place owing to the superb guidance of the Board of
Directors, competent conventionalism of our banking exertion and
superlative dedication of the diligent workforce. It gives me great
pleasure to convey that in 2022, GIB entered Bangladesh's capital
market and raised Tk. 425 Crore as planned for owing to BSEC’s
approval. Throughout the year, the consummate confidence of our
Customers, Shareholders and other Stakeholders motivated us to work
hard to retain their trust level. Taking this opportunity, I would like to
express my heartfelt gratefulness as all of your enthusiastic support has
been a constant source of inspiration for us over the last ten years of
our banking endeavor.
It brings on immense amusement to manifest my thoughts on GIB’s

crowning accomplishments for the fiscal year 2022. While feeling
fortuitous to formulate forth, at the first outset I would like to touch
upon the economic environment on both global as well as local
ground, in which GIB performed during the year under review.
PERSPECTIVE PANORAMA of GLOBAL ECONOMIC SCENERIO
While the world economy was recovering rapidly from the COVID-19
epidemic, the conflict in Ukraine hampered the ongoing recovery.
War-induced supply chain disruption has caused a spike in global
commodities prices and sluggish economic activity. During 2022
world’s economic growth is estimated to
ANNUAL
REPORT 2022 81
be around 3.4%. In 2023 the said growth is projected to be 2.9% and for the next year, that is, for 2024 the
growth is expected to stand at 3.1%. The dampened growth in 2022 is all owing to the political tension of
Russia’s war in Ukraine, high inflation rate, continuous spread of Corona virus, central bank’s taken mecha-
nism of increasing interest rate to fight with inflation obstacles, and others. Fortunately, the recent reopening
of businesses across the whole world has cleared the stage for a more rapid recovery than planned. Global
inflation rate, which is 8.8% in 2022 is projected to be lower in 2023 standing at 6.6%. in 2024 it is expected to
be reduced more and fall to 4.3%.
World Economic Outlook
2022 2023 2024

Particulars
(Estimation) (Projection) (Projection)
World Output 3.4 2.9 3.1
Advanced Economies 2.7 1.2 1.4
Emerging Market and Developing Economies 3.9 4.0 4.2
Source: World Economic Outlook Update, IMF, January 2023
Opportunities are always present. It is our responsibility to keep advantage of it and locate it in a business-like
manner. Always in every situation there are associated challenges regarding all kinds of possibilities and
estimations. For global economic outlook, anything adverse can happen regardless of risk balances being
remained skewed to the downside. Downside hazards have eased following the October 2022 WEO. A larger
boost from stagnant demand or a faster decline in inflation are both possible. On the other side, poor health
outcomes in China might stall the recovery, Russia's war in Ukraine could deteriorate, and tighter global
financial conditions could exacerbate debt distress. Financial markets may also react abruptly to negative
inflation facts, while increased geopolitical disintegration may impede economic development.
Prioritizing succeeding effectual policy making can ensure effective recovery phase. In most economies,
establishing sustainable disinflation remains a top objective in the midst of the cost-of-living crisis. With tighter
monetary conditions and weaker growth possibly harming financial and debt stability, macro prudential
measures must be used and debt restructuring mechanisms strengthened. Accelerating COVID-19
immunizations in China would protect the recovery and have a favorable cross-border impact. Fiscal
assistance should be better targeted at those who are most affected by rising food and energy prices, and
broad-based fiscal relief initiatives should be phased down. Stronger international cooperation is required to
maintain the benefits of the rules-based multilateral system and to prevent climate change by reducing
emissions and increasing green investment.
VERSATILE BRAVENESS of BANGLADESH ECONOMY
For more than a decade, Bangladesh has been considered as one of the world's fastest-growing economies.
According to World Bank data, Bangladesh's GDP has grown at an annual pace of 6.5% on average during
the last decade. The country is on track to become an economic powerhouse over the next decade. At this
point, the London-based think tank Centre for Economics and Business Research (CEBR) expects that
Bangladesh would be the world's 20th largest economy by 2037, out of 191 countries. According to CEBR,
Bangladesh is now the region's second largest economy and will remain so until 2037, with a GDP of $1,628
Billion at current prices. In FY 2021-22, Bangladesh’s GDP growth was 7.25% which is 0.05% higher than the
targeted rate and 0.31% higher than the actual rate of the previous fiscal year. For FY 2021-22, Bangladesh’s
per capita GDP stood at Tk. 2,32,828 which was Tk. 2,08,751 in the previous fiscal year.
Bangladesh's GDP is expected to reach 465 Billion international dollars in 2022, up from 416 Billion in the
previous year, according as per the preliminary figures. In the same fiscal year 2021-22, total investment
climbed to 31.68% of GDP. According to the Export Promotion Bureau, the country's export earnings in
December of the fiscal year that just ended, 2022-23 climbed 9.33% year on year to $5.36 billion, up from
$4.90 billion in the same month of the previous fiscal year 2021-22. Import payments in December'22 reached
US$ 5269.4 million, a reduction of US$ 2374.0 million (31.06%) from December'21. At the end of December 22,
the Bangladesh Bank's foreign exchange reserves were at US$ 33747.7 million. Accordingly, remittance
inflows increased by 6.55% in December compared to the previous month.
Bangladesh has achieved great success in recent years in terms of economic growth, poverty reduction,
and human development, thanks to a mix of factors like as a booming manufacturing sector, a
strengthening Economy, and inexpensive labor costs. The challenges that Bangladesh is likely to face in 2023,
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especially in the midst of a global economic crisis comprise, the Russia-Ukraine war, the national
election-2023, the forex reserve, the internal capacity of the banking systems to facilitate import and export
through the opening of LCs, timely payment and collection of foreign currencies, remittance, and so on.
BANKING MILIEU 2022
During 2022 the Banking industry has undergone significant digital revolution as a result of FinTech products
and the virtual banking network. The Country's banking sector had to deal with the fluctuation of the
macroeconomic situation for which Bangladesh Bank has prepped various regulatory guidelines to follow as
needed and required. For example, banks have been given steadfast directions to boost agricultural credit
disbursement, which is being closely tracked. According to a newly released Bangladesh Bank report, banks
and NBFIs disbursed Tk. 2,20,489 crore in loans (investments) to the SME sector in 2022, compared to Tk.
1,85,428 crore in the same time in 2021. The central bank has adopted many strategic efforts to keep inflation
under control, which has remained inflated due to increasing global commodity prices.
Bangladesh's foreign exchange market has been beneath struggle for more than a year due to rapidly
decreasing foreign currency reserves in the face of rising import expenses. In order to safeguard the foreign
reserve of the Country, Bangladesh Bank restricts the sale of foreign currencies to listed banking companies
along with implementing strategic policies in this respect. According to official records, the BB sold $1,410.70
million to banks in October 2022, followed by $1,395 million in November and $1,442.86 million in December.
Reserves, on the contrary together, were $46.39 billion in FY21 and fell to $41.83 billion in FY22.
Moreover, NPLs (investment) have been a source of worry across all year of 2022. Default loans at banks
jumped 17% year on year to Tk120,656 Crore in 2022, as per central bank data, because of the absence of
effectual corporate governance and the protracted business slowdown. Lenders waived Tk5,064 Crore in
loan rescheduling throughout 2022, which is Tk3,209 Crore in excess of the previous year. High non-performing
loans or investments have always been a challenging issue for the Banking sector. As the spread shrinks,
Banks will need to find new ways to generate supplementary income. Provisioning requirements may impose
a strain on capital adequacy, forcing banks to issue subordinated and quasi-equity instruments. The central
bank might take a more active role in preventing irregularities in the banking industry. Investment (loan)
recovery and treasury management might receive special consideration and capital base should be
strengthened.
GIB PERFORMANCE SPOTLIGHTS 2022
2022 has been an arduous year for the Bank for which ensuring smooth operation of banking transactions
was not within easygoing stint. Performance for the year 2022 reflects our strength, boldness, persuasion of
pliability, dynamism and adoption of strategic tactics to deal with bewildering circumstances and struggling
challenges.
Plan for The Year

Our responsible banking endeavor for 2022 began with making effective plan for achieving established
benchmarks of obtaining organizational objectives. Our settled benchmarks for the year incorporate
enhancement of deposits and investments of the Bank, standardize customer service, efficient
management of assets and liabilities, reduction of operational costs, develop and innovate diversified
products and services, etc. Since the beginning of the year, we have been optimistic to contribute greatly
to the Country’s economy for recovering from the economic stress caused by the ongoing sudden hits of the
devastating pandemic. GIB’s whole team assured best efforts to abide by the directions of Bangladesh Bank
and other regulations promptly as when these occur for Country’s prosperousness.
Our Priority
Our top priority has always been our Stakeholders’ interest fulfillment. Constantly for all the time being in 2022
we have focused on our people’s physical as well as emotional well-being. With the intention of encouraging
our workers to put their best efforts while performing their obligatory duties and responsibilities, we have
arranged effective trainings and our higher authorities have always rendered motivational advices to them.
Also with an aim to maximize our Shareholders’ wealth, the Bank has taken every necessary action.
Relentlessly our hard-working workforce is engaged on sustaining our Clients’ trust and ensuring operational
excellence through adopting effectual risk minimization schemes and technological advancements. We
cautiously deem, customer satisfaction as well as Environment, Social and Governance (ESG) accountability
assurance are potent touchstones to early accomplishment of business targets and ambitions.
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REPORT 2022 83
Financial Highlights
Here at GIB we focus more on sustainability than on prompt progression. In spite of concentrating only on
significant portfolio development in 2022, we chose to prioritize our asset quality. Besides, for 2022 our all
strategic efforts comprised of strengthening ourselves to look good in the capital market as this is the first year
of us there at a banking organization. For GIB the Alpha Credit Rating Limited has assigned A+ rating valid
from June 12, 2022 to June 11, 2023.
Our deposits in banking activities reached BDT 118,809.22 Million in 2022, which is 0.85% greater in comparison
with the figures of the previous year, 2021. The investment portfolio of 2022 stood at BDT 118,680.54 Million,
10.83% above than the earlier year. The Bank imported BDT 5,030 Million whereas exports totaled BDT 1,793
Million. Despite the fact that difficult hurdles disrupted the business situation throughout the country, GIB
assured performance excellence in terms of succession and progression.
(BDT in Million)
Particulars 2022 2021 Growth (%)
Operating Profit 2,905 2,683 8%

Investment 118,681 107,087 11%
Deposit 118,809 117,805 1%
Import 5,030 4,137 22%
Export 1,793 911 97%
As of December 31, 2022, GIB's Capital Adequacy Ratio (CAR) is 16.49%, compared to a minimum of 10% of
Risk Weighted Assets as defined by the lowest computing standard of the ability exactly according to
Bangladesh Bank regulations and guidelines. At the end of business on December 31, 2022, GIB's required
capital including Capital Conservation Buffer (CCB) was BDT 10,581.02 million, compared to available Tier-1
capital of BDT 12,877,87 million and Tier-2 capital of BDT 1,079.85 million, resulting in an excess capital/equity
of BDT 3,376.71 million.
Good Governance Greatness

GIB upholds good governance practices in the Bank. The Board of Directors and Management team are
straightaway to lead the Bank into flourishing future by demonstrating efficient organizational behavior whilst
fulfilling areas of responsibilities through building competent culture at the functional territories. Throughout
2022 the Directors have been actively monitoring GIB’s fulfilment of performance excellence and for the
Bank’s welfare of prompt decision making they have provided full freedom to the Management team so
that the said bunch of expert professionals can perform regular obligatory duties to protect Depositors’
wealth and maximize Shareholders’ interest accordingly utilizing their prudent managing tactics.
Shari’ah Compliance
Since 2021 GIB has been operating as a full fledge Islami Shari’ah based one of the most prestigious 4th
generation’s banks in Bangladesh. The governance structure of the Bank is designed in such a way that
assures compliance with Islami Shari’ah compulsion and prohibition. Across 2022, our purport was to conduct
banking operations sensibly according to the prescribed Islami norms and regulatory laws. GIB has made a
pledge to strictly uphold Shari'ah principles in all banking activities. The Shari’ah Secretariat Division of the
Bank carries on Shari’ah Audit and Shari’ah awareness programs at the Branches/Sub-branches to make
sure proper Shari’ah compliance maintenance. They monitor and supervise Islamic banking operations to
fulfill this purpose.
Employee Empowerment
Finding and keeping great employees is a top concern for GIB as it assures rendering of excellent qualified
service to the Clients. The Human Resources Division pull out all the stops to make GIB a pleasant working
place. We take strategic initiatives to attract talented job seekers with exquisite salary, employee benefits
and compensation packages. The Bank upholds well recognition and rewarding system to motivate workers
so that they can be consistent to do well for Organizational Welfare. We focus on each and every employ-
ee’s physical, emotional and financial well-being and take care accordingly. To influence them developing
their capabilities by gaining practical knowledge, GIB undertakes diversified training programs. The Bank
provides equal employment opportunity to both male and female workers.
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Valuing Customer Feedback
The Bank believes Customer satisfaction is gateway to gain business goals. It has always been our priority to
attract new clients while preserving the confidence of existing ones, all while delivering superb services at an
accessible price. We value the importance of Customer feedback and encourage them to provide so corre-
spondingly. We assure Customers that it is absolutely ok to complain about any of their faced discomforts at
our Bank. For this purpose, a Web Complaint Box has been integrated into GIB’s official website where
Customers can file complaints at any time.
Strengthening Networking
GIB’s business got expanded more in 2022. We established 99 Branches and 116 Sub-branches at various
locations all over the Country. We have strengthened our networking more responsibly with valued Stake-
holders. Our networking structure leads us towards upgraded banking performance and improved corpo-
rate relationship level.
Adapting Technological Advancements

GIB acknowledges the importance of having technological skills aiming at ensuring Customers have great
experience with the Bank. Adapting technological advancements is helpful to boost up employees’ perfor-
mance standard, functional capabilities and efficiencies. As the Bank is marching towards digitalization
proceedings, new technologies are being integrated for system upgrading, automating and security
purpose. Our digital products and services include internet banking, SMS banking, cashless payment and
others. These days IT division is working relentlessly to launch GIB Mobile App as early as possible.
Responsibility Concerning the Society

All along 2022, GIB has prioritized strengthening capabilities to serve the Customers through enhancing oper-
ational steadiness with the purpose of improving society's quality of life. Corporate Social Responsibility (CSR)
is ingrained in GIB's corporate doctrine for which since its inception the Bank has been continuing to contrib-
ute in the development phase of the impoverished section of society all over the Country. Our goal is to
increase CSR programs day by day. During the year under review, our strategic initiatives comprised flood
relief efforts, charities, contributions for society’s welfare, poor helpless people’s treatment, etc.
WAY FORWARD: PLAN FOR 2023 & BEYOND
In 2023 the inflationary situation that is currently evolving around the whole world will definitely incite compet-
itive challenges. Holding of foreign exchange reserves will remain precarious in the face of questions. The
global political violence and war tension effects of Countries like Russia-Ukraine, China-Taiwan, etc. will
impose negative consequences for smooth functioning of international trading businesses. Even amongst
these we are enthusiastically hopeful for more economic progression of the Country. With proper strategic
formulation and implementation of effective plans we can still win over the hardships and struggles.
As a banking organization GIB aims to implement its pre fixed priorities in 2023. Constantly our prime concern
will be to emphasize on taking initiatives for Deposits mobilization and Investments enhancement by expand-
ing our business within broader regions. By the end of the year the Branch and Sub-branch territories of the
Bank are targeted to increase more in number. Throughout the whole year we are hoping to be more
efficient to tackle up recovering non-performing investments (NPI). Moreover, for remittance increasing,
digitalization and lowering cost purpose, our higher authorities are going to engage themselves for strategic
decision making intention. They will also be engaged in supervision and monitoring of exact completion of
those tasks. We will sustain to keep our valued clients along with attracting new ones in the coming days. For
a better future of the Bank our Board of Directors and Management will lead the Bank towards growth poten-
tial increasing phase dedicatedly aiming to serve wide range of Communities all around the Country includ-
ing NRBs.
APPRECIATION & ACKNOWLEDGEMENT
In winding up, my profound thankfulness goes out to our Honorable Chairman, Mr. Nizam Chowdhury, who
guided the Bank with vision over these remarkable years. Earnestly I extend gratitude to the Board of Direc-
tors for their efficient leadership and advice in the governance and strategic affairs, which have enabled the
Bank to provide diversified products and services whilst building the groundwork for long-term success. Corre-
spondingly while feeling proud of the valuable work and dedication of our diligent Management team and
assiduous workforce aiming to lead the Bank into prosperous outlook, I acknowledge their contribution
wholeheartedly.
ANNUAL
REPORT 2022 85
My appreciation prolongs to each and every one of our cherished clients for their confidence and coopera-
tion. Furthermore, I want to convey gratefulness to Bangladesh Bank, Bangladesh Securities & Exchange
Commission (BSEC), Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), other regulatory
bodies, legal advisors, auditors, consultants and correspondents for their time to time rendered rapproche-
ment and supportive directions.
All of your unwavering support has influenced our banking transactional travail significantly to be more
fulfilling. While looking forward for your constant cooperation in the upcoming days, we strongly believe that
2023 will be a more majestic one for the Bank. Foreseeing this as an enthralling gateway to build ourselves as
a superb banking service provider, we assure to provide you great experience while exerting every effort
doing ‘Banking with Faith’.
Regardless of the fact that upcoming struggles and difficulties are unavoidable, I am confident that we will
accomplish success if we take each new step with the drive to be more developed in the industry, maintain
a consistent commitment to cultivate new skills, and adopt a mindset to value innovation and give recogni-
tion to our working team.
In keeping with our noble goal of contributing to the creation of a Bangladesh free from poverty, I reaffirm
our commitment to implementing our business plan and ensuring the delivery of excellent banking service
sustaining to steady flourishing continuance. Considering myself blessed to be the Managing Director in
driving these initiatives, concurrently I confidently believe our quest to try every tackle to maximize our Share-
holders’ wealth as well as satisfy other Stakeholders’ interest will conquer to deeply touch them.
At the very closing I wish you all the very best for your upcoming days. We sincerely hope for your wellbeing
and safety. Finally, respectfully and devotedly I pray to the Almighty Allah’s gratefulness and kindness so that
we can be blessed with His mercy for smooth gateway towards remarkable success accomplishment of the
Bank.
Ma’as-salamah,
Syed Habib Hasnat

Managing Director
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REPORT 2022
04 GIB PERFORMANCE
REPORTING
“And they planned and Allah also planned and Allah is the best of planners.”
[Quran 3:54]
ANNUAL
REPORT 2022 87
BOARD OF DIRECTORS’
REPORT [Duration: 1 January – 31 December, 2022]
st ST
Admired Esteemed Shareholders,
The Board of Directors is jubilant with immense complacency to salute you at the 10th Annual General
Meeting (AGM). Grandly drawing your valuable attention to exhibit GIB Annual Report 2022 that comprises
the entire business assessment of the Bank along with the Auditors’ Report to assure all of you that the
financial statements presented hereon are free from misstatements and thus fairly stated. In this report you
will come across an economic overview of the whole world thoroughly with perspectives of economic trends
of Bangladesh and a compendious snapshot of forces affecting the business performance of the Banking
Industry of our Country. The careful consideration of the report will demonstrate the Bank’s continuous
development phase despite being surrounded by highly competitive rivalry. With sincere hope the Board of
Directors has conveyed an unpretentious presentation of the Report for the consent and concern of the
fellow Shareholders.
For your kind information GIB Annual Report 2022 has been organized, settled and formulated abiding by the
compliance issues of the Bank Company Act-1991 (Amended until 2018), Companies Act 1994, Guidelines
issued by Bangladesh Bank, Bangladesh Securities and Exchange Commission (BSEC), Dhaka Stock
Exchange Limited (DSE), Chittagong Stock Exchange PLC (CSE) and all the associating legislations of
concerned governing entities. The Directors are confident that the Report will provide all interested parties
with engrossing insights into the Bank's performance throughout the reviewed year.
GLOBAL ECONOMIC SCENERIO: ABRIDGED ASSERTION
The global economy has experienced significant growth and transformation over the past few decades. The
increasing globalization of markets, advances in technology, and the liberalization of trade and investment
have led to a more interconnected and interdependent global economy. The year 2022, entirely faced
continuous comeback of COVID-19 which put the whole world in ceaseless endangerment. Inflation got
higher, and war effect of Russia and Ukraine gave rise to instability on global economic activity which will go
on like this in 2023 as per experts’ opinion and observation.
The year 2022, depicts US growth stood at stronger rate beyond the expectation level. China slowed down
in the economy developing race because of sudden breakouts of COVID in cities with high populations
which has negatively affected international price schedules and trade growth of the globe. The European
economy grew more steadily than anticipated despite a significant negative terms-of-trade shock brought
on by the conflict in Ukraine. Due to increasing non-Russian pipeline and liquefied natural gas flows, a
reduction in gas consumption, and a warmer-than-normal winter, gas prices have fallen more than
anticipated.
Predictions made by several forecasting firms imply, the economic picture for 2023 generally appears good
given the many factors influencing it during the next year. In the long run, it is anticipated that the
post-pandemic recovery will continue in 2023, thanks to the economic trends in the US, the Eurozone, and
China. Tighter global financial conditions for EMDEs could put a lot of strain on some of them. A catch-up
recovery from the pandemic and strong foreign demand from industrialized nations will likely to reduce the
burden of such financial situations.
Growth of the Globe

GDP is an estimate of the total worth of goods and services generated in a country during a set of period that
is computed annually to understand the growth matrices of countries and the world as a whole. Reaching
the top spot on the GDP ranking list is extremely difficult due to the inevitability of confronting difficulties such
as environmental deterioration, aging populations, and so on. According to IMF data, the global GDP of
2022 is 101.56 Trillion. The United States has the world's largest economy, followed by China, which has the
world's second largest. Japan, Germany, India, the United Kingdom, and France are other significant
contributors to global GDP. IMF also states the during 2022 the growth of the globe stood at 3.4% which is
projected to drop to 2.9% in 2023 and then again increase to 3.1% in 2024. The low growth of 2023 is estimated
so because of high interest rate of Central Banks owing to the consequences of Ukraine’s war as well as
increased inflation raise, particularly in emerging economies. Oil prices are anticipated to decline by around
16% in 2023, while non-fuel commodity prices are anticipated to do so by an average of 6.3%.
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Real GDP Growth
Source: IMF, Real GDP Growth
With the complete reopening in 2023, growth is expected to go up in China. The economies of both groups
(advanced and emerging economies) are predicted to perk up in 2024 as a result of inflation slowing down
and a gradual recovery from the consequences of the conflict in Ukraine. Notwithstanding the easing of
supply constraints, it is predicted that world trade growth would follow the direction of global demand and
fall to 2.4% in 2023 before increasing to 3.4% in 2024. These predictions are predicated on a number of
hypotheses, including the pricing of commodities that are fuel or are not fuel-related.
Overview of the World Economic Outlook Projections
(Percent Change, unless noted otherwise)

Estimation Projections
Particulars
2022 2023 2024
World Output 3.4 2.9 3.1
Advanced Economies 2.7 1.2 1.4
United States 2.0 1.4 1.0
Euro Area 3.5 0.7 1.6
Japan 1.4 1.8 0.9
United Kingdom 4.1 -0.6 0.9
Canada 3.5 1.5 1.5
Other Advanced Economies 2.8 2.0 2.4
Emerging Market and Developing Economies 3.9 4.0 4.2
Emerging and Developing Asia 4.3 5.3 5.2
China 3.0 5.2 4.5
India 6.8 6.1 6.8
Emerging and Developing Europe 0.7 1.5 2.6
Latin America and the Caribbean 3.9 1.8 2.1
Middle East and Central Asia 5.3 3.2 3.7
Sub-Saharan Africa 3.8 3.8 4.1
Emerging Market and Middle-Income Economies 3.8 4.0 4.1
Low-Income Developing Countries 4.9 4.9 5.6
Source: IMF, World Economic Outlook Update, January 2023.
Bottoming out of the Economy

The Global Economic Prospects 2023 affirmed the world economic potentials have deteriorated significantly
since June 2022, owing to the ongoing effects of negative shocks. As per predictions 90% of advanced econ-
omies are going to confront bottoming out of their economic growth in 2023. It is anticipated that advanced
economies will face drastic fall down in 2023 from 2022’s growth 2.7% to 1.2%. Then again in 2024 it is project-
ed to increase to 1.4%. In United States growth will slow from 2.0% in 2022 to 1.4% in 2023 and 1% in 2024. The
rate of increase in the Euro Area is forecasted to peak at 1.6% in 2024 after hitting a low of 0.7% in 2023. United
Kingdom’s expansion is likely to be -0.6% in 2023 whereas Japan is expected to enhance in the growth scale
at 1.8% in 2023. The expected growth rate for emerging market and developing economies is 3.9% in 2022,
4.0% in 2023, and 4.2% in 2024.
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REPORT 2022 89
Growth forecasts have been reduced dramatically for substantially all advanced economies and around
two-thirds of EMDEs in 2023, and for barely half of all nations in 2024. The intensity and contemporaneous of
policy tightening is putting a considerable drag on the worldwide recovery from the 2020 global recession.
According to the Global Economic Prospects-2023, global growth will rise 2.9% in 2022 and 1.7% in 2023. Most
of the slowing of global growth may be ascribed to the financial damage suffered by large economies,
which will put pressure on consumption demand in emerging and developing nations (EMDEs). EMDEs are
expected to face a slower economic recovery than advanced economies. The consequent economic
impacts will exacerbate the difficulties that EMDEs are already encountering as a result of declining domestic
conditions.
Growth of GDP per Capita, 2010–23
Source: ILO calculations based on IMF (2022) and UN population prospects, 2022 revision.
Contributions to Global Growth
Source: World Bank
Adverse effect of Russia Ukraine War

Russia and Ukraine have been at odds for several years, with hostilities extending back to the fall of the Soviet
Union in 1991. The much more latest flare-up in the war occurred in 2014, when pro-Russian rebels in the
Ukrainian territory of Crimea proclaimed independence and were seized by Russia. The international com-
munity strongly opposed the move, and the United Nations General Assembly voted a resolution in 2014
calling the annexation unlawful. The violence has caused a number of fatalities and human evacuation, as
well as claims of human rights violations on both sides.
Blooming of the Inflation

Inflation has emerged as one of the biggest flaws for the world economy two years after the epidemic
started. The globe looks to be heading towards an explosion of inflation that has not been experienced in
the past 40 years. In 2023, overall inflation is projected to be lower in 84% of nations than it was in 2022. Entire
globe inflation is expected to decline from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024, still being higher than
the pre-pandemic average of approximately 3.5%. Due to a decline in worldwide demand, the forecast
disinflation also takes into account falling global stock prices for both fuel and nonfuel goods. It also illustrates
the impact of tighter monetary policy on core inflation, which is predicted to fall from 6.9% in the fourth quar-
ter of 2022 to 4.5% in the fourth quarter of 2023 on worldwide basis. Although disinflation may occur gradually,
by 2024 it is anticipated that in 82% and 86% of regions of the world, respectively, headline and core inflation
remains to be higher than pre-pandemic levels.
In early 2022, the Russian invasion of Ukraine's effect on global oil prices, natural gas, fertilizer, and food prices
further exacerbated the situation. Higher gasoline prices were a major contributor to inflation as oil producers
saw record profits. Debate arose over whether inflationary pressures were transitory or persistent. Central
banks responded by aggressively increasing interest rates.
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Food inflation, by region
EAP = East Asia and Pacific

ECA = Europe and Central
Asia
LAC = Lation America and
the Caribbean
MNA = Middle East and
North Africa
SAR = South Asia
SSA = Sub-Suharan Africa
Source: World Bank, Haver Analytics.
The impact of 2022 shocks on World Output and Core Inflation was noteworthy. Mainly advanced econo-
mies faced overburdened global supply chain networks because of the shift towards goods consumption.
This resulted in disruption of global trade functions for which imported goods encountered shortage and
price of these grew rapidly.
Although inflation is anticipated to ease its level in 2023, there is risk associated with it of not doing so. Particu-
larly in countries like United States where living cost is high and labor markets are narrower, there employees
tend to claim demand for higher wages and organizations concede to them. This resulting increased level of
labor costs in turn increases prices and thus inflation level also increases. So there is always inherent risk of
persistently higher inflationary level apart from the anticipation or previously approved explanations. Tight
labor markets tend to drive up labor costs and this in turn results in higher inflation.
Global Trade Trends

According to UNCTAD, the organization for trade and development, global growth "became negative" in
the second half of 2022. By the end of the year, the UN agency predicted that trade in commodities and
services will total $25 trillion and $7 trillion, respectively. The decline started in the third quarter of the year,
when goods sales were around 1% lower than they were from March to May.
Source: UNCTAD calculations based on national statistics.
According to the trade and development update, demand for imported products "is certain" throughout
2022, with transaction volumes overall rising by 3%. While South-South trade dropped as during third quarter,
east Asian transaction volumes revealed resilience. According to UNCTAD's research highlights, worldwide
trading is anticipated to be severely impacted in 2023 overall by "geopolitical frictions, persistent inflation,
and decreased global demand."
Worldwide Foreign Direct Investment

In 2022, the worldwide climate for international trade and cross-border investment altered radically. Since
January corporate executives were upbeat about the potential for investments of the year. But unfortunately
a result of recent geopolitical shocks, people's expectations for a strong rebound are changing. For exam-
ple, the conflict in Ukraine, along with the pandemic's residual effects, is generating a triple food, fuel, and
financial crises in many nations throughout the world. Overall 35% FDI inflows declined because of the hitting
of pandemic since 2020. With growth reaching 6% in 2021 after a disastrous decline of 3.4% the year before,
ANNUAL
REPORT 2022 91
the world economy seemed to be on the mend. Among all the economies, the United States saw the biggest
gain in inbound FDI in 2021. According to the most recent Coordinated Direct Investment Survey report from
the IMF, the US position improved by $506 billion (11.3%) last year. For 2022 investors and business leaders were
optimistic about the advancement and progression more intensely then for 2021.
Investors expression for global economy from year to year (%)
Source: 2022 Kearney FDI Confidence Index
Investment trends, 2019 – 2022
Source: 2022 Kearney FDI Confidence Index
The attributes that investors recognize as being most crucial when deciding where to make foreign direct
investments or not, are those that ensured the developed economies' outstanding performance in 2022. The
increase in importance that investors gave to government rules' openness and a lack of corruption was
particularly striking. Tax rates and convenience of filing taxes both continue to be highly regarded. This
demonstrates that investors are realizing the benefits of strong governance and transparent regulation while
also looking for secure and dependable places to keep their funds following two years of major COVID
disruption, supply chain issues, and other distortions.
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Announced greenfield projects and international project finance deals, 2020–2022
Source: UNCTAD, Global Investment Trends Monitor.
United Nations Conference on Trade and Development (UNCTAD) report stated, “the outlook for global FDI
in 2023 appears weak, with a significant number of economies around the world expected to enter a reces-
sion”. For the coming year 2023, major FDI anticipations include having significant effects on the first half of
the year as pressure on the world economy will remain due, several nations will enter recession period, global
inflation will start to decline, apparent embankment of the rebalancing of trade and investment partners,
etc. The decrease in Investment coming into China will continue to be advantageous for Asian nations.
Nations who are planning moderately and are actively anticipating rapid economic development in 2023
will strive to attract more foreign direct investment. Even if there are worries about a worldwide economic
slowdown, foreign investments are anticipated to flood into the real estate and technology industries in the
coming year.
State of Unemployment Status

During 2022, the prognosis for labor markets around the world considerably worsened. The first instance of
simultaneous high inflation and low growth since the 1970s has occurred due to emerging geopolitical
tensions, the Ukrainian conflict, inconsistent pandemic recovery, and continuing supply chain issues. Policy-
makers must make a difficult import and export as they confront elevated inflation in a situation where the
employment revival is still not fully underway. In 2022, there were 473 Million unemployed individuals world-
wide, or a 12.3% unemployment rate.
In December 2022, the OECD rate of unemployment stayed flat at 4.9%. However, 33.9 Million jobless employ-
ees represented a decrease where the unemployment rates for men and women maintained constant at
5.2% and 4.7%, correspondingly. Accordingly, the unemployment rate in the European Union and the euro
zone stood at historic lows of 6.1% and 6.6%. The unemployment rate decreased outside of Europe in
Canada, and the United States, while remaining unchanged in Australia, Japan and Mexico. In comparison,
Korea, Colombia, Turkey and Israel faced increasing unemployed rates.
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REPORT 2022 93
Unemployment rate for OECD countries – current and record low rates
Source: OECD Short-term Labour Market Statistics.
According to a latest International Labour Organization (ILO) report, the present worldwide economic down-
turn is likely to compel further employees to opt for poor grade, badly paid professions that have little or no
job security and social safeguards, underscoring imbalances that have already been made worse by the
COVID-19 crisis. Additionally, according to ILO predictions, worldwide employment increase in 2023 will only
be 1.0%, or less than half of what it was in 2022. In 2023, the number of unemployed people worldwide is
projected to increase by about 3 Million, to 208 Million (corresponding to a global unemployment rate of
5.8%). The limited labor supply in high-income nations is primarily to blame for the small build of this expected
rise.
BANGLADESH ECONOMY: SHORT SYNOPSIS
Even at times of high global uncertainty, Bangladesh has a good track record of economic expansion and
growth. Throughout the last two decades, fast stimulus spending has been backed by a sustained economic
growth, robust ready-made garment (RMG) exports, strong remittance inflows, and sound economic circum-
stances. Although a recent spike in commodity prices has created additional hurdles for the people of the
Country, simultaneously the remarkable recovery from the COVID-19 epidemic has continued in FY22.
Bangladesh is undoubtedly a great success story in terms of reducing poverty and fostering growth. Bangla-
desh rose from being one of the poorest countries in 1971 to lower-middle income level in 2015. It is on path
to leave the UN's list of Least Developed Countries (LDC) in 2026. According National Human Development
Report (NHDR) prepared by the Economic Relations Division (ERD), Bangladesh will be the world's 24th largest
economy by 2030. So the country's economic prosperity is up in the air. The primary elements for this econom-
ic miracle are prudent economic regulation, transformation, and enormous investments in human capital
and infrastructure. The economic outlook for the year 2023 of Bangladesh Economy is stated by World Bank
in its most updated Global Economic Prospects report where the observations claim that GDP growth rate of
the Country will reduce at 5.2% in FY23. It attributes the steep slowdown to growing inflation and its negative
impact on household income and industry production costs, as well as scarcity, import bans, and monetary
policy restrictions. Nevertheless, growth is expected to accelerate to 6.2% in FY24.
According to the World Bank, Bangladesh has been heavily struck by the consequences of a changing
global environment. It was pushed out of global energy markets and unable to supply consumers' and com-
panies' energy demands. The mixture of inadequate currency bottlenecks and broadening outward current
account imbalances stimulated several countries, including Bangladesh and Pakistan, to seek assistance
from the International Monetary Fund (IMF) in replenishing their currency reserves and reducing external
financing extreme pressure.
GDP: Gross Domestic Product

Bangladesh's GDP has grown steadily over the last decade, reaching 7.0% in FY 2015-16 and 8.0% in FY
2018-19. However, the COVID-19 epidemic slowed growth to 3.45% in fiscal year 2019-20. In fiscal year
2020-21, the GDP increased by 6.94%. According to BBS preliminary projections, GDP growth in FY 2021-22
was 7.25%, 0.05 percentage point higher than the goal rate and 0.31 percentage point higher than
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the previous fiscal year. Bangladesh Bureau of Statistics (BBS) is the organization in charge of calculating GDP
in Bangladesh. In FY 2021-22, per capita GDP climbed to Tk. 2,32,828 from Tk. 2,08,751 in the previous fiscal
year. In contrast, per capita national income in FY 2020-21 increased from Tk. 2,19,738 in comparison with the
past financial year to Tk. 2,41,470. In US dollars, per capita GNP and GDP were $2,824 and $2,723 in FY
2021-22, respectively, compared to $2,591 and $2,462 in FY 2020-21.
Source: Bangladesh Bureau of Statistics (BBS).
According to preliminary figures from the Bangladesh Bureau of Statistics (BBS), the Bangladeshi economy
grew 7.25% in the fiscal year 2021-22, fueled by an increase in industrial operations. Bangladesh's GDP is
estimated to total 465 Billion international dollars in 2022 which was 416 Billion as per the data indications of
last year, that is, in percentage up by 12.64% than the previous year. This is a gain of around 287 Billion US
dollars since 2014, and is projected to keep going at least till 2027.
Source: Bangladesh Economic Review 2022.
According to IMF, Bangladesh’s growth forecast for fiscal year 2022-2023 is 6%. Higher inflation as well as
interest rate, war tension effect of Russia and Ukraine, etc. are some of the significant factors that contribute
to the Country’s GDP going through downward flow as comparison to the expectation level. For the said
fiscal year, inflation is projected to reach to 8.5%. The IMF projection is identical with the predictions made by
the World Bank for Bangladesh’s economical perspective. As per World Bank GDP growth of current fiscal
year will stand at 6.1%. Meanwhile Asian Development Bank (ADB) projects the GDP rate to be 6.6%.
Comprehensively the aim of the Government was to touch GDP at 7.5% for the same period of time.
Savings and Investment

Total investment increased to 31.68% of GDP in FY 2021-22, as per the findings of preliminary estimates done
by authoritative sources where the private sector investment climbed to 24.06% of GDP, up from 23.70% in the
previous fiscal year. Meanwhile the public sector investment climbs to 7.62% of GDP, up from 7.32% in the
previous fiscal year. In real numbers, investment totaled Tk. 12,59,882 Crore in FY 2021-22, a 15.06% increase
from Tk. 10,95,019 in the previous fiscal year.
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Inflationary Pressure
The Ukraine-Russia conflict has caused a significant increase in global gasoline and food costs. As a result,
inflation is on the upswing. According to the IMF's World Economic Outlook report for April 2022, inflation in
2022 is forecasted to be 5.7% in developed nations and 8.7% in developing countries, respectively, 1.8 and
2.8 percentage points higher than in January. Bangladesh's average inflation rate has already surpassed the
objective of 5.3%. For the fiscal year 2021-22, the average inflation rate was 5.83% from July to March.
Source: Bangladesh Economic Review 2022.
Capital Market Consequences

The capital market serves as an intermediary of long-term fundraising for a country's rapid industrialization
through the sale and purchase of shares, debentures, bonds, mutual funds, treasury bills, certificates, and so
on, and the capital market's turnover promotes to the growth of a nation's economy. Bangladesh's capital
market is comprised of two full-fledged stock exchanges: DSE and CSE. The BSEC, as a supervisor, oversees
the country's stock markets. The Broad Index of the DSE and the CSE's all-share price index were 0.47% and
0.44% lower at the end of December 2022, respectively, than the prior month. The overall turnover value of
DSE and CSE traded securities was 55.71% and 20.06% lower in December 2022, correspondingly, than in
November 2022.
By the end of December 2022, the total number of DSE's listed securities was 656. DSE's market capitalization
was BDT 7609.37 Billion as of the end of December 2022, 0.43% lower than the previous month but 40.34%
higher than the same month of the previous year. Through the end of December 2022, the total number of
listed securities on the CSE was 618. The CSE's market capitalization was BDT 7414.38 Billion as of the end of
December 2022, 0.29% lower than in November 2022 but 61.69% higher than in the same month of the
previous year. The DSE and CSE Price-Earnings (P/E) ratios were 14.10 and 14.35 at the closing bell in
December 2022, correspondingly, increased from 14.50 and 16.26 somewhere at close of November 2022.
Trends of Market Capitalization
Source: Bangladesh Bank (Capital Market Report).
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Export
Despite a worldwide economic recession, Bangladesh's export profits in December 2022 were $5.36 Billion,
the highest-ever single-month earnings, because of the excellent performance of readymade garment
exports. According to the Export Promotion Bureau, the country's export profits in December of the current
fiscal year of 2022-23 increased by 9.33% year on year to $5.36 Billion from $4.90 Billion in the same month of
FY 2021-22. According to EPB data, export profits climbed by 10.58% to $27.31 Billion in the first half of FY23
(July-December) compared to $24.70 Billion in the same period of FY22. According to specialists and
exporters, Bangladesh's export profits from July to December were good, as exports increased at a 10%
annual pace which was in accordance with the government's continuous goal. In December’22, exports in
Bangladesh stood at BDT 379.88 Billion from BDT 368.03 Billion of November’22.
Source: tradingeconomics.com, Bangladesh Bank
Import
Import payments are lower on November 22 than in November 21. Import payments in November'22 totaled
$5885.2 Million, a US$ 1009.2 Million (14.64%) decrease from the previous month whereas the Import payments
are lower in December'22 in comparison with the same as in December'21. The Import payments in
December'22 totaled US$ 5269.4 Million which is a US$ 2374.0 Million (31.06%) decrease from December'21.
Also, import payments increased by US$ 1475.2 Million (3.98%) from July to December of this year as
compared to the same time previous year. From BDT 574.48 Billion in November 2022, imports in Bangladesh
fell to BDT 520.85 Billion in December.
Source: tradingeconomics.com, Bangladesh Bank.
Foreign Exchange Reserves

The Bangladesh Bank's foreign exchange reserves stood at US$ 33747.7 Million at the end of December'22,
up from US$ 41826.7 Million at the end of June'22. Therefore, foreign exchange reserves fell by US$ 8079.0
Million (19.32%) at the end of December'22 as compared to reserves held at the end of June'22. As
comparison to the same period previous year, current reserves declined by US$ 12406.2 Million (26.88%) at
the end of December'22.
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REPORT 2022 97
2021-2022
2022-2023
Source: Bangladesh Bank
Manpower Exportation and Remittance inflow

As per the findings of December 2022, there were 98411 people who moved overseas to seek employment,
that is 13059 (15.30%) more than those who flew abroad to look for employment in November’22. From July
to December of the same said year, the country's labor exports climbed by 146963 people (39.36%)
compared to the same time of the previous year, 2021.
Remittances received from Bangladeshi nationals working abroad grew by US$ 104.53 million (6.55%) in
December'22, compared to US$ 1595.17 million in November'22. Employees' remittances were US$ 1699.70
million in December 22. Workers' remittances grew by US$ 253.73 million (2.48%) between July and December
of this year when compared with the previous year.
2021-2022
2022-2023
Source: Bangladesh Bank.

Foreign Direct Investment (FDI) Inflow
In Jul-Sep'22 Foreign Direct Investment (FDI) inflows grew by US$ 195.85 Million (24.87%) from US$ 787.48 Million
as on in Apr-Jun'22. FDI inflows were US$ 983.33 Million between July and September of the current year. The
amount of multinational organizations' invested capital in Bangladesh was $2.04 Billion in FY22, accounting
for the majority of net FDI in the year under review. As comparison with the fiscal year time frame, FDI inflows
increased by US$ 932.32 Million (37.18%) during FY 2021-22 relative to FY 2020-21. FDI inflows were US$ 3439.63
Million for fiscal year 2021-22.
Source: Bangladesh Bank.
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Tackling Challenges
The much-anticipated Padma bridge and Dhaka metro train were eventually opened in 2022, and the
government declared that Bangladesh had achieved 100% electrification. Nonetheless, it turned out to be
drastically different from what was predicted. Just a few months after the government declared that it had
brought 100% of the population under electrical coverage, power outages swept over the country for
months on end, until winter gave some relief. The cost of living has risen to levels not seen in decades, causing
ordinary people to struggle to acquire even the most basic products, a rapid drop in people's savings, and
households to shift income from investing on education and healthcare to earn one's living.
Bangladesh must generate jobs and career opportunities through a fiercely competitive business climate,
boost human resources and establish a competent workforce, good planning infrastructure, and end up
creating a policy atmosphere that encourages private investment boost up in order to achieve its vision of
becoming an upper middle-income country by 2031.
Expanding exports outside the RMG sector, developing the financial industry, creating urbanization better
sustainable, and improving governmental institutions, including fiscal changes to produce more domestic
money for development are among the stated objectives. Acknowledging infrastructural gaps would hasten
growth while tackling climate change and natural catastrophe risk will assist Bangladesh in continuing to
build resilience to future disruptions. A shift toward green growth would help to ensure the long-term viability
of development results for better future.
BANKING INDUSTRY STANDPOINT 2022
The banking industry experienced a number of issues as a result of increased worldwide financial distress
driven by global simulative monetary policy. During 2022, Bangladesh Bank has made significant policy
changes. For example, the duration of private bank directors was expanded from six to nine years by the
Bank Company (Amendment) Act of 2018, and the number of members of the same family on the board of
a private bank was doubled from two to four and so on. The Bangladesh Bank countered to rising global
energy costs with blackouts and industry shutdown to decrease energy use. To maintain the country's
international reserves, it stopped acquiring automobiles and made it more difficult to acquire luxury items as
well as formed policy for lesser electricity usage. BB aims to regulate banking industry with effective reforms
and effectual guidelines to establish strong regulation and supervision policy.
Banking Sector
Scheduled Non-Scheduled
Banks (61) Banks (5)
State Owned
Private Commercial Specialized Banks Foreign Commercial
Commercial Banks
Banks (PCBs): 43 (SDBs): 3 Banks (FCBs): 9
(SOCBs): 6
(43)
Profitability Ratios by Type of Banks
Source: Bangladesh Bank Quarterly Report (July-September, 2022).
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ECONOMIC AND BUSINESS PERSPECTIVE 2023
The World Bank has reduced its projection of economic growth for Bangladesh for the fiscal year 2022-23
(July 2022-June 2023) due to increasing inflation and its adverse influence on household incomes and
business input prices, as well as scarcity, import bans, and monetary policy adjustment. In its newest edition
of Global Economic Perspectives, issued on Tuesday, the global lender forecasts 5.2% growth for Bangla-
desh's GDP in the current fiscal year, down from 6.5% anticipated previously in June last year. In 2022, the
country's GDP increased by 7.2%. According to the analysis, Bangladesh's economy is predicted to perk up
again and revert to its potential speed in the fiscal year 2023-24. (July 2023-June 2024).
According to the Asian Development Bank, Bangladesh's economic development is being stifled by external
trade imbalances and unexpectedly high inflation, which has caused the rate to fall below the previously
forecasted 6.6%. In September, the ADB's flagship publication ADO Update estimated Bangladesh's GDP
growth at 6.6%, down from the earlier forecast of 7.2% for the current fiscal year (FY) 2022-23. According to
the ADOS, "in Bangladesh, the GDP growth projection for FY2023 has been revised downward due to lower
exports and a broadening trade imbalance, persistent massive inflation and scarcity of electric power and
other energy, toned down remittances, and austerity measures implemented by the government to close a
large budget deficit."
FINANCIAL FUNCTIONING
The Board of Directors is in charge of preparing and fairly presenting financial statements in line with the
appropriate financial reporting framework, rules, and requirements.
Financial Statement Fair Presentation: We (the Directors) are charged with the preparation and fair presenta-
tion of the Bank's Financial Statements. We have compiled the aforementioned Financial Statements as of
and for the fiscal year ending 31 December 2022 to portray cash flows and changes in equity fairly in all key
respects.
Appropriate Books of Account Maintenance: The Bank has maintained proper books of account as mandat-
ed by the applicable laws and regulations.
Accounting Policy and Accounting Estimates Application: Proper accounting policies should be incorporat-
ed in the production of the Bank's financial statements, and accounting estimates must always be based on
fair and responsible judgment. Estimates and underlying principles are examined on a continuous basis, and
any changes are accounted for in the period in which the projection is updated as well as any following
periods influenced. The key accounting rules followed and accounting assumptions applied in the compila-
tion of the Bank's financial statements are described in the notes to the GIB Financial Statement 2022.
Compilation of Financial Statements in conformity with IAS/IFRS and any Departure there-from: The bank's
financial statements for the fiscal year ended 31 December 2022 have been prepared under the historical
cost convention and in accordance with IFRS, the "First Schedule" (section 38) of the Bank Company Act
1991, as modified by BRPD Circular no.14 dated 25 June 2003, other Bangladesh Bank Circulars, the Compa-
nies Act 1994, the BSEC Rules, Dhaka and Chittagong Stock Exchange's listing regulations, and other regula-
tions and legislation as related in Bangladesh. For some of the cases, Bangladesh Bank's requirement vary
from those of the IFRS in several areas of financial reporting. In those kind of circumstances, Bangladesh
Bank's compliance has been ensured through departure from the applicable IAS/IFRS rules, which are noted
in the financial statements.
Potential to Continue as a Going Concern: There are no significant doubts about the Bank's capacity to
continue as a going concern. The Bank's financial statements are based on the premise that the entity (Glob-
al Islami Bank) is a going concern and will keep running its business activities in the foreseeable future. As a
result, it is anticipated that the Bank has no plan of dissolving or considerably curtail the scope of its functions.
This GIB Annual Report includes an in-depth report on Going Concern.
GIB PERFORMANCE 2022
Entering banking service life on October 23, 2013 with the Corporate Slogan "Wonderful Experience" and
then transitioning to a full-fledged shariah-based islami bank on January 1, 2021, with the new Corporate
Slogan "Banking with Faith" and the new trending symbol "GIB", Global Islami Bank persistently succeeds to
gain customer attention and better performance acknowledgment from its Stakeholders. Along with the rest
of the country, we aim to flourish and thrive. Our major banking operations include deposit collection, invest-
ment extension to corporate, SMEs, retail business, international trade business, capital raising, lease & hire
purchase financing, credit card issuing, and many more.
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The Bank acquired the license as the first bank among all 4th generation banks to operate Islami Banking
alongside existing Conventional Banking and subsequently received approval from the Bangladesh Bank
(Letter dated: 24.02.2020) to transform the Bank from conventional to full-fledged Islami Banking Operations
under Islami Shariah Principles adhering with some of these conditions and began its business under Islami
Shariah Principles from January 01, 2021. During 2022 the Bank entered capital market of Bangladesh as a
listed company. IPO subscription of the Bank started on October 16 and continued till October 20. Through
IPO GIB raised Tk. 425 Crore under the fixed price method. The share subscription was divided into two
groups; 25% for the expatriates of Bangladesh and 75% for the general investors. The IPO proceeds are being
utilized for fulfilling three purposes; to meet IPO expenses, finance SMEs, and invest in government securities
and stock market.
Deposits: Throughout the end of 2022, the Bank's total deposit acquisition was at BDT 118,809.22 Million.
Attractive profit rates, appealing deposit products, exceptional customer service, and the customers' trust in
the Bank all contributed to the significant increase in deposits. The bank provides a range of pleasing deposit
schemes to meet the needs of small and medium-sized savers by increasing not only the quantity of deposits
but also concentrating on qualitative improvements to the deposit structure in the upcoming future.
Investments: GIB’s total investment at the end of December 31, 2022 was BDT 118,680.54 Million. As risks is
inherent and inseparable in all sorts of lending the Bank endeavors to impose its level best effort while ascer-
taining the risks therein. The whole investment of the Bank is segregated into different divisions as guided by
Bangladesh Bank’s Core Risk Management guideline in the Name and Style a) Investment Division, b) Invest-
ment Administration Division, c) Special Asset Management Division and d) Legal Division. Investment Division
is entrusted with the responsibilities of sanction or approval of the Investment from the competent authority
subject to analyzing and apprising all sorts of risks involved therein. Investment Administration Division com-
mences its duties from the next phase, after sanction of the Investment, ensures all the terms of the sanction
are duly complied in addition to proper Investment documentation prior to disbursement of the said. Special
Asset Management Division is usually engaged in supervision and monitoring to ensure that all the Investment
remain as performing assets. Legal actions and affairs are also dealt by them in order to recover the Non-Per-
forming Investments (NPI), if any.
INCOME & EXPENDITURE
In 2022, GIB acquired BDT 2,904.76 Million as operating profit while operating banking transactional activities
through 99 Branches and 116 Sub-branches at different locations of Bangladesh which is a proof of an
outstanding operational excellence.
Income:
By the end of 2022, the bank recorded Total Income worth BDT 14,655.45 Million, a detailed summary of which
is shown below:
Particulars Amount in BDT (Million)

Investment Income 13,862.96
Income from Investment in shares/securities 360.03
Commission, exchange and brokerage 300.40
Other Operating Income 132.06
Total 14,655.45
ANNUAL
REPORT 2022 101
Expenditure:
In the end of 2022, the Bank's total expenditure was BDT 11,729.88 Million, as stated in the following table:
Particulars Amount in BDT (Million)

Profit paid on Deposit 8274.74
Operating Expenses 3454.94
Other Operating Expenses -
Depreciation and Amortization on Banking Assets -
Total 11,729.88
CAPITAL ADEQUACY under BASEL III
According to Section 13 (2) of the Bank Company Act, 1991 (amended until 2018) and Bangladesh Bank
BRPD circular No: 18 dated December 21, 2014 and circular No: 02 dated March 04, 2015, GIB's required
capital at the close of business on 31 December 2022 was BDT 10,580.82 Million as against available Tier-1
capital of BDT 13,130.1 Million and Tier-2 capital of BDT 1,079.80 Million, resulting in a surplus capital/equity of
BDT 3,376.80 Million. The next table lists the bank's Tier-1 and Tier-2 capital levels as defined by the BASEL-III
capital accord:
A. Particulars - Tier-1 (Core Capital) Amount in BDT (Million)

Paid-up Capital 9404.20
Statutory Reserve 2020.64
Retained Earnings 1539.45
Less: Deferred Tax Assets (86.41)
Sub-Total (A) 12877.87
B. Particulars - Tier-2 (Supplementary Capital)

General Provision 1079.85
Securities Revaluation Reserve -
Less: (Regulatory Adjustment) -
Sub-Total (B) 1089.85
Grand Total (A+B) 13957.73
1089.85
12877.87
The Capital to Risk Weighted Asset Ration (CRAR) is 16.49% as of December 31, 2022, compared to a
minimum of 10% of Risk Weighted Assets compute the ability precisely according to Bangladesh Bank rules
and regulations.
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ASSET PORTFOLIO
As of December 31, 2022, the entire asset portfolio in the Balance Sheet is valued at BDT 153,831.90 Million.
The asset portfolio included BDT 16,604.54 Million as cash and cash equivalents, BDT 4474.34 Million as
balance with other banks and NBFIs, BDT 7202.43 Million as investment in shares and securities, and BDT
118,680.54 Million as investments, BDT 2,158.34 Million as Fixed Assets and BDT 9,165.05 Million as Other Assets.
INTERNAL CONTROL CONSIDERATION
As a well efficient banking company, GIB inherits robust internal control construction with an aim to
safeguard the Shareholders’ worth as well as the Bank’s assets. Although the ultimate responsibility of the
operational performance goes with the working space of the Board of Directors, the Board has authorized
the Audit Committee of the Bank to perform the authoritative activities of assuring the competence and
capability of the internal control system of the Bank.
Undoubtedly, it is true that a booming internal control system always favors the Bank’s secure and
sustainable growth as well as its size, structure and risk profile are intensely influenced by the internal control
system’s effectual structuring and executing activities. GIB’s effective controlling mechanisms include some
sort of practices which are given equal emphasize to ensure proper governance arena in the Bank.
Monitoring Corporate Culture:

GIB’s Control Environment demonstrates the Board of Directors' and management's commitment to an
effective internal control system to protect the interests of stakeholders. GIB's existing market strategy divides
its all workforce into two key clusters: business segment and support services. While business segments are
allocated with a specific business aim, support teams, particularly ultimately require, are in charge of
detecting conflicts of interest and guaranteeing improved risk management policies.
Controlling Business Activities:

GIB’s control activities guarantee that all of the firewalls/checkpoints created by different policies, processes,
and best practices are in place and that the Bank's exposure to financial or other uncertain catastrophes is
kept to an absolute minimum scale. To govern its everyday operations, GIB has designed and is adhering to
suitable policies, standards, and best practices, as well as all regulatory guidelines. For example, an
investment proposal obtained by an authorized official of GIB is evaluated by officers in the Investment
Division, paperwork and disbursement are handled by the Investment Administration Department, and
collection (if classified) is handled by the recovery team.
Assessing the Risk:

GIB internal control culture effectually assesses the discovery, measurement, analysis, and management of
internal and external hazards of inherent risks at the individual level as well as for the bank as an entire entity.
According to Bangladesh Bank rules, GIB has developed a Risk Management Committee (RMC) of the Board
and a Risk Management Unit (RMU) as well to supervise and control bank-wide risk analysis, diagnosis,
evaluation, interpretation, and contingency planning undertaken by various risk management functions for
risk mitigation purpose. The uncertain market sentiment of the bank is established by the RMU, which is
overseen by the RMC of the Board. Within regular interval the Board holds Risk Committee meeting to inform
the Directors about detailed risk management procedures and its implementation.
COMPLIANCE AND CONVICTION
GIB complies fully with all applicable rules and regulations and does not allow any non-compliance with
regulatory requirements, any investment default by the company, its directors, or senior management.
CEO AND CFO’S DECLARATION CERTIFICATE
The MD and CFO's declaration to the Board is appended on "GIB Corporate Governance Reporting" part in
accordance with Clause 1(5) (xxvi) of the BSEC Corporate Governance Code 2018.
SENIOR MANAGEMENT
All top management individuals have been disclosed in the "GIB Corporate Information" part.
MANAGEMENT DISCUSSION & ANALYSIS ON GIB’S POSITION
In accordance with Condition No. 1(5)(xxv) of the Corporate Governance Code, as published by the BSEC
in its notification dated June 3, 2018, a brief Management analysis of the Bank's stance on operations and
financial statements is provided, with special emphasis on the following issues:
ANNUAL
REPORT 2022 103
Accounting Policies and estimation for preparation of financial statements: Accounting policies and
estimation for financial statement preparation are outlined in the "Notes to Financial Statements" section of
the GIB Annual Financial Statements 2022.
Changes in accounting policies and estimation: The specifics of the changes in accounting policies and
estimation are disclosed in the section "Notes to the Financial Statements" of the GIB Annual Financial
Statements 2022.
Comparative analysis (including effects of inflation) of financial performance or results and financial position
as well as cash flow for current year with immediate preceding five years: The Directors Report contains
fragments of the foregoing.
Compare such financial performance or results and financial position as well as cash flows with peer industry
scenario: GIB's fiscal year runs from January to December. Similar companies in the banking industry follow
the same fiscal year pattern to comply with legal standards. Following is a comparison with comparable
listed bank businesses based on previously available data from past years. For the comparison, the
Statement of Financial Position as of 31 December 2022 and the Statement of Profit and Loss for the fiscal
year ended 31 December 2022 have been considered.
[Amount in Million]
Sl Particulars GIB IBBL SJIBL FSIBL UNION

1 Total Income 14,655.45 107,134.59 22,845.82 43,615.95 21,458.02
2 Gross Profit 2,904.77 21,749.73 8,543.39 7,327.26 4,1148.58
3 Net Profit After Tax 963.16 6,167.00 3,585.30 2,961.50 1,513.50
4 Dividend 5% (C) % 5% (S) 10% (Cash) 12% (C) & 3% (S) 10% (Stock) 5% (Cash)
5 Total Shares (M) 940.42 1,609.99 1,080.55 1,046.01 986.93
6 EPS (BDT) 1.02 3.83 3.25 2.81 1.57
7 NAVPS (BDT) 13.79 42.34 20.32 21.32 15.82
8 NOCFPS (BDT) 3.25 (55.69) 3.62 4.17 (13.81)
*Note: Subject to approval by the shareholders in the Annual General Meeting (AGM).
Briefly explain the financial and economic scenario of the country and the globe: The Directors' Report and
the Chairman's Speech have addressed the country's financial and economic situation, as well as the
worldwide influence.
Risks and concerns issues related to the financial statements, explaining such risk and concerns mitigation
plan of the bank: This issue has been elaborated in the Directors’ Report as well as in “Notes to the Financial
Statements” section of the GIB Annual Financial Statements 2022.
Future plan or projection or forecast for company’s operation, performance and financial position, with justifi-
cation thereof, i.e. actual position shall be explained to the shareholders in the next AGM: The shareholders
shall be kept informed of future actions at the Annual General Meeting and through periodic communica-
tions.
Statement Wise or Division Wise Performance: The table that follows summarizes the Bank's performance by
segment or division.
[Amount in Crore]
Particulars Branch Treasury ADC & Cards Agent Banking Head Office Total
Operations
Total Income 1,872.20 61.79 2.24 0.16 58.80 1,995.18
Total Expense 1,452.44 89.22 11.03 1.91 150.11 1,704.71
Operating Profit 419.75 (27.43) (8.79) (1.75) (91.31) 290.48
A statement where key operating and financial data of at least preceding 5 (five) years shall be summarized:
The following are the key operational and financial data from GIB’s preceding 5 (five) years;
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Global Islami Bank Limited
REPORT
ANNUAL
5 Years - Horizontal Analysis
Balance Sheet
BDT in Million
2022
Particulars 2022 22 Vs 21 2021 21 Vs 20 2020 20 Vs 19 2019 19 Vs 18 2018 18 Vs 17
PROPERTY AND ASSETS:

Cash
Cash In hand (including foreign currency) 1,453 32.74% 1,095 48.85% 736 19.49% 616 27.35% 483 27.22%
Balance with Bangladesh Bank and its agent bank 10,677 108.83% 5,113 -53.89% 11,087 110.21% 5,274 17.37% 4,494 7.73%
(s) (including foreign currency) 12,130 95.41% 6,208 -47.49% 11,823 100.72% 5,890 18.34% 4,977 9.35%
Balance with other banks and financial institutions

In Bangladesh 643 287.44% 166 77.54% 93 127.26% 41 -2.06% 42 -0.36%
Outside Bangladesh 587 37.53% 427 426.96% 81 -58.57% 195 116.57% 90 0.42%
1,229 107.48% 593 239.79% 174 -26.28% 237 79.17% 132 0.17%
Placement with bank and other financial institutions 3,245 -1.46% 3,293 9.34% 3,012 -4.90% 3,167 -10.38% 3,534 -19.19%
Investments in shares & securities

Government 5,251 -28.10% 7,303 0.04% 7,301 -33.13% 10,918 28.25% 8,513 13.21%
Others 1,951 29.41% 1,508 458.01% 270 -6.69% 290 -12.25% 330 -15.38%
7,202 -18.26% 8,811 16.38% 7,571 -32.45% 11,207 26.74% 8,843 11.80%
Investments
General Investment etc. 118,620 12.14% 105,783 21.01% 87,413 22.17% 71,552 16.10% 61,628 22.70%
Bills Purchased and Discounted 60 -95.38% 1,304 -76.27% 5,496 -49.17% 10,813 8.91% 9,928 9.09%
118,681 10.83% 107,087 15.26% 92,909 12.80% 82,366 15.11% 71,556 20.61%
Fixed Assets including Premises 2,158 -9.12% 2,375 14.43% 2,076 151.69% 825 -0.99% 833 19.26%
Other assets 9,079 106.49% 4,397 32.31% 3,323 22.44% 2,714 18.18% 2,296 7.31%
Deferred Tax asset 86 82.36% 47 231.06% 14 100.00% - 0.00% - 0.00%
Non - banking assets - - - - -
Total assets 153,811 15.81% 132,810 9.85% 120,902 13.62% 106,405 15.44% 92,172 16.48%
105
106
Balance Sheet
BDT in Million
LIABILITIES AND CAPITAL:

Liabilities
Placement from bank and other financial institutions 12,822 5731.46% 220 -84.09% 1,382 40758.4% 3 -99.58% 803 -71.81%
Deposits and other accounts: - - -
Al-wadeeah current deposits 6,921 26.92% 5,453 50.64% 3,620 -28.43% 5,058 6.46% 4,751 74.08%
Bills payable 769 38.08% 557 32.92% 419 1.73% 412 82.08% 226 24.13%
Mudaraba savings deposits 7,421 14.04% 6,507 39.04% 4,680 28.06% 3,654 25.65% 2,908 18.29%
Mudaraba term deposits 103,685 -1.52% 105,282 7.40% 98,028 11.92% 87,587 16.79% 74,995 17.90%
Other Mudaraba Deposits 13 103.28% 7 138.65% 3 -44.66% 5 92.71% 3 -28.46%
118,809 0.85% 117,805 10.36% 106,749 10.37% 96,716 16.69% 82,883 20.15%
Other liabilities 9,216 31.20% 7,024 15.72% 6,070 51.86% 3,997 26.10% 3,170 37.83%
Total liabilities 140,847 12.63% 125,050 9.50% 114,202 13.39% 100,717 15.96% 86,856 17.17%
Capital / Shareholders' equity
Paid up capital 9,404 82.46% 5,154 5.00% 4,909 5.00% 4,675 10.00% 4,250 0.00%
Statutory reserve 2,021 25.03% 1,616 42.90% 1,131 46.85% 770 29.42% 595 49.07%
Other reserve - - - 7 2
Surplus in profit and loss account 1,539 55.44% 990 50.00% 660 179.99% 236 -49.70% 469 35.12%
Total shareholders' equity 12,964 67.05% 7,761 15.83% 6,700 17.78% 5,688 7.00% 5,316 6.25%
Total liabilities and shareholders' equity 153,811 15.81% 132,810 9.85% 120,902 13.62% 106,405 15.44% 92,172 16.48%
REPORT
ANNUAL
2022
REPORT
ANNUAL
5 Years - Vertical Analysis
Balance Sheet
BDT in Million
2022
PROPERTY AND ASSETS:

Cash
Cash In hand (including foreign currency) 1,453 0.94% 1,095 0.82% 736 0.61% 616 0.58% 483 0.52%
Balance with Bangladesh Bank and its agent bank(s)
(including foreign currency) 10,677 6.94% 5,113 3.85% 11,087 9.17% 5,274 4.96% 4,494 4.88%
12,130 7.89% 6,208 4.67% 11,823 9.78% 5,890 5.54% 4,977 5.40%
Balance with other banks and financial institutions
In Bangladesh 643 0.42% 166 0.12% 93 0.08% 41 0.04% 42 0.05%
Outside Bangladesh 587 0.38% 427 0.32% 81 0.07% 195 0.18% 90 0.10%
1,229 0.80% 593 0.45% 174 0.14% 237 0.22% 132 0.14%
Placement with bank and other financial institutions 3,245 2.11% 3,293 2.48% 3,012 2.49% 3,167 2.98% 3,534 3.83%
Investments in shares & securities
Government 5,251 3.41% 7,303 5.50% 7,301 6.04% 10,918 10.26% 8,513 9.24%
Others 1,951 1.27% 1,508 1.14% 270 0.22% 290 0.27% 330 0.36%
7,202 4.68% 8,811 6.63% 7,571 6.26% 11,207 10.53% 8,843 9.59%
Investments
General Investment etc. 118,620 77.12% 105,783 79.65% 87,413 72.30% 71,552 67.25% 61,628 66.86%
Bills Purchased and Discounted 60 0.04% 1,304 0.98% 5,496 4.55% 10,813 10.16% 9,928 10.77%
118,681 77.16% 107,087 80.63% 92,909 76.85% 82,366 77.41% 71,556 77.63%
Fixed Assets including Premises 2,158 1.40% 2,375 1.79% 2,076 1.72% 825 0.77% 833 0.90%
Other assets 9,079 5.90% 4,397 3.31% 3,323 2.75% 2,714 2.55% 2,296 2.49%
Deferred Tax asset 86 0.06% 47 0.04% 14 0.01% - 0.00% - 0.00%
Non - banking assets - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
Total assets 153,811 100.00% 132,810 100.00% 120,902 100.00% 106,405 100.00% 92,172 100.00%
107
108
Balance Sheet
BDT in Million
LIABILITIES AND CAPITAL:

Liabilities
Placement from bank and other financial institutions 12,822 8.34% 220 0.17% 1,382 1.14% 3 0.00% 803 0.87%
Deposits and other accounts:
Al-wadeeah current deposits 6,921 4.50% 5,453 4.11% 3,620 2.99% 5,058 4.75% 4,751 5.15%
Bills payable 769 0.50% 557 0.42% 419 0.35% 412 0.39% 226 0.25%
Mudaraba savings deposits 7,421 4.82% 6,507 4.90% 4,680 3.87% 3,654 3.43% 2,908 3.16%
Mudaraba term deposits 103,685 67.41% 105,282 79.27% 98,028 81.08% 87,587 82.31% 74,995 81.36%
Other Mudaraba Deposits 13 0.01% 7 0.00% 3 0.00% 5 0.00% 3 0.00%
118,809 77.24% 117,805 88.70% 106,749 88.29% 96,716 90.89% 82,883 89.92%
Other liabilities 9,216 5.99% 7,024 5.29% 6,070 5.02% 3,997 3.76% 3,170 3.44%
Total liabilities 140,847 91.57% 125,050 94.16% 114,202 94.46% 100,717 94.65% 86,856 94.23%
Capital / Shareholders' equity
Paid up capital 9,404 6.11% 5,154 3.88% 4,909 4.06% 4,675 4.39% 4,250 4.61%
Statutory reserve 2,021 1.31% 1,616 1.22% 1,131 0.94% 770 0.72% 595 0.65%
Other reserve - 0.00% - 0.00% - 0.00% 7 0.01% 2 0.00%
Surplus in profit and loss account 1,539 1.00% 990 0.75% 660 0.55% 236 0.22% 469 0.51%
Total shareholders' equity 12,964 8.43% 7,761 5.84% 6,700 5.54% 5,688 5.35% 5,316 5.77%
Total liabilities and shareholders' equity 153,811 100.00% 132,810 100.00% 120,902 100.00% 106,405 100.00% 92,172 100.00%
REPORT
ANNUAL
2022
REPORT
ANNUAL
Profit and Loss Account
BDT in Million
2022
Investment income 13,863 6.39% 13,030 8.14% 12,049 9.11% 11,043 17.52% 9,396 30.33%
Profit paid on deposits 8,275 3.26% 8,014 -11.83% 9,089 7.90% 8,424 21.46% 6,935 50.79%
Net interest income 5,588 11.41% 5,016 69.51% 2,959 13.00% 2,619 6.41% 2,461 -5.72%
Income from investment in Shares/ Securities 360 71.37% 210 -78.96% 999 124.60% 445 38.05% 322 -24.36%
Commission, exchange and brokerage 300 404.09% 60 -13.72% 69 -25.93% 93 10.54% 84 -14.50%
Other operating income 132 -1.01% 133 109.53% 64 10.17% 58 43.07% 40 21.70%
792 96.61% 403 -64.37% 1,131 89.93% 596 33.31% 447 -19.88%
Total operating income (A) 6,381 17.74% 5,419 32.48% 4,091 27.26% 3,214 10.54% 2,908 -8.21%
Salary and allowances 1,834 29.54% 1,416 34.09% 1,056 13.43% 931 23.60% 753 19.21%
Rent, taxes, insurance, electricity etc. 263 36.11% 193 14.30% 169 -54.93% 376 -6.88% 403 10.87%
Legal expenses 5 -56.16% 12 686.11% 2 22.43% 1 2.42% 1 -4.72%
Postage, stamp, telecommunication etc. 51 14.05% 44 48.52% 30 18.36% 25 16.51% 22 15.46%
Stationery, Printings, Advertisements etc. 55 31.89% 42 21.68% 34 28.05% 27 13.71% 23 24.32%
Chief Executive's Salary & Fees 15 -5.37% 16 13.45% 14 17.05% 12 9.28% 11 -1.26%
Directors' fees and expenses 8 -5.94% 8 60.46% 5 -61.51% 14 -3.19% 14 -18.66%
Shariah Supervisory Committee's Fees & Expenses 0 46.72% 0 -25.52% 0 266.90% 0 100.00% - 0.00%
Auditors' fees 0 -76.46% 2 385.71% 0 9.38% 0 0.00% 0 6.67%
Depreciation and repair of bank's assets 608 11.17% 547 13.43% 482 105.98% 234 10.39% 212 18.96%
Zakat Expenses 67 0.00% 46 0.00% - 0.00% - 0.00% - 0.00%
Other expenses 569 38.98% 410 3.06% 398 27.98% 311 -19.84% 388 24.12%
Total operating expenses (B) 3,476 27.04% 2,736 24.94% 2,190 13.47% 1,930 5.61% 1,827 17.65%
Profit / (loss) before provision (C=A-B) 2,905 8.26% 2,683 41.16% 1,901 47.98% 1,284 18.88% 1,080 -33.09%
Provision for loans and advances/investments 770 255.90% 216 123.53% 97 -76.34% 409 305.23% 101 -82.16%
Provision for diminution in value of investments (4) 100.00% 20 100.00% - 0.00% - - - -
Other provisions 116 100.00% 21 100.00% - 0.00% - - - -
Total provision (D) 882 243.26% 257 165.61% 97 -76.34% 409 305.23% 101 -82.16%
Total profit / (loss) before taxes (C-D) 2,022 -16.64% 2,426 34.48% 1,804 106.07% 875 -10.63% 980 -6.63%
Provision for taxation 1,059 -4.29% 1,107 42.85% 775 52.38% 508 13.17% 449 -31.88%
Net profit/(loss) after taxation 963 -27.00% 1,319 28.18% 1,029 180.44% 367 -30.78% 530 36.09%
109
110
BDT in Million
Investment income 13,863 94.59% 13,030 97.00% 12,049 91.42% 11,043 94.88% 9,396 95.46%
Profit paid on deposits 8,275 56.46% 8,014 59.66% 9,089 68.96% 8,424 72.38% 6,935 70.46%
Net interest income 5,588 38.13% 5,016 37.34% 2,959 22.45% 2,619 22.50% 2,461 25.00%
Income from investment in Shares/ Securities 360 2.46% 210 1.56% 999 7.58% 445 3.82% 322 3.27%
Commission, exchange and brokerage 300 2.05% 60 0.44% 69 0.52% 93 0.80% 84 0.86%
Other operating income 132 0.90% 133 0.99% 64 0.48% 58 0.50% 40 0.41%
792 5.41% 403 3.00% 1,131 8.58% 596 5.12% 447 4.54%
Total operating income (A) 6,381 43.54% 5,419 40.34% 4,091 31.04% 3,214 27.62% 2,908 29.54%
Salary and allowances 1,834 12.52% 1,416 10.54% 1,056 8.01% 931 8.00% 753 7.65%
Rent, taxes, insurance, electricity etc. 263 1.80% 193 1.44% 169 1.28% 376 3.23% 403 4.10%
Legal expenses 5 0.04% 12 0.09% 2 0.01% 1 0.01% 1 0.01%
Postage, stamp, telecommunication etc. 51 0.35% 44 0.33% 30 0.23% 25 0.22% 22 0.22%
Stationery, Printings, Advertisements etc. 55 0.37% 42 0.31% 34 0.26% 27 0.23% 23 0.24%
Chief Executive's Salary & Fees 15 0.10% 16 0.12% 14 0.10% 12 0.10% 11 0.11%
Directors' fees and expenses 8 0.05% 8 0.06% 5 0.04% 14 0.12% 14 0.14%
Shariah Supervisory Committee's Fees & Expenses 0 0.00% 0 0.00% 0 0.00% 0 0.00% - 0.00%
Auditors' fees 0 0.00% 2 0.01% 0 0.00% 0 0.00% 0 0.00%
Depreciation and repair of bank's assets 608 4.15% 547 4.07% 482 3.66% 234 2.01% 212 2.15%
Zakat Expenses 67 0.46% 46 0.34% - 0.00% - 0.00% - 0.00%
Other expenses 569 3.89% 410 3.05% 398 3.02% 311 2.67% 388 3.94%
Total operating expenses (B) 3,476 23.72% 2,736 20.37% 2,190 16.62% 1,930 16.58% 1,827 18.56%
Profit / (loss) before provision (C=A-B) 2,905 19.82% 2,683 19.97% 1,901 14.42% 1,284 11.04% 1,080 10.98%
Provision for loans and advances/investments 770 5.25% 216 1.61% 97 0.73% 409 3.51% 101 1.03%
Provision for diminution in value of investments (4) -0.03% 20 0.15% - - - - - -
Other provisions 116 0.79% 21 0.15% - 0.00% - 0.00% - 0.00%
Total provision (D) 882 6.02% 257 1.91% 97 0.73% 409 3.51% 101 1.03%
Total profit / (loss) before taxes (C-D) 2,022 13.80% 2,426 18.06% 1,804 13.69% 875 7.52% 980 9.95%
Provision for taxation 1,059 7.23% 1,107 8.24% 775 5.88% 508 4.37% 449 4.56%
Net profit/(loss) after taxation 963 6.57% 1,319 9.82% 1,029 7.81% 367 3.15% 530 5.39%
REPORT
ANNUAL
2022
DISCUSSION ON COST OF DEPOSIT, GROSS/ NET PROFIT MARGIN/ SPREAD
Since the main operation of a bank is deposit mobilization and invest those deposits in profitable sectors, the
concept of Cost of Deposit is the profit paid on deposits. The gross profit margin/spread, is determined by
subtracting profit paid on deposit from total investment income, and the net profit margin, on the other
hand, is obtained by decreasing operating expenses from total operating income.
DISCLOSURE RELATED TO MINORITY SHAREHOLDERS
A disclosure about minority shareholders is attached to the "GIB Corporate Governance Reporting" part in
accordance with the Clause 1(5) (xvi) of the BSEC Corporate Governance Code 2018.
DISCLOSURE RELATED TO THE PATTERN OF SHAREHOLDING
Disclosure on the pattern of shareholding in accordance with Clause 1(5) (xxiii) of the BSEC Corporate Gover-
nance Code 2018 is appended on "GIB Shareholders Information" part.
RELATED PARTY TRANSACTION
In the usual course of business, the Bank conducted financial transactions with some organizations or individ-
uals who did not meet the criteria of "Related Party" as specified in IAS 24 (Related Party Disclosures) and
Bangladesh Bank BRPD circular 14, 2013. The Note to the Financial Statements on " GIB Financial Reporting"
part includes disclosure of all related party transactions, including the rationale for such transactions.
INSIDER TRADING
GIB strongly prohibits insider trading as it illegal. Individuals with access to nonpublic information regarding
GIB’s shares can take unfair advantage in the market. The practice of insider trading can artificially affect the
value of GIB’s shares on the stock exchanges and puts the interests of the insider above those to whom he or
she owes a fiduciary duty. To stop the occurrence of insider trading, the management of the Bank regularly
ensures the effectual continuous process of not revealing non-public information. The Board members are
prohibited to disclose any kinds of inside information to anybody who buys or sells stocks. Accordingly, GIB’s
Board designed the Code of Conduct for all the members of the Board and abide by the code of integrity
and good governance in line with the National Integrity Strategy of Bangladesh.
BOARD MEETINGS AND ATTENDANCE BY THE DIRECTORS
During the fiscal year 2022, the Board conducted nine (09) meetings. The attendance and remuneration of
the Directors are summarized in the "GIB Corporate Governance Reporting" part.
DIRECTORS
Under the "GIB Corporate Information" part, a brief resume of the Directors is added, which contains his/her
type of competence and credentials. The "GIB Corporate Governance Reporting" part includes a study of
the Directors' knowledge and adroitness, as well as their influence on the company's Corporate Gover-
nance. The names of the companies in which the directors hold directorship and membership in board com-
mittees are mentioned in the note "Related Party Transactions" of the GIB Financial Statements 2022.
DIVIDEND
The Bank's Board of Directors has approved a 5% cash dividend and 5% stock dividend for Shareholders for
the fiscal year ending December 31, 2022, which must be approved by Shareholders at the Bank's 10th
Annual General Meeting (AGM) and regulatory authorities, as required.
CSR ACTIVITIES
Being a socially conscious corporate, GIB continues to participate in a variety of CSR activities throughout
2022, including a number of donations towards charitable causes like as follows:
• Donation to Prime Minister Relief and Welfare Fund for distribution of Blankets among the poor people of
the Country;
• Donation to Baag E Jannat Inamul Kabir Hefzkhana;
• Donation for program to celebrate Independence Day on 26th March;
• Donation to Azampur Secondary School for modernization of Model Library;
ANNUAL
REPORT 2022 111
• Donation to Hasha Fazil Madrasa for construction of female wing;
• Donation to Ban Bhavan for program to celebrate 'World Wildlife Day-2022';
• Donation to "BAB" for organizing Jai Bangla festival on 7th March in Mujib Centenary;
• Donation to The Ad Museum' for sponsoring the occasion of Tuberculosis Day 2022.
• Donation to Dhaka Metropolitan Police to celebrate Gulshan Day;
• Donation for the celebration of 'Genocide, Independence and National Day';
• Financial assistance to Bangladesh Kabaddi Federation to sponsor 'Bangabandhu Cup International
Kabaddi Tournament';
• Sponsorship to publish Braille magazine "Drishti Bizayi" by Bangladesh Disability Development Trust (BDDT);
• Sponsorship to “International Islamic University Chittagong” on the occasion of its 25 years’ anniversary;
• Sponsorship to Swapnil Media program to celebrate 'National Safe Roads Day-2022';
• Donation to Deputy Commissioner of Police (Traffic-Tejgaon) to celebrate Victory Day 2022;
• Financial expenditure by the Bank for showing Football World Cup 2022 on big screens nationwide;
• Donation to District Commission Office, Chattogram to celebrate Victory Day on 16th December;
• Sponsorship to Dhaka City Branding on the occasion of the auspicious inauguration of Metrorail. etc.
CONTRIBUTION TO NATIONAL EXCHEQUER
GIB ends up paying corporation tax on time, often even before it is due if the tax authorities mandate it.
Excise duty, withholding tax, and VAT to the government exchequer on time are regularly deducted from
customers', workers', and third-party vendor invoices. During the fiscal year 2022, we paid BDT 1969.91 Million
as tax, VAT, and excise duty to the national exchequer. For the year 2022, we paid advance corporate tax
of BDT 840.00 Million, withholding tax of BDT 856.68 Million, VAT of BDT 132.12 Million, and excise duty of BDT
93.77 Million.
STATUTORY AUDITORS
The present Auditors of the Bank Shafiq Basak & Co., Chartered Accountants will retire at this 10th Annual
General Meeting (AGM) and as per Bangladesh Bank Circular No.: BCD(P)748/3/546 dated 31.03.1991 and
also as per the Companies Act, 1994, they are eligible for re-appointment. As such, the shareholders of the
Bank shall re-appoint the auditors to conduct the statutory audit for the year 2023 and hold office as such till
conclusion of the 11th Annual General Meeting.
OUR GRATITUDE & GRATEFULNESS
We greatly acquiesce the solidarity and sustenance of our stakeholders without whose GIB would not be
able to be ahead of the rivalry line of the same categorized banking sector. With utmost enjoyment the
Board of Directors of Global Islami Bank feels amusement to express its appreciation and acknowledgment
to each one of you for your continuous confidence upon us as your trustable banking company. Our
heartfelt appreciation goes with the Government of our Country, the Ministry of Finance, Bangladesh Bank,
BSEC, DSE, CSE, NBR and all other regulatory bodies and financial institutions. Without their supportive
directions of guiding or advising us, the ongoing moving of the Bank towards the development phase would
be full of much more obstacles and disruptions. Last but not the least the Board applauds the operational
excellence of the Management and employee team of the Bank. All of your unwavering dedication and
devotion to your perspective duties have contributed amazedly to achieve perpetual prestigious position of
the Bank.
While all is said and done turning the spotlight on the very closure, GIB promises to thrive for the best whilst
doing banking with faith to secure sustained economic expansion of the Company and the Country as a
whole.
Ma’as-salamah,
On behalf of the Board of Directors
Nizam Chowdhury
Chairman
Board of Directors
Date: April 27, 2023
112
ANNUAL
REPORT 2022
REPORT OF
EXECUTIVE COMMITTEE
Executive Committee of the Board of Directors has been formed in compliance with Banking Regulation &
Policy Department (BRPD) Circular No. 11 dated 27 October 2013. Vice-Chairperson of the Board of Directors
is also the Chairperson of the Executive Committee. The Committee is comprised of the following directors:
STATUS WITH STATUS WITH THE

SL NAME
THE BOARD COMMITTEE
1 Mrs. Maimuna Khanam Director Chairperson
2 Dr. Mohammed Faruque Director Member
3 Mr. Md. Mostan Billah Adil Director Member
4 Ms. Shahana Ferdous Director Member
5 Mr. Wahidul Alam Seth Director Member
Executive Committee of GIB is assigned with responsibilities of reviewing specific areas of business which
includes approval of specific credits, operational issues and disposal of important matters on urgent basis
with recommendation of the Management. The Executive Committee reviews budgets, plans and major
organizational changes for final submission to Board for a complete review and approval. Executive
Committee also ensures proper and timely implementation of policies and guidelines issued by the Board
through Management.
The Executive Committee expresses its sincere thanks to the Members of the Board of Directors for forming
the Executive Committee and assigning its duties and responsibilities.
The Executive Committee also expresses its thanks to the Management of the Bank for their excellent support
while carrying out the duties and responsibilities of the Committee.
On behalf of the Executive Committee
Sd/-
Mrs. Maimuna Khanam

Chairperson
Executive Committee of the Board
ANNUAL
REPORT 2022 113
REPORT OF
AUDIT COMMITTEE
The Audit Committee (ACB) of the Board of Global Islami Bank was formed by the Board of Directors to
provide independent oversight of the company’s financial reporting, non-financial corporate disclosures,
internal control systems and compliance to governing rules and laws etc. in compliance with Bangladesh
Bank circulars/guidelines and Bangladesh Securities and Exchange Commission (BSEC) Code on Corporate
Governance.
COMPOSITION AND QUALIFICATIONS

The current Committee is constituted with the following 05 (Five) members of the Board:
STATUS WITH STATUS WITH THE EDUCATIONAL

SL NAME
THE BOARD COMMITTEE QUALIFICATION
1 Mr. Hasan Iqbal Indep. Director Chairman M.Sc, EMBA
2 Dr. Nizamul Hoque Bhuiyan Indep. Director Member Ph.D
3 Mr. Arif Ahmed Director Member M.Sc., A.P.-C.I.M
4 Mr. Subrata Kumar Bhowmik FCA Director Member M.Com., FCA
5 Mr. Mohammad Shahjahan Meah Director Member Graduate
THE SCOPE AND AUTHORITY OF THE AUDIT COMMITTEE

The primary scope of the Audit Committee is to assist the Board of Directors of the Company in ensuring the
following:
MONITORING SYSTEM
Good monitoring system in
place within the business.
CORPORATE
GOVERNANCE CODE
Responsible for the duties forth
by the boar of director in
COMPLIANCE compliance with the corporate
Company complies with laws and governance guielines
regulations, internal policies and promulgated in condition No. 5(5)
material licenses and permits. of the Corporate Governance Code.
STATE OF AFFAIRS OF THE COMPANY

Financial statements reflect a true and fair view of
the state of affairs of the company.
As per its Terms of Reference, the Audit Committee has been authorized by the Board of Directors of GIB to
have free fair access to any information and activities within the banking business. Directors, members of
management team and employees are expected to cooperate with any request made by the Audit
Committee. The Terms of Reference of the Audit Committee may be amended from time to time as required
for the banking operations of the bank in line with the Corporate Governance Code and circular/
guidelines/ instructions of Bangladesh Bank, subject to approval by the Board of Directors of the Company.
ROLES AND RESPONSIBILITIES OF AUDIT COMMITTEE

In compliance with Bangladesh Bank BRPD Circular and BSEC’s Corporate Governance Code, the Audit
Committee is mainly responsible for the following:
• Oversee the financial reporting process;

• Monitor choice of accounting policies and principles;
• Monitor Internal Audit and Compliance process to ensure that it is adequately resourced, including
approval of the Internal Audit and Compliance Plan and review of the Reports;
• Scrutinized and evaluated the performance of the existing external auditors of the bank before recom-
mending to the Board for onward placing of their names in the AGM for appointment;
114
ANNUAL
REPORT 2022
• Hold meeting with the external or statutory auditors for review of the annual financial statements before
submission to the Board for approval or adoption;
• Review along with the management, the annual financial statements before submission to the Board for
approval;
• Review along with the management, the quarterly and half yearly financial statements before submission
to the Board for approval;
• Review the adequacy of internal audit function;
• Review the Management’s Discussion and Analysis before disclosing in the Annual Report;
• Review statement of all related party transactions submitted by the management;
• Review Management Letters or Letter of Internal Control weakness issued by statutory auditors;
• Oversee the determination of audit fees based on scope and magnitude, level of expertise deployed and
time required for effective audit and evaluate the performance of auditors; and
• Reviewed quarterly progress report of Audit & Inspection report of the Bank.
REPORTING OF THE AUDIT COMMITTEE

1. Reporting to the Board of Directors: All activities of Audit Committee were reported to the Board and the
Board closely reviewed and ratified them. The Audit Committee reports to the Board on the following
findings, if any –
• Report on conflicts of interests;
• Suspected or presumed fraud or irregularity or material defect identified in the internal audit and com-
pliance process or in the financial statements;
• Suspected infringement of laws, regulatory compliances including securities related laws, rules and
regulations; and
• Any other matter which the ACB deems necessary, to discuss to the Board immediately;
2. Reporting to the Authorities: There had not been any occurrence in the Bank that required reporting to the
relevant authorities by the Bank’s Audit Committee.
MEETINGS OF THE AUDIT COMMITTEE

In 2022, the Audit Committee met on Five (5) occasions. On account of Covid-19 pandemic, and owing to
the resultant travel restrictions, social distancing requirements, and other restrictions, all five(5) meetings of
the Audit Committee were held in hybrid system complying the orders of Bangladesh Bank and Bangladesh
Securities and Exchange Commission.
The Chief Financial Officer (CFO) and Head of Internal Audit & Compliance (HIAC) attended the meetings
as invitees. The Company Secretary of the bank has acted as the Member Secretary of the committee. The
Audit Committee met with the statutory auditors on an annual basis to discuss about the financial reporting
and management letter on internal control weakness.
A record of the attendance of each member of the Audit Committee at the meetings held in 2022 has been
disclosed in the Corporate Governance part of the GiB Annual Report. The Audit Committee meeting held
on the following dates in the year, 2022:
MEETINGS DATES
33rd Audit Committee Meeting March 24, 2022
34th Audit Committee Meeting June 21, 2022
35th Audit Committee Meeting October 19, 2022
36th Audit Committee Meeting December 08, 2022
37th Audit Committee Meeting December 22, 2022
• The Committee advised the management of the Bank in those meetings on different issues relating to
improve the bank’s business. The management tried their level best to comply with those advices. The
following issues were also checked by the Committee in those meetings:
• Reviewed the Summary Report on Comprehensive Inspection of different branches of the Bank conduct-
ed by the Bangladesh Bank Inspection Team;
• Oversee the financial reporting process and Monitor choice of accounting policies & principles;
• The Committee hold meeting with the external or statutory auditors for review of the year end annual
financial statements before submission to the Board for approval or adoption;
• The Committee review along with the management, the annual financial statements before submission to
the Board for approval;
• Review along with the management, the quarterly and half yearly financial statements before submission
to the Board for approval;
ANNUAL
REPORT 2022 115
• Scrutinized and evaluated the performance of the existing external auditors of the bank before recom-
mending to the Board for onward placing of the names in the AGM for appointment;
• The Committee reviewed the Management Report on the financial statements of the Bank.
• Monitor Internal Audit and Compliance process to ensure that it is adequately resourced, including
approval of the IACD Plan and review of the Internal Audit and Compliance Report;
• Review the adequacy of internal audit function and its process to strengthen and creation of a sound
compliance culture in the Bank.
• Review the Management’s Discussion and Analysis of Annual Report before disclosing for the Members
and other Stakeholders;
• Review statement of all related party transactions submitted by the management;
• Review Management Letters or Letter of Internal Control weakness issued by statutory auditors;
• Whether the rules & regulations of Bangladesh Bank and all other authorities and Bank’s policy guidelines
approved by the Board of Directors of the Bank duly complied with or not.
• Review periodic progress report of Internal Audit & Compliance report of the Bank.
• Oversee the determination of audit fees based on scope and magnitude, level of expertise deployed and
time required for effective audit and evaluate the performance of external auditors; and
• While reviewing financial statements, the Committee thoroughly reviewed adequacy of provisions kept
against loans and advances and other assets and Capital Adequacy Ratio (CAR). The Committee
stressed on the need for close co-ordination between external Auditors and IACD for continuous improve-
ment of internal control procedure and risk management system of the Bank. Finally, the Audit Committee
are expressing their sincere gratitude to the Directors and Shareholders of the Bank, management team,
Bangladesh Bank’s inspection team and external auditors for their continuous support to our Bank. We
believe that we will be able to continue providing Great Experience to our valued customers along with
establishing ourselves as a compliant Bank in the industry keeping “Banking with Faith” as the ultimate
goal.
RECOMMENDATIONS
The recommendations of the Audit Committee are regularly placed before the Executive Committee and
Board of Directors for necessary action.
REPORTING TO THE SHAREHOLDERS AND GENERAL INVESTORS

Based on the activities throughout the year and after reviewing the effectiveness of the internal controls
system, the Audit Committee is of the opinion that adequate controls, procedures and risk management
systems are in place to provide reasonable safeguard and that the financial position of the bank is
adequately managed. Key issues discussed by the Committee are reported to the Board of Directors after
each scheduled meeting and this practice will continue, thus ensuring any significant matters are considered
and addressed appropriately.
On behalf of the Audit Committee,
Sd/-
Hasan Iqbal
Chairman
Audit Committee of the Board
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ANNUAL
REPORT 2022
REPORT OF
RISK MANAGEMENT COMMITTEE
In terms of section 15 (Kha) of the Banking Companies Act, 2013 as well as BRPD Circular no. 11 dated
October 27, 2013 the bank has constituted a Risk Management Committee comprising of members of the
Board of Directors with a view to oversee the risk management activities of the bank on behalf of the Board
of Directors. The Committee is comprised of the following directors:
STATUS WITH STATUS WITH THE

SL NAME
THE BOARD COMMITTEE
1 Mr. Arif Ahmed Director Chairman
2 Mr. Dr. Mohammed Faruque Director Member
3 Mr. Bourhanul Hassan Chowdhury Director Member
4 Mr. Hasan Mansur Director Member
The Committee plays effective role in minimizing probable and emerging risks in implementing the policies
and strategies formulated by bank’s Board. The RMC also monitors whether or not suitable measures are
taken by management to mitigate risks after those are identified and measured.
The key responsibilities of the Risk Management Committee of the Board include, among others:
• Formulation of appropriate policy and strategy to measure and control risks inherent in banking business
and to ensure proper implementation of the same.
• Setting of organizational structure for controlling risks of the bank.
• Review and approved of risk management policies at regular interval.
• Supervise whether or not bank’s risk management policies are properly implemented and required steps
have been taken to address the identified risks.
During the preceding year the Risk Management Committee of the Board of Directors conducted several
meetings wherein the Committee, among other pertinent issues, reviewed and discussed the risk
management papers and stress tests reports prepared by bank’s management and provided necessary
directives/ guidelines to address identified risks as well as to strengthen risk management strategy of the
bank.
The Risk Management Committee expresses its sincere thanks to the Members of the Board of Directors for
forming the Risk Management Committee and assigning its duties and responsibilities.
On behalf of the Risk Management Committee
Sd/-
Arif Ahmed
Chairman
Risk Management Committee of the Board
ANNUAL
REPORT 2022 117
GIB MANAGEMENT REPORT
AND ANALYSIS
Headquartered in Gulshan, Dhaka, Global Islami Bank PLC (GIB) is one of the best fourth generation banks in
Bangladesh interminably providing its outstanding banking service to its valued Customers. Amid Covid-19
pandemic situation that led drop-offs of financial condition all over the world, GIB sustained and
accomplished better growth momentum by virtue of its comprehensive strategic initiatives and implementing
tactics. Focusing on persisting its ethos of maintaining ideology and standards of the Bank, GIB ensures its
superior operational performance excellence better than the former periods. At GIB, we dedicatedly offer a
wide range of diversified products and services both nationally and internationally while enthusiastically
complying to the norms of Islami Shari’ah. The trustworthiness that GIB has achieved throughout its nine (9)
years of banking life is clearly demonstrable in its fame and popularity across the entire Country.
GIB’S DOCTRINE
GIB aspires to be the best of the exceptional brands in the Banking Industry continuing its service excellence
and value creation for maximizing the given benefits of its Stakeholders. With an inherent aim to contribute
in the Country’s poverty reduction procedure, GIB assures its "Banking with Faith" tagline with performance
integrity and sincerity. The emphasis of the Bank is to ensure great experience mindset of its Customers as well
as other Stakeholders through building up their confidence for the Bank offering dignified banking products
and services. The expert personnel of the Management Team of GIB puts careful foresight on the condition
of the banking industry and takes right decision at the right time as when required and needed for
organizational welfare.
FUNCTIONING SYNOPSIS
During the present situation of inflationary pressure with pandemic crisis, ensuring smooth functional activities
of GIB’s banking operations was quite struggling issue for all over 2022. Despite this perspective, by dint of
comprehensive planning and implementing of effective strategies, GIB could perform its operational
activities successfully exploring ongoing opportunities of the market to widen business arenas focusing on
competitive growth while balancing with the consistent prosperous phase of the Bank which was obviously
made possible by the mercy of Almighty Allah SWT. During 2022 GIB accomplished new clients which was
repercussion of better service quality and resultantly strengthened Bank Customer relationship. For the whole
year, the Management of the Bank was consistent in focusing how to provide hassle free and smooth
transactional service to valued customers to facilitate them more than ever. Wholly, in all territories of
different Divisions/Departments, Branches or Sub-branches, Agent outlets, GIB has made remarkable
progress in 2022.
SPECTACULAR CUSTOMER SERVICE
As GIB is endlessly growing prosperously day by day, same goes for Customers’ expectation for the Bank.
Now Customers of the Bank hope for dignified banking service based on demonstrable strong bank to
customers’ relationship. To ensure each and every customer has a great experience with us while working
for maximizing Shareholders’ value, we believe it is our scrupulous necessity as well as responsibility to offer
top-notch banking services backed by technological advancements. We effectively safeguard our
Depositors’ fund and utilize those efficiently for profit accumulation purpose. On regular phase we take all
the necessary steps to make our products and services are recognized in wider group of people of the
Country. Both the urban and rural areas are prioritized to provide superior banking service.
GIB emphasizes largely on giving and granting poor families the facilities they need to become self-sufficient
and financially stable. During many struggling time of the Country, GIB has come forward to stand by their
side by means of performing corporate social responsibility. GIB’s convenient banking services include
physical service in the Branches and Sub-branches and digital service through SMS Banking, Internet
Banking, 24/7 ATM services, VISA Debit and Credit Card, electronic fund transfer, central clearing facilities,
and the like. These services have undoubtedly augmented the capabilities of the Bank in the eyes of the
potential customers and eligible investors.
CORPORATIVE CLIENTS
From the very beginning of its inception, GIB has always put necessary efforts to maintain strong corporate
relationship with its institutional clients. To be successful in this respect, proper planning and monitoring
activities of providing excellent operational service to the Corporate Clients have been carried out by the
expert professionals of the Bank who work relentlessly to make GIB as one of the best corporate and
investment banks of Bangladesh.
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GIB’s employee team comprehends fulfilling the needs and wants of Corporate Clients is effective to lead
the Bank towards better place in the Industry. This is why, the Research and Development Division of the Bank
works effectively to launch new products in order to gain the attraction of the Institutions and large
Corporate Organizations. At GIB, Corporate Customers are offered diversified products and services as per
their banking needs ranging from short to long term periods. We provide trading, manufacturing, rural or
agricultural investment services both for local and foreign grounds.
COMPLAINT MANAGEMENT
GIB regards customers’ satisfaction as one of the important factors to gain success while operating regular
activities of the business. The Bank always grabs necessary measures to listen from customers about
concerning issues and solve those accordingly. GIB encourages its customers by introducing and putting
forward the statement- “It’s OK to Complain” about your any discomfort to us. To monitor and supervise all
complaining affairs of the Bank, GIB has established effective strategic proceedings. To let customers place
complains, GIB’s official website has demonstrated contact numbers and web complaint box.
GIB firmly believes customers who are complaining today can be potential ones too in the earliest possible
time provided that their issues are resolved promptly. Our Management team cordially promises its customers
to diminish away their discomforts while enhancing their comfort level with the Bank.
EFFICIENT CAPITAL MANAGEMENT
To maintain GIB’s relevant risk level to a minimum standard so that sudden occurrence of unfavorable
circumstances can be mitigated, the Management of the Bank emphasizes greatly on maintaining
standardized Capital to Risk Weighted Assets Ratio (CRAR) with strong shield. The Bank puts careful steps to
maintain regulatory Capital and manage so for Organizational welfare. GIB adheres to the guidelines of
Bangladesh Bank to follow standard way of measuring Market as well as Operational Risks.
Throughout the year 2022, GIB’s Management team concentrated greatly on ensuring proper management
of prevalent risks by taking cautious operational steps. During the year under review, the Bank has
maintained 16.49% Risk Weighted Asset Ratio (CRAR) against the required CRAR of 12.50% under BASEL-III
capital accord.
• Maintaining Minimum Capital Requirement Against Major Risks Under Pillar I of Basel III
Banks’ exposure to credit risk, market risk, and operational risk is taken into account when determining the
minimum capital requirement. For the year 2022 the "Basel III Capital Statement" under the "Integrated
Reporting" section provides a summary of the required and maintained capital of GIB against these risks.
• Maintaining Adequate Capital Requirement Against All Risks Under Pillar II of Basel III
Pursuant to Pillar II of Basel III adequate capital must be maintained taking into consideration of the Bank's
risk profile. In Bangladesh, the following risks are mainly taken into account for maintaining additional capi-
tal requirement under supervisory review process (SRP):
• Liquidity Risk • Environmental and Climate Change Risk

• Strategic Risk • Evaluation of Core Risk Management
• Residual Risk • Other material Risks.
• Reputation Risk
• Concentration Risk
• Settlement Risk
To analyze and scrutinize for the above-mentioned risks, Bangladesh Bank published guidelines and directed
banks to build an internal capital adequacy assessment process (ICAAP). In 2022 GIB has maintained
adequate capital in light of its overall risk profile
ASSETS LIABILITY MANAGEMENT
GIB’s asset liability management (ALM) undertakings are worthwhile mechanisms that are designed in such
an efficient way which effectively address and deal with accrued risks faced by the Bank owing to the assets
and liabilities mismatching issues. During 2022 as the nature of the Money Market of the Country was quite
erratic in nature, GIB’s asset liability management tactics had been prudent enough to properly plan and
implement best suitable strategies to balance the misbalancing issues of the gap between assets and
liabilities of the Bank. To ensure proper management of assets and liabilities of the Bank, effective planning
of capital, profit, funding and growth are executed, appropriately projected, monitored and implemented.
General ALM activities incorporates handling ALM indicators including managing discrepancies of assets
and liabilities as well as ensuring successful compliance with regulatory obligatory issues.
ANNUAL
REPORT 2022 119
As ALM assures assets and liabilities are exactly matched by allocating assets strategically, taking necessary
steps for mitigating risks and adjusting with the correspondence of regulatory as well as capital frameworks,
by doing so accordingly GIB gets surplus amount that can be used for profit generating activities like getting
higher investment returns and others. In this respect, with an aim to diminish the associated risk level to a
minimum standard as much as possible and obtain maximized investment returns including higher profitabili-
ty growth, GIB has significantly changed and updated the investment processing, sanctioning, approval,
and monitoring system in accordance with the core risk guidelines of Bangladesh Bank.
COMMUNICATION AND BRANDING TACTICS
As one of the best 4th generation banks in Bangladesh, GIB makes sure to take proper branding & communi-
cation activities and mechanisms to make general people be aware about its products and services. During
2022 the Bank has emphasized greatly to enhance its brand image as well as to ensure effective communi-
cating prospects with an aim to accomplish organizational goals and objectives.
To increase GIB’s fame in wide arena of sources, the Communication and Branding Division (C&B) of the
Bank puts necessary measures. C&B advertises about GIB’s products and services in various channels like;
annual report, social media, newspapers, banners, leaflets, souvenirs, etc. The Bank also takes participation
in diversified sponsorship and donating activities. GIB publishes to promote success stories of dignified
customers with an aim to enhance the Bank’s credibility and trustworthiness in the eyes of general public.
Also GIB makes event campaigning collaborations with different organizations. For advertising purpose, the
Bank designs gift items like; umbrellas, calendars, brooch, etc.
ANTI-MONEY LAUNDERING (AML)/COMBATING THE FINANCING OF TERRORISM (CFT)
GIB’s Management team has always emphasized greatly on being uncompromised while preventing money
laundering in the process of safeguarding depositors’ money and combating terrorist financing. Here at GIB
AML/CFT efforts are taken cautiously to ensure discreet execution of obligatory duties. Chief Anti Money
Laundering Compliance Officer (CAMLCO), Deputy CAMLCO who also works as the Head of AML Division,
Branch Anti Money Laundering Compliance Officers (BAMLCO) all put forth a lot of efforts to achieve their
mandated task goals.
INTERNAL CONTROL AND COMPLIANCE
GIB’s effective internal control and compliance environment indicates the Bank’s board and management’s
efficiency level whilst they pay full attention ensuring flourishing performance of banking activities. It provides
the foundation for reporting of the bank's exposure to both internal and external risks. At GIB internal control
mechanisms are build up, carefully implemented and monitored by the expert personnel of the Bank.
Internal control and compliance system makes sure Management’s operating style, authoritative allocation
technique, competence of the employees are properly utilized in the process of achieving organizational
goals and objectives. The internal control mechanism of the Bank is yearly reviewed and reported to the
Management and Board of Directors of the Bank. Auditing activities are regularly carried on to find out if
there is any faults or mismanagement with an aim to mitigate those.
Audit & Inspection Unit
Audit and Inspection unit is responsible for performing internal audit activities on regular interval procedure.
Auditing arenas include reviewing Bank’s operations in all Branches, Sub-branches and
Divisions/Departments focusing on independent identification and assessment of the internal control
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ANNUAL
REPORT 2022
environment of the Bank including evolving risks and verification of effective controlling mechanisms to
mitigate those risks or correct any mismanagement if found.
Compliance Unit
The compliance unit is in charge of making sure GIB abides by all legal regulations when conducting its
business operations. The unit ensures appropriate and effective oversight of the changing regulatory environ-
ment and the growing business climate as per the guidelines of Bangladesh Bank. Accordingly, they take
necessary initiatives to enforce those to the Bank’s internal control and compliance framework.
Monitoring Unit
Monitoring Unit continuously assesses the effectiveness of the Bank's internal control system through follow-up
on compliances and regularization of deficiencies considering the associated risks. This unit works to improve
the stability of the Bank's finances, internal controls, and compliance, as well as its brand image and reputation.
SHARI’AH AND REGULATORY COMPLIANCE
GIB’s Management team bestows special concentrations and attentiveness on regulatory compliance
issues, particularly on Islami Shari'ah and regulatory compliance. A Shari'ah Supervisory Committee is formed
that oversees the Bank's Shari'ah-related activities. Members of the Committee are experts and knowledge-
able in Islami Laws, Islami Economics, and Islami Banking and Finance. Since the very beginning of operating
as a Islami Shari’ah based Bank, GIB has always put essential considerations in order to emphasize greatly to
consistently comply with all regulatory requirements in connection with banking activities and has strictly
controlled all important financial indicators to fulfill this purpose. In this respect, the Shari'ah Supervisory Com-
mittee actively monitors and ensures that the Bank's daily operations strictly adhere to the Islami Shari'ah
Principles.
AGENT BANKING – SERVING THE UNDERSERVED POPULATION
GIB’s Agent Banking is operated by agents who are constrained by a valid agency agreement. Agent is the
Owner of the business that conducts transactional operations on the Bank's behalf. Their business operations
include a wide range of transactions like withdrawals of cash, deposits of cash, transfers, payments of
international remittances, payments of various kinds of bills, repayments of investments, inquiries about
account balances, and more. Abiding by the agent banking guidelines, GIB lets every individual agent's
software to be connected to the bank's main software, allowing transactions that occur inside the agent
premises to be shown in the banking system in real-time and to be utilized anywhere for fulfilling diversified
needs of the client and the Bank as well.
HUMAN RESOURCES DEVELOPMENT
GIB believes managing human resources of the Bank is one of the key cornerstones of achieving business
objectives. The contribution of our Human Resources Division is commendable, and it represents the Bank's
true strength. Skilled and efficient serviceable manpower are always focused to be found on and employed
as well to ensure great service for the customers of the Bank. While developing the human resources of the
Bank, GIB’s HRD always assures customers’ needs and satisfactions are fulfilled in the finest way. To establish
effective code of conduct the Division has formulated effective polices to be implemented and monitored
regularly. The employees who work in the front offices and deal customers face to face are developed in
such a way that assures their excellent performance execution on their working arenas. Back office employ-
ees are also developed well as per their Divisions/Departments’ territories. For 2022 our total employee
number stood at 2223 ersons including support staffs, officials and executives.
In order to let employees, go through ways to develop professionally and learn current, high level banking
knowledge, GIB regularly organizes internal and external training programs. This allows employees to meet
the challenges of modern banking arena. Always GIB gives recognition to its employees with the most com-
petitive pay scales, bonuses, and long-term benefits. To assess an employee's performance, the Annual
Confidential Report (ACR) system is used to rate employees annually and depending on the state of the
market and the Bank's expansion.
INFORMATION TECHNOLOGY
GIB reckons the value of utilizing technological advancements in the process of operating business activities
as technology-driven banking is crucial for scalable expansion and exhilarating potential opportunities that
streamline customers’ experience with the Bank in such a fiercely competitive market of Bangladesh.
Information Technology (IT) improves operational effectiveness in terms of service lead times, giving an
advantage while improving the client experience emphasizing greatly on upgrading internal controls, com-
pliance, and risk management activities of the Bank.
ANNUAL
REPORT 2022 121
The Management of the Bank has given the development of IT a significant attention. To make sure IT-based
financial service reach "banked and un-banked" people across the nation, several young and experienced
professionals are exploring and generating ideas for cutting-edge, creative IT products and services. IT team
works collectively as several teams for different sectors like; networking, core banking system (CBS), manage-
ment information system (MIS), techno business, security, data server, alternate development channel
(ADC).
GIB Internet Banking (GoFast)

GIB’s ‘GoFast’ is pursuance to the hard work of the IT team. It is the internet banking application website build
up for customers on browser platform like: google, Firefox, etc. IT team is working relentlessly to launch
GoFast in a mobile app which will ensure its being widely used and well recognized day by day. GIB Internet
Banking makes it easier to manage money whenever and wherever its users want. Currently through GoFast
GIB provides following features that will be increased gradually:
• Fund transfer – GIB account. • Account Summary - mini statement,

• Fund transfer – other bank. balance inquiry, transaction history.
• Fund transfer – report. • Cheque Requisition.
• Account Balance. • Two factor Authentication.
• Account Summary. • Customer Activity Report.
• Transaction history. • Notification - SMS.
• Credit Card - Bill payment
GREEN BANKING
GIB’s Green Banking practices is all about leading the Bank into a sustainable one in terms of the economy,
environment, and society. The Bank has prioritized green banking with a focus on preserving the mother
planet. It aims to ensure the Bank’s maximized level of being efficient and effective while conducting bank-
ing operations and properly utilizing IT and physical infrastructure without affecting the environment on nega-
tive ground. By significantly lowering paperwork, the concept of Green Banking has been established. In
2022 the Management of the Bank has emphasized on implementing effectual Green Banking policies and
strategies.
RETAIL AND CMSME
GIB, from the very beginning has always put necessary efforts to launch Retail and CMSME products to grow
well in the Banking Industry. The Retail as well as CMSME (Cottage, Micro, Small and Medium Enterprises)
Division scrupulously operate their activities to fulfill Customers’ demand at needed time and required place.
In this regard, new products and services are constantly being developed. In 2022 BDT 6,948.48 Million was
spent for Retail and SME Banking.
AGRICULTURAL INVESTMENT
During 2022 conscientious consideration was given to develop the agricultural investment sector of the Bank.
From the previous year agricultural loan increased by BDT 393.27 Million.
INTERNATIONAL BUSINESS
GIB’s International Business is conducted by the International Department (ID) of the Bank which is a thresh-
old through which GIB connects to the rest of the world. ID assures the foreign trade transactions of the Bank
are executed appropriately as well as smoothly. Remittance operation, foreign fund management, foreign
dealings, corresponding handling etc. are the responsibilities performing whose ID fulfills the International
Business needs of our potential customers and foreign investors.
GIB CARDS
The Card Division of the Bank administers its performance excellence in the medium of offering GIB’s Custom-
ers convenient digital amenities with easy digital payment options all over the world. The Management team
of the Bank aspires that one day our Card business will be one of the leading banking business sector in
Bangladesh. For ensuring security and speed up the digital transactions platform, GIB Cards are constantly
reviewed and updated when necessary.
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TREASURY
GIB endures to operate effectual treasury operations to foster the growth of economic condition of the Bank.
To fulfill this purpose numerous strategies have been implemented in 2022 to correctly utilize Bank’s fund,
conduct ALM functions, maintain statutory reserve and take initiatives for local investment possibilities within
the Country. Our performance excellence of successfully conducting treasury operations has significantly
contributed in the flourishing phase of the Bank, despite the whole economy being disrupted by the
pandemic and inflationary trouble evolving surroundings.
FINANCIAL INCLUSION
During 2022 GIB continued to promote sustainable financial inclusion. Numerous deposit products from the
Bank that focus on inclusivity and welfare, including Muhor, Cash Waqf, Hajj, Upohar deposit, Farmers, etc.
have helped to strengthen economic empowerment as well as development among the less fortunate
members of society. By setting up organizing many unique programs of offering wide range of products and
services, in 2022 GIB was able to embrace a wide number of new customers who were unbanked and
unprivileged persons in the Banking industry.
GLOBAL ISLAMI BANK TRAINING INSTITUTE
GIB’s Management team is passionate enough to build up the training institute in such a form that best
ensures being wholeheartedly committed to developing, training and improving the skills of the human
resources of the Bank. Through organizing structured training programs, various courses and workshops on
Islami Banking topics and bank management concerns, the institute conducts its responsibilities in the most
effectual way. Lecturers of the training classes are selected from well-known banking personnel both on the
internal and external sources.
PERFORMANCE EXECELLENCE OF THE BANK
During 2022 the profit before tax of the Bank stood at BDT 2,904.77 Million. The total Asset, Borrowings and
Equity of the Bank were accordingly BDT 153,810.90 Total Deposit was BDT 118,809.22 Million whereas total
Investment stood at BDT 118,680.54 Million.
CORPORATE SOCIAL RESPONSIBILITY
During 2022 GIB's Corporate Social Responsibility (CSR) operations included major expenditures for programs
in the areas of charitable donations, health, education, sports, disaster management, environment and
others. GIB's dedication to the community is being reaffirmed by this.
WAY FORWARD- PLAN FOR 2023 AND BEYOND
GIB is committed to be one of the leading Banks in Bangladesh by fostering a compliance culture across all
areas of its operations. In order to live up to the tagline "Banking with Faith," GIB is undeniably gaining ground
in its daily operations. This is done by raising the Bank's financial capability to international standards, enhanc-
ing the brand's reputation, and enforcing a standard, structured and suitable corporate governance prac-
tices.
Thus far, we have shown to be fierce risers. Yet, the road ahead—particularly the road back to vigorous
growth—is difficult and uncertain. However, for 2023 and ahead, we must remain precision on the wonderful
picture of greater and more inclusive prosperity in the future. In order to fulfill company goals and objectives,
we are prepared to confront hard challenges with an effective inspirational enthusiasm in order to make
2023 a success. Consequently, we have developed a realistic financial budget with which our staff commu-
nity is confidently ready to demonstrate their performance excellence. GIB promises to be more evolved
than ever in the future years and beyond.
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REPORT 2022 123
GIB BUSINESS ANALYSIS
BY THE CHIEF BUSINESS OFFICER
Muhtaram/Muhtarama,
It is overwhelming that GIB successfully maintained its

continual accomplishment of rendering efficient
banking service in the year 2022. Our commitment of
safeguarding the best interests of our Stakeholders is
kept ceaseless like always. GIB is going through a
stimulating metamorphosis, on the cusp of a
modernistic technologically advanced future. During
2022 on all the major working arenas, the bank
consistently ensured effective exploration of every
available opportunity in the market with full proof IT
security system, digitalization and system automation
adopting cutting-edge technological advancements.
GIB has deemed considering customers’ importance
right from its inception. Our professionals are caring in
nature when it comes to serve potential customers from
urban, rural or international area. Our diversified
products and services are structurally designed to fulfill
customers’ purposes.
We work hard for embracing all the unbanked people

in the country to provide them hassle free great
experience of service aiming to banking with a faith.
We push all of our limits for building an excellent culture
of service excellence. During 2022, GIB strived its
commitment for assuring performance excellence
while sustaining ethical business practices. Effective CG
practices are used in human resources development of
the bank upholding environmental safety and career
growth. Throughout the year, the bank ensured
maintenance of the norms of Islami Shari’ah extending
our valued presence across the country. We believe to
be a reliable and trustworthy service provider. We
assure effective communication for conducting
operations and for transferring useful information to our
customers. For 2022, the bank’s endeavored to uplift its
market position in the Industry widely. Finally, I would like
to thank you all for your tremendous trust and support
towards GIB. We promise to sustain with our values and
ethics at any cost.
Ma’as-salamah
Sd/-
Kazi Mashiur Rahman Jayhad

Additional Managing Director
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REPORT 2022
GIB YEARLY ROUND-UP
BY THE DEPUTY MANAGING DIRECTOR
Throughout the year, GIB

demonstrated a unique ability to
support clients with market-leading
advice, products and services, helping
them to capitalize on the significant
opportunities.”
Muhtaram/Muhtarama,
As we head toward a magnificent and affluent future, it we have had better prepared ourselves for dealing with
is indeed a pleasure to address GIB yearly round-up
which has accomplished marvelous economical unpredicted happening incidents. We were able to
augmentation throughout the year 2022 when the preserve significant surplus liquidity levels and a strong
financial crisis amplification around the whole world and capital base throughout the year, thanks to good deposit
the effects of rising commodity prices have emplaced inflows and strategic composition.
the world economy in its most challenging predicament
in many years. I am delighted that the legacy of the valued Bank to
Customer relationship built over the years of our banking
It is really appreciable that GIB is becoming financially endeavors has influenced our Bank to keep on rising to its
stronger and reaching new heights day by day. The year peak as one of the country's reputable Islami Shari’ah
2022 has been a successful one for the Bank as its business based banks. During the year under review, we took
has gained pace. initiatives for exploring unexploited prosperous possibilities
in the market whilst concentrating on ensuring
Over the past 12 months, GIB has experienced a robust Customers’ having great experience with us through
growth in all financial sphere. Despite the confrontation delivering extraordinary services and increasing banking
with distinguished struggles and obstacles across the accessibility and inclusivity for everyone around.
year, by the grace of Almighty Allah and by dint of the
superlative supervising efforts of the Board of Directors, With an amazing 2022 behind us and the rapid progress
sincere diligences of the Management and assiduous coming ahead, being extremely proud of the steadfast
workforce, the Bank’s integrated performance is pretty efforts, devotion, and passion of our workforce, I feel
encouraging. incredibly optimistic that GIB will continue to perform
better leaving no stone unturned within our supremacy to
The Bank experienced gratifying business expansion exceed your expectations. Taking this privilege, I express
through widespread establishment of Branches and my sincere thanks to you all for your continued credence
Sub-branches. Throughout the year, the Bank assured full and confidence on GIB. I strongly believe and expect
compliance with all regulatory obligations. Like always, such confidence will remain unflinching in the upcoming
our expert personnel of the Bank were scrupulous enough years.
to adopt strategic maneuvers in order to bestow the
Bank frontward in the banking industry ranking line Ma’as-salamah
conforming to the principles of Islami Shari’ah and
safeguarding Shareholders’ worth. Sd/-
Our purposive emphasize comprised doing everything for Ataus Samad

“Banking with Faith”. Instantaneously as when needed Deputy Managing Director
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REPORT 2022 125
FROM THE DESK OF
CHIEF AML COMPLIANCE OFFICER
GIB as strong and sustainable

bank ensures ZERO tolerance for AML
and Regulatory compliances having
business presence across eight divisions
of the country for doing Banking with
Faith.”
Muhtaram/Muhtarama, For this purpose, since the very beginning of the

Assalamu Alaikum WRWB, year, we embarked on making effective plans for
successful implementation of AML system. At the
Being tremendously pleased to have this exclusive heart of our plans are strategic notions to detect,
privilege of presenting my remarks on GIB’s investigate and prosecute as when needed for
response to money laundering, taking the earliest violation of money laundering misdemeanors.
opportunity, on top of everything we express
earnest appreciativeness to each and every one Coherently our intrinsic AML controlling tactics
whom contribution matters for smooth functional focus greatly on assuring the system is not just a
assurance of GIB’s AML/CFT initiatives. bureaucratic process. We intent these systematic
efforts in most efficient composition that ensure
Likewise, we would like to acknowledge sincere consistent identification of suspicious activities
gratefulness to BFIU for their superlative efforts for evaluating KYC, EDD, SDD and others. By monitor-
which our heartfelt gratitude is outpouring as they ing efficiently, we make sure no failure happenings
continually move heaven and earth to combat take place accordingly.
against money laundering, terrorist financing,
proliferation financing and other connected Consistently, we conform to the guidelines and
crimes. reporting principles of Bangladesh Bank aiming to
establish high standards of probity and scrutiny to
We all are conscious of how crucial it is to stop impede the flow of illicit funds through the financial
money laundering and terrorist financing system of our Bank. We encourage the AML system
goings-on. Money laundering is illegal and it erodes participants of the Bank to act as custodians of the
confidence in our banking business. Right after the public interest in preventing money laundering. For
hit by the pandemic, the dangers grew high posing developing working values and skills of our work-
highly strenuous surroundings for suppression. force we execute effectual training programs.
We reckon, it is undoubtedly an absolute vital task We at GIB, genuinely believe the work we are
to build the groundwork for GIB’s strong AML/CFT currently undertaking to diligently combat money
system that will withstand the test of all time. laundering and the funding of terrorism will build
the groundwork for a strong anti-money laundering
Being the CAMLCO of the Bank I am bumptious to and counter-terrorist financing policy going
avouch accurate compliance with all pertinent forward. We proclaim GIB will leave no stone
AML/CFT laws and regulations. Here, at GIB we unturned to fulfill this purpose.
have put in place cogent safeguard mechanisms
to protect our banking system and the reputation Ma’as-salamah
of the Bank from any misuse by criminal persons or
groups for money laundering intention. Sd/-
Sami Karim
DMD & CAMLCO
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REPORT 2022
GIB PERFORMANCE ANALYSIS
FROM THE DESK OF THE CFO
Bismillahir Rahmanir Rahim,
By the grace of Almighty Allah, Global Islami Bank PLC (GIB) has completed another successful year. Hope-
fully the world will remain in the transition period of the COVID-19 pandemic in the year 2023. After more than
two years since the first cases were reported, it has significantly changed the environment we operate in. The
pandemic added many complexities and challenges in banking business globally, including key topics such
as investment quality, liquidity, profitability, digitization, cyber security and sustainability.
To keep pace with the changing banking environment, we re-prioritized the way we look at our business,
focusing on the very basic question of how will we implement our strategy and perform our business. Despite
these enormous challenges, I am very much pleased at the excellent performance of Global Islami Bank PLC
(GIB) in almost all the financial indicators. The Bank has achieved operating profit of BDT 2,905 million. The
operating profit growth was 8.26%, investment growth was 10.83% and total assets growth was 15.81% keep-
ing NPI at 4.48%. GiB’s ROA and ROE for the year 2022 were 0.67% and 9.92% respectively.
BUDGET AND ACHIEVEMENT
Budget, the numerical expression of a plan of the Bank, plays an important role to specify the position to be
reached by a stipulated time period. We have prepared our business budgets for helping us to achieve our
ultimate goal. In order to make the budget realistic, participation of both the branches and Head Office
management is essential. Accordingly, we have prepared our budget with the participation of both branch-
es and head office. The banking business seriously affected by COVID-19 pandemic since 2020. Moreover,
profit rate cap on investment at maximum 9.00% and inflation adjusted profit rate on deposits also put
pressure on the profitability of the Bank. Very much optimistically, we have achieved almost all the targets
set in our budget 2022 in this adverse situation. Import Business handled by GIB for the year 2022 BDT 5,030
million against BDT 4,137 million in 2021 and Import Business increased by 22% over last year. Export Business
handled by GIB for the year 2022 BDT 1,793 million against BDT 911 million in 2021 and Export Business
increased by 97% over last year.
The important targets and their achievements of 2022 are shown below:
Sl. No.- Particulars- Budget- Actual- Achievement

1 Deposit 146,500 118,809 81.10%
2 Investment 128,000 118,680 92.72%
3 Operating profit 3,250 2,905 89.39%
4 Import 9,960 5,030 50.50%
5 Export 4,000 1,793 44.82%
Total Assets (BDT million)

2022 153,811
2021 132,810
2020 120,902
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REPORT 2022 127
COST RATIONALIZATION
Cost rationalization had become essential for the existence of banking sector as a whole due to prolonged
effect of COVID 19 pandemic, profit rate cap at maximum 9.00% on lending as well as inflation adjusted
deposit rate. On the funding side, we put all efforts to improve our deposit mix and commendably managed
to improve the same.
Cost to Income Ratio (%)
2022 54.48%
2021 50.49%
2020 46.47%
FINANCIAL PERFORMANCE HIGHLIGHTS OF GIB
Banking industry passing a challenging years due to prolonged COVID pandemic. Despite intensified
challenges, GiB managed its portfolio efficiently closing the year 2022 with an NPI of 4.48% that was 2.23% in
2021, which is lower than that of industry average of 8.2%. The prime focus during the year has been improv-
ing asset quality, recovering classified investments, mobilization of low cost no cost deposits, process auto-
mation, upholding service excellence and rationalizing costs. A brief review of financial performances is
given below:
● Net Investment Income increased by 11.41% in 2022 compared to last year.

● Non-profit income increased by 96.61% mainly due to increase of commission, exchange and brokerage
income by 404.09% and increase of income from investment in shares and securities by 71.37%. Due to
prolonged effect of COVID 19 pandemic, the demand of investment was slower. As a result, we empha-
sized on non-funded business, accordingly both export and import business increased significantly during
the year. As part of Bank’s fund management policy, the Bank used its idle fund in capital market opera-
tions, as a result income from investment in shares and securities increased by 71.37%.
● The operating income increased by 17.74% during the year 2022 compared to last year. As a conse-
quence, operating profit of the Bank increased by 8.26% and reached at BDT2,904.77 million in 2022 from
BDT2,683.11 million of 2021.
Operating Profit (BDT million)
2022 2,904.77
2021 2,683.11
2020 1,900.77
● Total provision increased by 243.26% in 2022 compared to last year. Significant amount of investment not
falling under classification but the bank has kept provision for those investments for strengthening the
position of the bank resulting in increase of provision for investments.
● Total tax provision decreased by 3.64% in 2022 compared to last year mainly due to change of income
tax rate this year at 37.50%, because of listed with both the stock exchanges of the country, previous year
it was 40%.
● Finally Bank’s profit after tax (PAT) decreased by BDT 356.23 million or 27% in 2022, compared to 2021,
because of provision.
Profit After Tax (BDT million)
2022 963.16
2021 1,319.39
2020 1,029.27
● ROE decreased to 09.29% from 18.25% and ROA decreased to 0.67% from 1.04% due to increase of share
capital through IPO. Bank’s operating income increased by 17.74%. The Capital to risk weighted assets
ratio (CRAR) increased to 16.49% in 2022 from 10.66% in 2021. CRAR increased due to increase of capital
through IPO of BDT 4,250 million.
Return on Equity (%)
2022 09.29%
2021 18.28%
2020 16.62%
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APPROPRIATION OF PROFIT
Profit after tax of the Bank stood at BDT 963.16.24 million during the year out of which BDT 404.46 million
transferred to statutory reserve in 2022 and BDT 9.6 million transferred to Start-up Fund. Thus, cumulative profit
available for distribution stands at BDT 1,539.45 million out of which the Board of Directors recommended 10%
dividend (5% cash and 5% stock) for the year 2022. The Bank has been paying attractive dividend to its
shareholders since its inception representing attractive market value of its share.
DIGITALIZATION
Through digital Leadership we promise to improve our competitive edge. To accelerate the digitalization
process, we have emphasized on investing in latest technology for modern banking operations. The Bank
launched E-Account Opening Services with the aim of providing fast account opening services to its
customers at anytime from anywhere. The Bank also inaugurated QR Code Banking service for cash
withdrawal. The customers of the bank will be able to withdraw cash from any branch without any card or
cheque by using QR Code Banking. Our mobile app “Go fast” are examples, that demonstrate our ability to
leverage in digital transformation of the services to provide superior customer experience to keep pace with
the global standards of banking technology.
CAPITAL ADEQUACY STATUS UNDER BASEL III
Bank’s Capital to Risk Weighted Assets Ratio (CRAR) is within the comfort zone against the requirement of
12.5% (including capital conservation buffer) and ended at 16.49% as on 31 December 2022. However, to
keep pace with the business growth and increased CRAR requirement, we have issued declared 5% stock
dividend, which will increase our Tier-1 capital further. The bank will also keep focusing on quality of assets
consistently in order to reduce the risk weighted assets as well as retention of profit to strengthen its capital
base.
CAPITAL PLANNING
GIB has been maintaining the CRAR by taking the empirical capital planning initiatives. Bank’s capital
planning is an ongoing, dynamic and forward-looking approach. It incorporates changes in strategic focus,
risk tolerance, business plan and aligned with bank`s mission, vision, goals and objectives. To attain
prospective growth, the bank is keen to maintain adequate capital at the same time emphasize on capital
savings by ensuring minimum capital requirements with maximization of return. As part of efficient capital
management, the Bank has prepared a 10 year capital projection based on macro-economic factors.
NON-PERFORMING INVESTMENTS
Non-performing investment of banking sector of Bangladesh stood at 8.2% as on 31 December 2022 whereas
non-performing investment of GiB was 4.48% at the same period which is significantly lower than the country
position. The Bank has strengthened investment discipline and streamlined the recovery process to reduce
the NPIs to an acceptable level. However, we are taking more initiatives to realize and regularize
non-performing investments and reducing it further.
REGULATORY COMPLIANCE
Our utmost priority is to safeguard the interest of our customers and shareholders. We work closely with the
regulators to ensure compliance in every aspect. Our focus during 2022 was to conduct businesses prudently
keeping ourselves within regulatory framework. Accordingly, we complied with all key regulatory ratios of the
Bank namely CRR, SLR, ID ratio, CRAR, leverage ratio, MCO, capital market exposure, LCR & NSFR that clearly
shows our commitment to key stakeholders. All the reports, returns, statements required to submit different
regulatory authorities has been submitted within stipulated time in a complete and correct manner. The
bank complied with all regulatory requirements of primary regulator Bangladesh Bank as well as all other
regulators during the year 2022.
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REPORT 2022 129
FINANCIAL REPORTING
The Financial Statements for the year ended on 31 December 2022 have been prepared in compliance with
International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) as
applicable in Bangladesh and where there are any departures from the Standards, adequate disclosures
have been made in the notes to the Financial Statements.
Accounting estimates and judgments related to Financial Statements were made on a reasonable and
consistent basis. The Financial Statements are prepared on going concern assumption.
Applicable circulars and Guidelines of Bangladesh Bank, Companies Act 1994, Bank Companies Act 1991,
Securities & Exchange Commission Rules and other applicable laws, Rules and Guidelines are complied
with, in preparing Financial Statements.
Adequate disclosure is made to the Financial Statements by taking care of the needs and requirements of
all types of stakeholders. GiB focuses on transparent and appropriate disclosures through financial reporting.
I would like to take the opportunity to thank the Board of Directors, Management and my colleagues at all
stages, the customers, the regulators and the stakeholders at large. I am positive that, we will continue to
take the bank forward and deliver more value to our shareholders in the days ahead.
Ameen
Sd/-
Mohammad Kamruzzaman FCA

Chief Financial Officer (CC)
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05 GIB INTEGRATED
REPORTING
“And Speak to People Good Words.”
[Quran 2:83]
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REPORT 2022 131
GIB APPROACH
TO INTEGRATED REPORTING
Calling your precious attention to welcome all of you to the Annual Integrated Report of Global Islami Bank
PLC whilst expressing gloriously exhilarated of representing this report in compliance with the key guidelines
of prescribed International Frameworks of the International Integrated Reporting Council (IIRC) as well as
other relevant local and international standards.
An Integrated Report aims to render explanation beforehand the providers of financial capital about the
modes through whose an organization induces and fosters value with the passage of time. By dint of the
sightings of this report, all stakeholders including employees, customers, suppliers, business partners, local
communities, legislators, regulators and policymakers, concerned and curious about the organization’s
skillfulness of profit generation and value maximization throughout its’ life span, acquire necessitate
information as well as useful insights.
Substantially, our Integrated Report seeks to address the enormous scope of our coordinated business
activities in accordance with the policies and regulations as par the sustainability framework trendsetting in
a symmetrical, counterbalanced and felicitous manner.
GIB MATERIAL MATTERS IN RELATION TO INTEGRATED REPORTING
At GIB, we view the materiality determination process as a toll that facilitates integrated thinking and as such
apply the principles of materiality in assessing what information is to be included in GIB Integrated report. This
ensures that we focused on the major material matters that met the interests and expectations of different
stakeholders.
However, our integrated report aims to provide insights about the resources and relationships used and
affected by an organization collectively referred to as ‘the capitals’. It seeks to explain how the organization
interacts with the external environment and the capitals to create value over the short, medium and long
term. The capitals are categorized in the international framework as Financial, Manufactured, Intellectual,
Human, Social & relationship and Natural capital.
Financial Capital Manufactural Capital Human Capital
Natural Capital Intellectual Capital Social

Relationship Capital
GIB REPORTING STANDARDS, PRINCIPLES AND FRAMEWORKS
Integrated Reporting Financial Reporting
• International Framework of the International • International Financial Reporting Standards (IFRS).

Integrated Reporting Council (IIRC). • International Accounting Standards (IAS).
• SAFA Integrated Reporting Checklist. • Financial Reporting Act 2015.
• Generally Accepted Accounting Principle (GAAP).
Sustainability Reporting
• Global Reporting Initiative (GRI) Standards.

• United Nations Sustainable Development Goals.
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Governance, Risk Management and Operations
• Companies Act 1994.

• Bank Company Act (Amendment) 2018.
• BSEC Ordinance 1969.
• BSEC Corporate Governance Code 2018.
• Circulars, Rules and Regulations issued by Bangladesh Bank.
• Circulars, Rules and Regulations issued by BSEC.
• Circulars, Rules and Regulations issued by DSE & CSE.
• Circulars, Rules and Regulations issued by CDBL.
Additional Reporting
• ICSB Bangladesh Secretarial Standards (BSS).

• The Income Tax Ordinance 1984.
• The Income Tax Rules 1984.
• The Value Added Tax and Supplementary Duty Act 2012.
• The Value Added Tax and Supplementary Duty Rules 2016.
• ICSB Corporate Governance Checklist.
• ICAB Annual Report and Corporate Governance Checklist.
• ICMAB Best Corporate Checklist.
• Other applicable rules and regulations of the country.
SCOPE OF INTEGRATED REPORT
Operations, financial performance and financial information of GIB during the timeline from January 01 to
December 31 for reporting year has been considered. The Board and the Management also ensure that
reasonable care has been taken in preparation and presentation of this Integrated Annual Report where all
material issues are addressed to assure fair representation on Bank’s integrated performance and its overall
impact.
KEY PILLARS OF INTEGRATED REPORT
Risk management disclosure, Corporate Governance

Sustainable Banking
Business Model
Strategic Priorites
Source Allocation
SWOT
value Creation Activites
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REPORT 2022 133
GIB STRATEGIS
FOR DEPOSITS AND ADVANCES
DEPOSIT STRATEGIES ADVANCE STRATEGIES
● Boosting deposit mobilization through ● Introducing complete financial solutions for

branch, sub-branch, agent banking small business clients through offering
activities. composite facilities.
● Establishing low cost sub-branches in ● Maximizing portfolio size and returns by

important locations and reaching mass discovering new investment opportunities.
people through post office banking.
● Existing thrust sectors like agro based
● Reinforcing liability marketing and industries, leather, frozen food, textile
development drive. industry to be more focused.
● Taping different Government agencies e.g. ● Targeting backward linkage industries to

DPDC, TCB, NESCO, Roads & Highway, retrieve a good source of SME business
LGED etc. and also other different through availing the benefit of supply chain
corporate houses, e.g. Foreign Air Lines, management.
Telecom companies etc. and maintaining
regular intense social interaction with ● Prioritizing increasingly to export oriented
different segments of the society. industries to ameliorate forex flow, gain
through multi-channels that will ensure no
● Cross Selling of different products including raise of the cost funds of the Bank.
retail to corporate customers.
● Concentrating special observation for
● Formulating and Strengthening different expanding SME investment portfolio to
channels to collect and invest funds to the achieve relatively higher yields and also to
mass people. reduce adverse effects of large volume
defaults.
● Providing cash management services, such
as, accumulation and assemblage of ● Applying Risk Management techniques to
institutional accounts, assuredness of ensure strong internal control over business
advantageous use of EFTN and RTGS operation.
service, etc., as a means to ascertain fast &
secure cash service. ● Identifying probable problem accounts and
taking appropriate care of those and
● Conducting rigorous CASA campaign, Hajj formulating exit plan, where necessary.
deposits campaign and motivating top
deposit collecting Branch/ Sub-branch/ ● Emphasizing on recovery of NPI.
Individual employees through equitable
reward programs.
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GIB STRATEGIES
FOR IMPORT AND EXPORT
IMPORT EXPORT
● Coordinating investment lines from international agencies almost entirely at a competing rate to expedite
the wide scope of international trade businesses, exceptionally for import clients, thereupon fortifying
foreign exchange reserve for the country.
● Establishing bilateral business agreement with different American, European and Chinese counterpart
Banks to route their transactions into Bangladesh through our Bank.
● Engaging Bank Guarantee business with the appearance of Bid Bond with local repo offices in
Bangladesh of the foreign contractors offering competitive rate to facilitate corporate and govt. mega
projects and so forth.
● Penetrating, investigating and seeking well known oversees Banks and Financial Institutions to acquire
more overseas funds since the LIBOR Rate is constantly on reduction phase, in that way, contributing
largely to diminish the import cost for industrial and local importers as well as manufacturers.
● Marketing for not only established business houses but also for gaining attention of the potential clients
having strong entrepreneurship spirit to grow.
● Emphasizing more limelight on the Garments sector where tested and potential clients will be in the
portfolio basket under the regime of calculative risk return trade-off.
● Emerging prospective sectors will explore new opportunities which the Bank will tap for increasing
international trade.
● Industries having backward linkage will yield better opportunity and reduce risk exposure.
● Focusing on service export sectors like IT and Education.
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GIB STAKEHOLDERS
ANALYSIS
Identifying, observing and perusing Stakeholders are the essential keystones to understand their inherent
expectations out of the bank and as such, aiding to pave diversified opportunistic ways towards fulfillment of
those expectations and booming maximized value on a consistent phase. Our intrinsic efforts to ensure effec-
tive engagement of stakeholders incorporate five crucial steps comprising Core Stakeholder Group
embodying shareholders, customers, suppliers and employees, while other Stakeholders include regulators,
local communities, NGO and civil society.
The following information provides an overview of Stakeholder’s engagements at GIB:
INFLUENCE OF GIB’S INFLUENCE ON

STAKEHOLDERS IMPORTANCE OF STAKEHOLDER
STAKEHOLDER ON GIB STAKEHOLDER
Investors ● To deliver relevant and timely information to High High

existing and potential shareholders.
● To keep shareholders informed that our shares
are traded.
● To ensure that the image of the Bank and the
trust placed by our valuable shareholders
continues to improve, thereby minimizing the
potential for reputational risks.
Employees ● To ensure that we remain an employer of High High

choice by providing a safe, positive and
inspiring working environment.
● To understand and respond the needs and
concerns of our staff members.
● Empowering our employees to make use of
their full potential.
Customers ● Securing customer interests. Medium High

● To understand the growing financial services
needs of our customers.
● To provide better solution and advice to our
customers financial requirements.
Suppliers ● Adhere to proper procurement regulations Low Medium

while maintaining a good business relationship
with service providers.
Regulator ● To maintain open, honest and transparent High Low

relationships with regulator.
● To ensure meticulous compliance with legal
and regulatory requirements.
● Develop legislation and policies that impact
the environment in which we operate.
Community ● To have best collaboration with our community Low Low

for delivering our social responsibilities.
● To obtain input from communities regarding
key focus areas.
● To create awareness of our integrated
sustainability commitments and initiatives.
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HOW WE DELIVER VALUE TO STAKEHOLDERS
Our effective ways of engaging with Stakeholders and its prevalence differ in consonance with each Stake-
holder’s group. A decentralized Stakeholder Engagement Model that incorporates individual business units’
appropriate undertakings of Stakeholder Engagement to their required regions, is efficiently being used by
us. This model also depicts that hereby individual business units are obliged to identify Stakeholders’ concerns
and the adoption of appropriate actions therewith.
FREQUENCY OF KEY TOPICS RELATED TO EXPECTATION OF RESPONSE OF

STAKEHOLDERS ENGAGEMENT METHOD
ENGAGEMENT STAKEHOLDERS STAKEHOLDERS GIB
Investors ● Board meeting ● Monthly Financial Value Try to meet

● Financial Repots ● Quarterly Performance, maximization expectation
● AGM ● Yearly Cost Efficiency,
● Annual Report ● Yearly Corporate Governance
GiB upholds a
Employees ● Management Meeting ● Regularly Professionalism Fair play
strict
● Performance Appraisal ● Yearly
performance
● Written Communication ● As & When Req.
based culture
Customers ● Branch Network ● Regularly Business Transaction Optimum
Custom tailored
● Marketing Campaign satisfaction
Product
● Website
development
● Social Media
Suppliers ● Newspaper Advertisement ● As & When Req. Supply chain Fair dealing Reliability, ethics
● Group meeting & governance
Regulator ● Monitoring regulatory ● As & When Req. Regulation & Thorough Ensure corporate
compliance compliance compliance governance
Community ● Branch Network ● Regularly Social Business entity Responsible Sustainable

● Social media & Sustainable Business
● CSR Organization
STAKEHOLDERS
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REPORT 2022 137
GIB MATERIAL FORCES
ANALYSIS
GiB proactively responses to the competitive and material forces identified during its normal course of
business. The Banking industry in Bangladesh is continuously exposed to several risks, both internally and exter-
nally. Handful of these risks are extremely difficult to alleviate unless the appropriate expertise and precau-
tionary measures are taken thereon. An expedient risk identification and mitigation framework has been
adopted by our Bank which safeguards protection of GiB from facing harming surroundings as well as assists
in various ways to increase its operational viability and sustainability. GiB is one of the top Banks among all 4th
generation banks which gained a positive public relation image through its sensible business approach.
A detailed analysis of the competitive intensity and challenging environment along with our responses to
minimize the impact is as follows:
MATERIAL ISSUE RELEVANT CAPITAL STRATEGIC CONTEXT GRI PRINCIPLES
Customer Satisfaction Social & Relationship Capital As we aspire to be recognized 102, 410, 416-419
as the most customer centric
bank, this is a high priority.
Brand & reputation Intellectual Capital Our brand and reputation is 102, 410, 413,
critical as we need the trust of 416-419
our customers and other
stakeholders to grow.
Talent attraction, Human Capital Dedicated human resources 404
development and retention propel our productivity.
Technological Manufactured Capital Enabling digitalization to
Transformation facilitate scalability and cost
efficiency
Inclusive Growth Financial Capital We are seeking to bring both 201, 203
unbanked and under banked
population under banking
network.
Financial Stability Financial Capital We try to retain our capital 201, 203
adequacy ratio at expected
level.
Ethics, governance & Intellectual Capital Sound corporate governance, 102, 205-206, 417,
compliance legal and regulatory 419
compliance shape our
organization culture.
Business innovation Intellectual Capital Product and service innovation
provide a key competitive
advantage as we strive to cater
to changing customer
demand.
Sustainable banking Natural Capital We ensure all regulatory 201, 305, 308
environmental and social
obligations through green &
other sustainable finance as
well as in-house environmental
management.
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GIB SWOT
ANALYSIS
We are relentlessly taking necessary steps focusing on possibilities to move forward improving as a whole by
eliminating the biased norms, beliefs and myths towards embracing a realistic, fact based, & data driven
framework in a revolutionized way. In pursuit of our business structure, operating framework, micro environ-
ment analysis, position in the industry, eventually the SWOT analysis embarks on herewith. Following SWOT
analysis will facilitate our investors and readers a full awareness of all the factors involved in retaining our
existing strength, convert weaknesses into strengths, capitalize on opportunities and reduce threats:
KEY ACTIONS TAKEN

SL. KEY STRENGTHS OUTLOOK ON KEY STRENGTHS
TO BUILD ON STRENGTHS
1 Strong adherence to To properly oversee and supervise BSEC and Bangladesh Bank guidelines
corporate governance the governance of the bank, GIB are being strictly followed regarding
conducts all EC, RMC and Board compliance on corporate governance.
meetings on a routine basis and
hereby ensures the presence of most
of the members.
2 Strong Compliant Culture GIB makes no compromise to ensure More emphasis upon external and
compliance which helps to ensure internal audit activities.
better corporate governance.
3 Market reputation as Shari’ah GIB is considered as one of the GIB has strengthened its Shari’ah Secretar-
Compliant bank sophisticated Banks both in Shari’ah iat Division with knowledgeable manpow-
and modern Banking. er to make Shari’ah Audit for ensuring best
possible Shari’ah compliance.
4 Comfortable Liquidity Position To address and fulfill short term and GIB always maintains additional liquidity
long term fund requirement on a so that situation like sudden fund crisis
consistent phase, and afterwards to may be well addressed.
ensure proper management of the
said fund, GIB carefully maintains
and sustains short term and long term
liquidity.
KEY ACTIONS TAKEN

SL. KEY WEAKNESSES OUTLOOK ON KEY WEAKNESSES
TO COUNTER WEAKNESSES
1 Cap on Deposit rate and Because of the difficulties arising in For cost minimization, bank has been
Investment rate the market, inherent tough working to curtail expenditure, where
competition spread has been possible.
reduced and resulted in higher cost
to income ratio.
2 Growth in some Branches/ Compared to advanced Branches/ Management is working to focus retail
Sub-branches is comparatively Sub-branches, some service points products through more marketing and
slow have slow growth and need more development to boost the slow
attention. performer.
3 Over dependence on Still Corporate finance dominates Progressively our management is

Corporate segments investment portfolio of GIB. A number focusing on the successive addressing of
of Corporate clients are occupying a the issue by increasing finance on SME
substantial amount of GIB and Retail segments.
investment.
4 Shrinking margin/yield due to Due to excess liquidity in Banks, GIB’s top management personnel have
heavy price competition financing a client has become often been working dedicatedly to address
competitive for which it is not possible the issue.
for GIB to get an adequate
margin/yield from investment in
many cases.
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REPORT 2022 139
KEY ACTIONS TAKEN
SL. KEY OPPORTUNITIES OUTLOOK ON KEY OPPORTUNITIES
TO BUILD ON OPPORTUNITIES
1 Increasing interest for Islami People all across Bangladesh are GIB has been bolstering its social
Banking showing more interest to get involved relationship with potential customers
in Islami Banking. whom are demonstrating their inherent
interest in Islami Banking with various
products following wholly Shari’ah
compliance bindings and mechanisms.
2 Growing middle income group As now a days people are being To tap this rising middle income popula-
more enthusiastic to purchase goods tion, GIB has been introducing different
and services, so currently businesses innovative products and services.
are expanding gradually as an effect
from the increase of disposable
income along with graduation of
Bangladesh from Least Developed
Countries (LDCs).
3 Government is implementing A large number of infrastructural GIB has analyzed the role of all Stake-
mega projects projects are being implemented by holders in these projects and devised its
the Government, for example, strategy to be financial partner of invest-
Padma Bridge, Metro Rail, Deep Sea ment worthy customers.
Port, Power Company and Big
Highways etc. which pave way to
generate huge resource mobilization
in the country.
4 Impressive economic growth The nation has record amount of GIB remittance personnel are working
foreign currency reserve right now. dedicatedly to attract more remittance
through this Bank.
KEY ACTIONS TAKEN

SL. KEY THREATS OUTLOOK ON KEY THREATS
TO COUNTER THREATS
1 Challenge of Investment Investment recovery would certainly GIB has plan to introduce a reboot
Recovery & Asset Quality become challenge due to traffic of program for investment recovery, if
huge unrecovered finance on the required for large scale recovery.
ground of business/ regulatory
moratorium. Deterioration in asset
quality may be noticed.
2 Digital/ Cyber Threat Ironically digital stance has become GIB has been investing on IT Security day
so widespread during Covid-19 by day with a view to ensure a secured
pandemic that has led to the platform for transaction.
creation of broader opportunities for
cyber hackers to do more fraud than
in the past. Notably, those
organizations who are less effective
safeguarding their security facets,
are in greater possibility to fall under
hackers’ attention and be easily
victimized.
3 Absence of adequate financial Like Conventional Banks, Islami banks GIB has been working to introduce
instruments for Islami Bank cannot invest on all instruments. Shari’ah products like Sukuk, Cash Waqf
Again, number of Shari’ah compliant in near future.
products are still very few.
4 Lower investment appetite A large number of potential investors GIB cautiously move in solid corporate
are reluctant for big venture owing to venture as well as genuine SME clients.
the associated inherent uncertainties
uncertainty for which investment
scope is shrinking for banks.
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GIB PESTEL
ANALYSIS
PESTEL analysis is a framework or tool used to analyze and monitor the macro-environmental (external
environment) factors that have an impact on an organization. Any business organization operates within the
context of an environment. Environmental study is a vital component of every business organization at any
stage of its life cycle as it captures varied effects because of the environment’s implications on its operations.
The environment of an Organization is categorized into two main environments: Internal and External
environment. External environment consists of the “PESTEL” Factors-Political, Economic, Social, Technologi-
cal, Environmental and Legal factors. Such kind of an analysis is crucial from the point of view of Stakeholders
particularly shareholders, as it informs them how key external factors can influence an organization’s perfor-
mance or ability to create value over the long-term.
Political Economic Social Technological Environmental Legal

Factors: Factors: Factors: Factors: Factors: Factors:
These determine These factors These factors These factors These factor These factor
the extent to which impact the focus on the social consider the rate relate to the relate to current
goverment and economy and it,s environment and of technological influence of the and future legal
goverment policy performance, identify emerging innovation and surrounding and regulatory
may impact on an which in turn trends. This helps devlopment that environment and requirements
organization or a directly impacts a marketer to could affect a the impact of impacting the
specific industry. the organization further understand market or industry. ecological aspects. business.
and it,s profitability. their customers’
needs and wants.
P E S T E L
HIGH HIGH LOW MODERATE LOW MODERATE
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GIB INDUSTRY FORCES
ANALYSIS
STAKEHOLDERS INFLUENCING INFLUENCE ON GIB APPROACH

FACTOR GIB
Customers ● Customer ● Effect on customer ● Adopting strategic

Relationship relationships thereby mechanisms for providing
● Brand Loyalty impacting long term excellent service on
revenue. specific sectors.
● Upholding and
strengthening GIB brand.
Suppliers ● Supply of funds ● Impacts on profit rate ● Offering competitive profit

(deposits and ● Operational on deposits
borrowings) efficiency ● Prudent selection of
● Supply of materials vendors
Competitors ● Focus/ ● Impact on the ● Give emphasis on

Differentiation/ Cost market share innovative value creation
Leadership ideas to outplay the
competitors
Substitute ● Availability of ● Loss of revenue to ● Take over suitable

substitute products substitute products relationship management
like bKash, Rocket, approaches with an aim
Upay, Nagod etc. to withhold lucrative
customers.
● Emergence of new ● Threat on market ● Enhance the brand value

New Entrant
Banks and NBFI's in share of GIB
the industry. ● Employee poaching ● Maintain a sound and
healthy employee friendly
environment.
Government ● Frequency of ● Regulations affecting ● Ensuring proper

changing laws and operations- source of compliance of applicable
regulations. funds and laws and regulations as
channeling of funds. per Bangladesh Bank and
other Govt. Bodies’
prescribed guidelines.
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GIB STRATEGIC FOCUS
ANALYSIS
As the financial panorama keeps evolving rapidly, so corporate organizations ought to put strategic concen-
trations on grounds of the challenging confrontations and forthcoming possibilities or capacities that may be
encountered on. Everlastingly, GIB pursues effective strategies owing to current challenges and available
possibilities to safeguard investors as well as all other stakeholders’ interest.
We revisit strategy in consultation with all our Stakeholders considering our growth aspirations, industry evolu-
tion, risk management process and a thorough evaluation of our macro environment. Strategic focus areas
of GIB have been determined as follows:
Improved Quality
(Diversifying Portfolio with
Sustainable Innovation)
Maintain Long-Term Optionality

(Creating Convenience for our
CUstomer)
Focus Focus on People, Safety and
Areas
SUstainability
(Create Sustainable Brand Value)
Ensure Financial Flexibility

(Prudent Balance Sheet
Management)
Optimize Cost
(Turning HR into Human Capital)
TRIPLE BOTTOM LINE

Any form of financial service that integrates Environmental, Social and Governance (ESG) criteria into
business or investment decisions is sustainable finance that include triple bottom line approach. The most
significant contribution which we can make to tackling climate change through triple bottom line approach
is contributing the transition to net zero emission.
People (related to Social Sustainability): GIB always participates in contributing financial support to the
society all over the fiscal year and it will be a continuous process. To work with different kind of customers,
regulators and suppliers, GIB works with transparency and fairness to create trust among all stakeholders
which also create values.
KEY INDICATOR INCIDENTS
Incidents of Discrimination Nil

Incidents of Child Labor Nil
Human Rights violation incidents Nil
Planet (related to Environmental Sustainability): We encourage our Branches, Sub-branches, agents to invest
in ecofriendly projects which will be helpful in the long run. We also comply in-house Green Office Guide of
the bank to minimize unnecessary resource consumption.
KEY INDICATOR INCIDENTS
Number of imposed fines/penalty by DOE Nil

Number of environmental grievances Nil
Profit (related to Financial Sustainability): GIB generates profit each year and profit growth shows usually in
significant trend. However, the Organization believes in sustainable profit generation.
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GIB ENTITY
ANALYSIS
COMPETENCIES IN ENTITY ANALYSIS
Analyzing the competences of entity analysis can provide a full picture of GIB, as we strive to link our key
factors of competencies across the value chain and improve the overall banking business model. As a result
of this analysis, we are able to capitalize on our core strengths while also mitigating risk and maximizing
opportunity.
KEY COMPETENCIES
SOLID FINANCIAL FOUNDATION
Strong Capital Base Effective Asset Liability Management Attractive ROA and ROE
● Maximization of shareholder’s ● Optimum fund management ● Maintain sound financial
value by ensuring the optimum practices to optimize asset performance and
capital allocation and strong liability gap. shareholders return.
capital base.
INFRASTRUCTURE
Advance mode of Core Ideal Business Networks Continuing Service Delivery
Banking Software
● Time to Time upgradation ● To ensure customer ● Induction of Automation
of core banking software convenience placing through investment in
Temonus branches, sub-branches and latest technology
Agent location as market requirement.
CUSTOMER PIVOTALLY
Excellent Service and Diverse Quick Customer Services Ethical values and Trans-
product portfolio parency
based on Islami Shari’ah ● Customization of core
banking software ● Extensive code of ethics
● Provide service to custom- automation of App and morale in the compa-
ers through new and innova- based banking ny policy
tive investment and deposit services ● Conduct regular training
products ● Emphasize on less tier programs on code of
● Innovate new products and approval process and ethics and values
service to ensure continued improve efficiency
granular penetration
● Arrange training, counsel-
ling and facilitating service to
expand the horizon
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GIB BRAND
A Decade of Glorious Journey Brand Image Reliability
● Proactive responsible and customer oriented ● Reliability and Transparency in operation

financial service provider ● Regular engagement with community through
● Continuous branding investment CSR activities and Zakat expenses
CORPORATE GOVERNANCE AND COMPLIANCE

Strict Regulatory Compliances Approaches towards Regulatory Initiatives
● With collective approach with regulators,
● Our top priority is to abide by the law of the peers and other industry participants and adopt
land in both letter and spirit. best practices
DEDICATED HUMAN RESOURCES
Motivated and Extensive Training Assurance of GIB Culture

Empowered Human and Development Integrity
Capital
● Investing in human ● Providing in ● More ● Emphasize on

resource as well as house training emphasize on organizational
offering competitive and development GIB’s code of culture and
and healthy initiatives for skill conduct, ethics maintain the
Empowered package and professional and values. industry best
to retain talents development practices.
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GIB MARKET VALUE
ADDED STATEMENT
Market Value Added Statement reflects the GIB’s performance evaluated by the market through the share
price. It shows the difference between the market value of the bank and the capital contributed by
shareholders. It denotes the market's perception of increased financial solvency.
Market Value Added Statement for the year ended December 31, 2022
Face value per share (BDT) 10.00 10.00

Market Value per Share (BDT) 9.00 10.00
Number of Shares outstanding 940.42 515.42
Total market capitalization 8,463.77 5,154.19
Book value of paid up capital 9,404.18 5,154.19
Market Value Addition -940.41 -
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GIB VALUE
ADDED STATEMENT
The statement shows how much value has been added and distributed by GIB in 2022 for its directors,
shareholders, employees and government in the form of salaries & allowances, remuneration, duties & taxes,
net profit after tax respectively and also indicates value of the use of fixed assets through depreciation.
Value created from the income from banking services and other financial services is the excess of cost of
service rendered. The value added statement shows the total wealth created how it was distributed to meet
certain obligations and rewards to those who have created it and portion retained for continuing operation
and expansion of the Bank.
The Value Added Statement for the year ended December 31, 2022
[BDT in Million]
Value Creation
Income from Banking Services 14,655.49 13,488.88
Less: Cost of services & supplies 9,286.45 8,819.18
Value Added by Banking Services 5,369.04 4,669.70
Non- banking Income 0.00 0.00
Less: Provision-Loans and Advances 882.46 257.08
Total Value Creation 4,486.58 4,412.62
Distributed of Value addition

Employees and Directors 1,856.81 1,439.9
To Employees as salaries & allowances 1,848.95 1,431.55
To Directors as remuneration & fees 7.86 8.35
Government
To Government as income tax 1,059.15 1,106.64
Retention for future business growth 1,570.62 1,866.08

Depreciation & amortization 607.78 546.69
Statutory Reserve 404.46 485.21
Start-Up Fund 9.32 13.19
Retained earnings 549.06 820.99
Total Value distributed 4,486.58 4,412.62
Note: The Board of Directors in its 72nd meeting held on April 27, 2022 recommended 5% cash and 5% stock dividend for the year 2021 subject
to approval of regulators and by the shareholders in the Annual General Meeting.
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REPORT 2022 147
GIB ECONOMIC VALUE
ADDED STATEMENT
Economic Value Added (EVA) is the measure of financial performance of an organization. It is based on the
principle that since a company’s management employs equity capital to earn a profit; it must pay for the
use of this equity capital. This management tool is useful to shareholders in particular and other stakeholders
in general to take decision for increasing wealth.
EVA is equal to Profit after Tax (PAT) plus the provision for investment and other assets less written off during
the year minus cost of equity where cost of equity is the opportunity cost that the shareholders forego. This
cost of equity is calculated by taking proxy rate i.e. average Return on Equity (ROE) of the Banking Industry
as reported in Monetary Policy Statement of Bangladesh Bank.
Global Islami Bank EVA stood at BDT 983.50 million as of December 31, 2022 as against BDT 916.81 million as
of December 31, 2021.
Economic Value Added Statement for the year ended December 31, 2022
[BDT in Million]
Total Revenue 14,655.45 13,433.07

Less: Expenses (Interest & Operating) 11,750.68 10,749.96
Less: Corporate Tax 1,059.15 1,106.64
Less: Capital Charges 862.12 659.66
Economic Value Addition (EVA) 983.50 916.81
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GIB BASEL-III
CAPITAL STATEMENT
Revised Risk Based Capital Adequacy (RBCA) guideline in line with Basel III implementation phase was
started in 2015. The Bank has maintained the Capital to Risk Weighted Asset Ratio (CRAR) against the
required CRAR of 12.50% under BASEL-III capital accord.
[BDT in Crore]
I. Tier - 1 Capital
a. Common Equity Tier-1 Capital (CET-1)
Paid up Capital 940.42 515.42
Statutory Reserve 202.06 161.62
Other Reserve - -
Retained Earnings 153.94 99.04
Sub-Total = 1296.42 776.08
Less: Regulatory Adjustments:
Deferred Tax Asset (DTA) 8.64 4.74
Total CET-1 = 1287.78 771.34
b. Additional Tier –1 Capital (AT-1) 0.00 0.00
Total AT-1 = 0.00 0.00
Total Tier 1 Capital (a + b) = 1287.78 771.34
II. Tier –2 Capital
General Provision 107.99 112.37
Revaluation Reserve 0.00 0.00
Less: Regulatory adjustments - -
Revaluation reserve for Fixed assets, securities and equity securities
(phase in deduction) 0.00 0.00
Total Tier 2 Capital = 107.99 112.37

A. Total Regulatory Capital (I+II) 1395.78 883.71
B. Total Risk Weighted Assets 8464.81 8,292.22

C. Minimum Capital Requirement 846.48 879.19
D. Surplus/(Deficiency) (A - C) 548.96 192.82

Capital to Risk Weighted Assets Ratio (CRAR) 16.49% 10.66%
Capital to Risk Weighted Assets Ratio (CRAR)

a. Tier - 1 Capital to Risk Weighted Assets 15.21% 9.30%
b. Tier - 2 Capital to Risk Weighted Assets 1.28% 1.36%
Total (a+b) 16.49% 10.66%
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GIB HUMAN RESOURCE
ACCOUNTING
Human Resource Accounting involves capitalizing the company’s management and employees as human
capital that provides future benefits. In the HRA approach, costs related to human resources are treated as
assets on the balance sheet as opposed to the in traditional accounting approach which treats them as
expenses on the income statement. HRA implies that in addition to the measures themselves, the process of
measurement has relevance in decision-making involving organizations. Therefore, HRA is the process of
identifying and measuring data about human resources and communicating this information to the interest-
ed parties. It is an attempted process to identify and report investments made in human resource that the
current practices do not account for.
Human Resource Accounting is an attempt to identify, quantify and report investment made in Human
resources of an organization that is not presently accounted for under conventional accounting practice. It
involves the tracking of all costs related to the followings:
OBJECTIVES OF GIB HUMAN RESOURCE ACCOUNTING
Numerous objectives of GIB human resource accounting are as follows:
• It is used to measure the cost related to the human resource of GIB.

• Helping the management in preparing proper plans and budgets for training and other services that are
provided to the employees.
• To ensure the proper utilization of banks’ human resources.
• Increasing awareness and value about human resources and treating them as an important asset of the
bank.
• For making efficient and better planning for human resources.
• For doing the proper accounting of retirement benefits that are enjoyed by the employees and other
benefits over their service period given by GIB.
• To aid top management in human resource analysis.
• For calculating the actual cost incurred by the bank on its manpower.
• To figure out the returns that the organization is getting from its inputs over the human resources, their
training, recruitment and other facilities given to them.
Particulars 2022 2021
Number of Employees 2,223.00 2013.00

Operating Profit per Employee 1,306,688.00 1,205,180.12
Operating Cost per Employee 1,563,626.00 1,359,202.35
Investment Portfolio per Employee 53,387,558.00 53197701.59
Customer Deposit per Employee 53,445,445.00 58522335.93
Revenue per Employee 2,870,314.00 2,692,091.72
Net Profit per Employee 433,270.00 655,434.13
Staff Benefit Cost per Employee 825,100.00 703,405.41
Staff Cost as a % of Operating Expense 53% 51.75
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06 GIB RISK MANAGEMENT
REPORTING
“Allah he is with you wherever you are.”
[Quran 57:4]” [
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REPORT 2022 151
ECONOMIC LANDSCAPE
IN RELATION TO RISK
While the economies of the world were recovering to the pre-COVID-19 trend, the war in Ukraine
appeared to trigger the economic losses created by unprecedented pandemic COVID-19. According to
the UN, the global economy grew by 5.5 percent in 2021 and will grow by 4.0 percent in 2022 and 3.5
percent in 2023. World Bank projected global economic growth to be 4.1 and 3.2 percent in 2022 and 2023
respectively, while growth was estimated 5.5 percent in 2021. IMF projected that the global economy will
grow by 3.6 percent both in 2022 and 2023. Bangladesh is not fully immune from the spill-over effects of
economic losses caused by the COVID-19.and now coupled with war in Ukraine, however, due to the
timely decision, including implementation 28 packages of incentives worth of Tk. 1,87,679 crore, taken by
the government of war in Ukraine Bangladesh under the leadership of the Hon. Prime Minister Sheikh
Hasina, Bangladesh has turned around to previous high growth trajectory. BBS provisionally estimated the
GDP growth to be 7.25 percent and the per capita income to be US$ 2,824 in FY 2021-22. The inflation rate
is estimated to be 5.8 percent in FY 2021-22. Both exports and imports are showing outstanding growth.
Export receipts is estimated to cross US$ 50 billion and import payments to be around US$ 80 billion in FY
2021-22 while exports and imports were US$ 40.1 billion and US$ 61.7 billion respectively in FY 2020-21. The
currency Taka depreciated around 1.9 percent against US$ during the first ten months of the current fiscal
year. During July-April of FY 2021-22 the remittance inflow recorded US$ 17.31 billion and foreign exchange
reserve position stood US$ 44.1 billion on 30 April 2022. Considering strong domestic demand, fiscal
expansion, rebound of export, improved COVID-19 situation, restoration of lives and livelihood, full
resumption of economic activities, implementation of COVID-19 incentive packages, completion of few
mega projects including Padma bridge, it is expected that the economy of Bangladesh will continue to
grow at pace of pre-pandemic growth path.
Bangladesh economy was growing consistently high over a decade crossing 7.0 percent milestone in FY
2015-16 and 8.0 percent milestone in FY 2018-19, however, the COVID-19 pandemic reduced the growth
rate to 3.45 percent in FY 2019-20. Under the prudent leadership of the Honorable Prime Minister Sheikh
Hasina Bangladesh successfully managed COVID-19 pandemic and returned to high growth trajectory. The
economy grew by 6.94 percent in FY 2020- 21. According to the provisional estimates of BBS, the GDP
growth stood 7.25 percent in FY 2021-22, 0.05 percent higher than the target rate and 0.31 percent higher
than the previous fiscal year. Medium-term forecasts for GDP growth rates are 7.5 percent in FY 2022-23, 7.8
percent in FY 2023-24 and 8.0 percent in FY 2024-25.
The global economy continues to be volatile and under stress, and our continued commitment to sound
risk management has proved to be effective as reflected in our strong capital and liquidity position. We
recognize that maintaining and continually enhancing our risk management capabilities will be critical in
the months ahead to ensure that the bank’s financial and strategic objectives are achieved within
approved levels of risk appetite.
BANGLADESH ECONOMY IN 2022
Opportunities
Economic opportunities of Bangladesh’s Economy are –

1. Strengthening competitive business environment.
2. The banking system was more liquated, resulting in low interest rates.
3. Sufficient foreign exchange reserve tends to create opportunity of more investment/expenditure.
Major Challenges
Bangladesh economy now facing following major economic challenges. They are –
1. A continuation of higher rate of inflation,
2. The upward trend of foreign exchange rate and
3. High non-performing loans (NPL) in banking industry
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RISK MANAGEMENT
Risk management is the process of making and carrying out decisions that will minimize the adverse effects
of risk on an organization. The adverse effects of risk can be objective or quantifiable like insurance
premiums and claims costs, or subjective and difficult to quantify such as damage to reputation or
decreased productivity. By focusing attention on risk and committing the necessary resources to control
and mitigate risk, a business will protect itself from uncertainty, reduce costs, and increase the likelihood of
business continuity and success.
A risk exists where there is an opportunity for a profit or a loss. In terms of losses, we commonly refer to the
risks as exposures to loss, or simply exposures. A re is an exposure. Defective products or defamation are
liability exposures. The loss of business that results from a damaged building or tarnished reputation is also
an exposure.
The extent of a risk can be expressed as follows: Risk = Probability x Severity
COMPOSITION AND STATUS OF THE COMMITTEE
Board Risk Management Committee

In terms of section 15 (kha) of the Banking Companies Act, 2013 as well as BRPD Circular no. 11 dated
October 27, 2013 the bank has constituted a Board Risk Management Committee comprising of members
of the Board of Directors with a view oversee the risk management activities of the bank on behalf of the
Board of Directors. The BRMC of the bank consists of One (01) Chairman and Three (03) Members who have
been solely nominated by The Board of Directors. The Committee is Comprised of the following directors:
SL Name Status with the Board Status with the Committee

01 Mr. Arif Ahmed Director Chairman
02 Dr, Mohammed Faruqe Director Member
03 Mr. Bourhanul Hassan Chowdhury Director Member
04 Mr. Hasan Mansur Director Member
Meeting Host by the Committee during 2021

During the year BRMC organized four meeting as part of its roles and responsibilities where the bank’s
probable risk exposure, risk monitoring and supervision system were clearly spoken. The meeting carried out
on he below mentioned date:
31st Meeting 32nd Meeting 33rd Meeting 34th Meeting

March 24, 2022 June 21, 2022 October 19, 2022 November 28, 2022
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RISK ANALYSIS
BY THE CHIEF RISK OFFICER
Muhtaram,
The healthy growth of a country's economy

depends on the healthy growth of that
country's banking sector. One of the most
important factors for a healthy banking
sector is effective surveillance and supervi-
sion. The main purpose of surveillance and
supervision is to ensure that banks retain
sufficient capital against the risks they bear
and to ensure that they operate in an
environment where reliable conditions are
created. Effective surveillance and super-
vision in banking plays a critical role in
ensuring stability in the financial system of
every country. It provides the benefits in
free market conditions and in the imple-
mentation of effective macroeconomic
policies. Risk Management is an important
aspect of the Bank's policies. Risk is the
possibility of a decrease in economic
benefit in the event of a monetary loss or
an expense or loss related to a transaction
or activity of a bank. In order to monitor
and control the risks the banks are exposed
to establish and operate an adequate and
effective internal audit, internal control
and risk management system that is com-
patible with their activities and structure in
accordance with changing conditions,
covering all branches and departments,
and reporting to the board of directors
within the framework of the principles set
for them. To create a risk management
culture and control perspective in line with
legal requirements in the Bank and its
subsidiaries subject to consolidation, and
to ensure that the risks incurred within the
scope of established procedures and
principles; to define, measure, analyze,
systematically and effectively monitor,
audit and report functions and regularly
review them to create a risk management
cycle.
Risk management is important for a bank

to ensure its profitability and soundness. It is
also a concern of regulators to maintain
the safety and soundness of the financial
system. Over the past decades, banking
business has developed with the introduc-
tion of advanced trading technologies
and sophisticated financial products
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While these advancements enhance bank’s intermediation role, promote profitability, and better diversify
bank risk, they raise significant challenges to bank risk management. The risk management of banks has
been considered to be weak compared to the rapid changes in the financial markets. In the light of the
recent global financial crisis, bank risk management has become the major concern of banking regulators
and policy makers. Bank risk is usually referred as the potential loss to a bank due to the occurrence of
particular events. Key risks in banking include credit risk, interest rate risk, market risk, liquidity risk, and
operational risk.
BANK’S RISK PROFILE AND PERFORMANCE IN 2022
Risk Category Key Risk Indicator Policy Actual Position

and Parameter Parameter 31.12.2021 31.12.2022
Investment Gross NPI Ratio <5% 2.08% 4.48%
Risk: Quality of Net NPI Ratio <3.5% 1.58% 3.23%
Investments Provision Maintenance Ratio ≥100% 100% 100%
Portfolio Rated Investments of Total Eligible
80%-100% 77.38% 88.77%
Investments Portfolio
Investment Deposit Ratio (IDR) ≤92% 91.04% 89.10%
Liquidity Coverage Ratio (LCR) ≥100% 230.42% 69.11%
Liquidity Risk Net Stable Funding Ratio (NSFR) >100% 116.12% 109.89%
Statutory Liquidity Requirement (SLR) ≥5.5% 8.89% 9.26%
Cash Reserve Ratio (CRR) ≥4% 4.74% 7.07%
Minimum Capital Ratio (CRAR) Plus Capital
≥12.5% 10.66% 16.49%
Conservation Buffer
Strategic Risk Tier-I Capital Plus Capital Conservation Buffer ≥8.5% 9.30% 15.21%
Tier-II Capital (Gone Concern Capital)* ≤4% 1.36% 1.28%
Leverage Ratio ≥3% 5.74% 8.41%
Surveillance Rating (CRAB) AA2 (ST-2) A+, ST-2 A+, ST-2
*Tier-II capital is admissible above 4% of RWAs up to 88.89% of excess CET-1 capital ratio over 7%
BANK’S RISK MANAGEMENT APPROACH
GIB’s risk management system includes policies, procedures, limits, and controls in its foundation. This
foundation provides adequate, timely, and continuous identification, assessment, measurement,
monitoring, mitigation, and reporting of risks posed by its activities at the business line and institution-wide
levels.
Considering the gravity and risk in banking sector, Bangladesh Bank has so far introduced 06 (six) core risk in
banking arena.
AML & CFT Risk

- Monitoring Investment Risk Foreign Exchange Risk
- CAMLCO/BAMLCO - Investment Appraisal - Limits
- AML/CFT - Investment Evaluation - Stop Loss Limits
Compliance - Investment - Nostro Reconciliations
CORE RISK
ICT Risk Internal Audit & Asset-Liability

- 24Х7 SOC Compliance Management Risk
- Global Certification - IACD Reviews -Investment Deposit
- Certified Teams - fraud/Forgery Analysis ratio
- External Audit - Liquidity Ratio
- CRR/SLR
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REPORT 2022 155
The Bank Management has embedded the Risk Management Framework (RMF) across the Bank including
branches and subsidiaries. It allows the Bank to identify and manage risks holistically as well as
strengthening the Bank’s capabilities to understand, articulate and control the nature and level of the risks
the Bank Management takes while still serving its clients soundly.
In 2022, the Executive Risk Management Committee (ERMC) reviewed the RMF. During this process, the
ERMC analyzed Core Risks and made improvements to the Bank’s approach to the Core Risks
Management Committee (CRMC) in order to mitigate the risks more smoothly. The Bank will consider
whether any of the other existing or emerging risks should be treated as material risks over time.
GENERAL RISK MANAGEMENT POLICY
The basics of the bank’s risk management policy are:

1. To carry out daily activities within the scope of functional separation of duties (deciding to perform a
transaction that causes risk, accounting of the transaction and assigning the functions of control of the
transaction to the responsibility of different personnel)
2. To adopt portfolio approach in Risk Management; systematically analyze and compare observed
information and events within correlation and probabilities,
3. To establish a strong control and risk management culture within the bank, execution of trading
transactions units responsible for recording the resulting transactions units. The third dimension is the
control function. It is the effective monitoring and management of all risks that the bank may be
exposed to by evaluating the risks.
4. “Being aware” of the risks undertake during the activities, taking “measures” to prevent the realization
of risks, allocating “provisions” if necessary, “hedging” the risk within the framework of the Bank’s
policies if market conditions are appropriate, and “making a profit” during all these activities.
5. Avoiding concentration through portfolio diversification.
6. It will not affect the service quality negatively but maximize process reliability to support daily activities
with checkpoints to keep them at controlled level.
BASEL ACCORD
The “Basel Accord” on capital adequacy measurement of 1988 is considered as the major success of the
Basel Committee and has received an unexpected degree of acceptance. Its main goal was to
strengthen the consistency and stability of the international banking system and to calculate the minimum
capital levels for banks operating in the international arena (Basel, 1988). Basel Committee on Banking
Supervision, Bank for International Settlements (2017) reported briefly the changes in 2017 for Basel III.
The main purpose of the Basel III is to improve the quality of risk management in the banking business,
which in turn should enhance financial system stability as a whole.
Risk management is important for banks to ensure their profitability and soundness. It is the process
established by bank managers to ensure that all risks associated with the bank’s activities are identified,
measured, limited, controlled, mitigated, and reported on a timely and comprehensive basis. A sound risk
management system is necessary to support the regulators in assessing bank’s soundness and to reinforce
the market participants’ confidence in the banking system. The Basel Committee suggests that a sound risk
management system should have:
i. Active board and senior management oversight;
ii. Appropriate policies, procedures, and limits;
iii. Comprehensive and timely identification, measurement, mitigation, controlling, monitoring, and
reporting of risks;
iv. Appropriate management information systems at the business and firm-wide level; and
v. Comprehensive internal controls.
Ma’as-salamah,
Sd/-
Mr. Md. Golam Sarwar

Additional Managing Director &
Chief Risk Officer (CRO)
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RISK MANAGEMENT
FRAMEWORK
Risk management framework is a set of components that provide the foundations and organizational
arrangements for designing, implementing, monitoring, reviewing and continually improving risk
management throughout the organization. The notion of a risk management framework is essentially
equivalent to the concept of Enterprise Risk Management (ERM).
Earlier, organizational Risk Management was restricted to reactive responses. Today however, Risk
Management has emerged as a multidimensional activity and an integral part of organization’s structure,
ensuring stability. Risk management is specifically crucial for financial institutions, as prudent and forward-
looking Risk Management practices can help achieving the boarder strategy of institutions.
RISK MANAGEMENT ORGANOGRAM
To build an appropriate safeguard for the bank from any sort of hazard, there is no alternative to establish a
strong risk culture in the bank. As per Bangladesh Bank DOS circular no. 04 dated 8th October 2018, Global
Islami Bank (GIB) has redesigned the organogram of the Risk Management.
Board of Directors
Managing
Director
Board Risk
Management Executive Risk
Committee(BRMC) Management
Committe (ERMC)
Chief Risk Officer

(CRO)
Head of RMD
Asset Liabillity Anti-Money Investment Foregin

Risk Laundaring Risk Risk Exchange Risk
Management Management Management Management
Information and Internal Audit Assesment of

and Operational capital under Stress Testing &
Communication
Risk Management Basel-ll Acord SRP
Technology
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Role of Board of Directors
The board of directors of GIB give utmost importance on sound risk management practices. They take
every possible initiative to keep various risks (investment, market, liquidity, operational risks etc.) within
tolerable level. For this purpose, the board play the following role:
• Establishing organizational structure for enterprise risk management within the bank and ensuring
that top management as well as staffs responsible for risk management possess sound expertise
and knowledge to accomplish the risk management function properly;
• Assigning sufficient authority and responsibility to risk management related officials;
• Ensuring uninterrupted information flow to RMD for sound risk management;
• Continuously monitoring the GIB's performance and overall risk profile through reviewing various
reports;
• Ensuring the formulation, review (at least annually) and implementation of appropriate policies,
plans and procedures for risk management;
• Defining and reviewing the risk appetite, risk tolerance, limit etc. in line with strategic planning;
• Making sure maintenance of adequate capital and provision to absorb losses resulting from risk;
• Ensuring that internal audit reviews the Investment operations, foreign exchange operations and
securities portfolio management functions etc. to assess the effectiveness of internal control
system;
• Monitoring the function of Board Risk Management Committee.
Role of Board Risk Management Committee (BRMC) in addition to but not excluding the role defined in the
related BRPD circular
• Formulating and reviewing (at least annually) risk management policies and strategies for sound
risk management;
• Monitoring implementation of risk management policies & process to ensure effective prevention
and control measures;
• Ensuring construction of adequate organizational structure for managing risks within the bank;
• Supervising the activities of Executive Risk Management Committee (ERMC);
• Ensuring compliance of BB instructions regarding implementation of core risk management;
• Ensuring formulation and review of risk appetite, limits and recommending these to Board of
Directors for their review and approval;
• Approving adequate record keeping & reporting system and ensuring its proper use;
• Holding at least 4 meetings in a year (preferably one meeting in every quarter) and more if
deemed necessary;
• Analyzing all existing and probable risk issues in the meeting, taking appropriate decisions for risk
mitigation, incorporating the same in the meeting minutes and ensuring follow up of the decisions
for proper implementation;
• Submitting proposal, suggestions & summary of BRMC meetings to board of directors at least on
quarterly basis;
• Complying with instructions issued from time to time by the regulatory body;
• Ensuring appropriate knowledge, experience, and expertise of lower-level managers and staff
involved in risk management;
• Ensuring sufficient & efficient staff resources for RMD;
• Establishing standards of ethics and integrity for staff and enforcing these standards;
• Assessing overall effectiveness of risk management functions on yearly basis. GIB tries to preserve
video recording of the BRMC meetings (if possible) for verification by the team from Bangladesh
Bank (DOS) involved in monitoring risk management activities. The team may meet the members of
BRMC and ERMC of the bank from time to time to get a closer perspective of risk management
culture and practice.
Role of Executive Risk Management Committee (ERMC)

GiB formed ERMC comprising of CRO (as the Chairman), Head of IACD, Investment, IAD, Treasury, AMLD,
ICT, ID, FAD, CMSME and Head of any other division/department related to risk if deemed necessary. RMD
acts as secretariat of the committee. The ERMC, from time to time, invites top management (MD, AMD,
DMD or senior most executives), to attend the meetings so that they are well aware of risk management
process. The responsibilities/ Terms of Reference of ERMC include, but limited to:
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• Identifying, measuring and managing GIB’s existing and potential risks through detailed risk
analysis;
• Holding meeting at least once in a month based on the findings of risk reports and taking
appropriate decisions to minimize/control risks;
• Ensuring incorporation of all the decisions in the meeting minutes with proper dissemination of
responsibilities to concerned divisions/departments;
• Minimizing/controlling risks through ensuring proper implementation of the decisions;
• Reviewing risks involved in new products and activities and ensuring that the risks can be
measured, monitored, and controlled adequately;
• Submitting proposals, suggestions & summary of ERMC meetings to MD, BRMC on regular basis;
• Implementing the decisions of BRMC and board meetings regarding risk issues;
• Assessing requirement of adequate capital in line with the risk exposures and ensuring
maintenance of the same through persuading senior management and board;
• Determining risk appetite, limits in line with strategic planning through threadbare discussions
among the members;
• Contributing to formulation of risk policies for business units;
• Handling “critical risks” (risks that require follow-up and further reporting);
• Following up reviews and reports from BB and informing BRMC the issues affecting the GIB’s
operation.
• Ensuring arrangement of Annual Risk Conference in our bank.
Appointment of CRO
In our bank, the Chief Risk Officer (CRO) is responsible for ensuring intense and effective risk management
across the GIB. The CRO works to ensure that our bank is compliant with rules, regulations, and reviews
factors that could negatively affect the GIB’s objectives. According to the Basel Committee on Banking
Supervision, CRO has been referred as an independent senior executive with distinct responsibility for the
risk management function and the institution's comprehensive risk management framework across the
entire organization.
GIB appointed an Additional Managing Director as Chief Risk Officer (CRO) who acts as the head of Risk
Management Division. Appointment, dismissal and other changes to the CRO position are approved by the
board or its risk management committee. If the CRO is removed from his/her position, this should be
disclosed publicly. The GIB should also discuss the reasons for such removal with its supervisor. CRO’s
performance and compensation reviewed and approved by the board or its risk management committee.
GIB considers the following criteria as a minimum for appointing CRO:

1) Senior executive having mainstream banking experience preferably covering
• Core risk management • Branch banking
• Internal Audit and Compliance • Core banking system
• Capital management • Risk based certification
2) Minimum three years’ hands on working experience in risk management

3) The position of the CRO should be equal to or at-least one grade higher than the other department
heads for effective risk management.
Risk Management Division

GIB has an independent full-fledged risk management division. The Risk Management Division (RMD) is
headed by the Chief Risk Officer (CRO). It has separate desks within the risk management division for
overseeing each key risk area. The main functions of the department include, but not limited to, the
following:
• Managing the process for developing risk policies and procedures;

• Coordinating with business users/units to prepare functional specifications;
• Preparing and forwarding risk reports; and
• Assisting in the implementation of all aspects of the risk function;
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The risk management function is functionally and hierarchically independent from business and other
operation functions. The officials who take and own risks are not given responsibility for monitoring and
evaluating their risks. Safeguards against conflict of interest put in place to maintain independence of the
risk management function. Sufficient resources provided to Risk Management Division where the personnel
possess needed experience and qualifications, including market and product knowledge and command
of risk discipline. Likewise, adequate budget allocated to this function to enable it carry out its crucial
function effectively.
Role of Risk Management Division (RMD)

The RMD needs to manage and measure risks on the basis of the GIB’s approved risk parameters
independently in line with regulatory requirements. The role of RMD includes, but not limited to, the
following:
• Collecting and analyzing data/information for identifying risks and making appropriate
recommendations for risk mitigation;
• Preparing risk management reports, arranging monthly meeting of ERMC and preparing meeting
minutes, disseminating the decisions to the concerned divisions, monitoring and follow up of
implementation status;
• Ensuring timely submission of risk management reports, meeting minutes, compliance report and
other documents to BB;
• Assisting BRMC/ERMC by providing risk issues that are needed to be addressed;
• Designing GIB’s overall risk management strategy;
• Ensuring significant contribution in establishing sophisticated risk management infrastructure with a
sufficiently robust data-base, data architecture and information technology;
• Conducting, developing and overseeing Stress Testing activity;
• Utilizing the Stress Test result and scenario analysis to better understand potential risk exposures
under a variety of adverse circumstances;
• Developing and testing different models (such as VaR, HHI index, Collection scoring, Vintage curve
etc.), and observe their use for measuring and monitoring risks;
• Assisting senior management in formulating strategic planning considering GIB’s risk exposures and
industry as a whole;
• Supporting the board, BRMC and ERMC in formulation, review and approval of the enterprise-wide
risk governance framework which includes the GIB’s risk culture, risk appetite, risk limits, and MAT;
• Monitoring on ongoing basis the risk-taking activities and risk exposures in line with the board
approved risk appetite, risk limit and corresponding capital or liquidity needs (i.e. capital planning)
• Taking initiatives for interim review of risk appetites on request of other related divisions and
informing the board of directors and BRMC time to time about the status of risk exposures as
compared to appetite;
• Establishing an early warning or trigger system for breaches of the GIB’s risk appetite or limits;
• Communicating views of the board and senior management throughout the GIB;
• Taking initiatives for establishing enterprise/comprehensive risk management policies and
procedures with the approval of the board;
• Monitoring concerned divisions in formulating and reviewing related risk management policies and
procedures;
• Monitoring compliance of irregularities found in core risk inspection reports of BB;
• Adopting proper financial protection measures through risk transfer, risk avoidance, and risk
retention programs;
• Taking appropriate steps to control or mitigate risk exposures and ensure reporting the same to
senior management and BRMC.
RMD of the GIB tries to prepare a comparative analysis report on bank’s gain/loss due to/lack of proper risk
management activities and its impact on capital and send the same to senior management & board of the
bank and DOS of BB on yearly basis.
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RISK MANAGEMENT PROCESS
The success of risk management in any bank will depend on the effectiveness of the risk management
system providing the foundation and arrangements that are put in place throughout the organization at all
levels. The system should be comprehensive enough to capture all the material risks to which our bank is
exposed. It should facilitate processes for assessment and necessary treatment of these risks. The minimum
standards of a sound risk management system include the following elements. The table below provides an
overview of the bank’s risk management process.
ESTABLISHING THE CONTEXT

COMMUNICATION AND CONSULATION
RISK ASSESSMENT
MONITORING AND REVIEW

RISK IDENTIFICATION
RISK ANALYSIS
RISK EVALUTION
RISK TREATMENT
RISK PROFILE
Risk profile is the amount or type of risk a bank is exposed to. Forward risk profile is a forward-looking view of
how the risk profile may change both under expected and stressed economic conditions. To determine the
overall risk position, Bank generally considers diversification benefits across risk types. The diagram shows
Bank’s overall risk, as measured by the economic capital usage calculated under Guidelines on Risk-Based
Capital Adequacy (Basel III).
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Investment
Pillar-l Risk
(Minimum
capital
Market Risk
Requirment)
related risk
Market Risk
RISK
PROFILE
Residual Risk
Pillar-II Concentration
Risk
(Additional
Capital
Environmental &
Requirement) Climate Change
related risk
Liquidity Risk
Reputation Risk
Other Material Risk
Strategic Risk
Settlement Risk
RISK CULTURE
Risk culture is about understanding risks the financial institution faces and how they are managed. A sound
and consistent risk culture throughout a financial institution is a key element of effective risk management.
Risk culture and its impact on effective risk management must be a major concern for the board and
senior management.
GIB developed an integrated and institution-wide risk culture, based on a full understanding of the risks it
faces and how they are managed, considering risk tolerance and appetite. Since the business of banks
involves risk taking, it is fundamental that risks are appropriately managed. A sound and consistent risk
culture throughout a financial institution is a key element of effective risk management.
RISK GOVERNANCE AND ORGANIZATION
Risk governance refers to the structure, rules, processes, and mechanisms by which decisions about risks are
taken and implemented. It covers the questions about what risk management responsibilities lie at what
levels and the ways the board influences risk-related decisions; and the role, structure, and staffing of risk
organization. A good practice in this dimension is where the board has regular involvement in managing
key risk issues, and risk management responsibilities are proportionate to the risks assumed at a particular
level or unit.
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THREE LINES OF DEFENSE APPROACH
Risk governance will follow a three-lines-of-defense-model:
Business & Operation unit
2nd line of defense Risk

Management Division
3rd line of defense

Internal Audit unit
1st line of defense
1st line defense 2nd line defense 3rd line defense
• Have in place effective To the appropriate Internal • To perform independent

processes to identify, Control framework put in periodic reviews of the first
assess, measure, monitor, place to ensure effective two lines of defense.
mitigate, and report on and efficient operations, • To provide assurance and
risks. including the following: informs strengths and
• Operates in accordance • Adequate control of risks. potential weaknesses of
with the risk policies and • Prudent conduct of the two first lines
delegated mandates. business.
• Responsible for having • Reliability of financial and
skills, operating non-financial information
procedures, systems, and reported or disclosed
controls in place to ensure (both internally and
their compliance with risk externally). and,
policies and mandates. • Compliance with laws,
regulations, supervisory
requirements, and the
GiB's internal policies and
procedures.
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RISK MITIGATION
METHODOLOGY
RISK MANAGEMENT & MITIGATION TACTICS

Banking companies in Bangladesh, while conducting day-to-day operations, usually face the major risks as
follows:
Identified Risk &

Mitigation
Pillar-I Pillar-II
Core Risk
(Minimum Capital (Additional Capital
Requirement) related Requirement) related
risks risks
Investment Risk
Residual Risk
90 Investment
Foreign Exchange Risk
Risk Concentratio
n Risk
Market Risk Residual
Asset-Liability Liquidity Risk
Risk
Management Risk
Operational
Risk Concentrat
Reputation Risk
Internal Audit
ion Risk
& Compliance Risk. Strategic Risk
ICT Risk Settlement Risk
Evaluation of Core
AML & CFT Risk Management
Risk
Environmental &
Climate Change Risk
Other Material Risks
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CORE RISK MANAGEMENT
Investment Risk
Investment risk arises from the potential that the borrowers of a bank may fail to meet their obligations in
accordance with agreed terms. Investment risk also refers the risk of negative effects on the financial result
and capital of the bank caused by borrower’s default on its obligations to the bank. Different risks may
arise from the investment activities of a bank such as Residual Risk, Concentration Risk, and Environmental
& Climate Change Risk etc.
Foreign Exchange Risk Management

Foreign exchange risk is the current or prospective risk to earnings and capital arising from adverse
movements in currency exchange rates.
The Financial Institutions’ performance is directly related to Foreign Exchange Market. To ensure effective
Foreign Exchange Risk Management, the Bank has wide scope in establishing organizational structure and
formulating Manual as per Guidelines of Bangladesh Bank. However, the Bank has already formulated a
comprehensive manual. Bank maintains various NOSTRO accounts in order to conduct operations in
different currencies including BDT. The senior management of the Bank set limits for handling NOSTRO
accounts transactions that include time and amount limits. As per guidelines of Bangladesh Bank the
Foreign Exchange business should be audited internally to review the key control issues such as various
limits, compliance requirements and statutory management.
Asset-Liability Risk Management

The goal of asset/liability management (ALM) is to properly manage the risk related to changes in profit
rates, the mix of balance sheet assets and liabilities, the holding of foreign currencies, and the use of
derivatives. These risks should be managed in a manner that contributes adequately to earnings and limits
risk to the financial margin.
The Asset Liability Management Committee (ALCO) that is formed with the senior executives headed by
Managing Director conducted 12 meetings during the year 2021. The key agenda of the meetings were
liquidity position, pricing, risk related to the Balance Sheet, maintaining CRR & SLR, Economic outlook &
Market Status and rate of profit (interest). For managing Balance Sheet risk properly, the Bank has already
prepared a Manual of the Asset Liability Management according to the guidelines of Bangladesh Bank.
Internal Audit & Compliance Risk Management

Internal Audit & Compliance risk is the current or prospective risk to earnings and capital arising from
violations or non-compliance with laws, rules, regulations, agreements, prescribed practices, or ethical
standards, as well as from the possibility of incorrect interpretation of effective laws or regulations. Bank are
exposed to compliance risk due to relations with a great number of stakeholders, e.g. regulators,
customers, counter parties, as well as, tax authorities, local authorities and other authorized agencies.
The bank complies with all rules and regulations set by the regulatory bodies. All guidelines received from
the regulatory authorities are properly circulated among the Divisions and Branches. We regularly monitor
the implementation status of regulatory guidelines.
According to the Central Bank’s guideline, the bank has formed separate internal audit and compliance
division for an effective internal control system. This division ensure that bank complies with all regulatory
requirements of the legislative bodies in conducting its business. It also maintains liaison with the regulatory
bodies and informs the other division of the bank regarding regulatory changes. Internal audit is also
conducted by the same division to monitor the operational performance of different branches of the bank
and division.
ICT Risk Management

ICT risk is the risk associated with the use, ownership, operation, involvement, influence and adoption of ICT
within a Bank. It consists of ICT related events and conditions that could potentially impact the business. It
can occur with both uncertain frequency and magnitude and it creates challenges in meeting strategic
goals and objectives.
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STRATEGIC RISK MANAGEMENT
Strategic Risk
Strategic risk means the current or prospective risk to earnings and capital arising from imperfection in
business strategy formulation, inefficiencies in implementing business strategy, non-adaptability/less adapt-
ability with the changes in the business environment and adverse business decisions. Strategic risk induces
operational loss that consequentially hampers the capital base.
Managing Strategic Risk
Banking is an industry that is subject both to market competition and considerable regulation. Therefore,
banking institutions must not only evaluate potential changes in the competitive.
Financial landscape, but must also pay attention to potential changes on the regulatory side. An effective
overall corporate strategy combines a set of activities a bank plans to undertake with an adequate assess-
ment of the risks included in those activities. Building a rigorous strategic risk management framework requires
an institution to re-examine both its internal practices and its external environment. In other words, external
factors have an impact on internal practices and at the same time those internal practices can in turn have
an impact on how the institution is viewed externally and even have an impact on the marketplace more
broadly since financial markets are so interconnected.
SETTLEMENT RISK MANAGEMENT
Settlement risk
Settlement risk arises when an executed transaction is not settled as the standard settlement system suggests
or within predetermined method. GiB poses to the risk when it fulfills its contractual obligations (payment or
delivery), but the counterparty fails or defaults to do the same. Non-receiving or delayed receiving of receiv-
able bills (foreign & domestic) is evaluated to assess settlement risk.
Managing settlement risk

FX settlement risk is a form of counterparty risk involving both credit risk and liquidity risk. Managing settlement
risk allows banks to control risk exposure to different types of FX settlement-related risks. These FX settle-
ment-related risks include operational risk, replacement cost risk. The development of counterparty settle-
ment limits and the monitoring of the exposures against these limits is a critical control function.
The Bank measure and mange settlement risk for following purposes:
• To ensure that all FX settlement-related risks are effectively managed and that its practices are
consistent with those used for managing other counterparty exposures of similar size and duration;
• To identify, measure, control and reduce the size and duration of its remaining FX settlement-related
risks;
• To have measurement systems that provide appropriate and realistic estimates of FX settlement
exposures on a timely basis;
• Development of counterparty settlement limits and the monitoring of the exposures against these
limits;
• To have procedures for reacting in a prompt and balanced manner to ‘failed’ transactions or other
settlement problems;
• To supplement the necessity of proper assessment and management of settlement risk in ICAAP
purpose of the Bank for reducing the capital charge in context of Pillar 2 (Supervisory Review Process)
of RBCA.
EVALUATION OF CORE RISK MANAGEMENT
Bangladesh Bank identified 6 (six) risk areas which are termed as core risks through issuing industry best prac-
tices framework. Those frameworks provided benchmark to be followed by the banks and suggested the
banks to develop own assessment methodology for each core risks as well as to calculate own risk rating at
least once a year. Bangladesh Bank appraisal process will evaluate the risk ratings and capital charge will be
imposed for the below “Satisfactory” ratings. The capital charge against Appraisal of Core Risk Management
Methodology will be as follows:
• Capital charge will be applied for each risk separately,

• No capital charge will be imposed for risk ratings of 1 (Strong) and 2 (Satisfactory),
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Assessment
Mitigation
Key Risk Tool
Process
(example)
Portfolio Growth Reason for growth MAT
Sectoral Lending
Credit
HHI, Gini, SEI, SI Cap, Capital
Concentration
Allocation
Coverage
Security/ Collateral/ Assessment, Stress
MAT
margin Statu Testing
Loan Transition Matrix, MAT, Escalation,

Categorization & Reason for Crash program (e.g.
Classification classification, Stress Project “BEE”)
Testing, Foundation IRB
approach
Documentation Continuous follow-

Audit report review
Lapses up, Capital
allocation
Unplanned Separate product

conversion & and periodic review
undrawn Management
Strategy & Capital
Allocation
Single borrower limit,
Regulatory
Env. Risk rating
Adherence
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Investment Risk Monitoring and Control
Bank needs to develop and implement comprehensive procedures and information systems to monitor the
condition of each individual investment across various portfolios. GIB needs to enunciate a system that
enables them to monitor quality of the credit portfolio on a day-to-day basis and take remedial measures
as and when any deterioration occurs. These procedures need to define criteria for identifying and
reporting potential problem loans and other transactions to ensure that they are subject to more frequent
monitoring as well as possible corrective action, classification and/or provisioning. Establishing an efficient
and effective investment monitoring system would help senior management to monitor the overall quality
of the total investment portfolio and its trends and helps to reassess investment strategy/policy accordingly
before encountering any major setback.
The bank’s investment policy explicitly provides procedural guideline relating to investment risk monitoring.
At the minimum it lays down procedure relating to:
• The roles and responsibilities of individuals responsible for investment risk monitoring;
• The assessment procedures and analysis techniques (for individual investments & overall portfolio)
• The frequency of monitoring;
• The periodic examination of collaterals and investment covenants;
• The frequency of site visits;
• The identification of deterioration in any investment
An effective investment monitoring system includes measures to:
• ensure that the bank understands the current financial condition of the borrowers;
• ensure that all loans are in compliance with existing covenants;
• follow the use customers make of approved credit lines; venture that projected cash flows on
major credits meet debt servicing requirements;
• ensure that, where applicable, collateral provides adequate coverage relative to the obligor’s
current condition; and
• Identify and classify potential problem credits on a timely basis.
Given below are some key indicators that depict the investment quality of an exposure:
• The bank needs to watch carefully the financial standing of the borrowers. The key financial
performance indicators namely profitability, equity, leverage and liquidity will be analyzed. While
making such analysis due consideration will be given to business/industry risk, borrowers' position
within the industry and external factors such as economic condition, government policies and
regulations. For companies whose financial position is dependent on key management personnel
and/or shareholders, for example, in small and medium enterprises, institutions would need to pay
particular attention to the assessment of the capability and capacity of the
management/shareholder(s).
• In the case of an existing borrower, the bank monitors the borrower’s account activity, repayment
history and instances of excesses over investment limits. For trade financing, GIB monitors cases of
repeat in extensions of due dates for trust receipts and bills.
• The bank regularly reviews the investment in terms of the borrower’s ability to adhere to financial
covenants stated in the investment agreement, and any breach detected is addressed promptly.
• The bank needs to reassess the value of collaterals on a periodic basis. Appropriate inspection is
conducted to verify the existence and valuation of the collateral. The frequency of such valuation
is very subjective and depends upon nature of collaterals. For instance, investments granted
against shares need revaluation on almost daily basis whereas if there is mortgage of a residential
property the revaluation may not be necessary as frequently. In case of investment facilities secure
against inventory or goods at the obligor’s premises, appropriate inspection is conducted to verify
the existence and valuation of the collateral. If such inventory or goods are perishable or value
diminish rapidly (e.g. electronic equipment/computers), additional precautionary measures is
taken.
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MARKET RISK MANAGEMENT
Market Risk
The risk of potential losses in the on-balance sheet and off-balance sheet positions of banks, steams from
adverse movements in market rates or prices such as profit rates, foreign exchange rates, equity prices,
investment spreads and/or commodity prices. Banks may be exposed to market risk in variety of ways.
Market risk exposure:
• May be explicit in portfolios of securities/equities and instruments that are actively traded;
• May be implicit such as profit rate risk due to mismatch of assets and liabilities; and
• May arise from activities categorized as off-balance sheet items.
The risk arising from market risk factors such as Profit Rates, Foreign Exchange Rates, equity prices and
Commodity prices are discussed below.
Profit Rate
Risk
Market Foreign
Commodity
Exchange
Price Risk Risk Rate Risk
Equity Price
Risk
Assessment
Mitigation
Key Risk Tool
Process
(example )
VaR (FX & Equity), MAT, Mgt.

Market Sensitivity, interrest Strategy &
Sensitivity rate risk, Duration Gap, Capital
Portfolio analysis allocation
Regulatory
Investment limit
Compliance
Concentration HHI, Gini, SEI, SI

Risk
Macro-
Economic Industry Outlook
Review (Proposed)
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Profit Rate Risk
Profit rate risk is the potential impact on bank’s earnings and net asset values due to changes in market
profit rates. Profit rate risk arises when bank’s principal and profit cash flows (including final maturities), both
on- and off-balance sheet, have mismatched re-pricing dates. The amount at risk is a function of the
magnitude and direction of profit rate changes and the size and maturity structure of the mismatch
position. Bank’s lending, funding and investment activities give rise to profit rate risk. Profit rate risk
management must be conducted within the context of a comprehensive business plan.
Foreign Exchange Risk

Foreign exchange risk is the current or prospective risk to earnings and capital arising from adverse
movements in currency exchange rates. The foreign exchange positions arise from the following activities:
a) trading in foreign currencies through spot, forward and option transactions as a market maker or
position taker, including the unheeded positions arising from customer-driven foreign exchange
transactions;
b) holding foreign currency positions in bank’s book (e.g. in the form of investments, bonds, deposits or
cross-border investments); or
c) engaging in derivative transactions that are denominated in foreign currency for trading or hedging
purposes
Equity Price Risk

Equity price risk is the risk of losses caused by changes in equity prices. These losses could arise because of
changes in the value of listed shares held directly by the bank; changes in the value of listed shares held by
the bank’s subsidiary; changes in the value of listed shares used as collateral for investments from the bank
or its subsidiary, whether or not the investment was made for the purpose of buying the shares; and
changes in the value of unlisted shares. Equity price risk associated with equities could be systematic or
unsystematic. The former refers to sensitivity of portfolio’s value to changes in overall level of equity prices,
while the latter is associated with price volatility that is determined by firm specific characteristics.
Commodity Price Risk

Commodity price risk is the financial risk on an entity's financial performance/ profitability upon fluctuations
in the prices of commodities that are out of the control of the entity since they are primarily driven by
external market forces. Common strategic initiatives to manage commodity risk include diversification and
flexibility. Diversification is one of the more common methods used to reduce risk and uncertainty.
Banks have very little exposure to commodities in their trading book. Price rise/movement in commodities is
more complex and volatile. Banks in developed countries use derivatives to hedge commodity price risk.
Banks in our country have to acquire the skills to manage as and when they get exposed to commodity
price risk.
Managing Market Risk

GIB puts in place a set of systems and procedures appropriate to its size and complexity of its operations for
identifying, measuring, monitoring and controlling market risk. The risk appetite in relation to market risk
should be assessed keeping in view the capital of the bank as well as exposure to other risks. Once the
market risk appetite is determined, the bank developed a strategy for market risk-taking in order to
maximize returns while keeping exposure to market risk at or below the pre -determined level.
LIQUIDITY RISK MANAGEMENT
Liquidity risk
Liquidity risk occurs when a bank is unable to fulfill its commitments in time when payment falls due. The
purpose of liquidity measurements is to ensure that a bank remains solvent in its day-to-day operations at all
times and in meeting up long term obligations. Liquidity risk can be of two types:
• Funding liquidity risk: the risk that a firm will be unable to meet its current and future cash flow and
collateral needs without affecting its daily operations or its financial condition.
• Market liquidity risk: the risk that a firm cannot easily offset or sell a position without incurring a loss
because of inadequate depth in the market.
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Liquidity risk Control
Sound liquidity risk management engaged in measuring, monitoring and controlling liquidity risk is critical to
the survival of the bank. Our liquidity risk management procedures are widespread and holistic.
Responsibility of managing and controlling liquidity of the bank lies with Asset Liability Committee (ALCO).
The committee meets at least once in every month. Asset Liability Management (ALM) desk of the treasury
function closely monitors and controls liquidity requirement on a daily basis by appropriate coordination of
funding activities. they are primarily responsible for management of liquidity in the bank. A monthly
projection of fund flows is reviewed in ALCO meeting regularly.
We have identified several key liquidity risk indicators, which are monitored on a regular basis to endure
healthy liquidity position. These are:
• Cash Reserve Requirement (CRR)

• Statutory Liquidity Ratio (SLR)
• Asset to Deposit Ratio (ADR)
• Medium Term Funding Ratio (MTFR)
• Maximum Cumulative Outflow (MCO)
• Investment Deposit Ratio (IDR)
• Liquidity Coverage Ratio (LCR)
• Net Stable Funding Ratio (NSFR)
• Structural Liquidity Profile
• Volatile Liability Dependency Ratio
Assessment
Tool Mitigation
Key Risk
(example) Process
MAT,
Stress Testing, Escalation to
Sensitivity senior mgt.
LCR, NSFR
and ALCO
Liquidity Ratio CRR, SLR, MTF,

MCO, AD
Duration Gap,
Maturity Structured
Mismatch Liquidity Profile
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REPORT 2022 171
OPERATIONAL RISK MANAGEMENT
Operational risk
Operational risk is defined as the risk of unexpected losses due to physical catastrophe, technical failure
and human error in the operation of bank, including fraud, failure of management, internal process errors
and unforeseeable external events.
It is clear that operational risk differs from other risks in that it is typically not directly taken in return for an
expected reward, but exists in the natural course of corporate activity, and that this affects the risk
management process. At the same time, failure to properly manage operational risk can result in a
misstatement of bank’s risk profile and expose the bank to significant losses.
Operational risk can be subdivided into two components: operational strategic risk and operational failure
risk. It is also defined as internal operational risk.
Operational strategic risk arises from environmental factors such as a new competitor that changes the
business paradigm, a major political and regulatory regime change, and other factors that are generally
outside the control of bank. It also arises from a major new strategic initiative, such as getting into a new
line of business or redoing how current business is to be done in the future. It is also defined as external
operational risk.
Operational failure risk arises from the potential for failure in the course of operating the business. A firm uses
people, process, and technology to achieve business plans, and any one of these factors may experience
a failure of some kind. Accordingly, operational failure risk is the risk that exists within the business unit
caused by the failure of people, process, or technology. A certain level of the failures may be anticipated
and will be built into the business plan. These failures can be expected to occur periodically, although both
impact and frequency may be uncertain.
Assessment
Mitigation
Key Risk Tool
Process
(example)
Corporate Assessment of MAT,

Governance & Corp.
Escalation and
Strategic risk Governance
Capital
Status & strategic
risk allocation
Attachment,
Control Lapses
Risk Control
in Opr. Process
Self-Assessment
Incident reporting,
Fraud & all internal audit, Key
other opr. risks Risk Indicator
(KRI)[Proposed]
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Mitigation of Risks
Some significant operational risks have low probabilities but potentially very large financial impact.
Moreover, not all risk events can be controlled, e.g. natural disasters. Risk mitigation tools or programs can
be used to reduce the exposure to, or frequency and/or severity of such events. For example, insurance
policies can be used to externalize the risk of “low frequency, high severity” losses which may occur as a
result of events such as third-party claims resulting from errors and omissions, physical loss of securities,
employee or third-party fraud, and natural disasters.
However, GIB views risk mitigation tools as complementary to, rather than a replacement for, thorough
internal operational risk control. Having mechanisms in place to quickly recognize and rectify legitimate
operational risk errors can greatly reduce exposures. Careful consideration also needs to the extent to
which risk mitigation tools such as insurance truly reduce risk, or transfer the risk to another business sector or
area, or even create a new risk e.g. legal or counterparty risk.
RESIDUAL RISK MANAGEMENT
Risk Based Capital Adequacy (RBCA) framework and other supervisory regulations on investment risk
management allow banks to offset investment or counterparty risk with collateral along with the legal and
financial documents. While banks use different techniques to reduce their investment risk, improper
application of these techniques give rise to additional risks that may render the overall risk management
less effective. Accordingly, these additional risks (e.g. documentation risk, valuation risk) are termed as
Residual Risks. Residual Risk arises mainly out of the following situations:
• Error in Documentation
• Error in valuation of collateral.
CONCENTRATION RISK MANAGEMENT
Concentration risk arises when any bank will invest its most or all of the assets to single or few individuals or
entities or sectors or instruments. That means when any bank fails to diversify its investment and investment
portfolios, concentration risk emerges. Concentration risk can be of following two types:
• Investment Concentration Risk: When the Investment portfolio of a bank is concentrated within
a few individuals or entities or sectors, investment concentration risk arises.
• Market Concentration Risk: When the investment portfolio of a bank is concentrated within a
few instruments or any instrument of few companies or any instrument of few sectors, market
concentration risk arises.
REPUTATION RISK MANAGEMENT
Reputation risk is the current or prospective risk to earnings and capital that arise from decline in the
customer base, costly litigation due to adverse perception of the stakeholders. It can originate from the
lack of compliance with industry service standards or regulation, failure to meet commitments, inefficient
and poor quality customer service, lack of fair market practices, unreasonably high costs and
inappropriate business conduct. In a nutshell, ‘reputation risk arises from the failure to meet stakeholders’
reasonable expectation of an organization’s performance and behavior’.
Reputation risk is difficult to measure and mange. Qualitative statements are agreed as below:
• Under no circumstances bank’s reputation to be compromised by revenue generating activities.
• Bank shall always avoid potential brand damaging issues.
• Bank shall avoid anti-environmental and anti-social elements in its business.
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REPORT 2022 173
STRATEGIC RISK MANAGEMENT
Strategic Risk
Strategic risk means the current or prospective risk to earnings and capital arising from imperfection in
business strategy formulation, inefficiencies in implementing business strategy, non-adaptability/less adapt-
ability with the changes in the business environment and adverse business decisions. Strategic risk induces
operational loss that consequentially hampers the capital base.
Managing Strategic Risk
Banking is an industry that is subject both to market competition and considerable regulation. Therefore,
banking institutions must not only evaluate potential changes in the competitive.
Financial landscape, but must also pay attention to potential changes on the regulatory side. An effective
overall corporate strategy combines a set of activities a bank plans to undertake with an adequate assess-
ment of the risks included in those activities. Building a rigorous strategic risk management framework requires
an institution to re-examine both its internal practices and its external environment. In other words, external
factors have an impact on internal practices and at the same time those internal practices can in turn have
an impact on how the institution is viewed externally and even have an impact on the marketplace more
broadly since financial markets are so interconnected.
SETTLEMENT RISK MANAGEMENT
Settlement risk
Settlement risk arises when an executed transaction is not settled as the standard settlement system
suggests or within predetermined method. GiB poses to the risk when it fulfills its contractual obligations
(payment or delivery), but the counterparty fails or defaults to do the same. Non-receiving or delayed
receiving of receivable bills (foreign & domestic) is evaluated to assess settlement risk.
Managing settlement risk

FX settlement risk is a form of counterparty risk involving both credit risk and liquidity risk. Managing
settlement risk allows banks to control risk exposure to different types of FX settlement-related risks. These FX
settlement related risks include operational risk, replacement cost risk. The development of counterparty
settlement limits and the monitoring of the exposures against these limits is a critical control function.
The Bank measure and mange settlement risk for following purposes:
• To ensure that all FX settlement-related risks are effectively managed and that its practices are
consistent with those used for managing other counterparty exposures of similar size and duration;
• To identify, measure, control and reduce the size and duration of its remaining FX settlement-related
risks;
• To have measurement systems that provide appropriate and realistic estimates of FX settlement
exposures on a timely basis;
• Development of counterparty settlement limits and the monitoring of the exposures against these
limits;
• To have procedures for reacting in a prompt and balanced manner to ‘failed’ transactions or other
settlement problems;
• To supplement the necessity of proper assessment and management of settlement risk in ICAAP
purpose of the Bank for reducing the capital charge in context of Pillar 2 (Supervisory Review Process)
of RBCA.
EVALUATION OF CORE RISK MANAGEMENT
Bangladesh Bank identified 6 (six) risk areas which are termed as core risks through issuing industry best prac-
tices framework. Those frameworks provided benchmark to be followed by the banks and suggested the
banks to develop own assessment methodology for each core risks as well as to calculate own risk rating at
least once a year. Bangladesh Bank appraisal process will evaluate the risk ratings and capital charge will be
imposed for the below “Satisfactory” ratings. The capital charge against Appraisal of Core Risk Management
Methodology will be as follows:
• Capital charge will be applied for each risk separately,

• No capital charge will be imposed for risk ratings of 1 (Strong) and 2 (Satisfactory),
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ENVIRONMENTAL & CLIMATE CHANGE RISK MANAGEMENT
Environmental and climate change risk refers to the uncertainty or probability of losses that originates from
any adverse environmental or climate change events (natural or manmade) and/or the non-compliance
of the prevailing national environmental regulations. This is a facilitating element of Investment risk arising
from environmental issues. Environmental and climate change risk can hamper the business stability of the
borrowers in respect of both:
• Profitability and
• Reputation
Consequentially, the extent of risk for the bank will be higher.
Policies and process for mitigation of Environmental Risk

Currently, in GIB Environmental risk management issues are being reviewed by the Green Banking Unit of
the bank and conveying the relevant recommendations to the respective departments/divisions against
the particular risk issues to mitigate the identified risks. The reviewed issues are as follows:
 No. of projects applicable for Environmental Due Diligence (EDD);
 No. of projects rated (Environmental Risk Rating);
 Risk grade wise rating status;
 Risk grade wise financed status; etc.
OTHER MATERIAL RISK MANAGEMENT
SRP requires that a bank’s internal capital allocation process should cover all risks which have not been
identified earlier but are material for GIB. Such risks may include e.g. strategic risk or reputation risk, but a
bank needs to consider all risks not specified in case it can be captured in the bank’s operation and can
be regarded as material. Risks may appear which are specific to the bank and derive from its non-standard
activities or clientele but fall outside the scope of specified risk definitions under Pillar 1 and Pillar 2.
CAPITAL MANAGEMENT
Capital Management and its Relationship with Risk Management
GIB has devised and established suitable Capital management system in order to calculate the capital
adequacy ratio and secure adequate capital to cover the risks they face from the standpoint of ensuring
soundness and appropriateness of the business.
Capital management in banks usually refers to implementing measures aimed at maintaining adequate
capital, assessing internal capital adequacy of bank and calculating its capital adequacy ratio. It is
gaining increasing importance around the world, as reflected from taking several reform initiatives and
changes in the prudential requirements undertaken by central banks in different countries in line with the
reform measures proposed by the Basel Committee on Banking Supervision.
Risk management is increasingly becoming difficult to separate from capital management. Most banking
risks can be quantified as numerical indicators, and this quantification naturally leads to the principle that
increased capital can be held to cover unexpected losses at a certain confidence level. The followings
indicate the relationship between risk management and capital requirement:
• Capital management helps to ensure that bank has sufficient capital to cover the risks associated
with its activities;
• As part of the internal capital adequacy assessment process (ICAAP), management identifies the
risks that the bank is exposed to, and determines the means by which they will be mitigated;
Capital is used to cover some of these risks, and the remainder of these risks is mitigated by means of
collateral or other investment enhancements, contingency planning, additional reserves and valuation
allowances, and other mechanisms.
The results of capital management are:
• A Capital Plan that meets the needs of the bank over a three-year time horizon;
• An ICAAP that determines precise levels of required capital (the “solvency need”) according to
the measures of balance sheet capital and regulatory capital.
• A process to regularly compare available capital with current and projected solvency needs, and
address deficiencies in a timely manner.
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REPORT 2022 175
MEETING & IMPLEMENTATIONS MINUTES
GIB arranged meetings of different risk-related committees as per the direction of Bangladesh Bank. During
2022, Bank has arranged the following meetings and discussions and review sessions with the risk
management activities regarding their findings, observations and recommendations on various issues of
interest and concern.
Meeting Status: 2022

Meeting Members Meeting No. Agenda
ERMC 10 12 All Risks
BRMC 4 4 All Risks
REPORTING & COMPLIANCE
Aggregate measures of risks, across products and businesses, are used in compliance with policies, limits,
and guidelines. They also provide a clear statement of the amounts, types and sensitivities of the different
risks in the Bank’s portfolios. Senior management and the Board use this information to comprehend the
bank’s risk profile as well as the performance of the portfolio. The Bank submitted the following risk reports
during the year 2022.
SL No. Name of the Reports/Papers Frequency Submitted to Compliance

Status
01 Monthly & Quarterly Risk Management Quarterly ERMC/BRMC/BB Complied
Report
02 Comprehensive Risk Management Report Half Yearly/ ERMC/BRMC/BB Complied
(CRMR) Yearly
03 Minutes of the Meeting Quarterly ERMC/BRMC/BB Complied
04 Implementation Report of Meeting Minutes Quarterly ERMC/BRMC/BB Complied
05 Compliance Report on Risk Rating Half Yearly/ ERMC/BRMC/BB Complied
Yearly
06 Risk Appetite Statements Yearly ERMC/BRMC/BB Complied
07 ICAAP Report Yearly ERMC/BRMC/BB Complied
08 Recovery Plan Yearly ERMC/BRMC/BB Complied
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DISCLOSURE OF
RISK REPORTING
Risk reporting is an integral part of GIB’s risk management framework. We aim to continually enhance our
disclosures required by accounting standard and other regulatory requirements. The scenario of GIB can
be seen in the graph.
OVERALL FINANCIAL POSITION OF THE BANK

(Amount in crore)
Particulars Dec-20 Dec-21 Dec-22
Total Assets 12089.56 13281.03 15381.09
Total Liabilities 11379.20 12504.95 14084.66
Total Shareholders' Equity 710.36 776.07 1296.43
Total Loans & Advances (Investments) Outstanding 9290.92 10708.7 11868.05
Total Deposits (Including Interbank Deposits) 10675.86 11780.55 11880.92
(In percentage)
Capital to Risk-weighted Assets Ratio (CRAR) 10.61% 10.2% 16.49%
Gross NPL Ratio 1.78% 2.1% 4.48%
Investment-to-Deposit Ratio (IDR) 89.62% 91.0% 89.10%
Return on Assets (ROA) 0.36% 1.2% 0.67%
Return on Equity (ROE) 6.33% 18.7% 14.8%
Net Interest (Profit) Margin (NIM) 3.37% 4.4% 4.5%
ANNUAL
REPORT 2022 177
CAPITAL EXPOSURE
Risk Profile
Risk Profile is the amount or type of risk a financial institution is exposed to. Forward Risk Profile is a forward
looking view of how the risk profile may change both under expected and stressed economics conditions.
(Amount in crore)
Particulars 2020 2021 2022
Total Assets (on and off-balance sheet) 12497.97 13798.71 15910.10
RWA
Credit risk 6789.50 7410.58 7257.19
Market risk 69.34 192.80 331.46
Operational risk 496.85 688.84 876.16
Total RWA 7355.64 8292.22 8464.81
Required capital 735.56 829.22 1058.10
Capital maintained 783.63 883.71 1395.77
Tier 1 (after all deductions) 668.57 771.34 1287.79
Tier 2 (after all deductions) 115.06 112.37 107.98
Capital surplus/(shortfall) 48.07 54.49 337.67
CRAR 10.65% 10.66% 16.49%
On Tier I capital 9.09% 9.30% 15.21%
On Tier II capital 1.56% 1.36% 1.28%
On total capital 10.65% 10.66% 16.49%
Causes for changes of RWA (if increases) 0.00 0.00 0.00
Capital to Risk Weighted Assets Ratio (CRAR)

(Amount in crore)
Particulars 2020 2021 2022
Total Assets (on and off-balance sheet) 12497.97 13798.71 15910.10

Total RWA 7355.69 8292.22 8464.81
Required capital 735.56 1036.53 1058.10
Capital maintained 783.63 883.71 1395.77
CRAR 10.65% 10.66% 16.49%
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REPORT 2022
INVESTMENT CONCENTRATION
Portfolio Concentration-2022
Particular 2022
Agriculture, Fishing, an d Forestry 0.27%
Industry 12.70%
Trade & Commerce 81.45%
Construction 2.99%
Transport 0.20%
Consumer financing 1.23%
Investments to financial institutions 0.84%
Miscellaneous 0.00%
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REPORT 2022 179
Industry Concentration-2022
Particular 2022
RMG 12.54%
Textile 8.02%
Ship breaking industries 4.24%
Power and gas 6.14%
Other manufacturing or extractive industries 8.78%
Service industries 36.60%
Others 23.68%
Geographical Concentration-2022
Name of Area 2022 Name of Area 2022

Dhaka 25.93% Khulna 0.08%
Chattogram 73.92% Rangpur 0.00%
Rajshahi 0.05% Barisal 0.01%
Sylhet 0.01% Mymensingh 0.00%
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REPORT 2022
ASSETS QUALITY
Non-Performing Investment (NPI)

Particular 2018 2019 2020 2021 2022
Total NPI 108.13 146.16 188.45 238.61 532.23
NPI Ratio 1.51% 1.77% 2.03% 2.23% 4.48%
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REPORT 2022 181
Movement of classification -2022
From/To UC SMA SS Doubtful Bad/Loss Written Total

off
Standard(UC) 11334.84
SMA 0.98
Substandard 79.06
Doubtful 14.46
Bad/Loss 438.71
Total 0.00 11868.05
Provision Maintenance
Particular 2018 2019 2020 2021 2022

Total required provision 95.63 149.05 153.40 174.95 251.54
Provision maintained 95.63 149.05 153.40 174.95 251.54
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REPORT 2022
Portfolio Limit Vs Outstanding-2022
Particular Portfolio Limit Outstanding -2022
Agriculture, Fishing, and Forestry 250 31.72

Industry 1600 1507.47
Trade & Commerce 10079 9666.58
Construction 480 355.68
Transport 26 24.28
Consumer financing 200 182.30
Investments to financial institutions 165 99.94
Miscellaneous 00 0.08
Liquidity Rate Ratio
Standard Ratio GI B's Scenario
Cash Reserve Ratio (CRR) 4.00% 9.26%

Statutory Liquidity Requirement (SLR) 5.50% 7.07%
Investment Deposit Ratio (IDR) <91% 89.10%
Liquidity Coverage Ratio (LCR) ≥100% 69.11%
Net Stable Funding Ratio (NSFR) >100% 109.89%
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REPORT 2022 183
GIB’s Scenario
Collateral Against Investment

GIB focuses on collateral-based investment to secure its quality of investment. At the end of December-
2022, Collateral coverage ratio was 77.24% which was 82.92% in 2021.
Particulars 2021 2022

Total Investment 10708.70 11868.05
Secured Investment with Collateral (FSV) 8879.40 9167.23
Unsecured Investment 1829.29 2700.80
Collateral Coverage Ratio 82.92% 77.24%
Stress testing result for Investment Risk, Profit (Interest) rate, Foreign Exchange and Equity Risk
Stress testing is an important risk management tool that provides an indication of how much capital might
be needed to absorb losses in different stressed situations. A rigorous and comprehensive stress-testing
program must be in place. It will measure the vulnerability or exposure to the impacts of exceptional, rare
but potentially occurring events like – profit/interest rate changes, exchange rate fluctuations, changes in
investment rating, events which influence liquidity, etc.
Particulars Dec-22 Dec-21

Minor Moderate Major Minor Moderate Major
Shock applied by the bank 3% 9% 15% 2% 4% 6%
Increase in NPL -2.44 -7.91 -15.01 -1.57 -4.29 -6.79
Decrease in value of collateral taken -0.15 -0.31 -0.61 -0.15 -0.3 -0.6
against loans and advances
Negative Shifting of NPL -0.34 -3.49 -3.84 -0.19 -0.39 -0.72
Shock applied by the bank No. No. No. No. No. No.
If some sectors become classified -1.38 -4.21 -7.16 -0.02 -0.07 -0.12
Shock applied by the bank No. No. No. No. No. No.
If some large borrowers become -2.86 -6.63 -8.79 -0.56 -1.68 -2.84
classified
Combined credit risk result (after shock) -2.93 -11.71 -19.46 -1.77 -5.65 -11.95
CRAR after combined credit shock 13.56 4.78 -2.97 8.42 4.53 -1.77
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REPORT 2022
Particulars Dec-22 Dec-21
Minor Moderate Major Minor Moderate Major
Interest rate -0.19 -0.38 -0.57 0.00 0.00 0.00
CAR after interest rate shock 16.30 16.11 15.92 10.18 10.18 10.18
Currency depreciation 0.00 0.00 0.00 -0.02 -0.04 -0.07
CAR after exchange rate shock 0.00 0.00 0.00 10.16 10.14 10.12
Equity shock -0.19 -0.39 -0.58 -0.15 -0.31 -0.46
CAR after equity shock 16.30 16.10 15.91 10.03 9.88 9.72
Investment Risk Shock
Profit (Interest) Rate Shock
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REPORT 2022 185
Exchange Rate Shock
Equity Shock
ACTION PLAN FOR FUTURE
We expect the Bangladesh economy to continue its progressive trend in 2023. However, strong worldwide
demand, coupled with rising energy prices (particularly natural gas), will cause inflation. The rising import
cost and dwindling inflow of remittance causing depletion of the country’s Forex reserve. The foreign
exchange market is already unstable and the pressure on FC exchange rate may mount further. The
geopolitical instability stemmed from the Russia-Ukraine war might have adverse impact on the country’s
export volume as well. With lifting of deferral on loan repayment by the Central Bank, the commercial
banking sector may struggle to manage the health of loan portfolio. However, as the economic activities
are picking up, we are expecting that the demand for credit will increase. Based on that backdrop, Global
Islami Bank has determined its action plan for the year 2023 and future which are as follows:
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• Loan recovery and regularization of classified and nonperforming loan (NPL) will remain our
topmost priority. Strong supervision, follow-up and monitoring of classified and NPL accounts will be
ensured for recovery of loans. We will give special emphasize on recovery of our written-off loans
this year. Both legal and non-legal measures will be pursued to this endeavor.
• Fresh lending to the industrial and services sectors.
• Emphasize on increasing SME and Retail loan portfolio.
• Focus on mobilizing adequate deposit, especially no cost and low cost deposit.
• Bringing more remittance leveraging on our large distribution channel.
• Digitization of banking services to improve customer experience and reduce operating cost.
• Focus on increasing non-interest income along with focus on cost discipline.

• Investment for employee welfare, employee training, skill development.
• Annual Risk Conference 2023 with the participation of all the Branch managers and Deputy
branch managers will be arranged.
• Risk Appetite statement 2023.
• Ensuring timely preparation and submission of risk management Report.
• Strong and positive risk management culture will be nurtured at every level of banking operation.
• Monitoring and follow up the Key Risk indicators/ Risk Register for mitigating the risks on timely basis.
• Increased Credit rating with percentage and quality grading to the investment portfolio.
• Recovery of NPI and restricting new inclusion of classification through regular monitoring will be
one of the top priorities of our bank.
• Risk management strategies will be determined based on the risk profile.
• Ascertaining implementation status of risk management policies and procedures.
• Monitoring the risks under Basel-III accord.
• The key risk issues will be properly and timely communicated to BRMC/Board.
• Capital adequacy will be improved by taking effective measures considering its underlying factors.
• Regulatory Compliances will be ensured at all level of the bank.
• In parallel to the generic audit function, the necessity of adoption of Risk-Based audit will be
conducted to validate that the internal control environment is functioning as planned.
• Strengthened risk management infrastructure with a sufficiently robust data-base, data
architecture and information technology will be established.
• More emphasize on employee awareness programs on risk management issues.
• Capacity building programs for the risk management officials.
• Analyzing the national and global risk issues in line with bank’s exposure
Global Islami Bank PLC has tuned the existing risk management practices to align with global best
practices. The risk management activities are running with the motto that, 2022 was the year of risk
management awareness and 2023 will be the year of strengthening risk management structure. Being an
active part of country’s banking industry, GIB always undertakes an active approach to risk management
and remained consistent in forming a best-in-class capability. The core mottos of risk management
practice at GIB are a solid understanding of the material risks of the bank and continuous formulation of
effective strategies for active risk mitigation. By ensuring unrelenting focus on our valued clients, we enter
2023 with a new hope, with a sense of anticipation. Our commitment to build a “better tomorrow” is
reflected in our financial results and underpins our investments for the future — in our bank’s growth
potential as well as in our communities as we strive to foster a more inclusive, sustainable economy.
ANNUAL
REPORT 2022 187
REPORT ON
ALCO PURVIEW
ASSET LIABILITY MANAGEMENT (ALM)
Asset liability management (ALM) can be defined as a mechanism to address the risk faced by a bank due
to a mismatch between assets and liabilities either due to liquidity or changes in profit rates. Liquidity is an
institution’s ability to meet its liabilities either by borrowing or converting assets. Apart from liquidity, a bank
may also have a mismatch due to changes in profit rates as banks typically tend to borrow short term and
lend long term.
In the process of managing liquidity risk and repricing risk, Asset Liability Management (ALM) functions
extends to manage market risk, trading risk, funding and capital planning, profit planning and growth
projection.
Asset and Liability Management process includes factors like strategic allocation of assets, risk mitigation,
and adjustment of regulatory and capital frameworks. By successfully matching assets against liabilities,
financial institutions are left with a surplus that can be actively managed to maximize their investment
returns and increase profitability.
ASSET LIABILITY COMMITTEE (ALCO)
Asset-Liability Committee (ALCO) consists of senior executives of the Bank who takes decision regarding
various issues related to Bank’s assets-liability management in order to earn adequate returns complying
applicable regulatory ratios. The Managing Director & CEO is the Chairman of ALCO, while Head of
Treasury Division acts as the Member Secretary. ALCO's strategies, policies and procedures are aligned with
the goals, objectives and risk tolerances of the Board. This committee meets regularly to analyze, review
and formulate strategy to manage the financials portfolio. Details of composition of ALCO are stated in the
‘Corporate Information’ section of this GIB Annual Report.
Asset-Liability Committee reviews the ALCO paper along with the prescribed agendas. Treasury submits its
views on liquidity and market risks, more specifically including:
 Economy and market movement

 Repricing profit rates
 Deposits mobilization or augmenting advances
 Short-term or long-term calibration of deposits and advances
 Inter-division transfer pricing of funds
Based on the analysis and views, the committee takes strategic decisions to achieve the dual objective of
moderating balance sheet risks and optimizing profitability.
RESPONSIBILITIES OF ALCO
ALCO is a decision-making hub responsible for Balance Sheet planning from the risk-return perspective,
including the strategic management of profit rate and liquidity risks. Some of the major responsibilities of
ALCO are as follows:
 Ensure that the bank’s assessment and reporting systems accurately convey the degree of liquidity
and market risks.
 Monitor the structure and composition of the bank’s assets and liabilities and identify balance
sheet management issues, where further scrutiny is required.
 Determine major aspects of the balance sheet structure, such as maturity and currency mix of
assets and liabilities, mix of corporate vs. retail funding, deposit mix, etc.
 Review maturity profile and mix of assets and liabilities on an ongoing basis.
 Approve and periodically review the transfer pricing policy of GIB.
 Review deposit and investment pricing strategy.
 Review contingency funding roadmap.
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REPORT ON
NPI MANAGEMENT
One of our core business priorities is to curb non-performing investments by maintaining quality assets. In this
regard, GIB investment approval process has been framed to unveil and assess the unforeseen, inherent
risk so that assets quality will not deteriorate in the long run. Proper monitoring and strong recovery drive
from branch and corporate head office help in maintaining quality assets of GIB. From 2016 Special Asset
Management Division was formed for recovery drives of bad investments.
TOTAL CLASSIFIED INVESTMENTS
GIB
Particulars
2022 2021
NPI Amount [BDT in Million] 5322.35 2,386.10
NPI Ratio (in %) 4.48% 2.23%
STRATEGIC PLANNING FOR NPI MANAGEMENT
 Strong Supervision, follow up and monitoring for the NPI accounts as well as rescheduling &
restructured loans to be ensured both by on-site and off-site basis.
 Recovery team may be formed for NPI prone branch & weekly feedback to be taken by SAMD.
 Proper monitoring, follow up & supervision in pre-classification stage should be ensured by
management and concerned division of the bank.
 Adequate staff in Legal Division and SAM Division and optimum utilization of manpower to be
ensured.
 Appropriate Legal action to be initiated.
 Amicable settlement may be allowed in applicable sector.
 Eligible accounts to be written-off as per Guidelines of Bangladesh Bank.
We are optimistic that by deploying our above mentioned strategies, we will be able to keep the classified
investments of the bank within significant level at the end of forthcoming year.
Be the most compliant banks in the industry GIB is putting all out efforts to recover money from defaulted
clients and stop fresh inclusion of CL. For success in that front, management is further streamlining its
investment appraisal process, adept negotiability, proper and timely legal actions and subsequent
monitoring and follow up drives of its employees.
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GIB
CAPITAL PLANNING
GIB has been conscious enough to go through a potent process of planning effectively and efficiently for
effectual utilization of the Bank’s capital. Since the beginning of its inception GIB has ensured successful
maintenance of required CRAR. Pragmatically empirical capital planning strategies are being adopted and
promptly accomplished to actualize this purpose.
Capital planning for the Bank is a continuous, zestful and future prospective attitude comprising modifica-
tions in the arenas of business stratagem, strategic alignment, risk endurance and other relevant facts in line
with the mission, vision, goals and objectives of the Bank. Through conducting efficacious capital manage-
ment tactics of the Bank, GIB has prepped a strategic capital plan in conformity with macroeconomic
factors that are incessantly evolving for amplification in the country.
The crucial components of sustaining successful capital planning proceedings in GIB incorporate efficient
management framework for capital preservation, internal control compliance and governance, capital
budgeting as well as allocating policies for risk tolerance. All of these intend to conform with the Basel III
guidelines whilst designing structured capital planning process for the Bank.
The capital planning objective aims at ensuring adequate capital for the current period in compliance with
the guidelines of Bangladesh Bank and likewise maintaining surplus for dealing with future needs. GIB is enthu-
siastic to continue on-going growth horizon in order to maintain adequate capital simultaneously with
emphasizing on capital saving by guaranteeing that the required capital amount is preserved in the Bank
with ensured maximized return of its Shareholders.
The Board of Directors of the Bank along with its Management team are being greatly benefitted by carrying
on an effective capital planning procedure that assures detailed understanding and proper identification of
evolving risks along with setting up risk tolerance level as well as assessing strategic choices for longer period
of time. Capital planning also assists to detect foible issues whilst incorporating risk, capital and liquidity plan-
ning, managing and business strategy implementing decisions as well as resolutions. Abiding by the guide-
lines of Bangladesh Bank which, in compliance with the recommendations of Basel III emphasized broadly on
capital planning in the Revised Guidelines on Risk Based Capital Adequacy (RBCA) framework, GIB’s respon-
sible officials take into account both the short and long term capital needs while incorporating Bank’s entire
strategies and growth horizon in capital planning proceedings. Sudden occurrence of unfavorable circum-
stances outside the organization is also considered in this respect. The Bank makes sure if any natural disaster
or something unprecedented happens then GIB can sustain to strive for operating well utilizing their surplus
portion of preserved capital.
Vigorously GIB continues to superintend its accomplishment of capital planning positioning with suitable
capital mixing allocation proceedings for upright satisfaction fulfillment of the Bank’s major Stakeholders and
in accordance with the Bank's risk appetite, the procedure calls for ongoing evaluation and approval by the
Board of Directors and Management team of the Bank.
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Basel
III
Pillar I Pillar II Pillar III
Minimum Capital Supervisory Market

Requirement Review Process
(MCR) (SRP) Discipline
Market Discipline
Disclosure on
Basel III
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DISCLOSURES ON
RISK BASED CAPITAL (BASEL-III)
BACKGROUND
To strengthen global capital and liquidity rules with the goal of promoting a more resilient banking sector,
the Basel Committee on Banking Supervision (BCBS) issued “Basel-III: A global regulatory framework for
more resilient banks and banking systems” in December 2010. The objective of the reforms was to improve
the banking sector’s ability to absorb shocks arising from financial and economic stress, whatever the
source, thus reducing the risk of spillover from the financial sector to the real economy. Through its reform
package, BCBS also aims to improve risk management and governance as well as strengthen banks’
transparency and disclosures.
Basel Committee’s comprehensive reform package also addressed the lessons of the economic and
financial crisis, which began in 2007, for holding insufficient liquidity buffers and building up excessive on
and off-balance sheet leverage that results in a gradual erosion of the level and quality of the capital
base.
To cope up with the international best practices and to make the bank’s capital shock absorbent,
Bangladesh Bank issued ‘Guidelines on Risk Based Capital Adequacy (Revised Regulatory Capital
Framework for banks in line with Basel-III) in December 2014 with the instructions to maintain the minimum
capital requirement under pillar 1, additional capital requirement under pillar 2 and market disclosure
requirement under pillar 3. Global Islami Bank PLC (GIB) has put special attention to implement Basel-III
inside the Bank.
INTRODUCTION
The objective of the reforms was to improve the banking sector’s ability to absorb shocks arising from
financial and economic stress, whatever the source, thus reducing the risk of spillover from the financial
sector to the real economy. Through its reform package, BCBS also aims to improve risk management and
governance as well as strengthen banks’ transparency and disclosures. It effectively exploits the new
frontiers of risk management. It seeks to give impetus to the development of a sound risk management
system which hopefully will promote a more efficient, equitable and prudent allocation of resources. Both
internationally and domestically, the implementation of Basel-III has gripped a lot of interest. To cope with
the international best practices and to make the bank’s capital more risk sensitive as well as more shock
resilient, ‘Guidelines on Risk Based Capital Adequacy (RBCA) for Banks ‘have been introduced by
Bangladesh Bank with an action plan for implementing a new Capital Adequacy framework in line with
Basel-III. A Basel-III implementation Committee has been formed in Global Islami Bank PLC and the Bank
has effectively implemented Basel-III and submitted the quarterly report to Bangladesh bank on time. The
disclosure framework (i.e. Pillar-III) is designed to increase the transparency of banker’s risk profile by
requiring it to give details of its risk management and risk distributions.
1. Purpose
 To complement the Minimum Capital Requirement (MCR) under Pillar-1 and the Supervisory Review
Process (SRP) under Pillar-2 of Risk Based Capital Adequacy guideline issued by Bangladesh Bank.
 To establish more transparent and more disciplined financial market so that stakeholders can
assess the position of a bank regarding holding of assets.
 To identify the risk relating to the assets and capital adequacy to meet probable loss of assets.
2. Disclosure Policy
GIB has a disclosure policy fully complied with Bangladesh bank’s requirement as noted below:
 Bank has a formal disclosure framework approved by the Board of Directors/ Chief Executive
Officer (CEO)
 This disclosure doesn’t conflict with the requirements of Accounting Standards as set by
Bangladesh Bank from time to time.
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 For MCR (pillar-1), Bank uses specified approaches/methodologies to identify as well as minimize
the risks it face and the resulting capital requirements.
 The disclosure should be subject to adequate validation. Since information in the annual financial
statements would generally be audited, the additionally published with such statements must be
consistent with audited statements.
 Bank decides which disclosures are relevant for it based on the materiality concept.
 Bank submits a copy of all required disclosures in both qualitative and quantitative form to DOS
(Department off of-site supervision) of Bangladesh Bank and upload the same on the bank’s
website page as titled “Disclosure on Risk Based Capital (Basel III)” within end march of each year.
 The Bank follows below approaches for calculating Risk Weighted Asset (RWA) as per Basel-III
guidelines stated in BRPD Circular No.18 dated December 21, 2014 of Bangladesh Bank:
a) Standardized Approach for Investment (credit) Risk

b) Standardized approach for Market Risk and
c) Basic Indicator Approach for Operational Risk.
2.1 Major highlights of Bangladesh Bank regulations:
 To maintain Capital to Risk-weighted Asset Ratio (CRAR) at a minimum of 10% of risk weighted
assets as per BRPD Circular No.18 dated December 21, 2014 of Bangladesh Bank.
 To adopt the standardized approach for investment (credit) risk
 To adopt standardized approach for market risk and basic indicator approach for operational risk.
 To submit capital adequacy report to Bangladesh Bank on a quarterly basis.
 To adopt better risk management policy
2.2 Factors of Disclosure Framework:
Bangladesh Bank set out the following components in the disclosures under Pillar-3 of Basel III regulations.
The following components set out in tabular form are the disclosure requirements:
1) Scope of Application
2) Capital Structure
3) Capital Adequacy
4) Investment (Credit) Risk
5) Equities: Disclosures for Banking Book Positions
6) Profit Rate Risk in Banking Book
7) Market Risk
8) Operational risk
9) Liquidity Ratio
10) Leverage Ratio
11) Remuneration
3 Consistency and Validation
The quantitative disclosures on “Risk Based Capital (Basel III)” has been prepared on the basis of
consolidated Un-Audited Financial Statements of Global Islami Bank PLC for the year ended 31 December,
2022.
It was prepared in accordance with the “First Schedule (Section 38)” of the banking companies act 1991
and amendment thereof 2007 and 2013, related International Financial Reporting Standards (IFRS),
International Accounting Standards (IAS) adopted by the Institute of Chartered Accountants of
Bangladesh (ICAB) and related circulars/instructions issued by Bangladesh Bank from time to time. GIB fully
complied with the requirements of laws and regulations from various regulatory bodies.
So, information given in the “Quantitative disclosures” section can easily be verified and validated with the
corresponding information presented in the audited consolidated financial statements- 2022. This disclosure
is prepared once a year and is available at the website of the bank (www.globalislamibankbd.com).
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4. Scope of Application
Qualitative Disclosures:
a) The name of the top corporate entity in Global Islami Bank PLC. The Bank has no subsidiary
the group to which this guideline applies. company as on December 31, 2022.
b) An outline of differences in the basis of A brief description of the bank: -
consolidation for accounting and regulatory Global Islami Bank PLC ("the Bank") was incorporated as a
purposes, with a brief description of the public limited company in Bangladesh under Companies
entities within the group (a) that are fully Act, 1994 with the registered Office at Saiham Tower, House
consolidated; (b) that are given a No. 136, Block-S.E.(c-1), Gulshan Model Town, Dhaka. The
deduction treatment; and (c) that are Bank commenced banking operation on 23 October 2013
neither consolidated nor deducted (e.g. by obtaining license from Bangladesh Bank on 05 August
where the investment is risk-weighted). 2013 under section 32(1) of the Bank Company Act
1991(amendment up to 2013).
Now the number of branches of the Bank is 99 (Ninety-Nine)
and sub-branches 122 (One hundred and Twenty-Two)
located at different areas of Dhaka, Chattogram, Khulna,
Rajshahi, Bogra, Sylhet and Barishal as on 31 December
2022. Currently the Bank does not have any Off-shore
Banking Unit (OBU) and subsidiary company. The principal
activities of the Bank are to provide all kinds of banking
services to its customers through its branches/ sub-branches.
The bank has applied Basel-III on “Solo” basis: -
c) Any restrictions, or other major Not applicable
impediments, on transfer of funds or
regulatory capital within the group.
Quantitative Disclosures:
d) The aggregate amount of surplus capital Not Applicable
of insurance subsidiaries (whether deducted
or subjected to an alternative method)
included in the capital of the consolidated
group.
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5. Capital Structure
a) Summary information on the terms and
conditions of the main features of all capital The terms and conditions of the main features of all capital
instruments, especially in the case of capital instruments have been segregated in terms of eligibility
instruments eligible for inclusion in CET-1, criteria set forth vide BRPD circular No. 18 dated 21
Additional Tier-1 or Tier-2. December 2014 and other relevant instructions given by
Bangladesh Bank from time to time.
Constituents of Capital and Minimum Capital Requirement:

A). Components of Capital:
For the purpose of calculating capital under capital
adequacy framework, the capital of the bank has been
classified into two tiers. The total regulatory capital will
consist of sum of the following categories:
1) Tier-1 Capital (going-concern capital)
a) Common Equity Tier-1)
b) Additional Tier-1
2) Tier 2 Capital (gone-concern capital)
Common Equity Tier-1 capital (Going concern capital):

Common Equity Tier-1 of Global Islami Bank PLC comprises
of :
a) Paid up capital
b) Statutory Reserve
c) General Reserve and
d) Retained Earnings
Tire-2 capital (Gone concern capital):

Tier-2 capital, also called ‘gone-concern capital’, represents
other elements which fall short of some of the characteristics
of the core capital but contribute to the overall strength of
a bank.
Tire-2 capital comprises of General Provision (on Unclassified
Loans + Off Balance Sheet Exposure), Revaluation Reserves
for securities Up to 50%.
Total Regulatory Capital:

Total Regulatory capital comprises Tier-1 and Tier-2 capital.
+
Tier-1 capital Tier-2 capital
Tier-1 capital
Total Regulatory capital

Tier-1 capital
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Total Regulatory Capital: (Figure in Crore)
The amount of Common Equity Tier-1 capital, with separate disclosure of
Common Equity Tier-1 (CET-1) capital:
Paid up capital 940.42
Statutory reserve 202.06
General reserve -
Retained earnings 153.95
Sub Total: Common Equity Tier-1 Capital 1296.43
Less: Regulatory adjustment:
Deferred tax assets (DTA) 8.64
(A) Common Equity Tier-1 Capital = 1287.79
Amount of additional Tier-1 capital:
Non-cumulative irredeemable preference shares 0.00
Instruments issued by the banks that meet the qualifying criteria for AT1 0.00
Minority Interest 0.00
(B) Total additional Tier-1 capital = 0.00
(C ) Total Common Equity Tier 1 capital (A+B) = 1287.79
Tier-2 Capital:
General Provision 107.99
Revaluation Reserves for Securities up to 100% -
Subordinated debt -
Total Tier-2 Capital 107.99
Regulatory Adjustments/Deductions from capital (D):
Revaluation reserve for fixed assets ,securities & equity securities @100% -
(D) Total Tier-2 Capital Available = 107.99
Total Regulatory Capital (C+D) = 1395.78
Conditions for maintaining regulatory Capital-Limits (Minima and Maxima)
The calculation of Common Equity Tier-1 capital, Additional Tier-1 capital and Tier-2 capital shall be subject
to the following conditions:
a) Common Equity Tier-1 of at least 4.5% of total RWA

b) Tier-1 capital will be at least 6.0% of total RWA
c) Minimum CRAR of 10% of total RWA
d) Additional Tier-1 capital can be admitted maximum up to 1.5% of the total RWA or 33.33% of CET1
capital, whichever is higher.
e) Tier-2 capital can be admitted maximum up to 4.0% of the total RWA or 88.89% of CET1, whichever
is higher.
f) General provisions/general loan-loss reserve eligible for Tier 2 capital.
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6. Capital Adequacy
Summary discussion of the bank’s The Bank has adopted Standardized Approach (SA) for the
approach to assessing the adequacy of computation of capital charge for investment (credit) risk
its capital to support current and future and market risk and Basic Indicator Approach (BIA) for
activities. operational risk.
MCR
Standardized Standardized Basic Indicator

Approach for Approach for Approach for
Investment Market Risk Operational Risk
(Credit) Risk
The Bank strictly follows the guidelines of Bangladesh Bank

regarding capital adequacy. The Bank has Capital to Risk-
weighted Assets Ratio of 16.49% as against the minimum
regulatory requirement of 10% and capital conservation
buffer (CCB) of 2.5%, which denotes a total regulatory
capital requirement of 12.50%. Common equity Tier-1
capital adequacy ratio is 15.21% against the minimum
regulatory requirement of 4.5%.
The Bank’s policy is to manage and maintain its capital with

the objective of maintaining strong capital ratio and high
rating. Due to sustainable growth in all aspects including
general investment of BDT 11,868.05 Crore and deposit of
BDT 11,880.92 crore, the Bank was able to maintain
minimum capital with surplus of BDT 337.68 Crore. The Bank
also ensures that the capital level comply with regulatory
requirements and satisfy the external rating agencies and
other stakeholders including depositors. To ensure
adequate capital for sustainable growth, the Management
of Global Islami Bank PLC has already taken well planned
initiatives which includes but not limited to the followings:
(a) Consistently encouraging existing corporate clients to
complete external investment (credit) rating in a view
to assess counterparty Investment (credit) Risk status
and to reduce capital requirement.
(b) Improving and enhancing eligible collaterals, by way
of collateral optimization.
(c) Booking new clients are taking into considerations their
risk profile and investment (credit) rating.
The Bank’s Capital adequacy ratio is periodically assessed
and reviewed by the respective department and reported
to Bangladesh Bank respectively. The composition of
capital in terms of Common Equity Tier-1, Additional Tier-1
and Tier- 2 are also analyzed to ensure capital stability and
to reduce volatility in the capital structure.
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Particulars (Figure in Crore)
Capital requirement for Investment (credit) Risk 725.19
Capital requirement for Market Risk 33.15
Capital requirement for Operational Risk 87.61
Total and Tier 1 capital ratio:
- For the consolidated (%) N/A
- For stand alone 16.49%
Capital Conservation Buffer 6.49%
Available Capital under Pillar 2 Requirement* 337.68
*After deduction of MCR and Capital Conservation Buffer from total regulatory
capital
7. Investment (Credit) Risk
The general qualitative disclosure requirement with respect to investment (credit) risk, including
i) Definitions of Past Due and 1. Categories of Loans/Investment and Advances : All
impaired (for accounting Loans/Investment and advances will be grouped into four (4)
purpose) categories for the purpose of classification, namely- (a) Continuous
Loan (b) Demand Loan (c) Fixed Term Loan and (d) Short-term
Agricultural & Micro- Credit.
a) Continuous Loan: The loan accounts in which transactions may
be made within certain limit and have an expiry date for full
adjustment will be treated as Continuous Loan. Examples are: Cash
Credit, Overdraft, etc.
b) Demand Loan: The Loans/Investment that become repayable on
demand by the bank will be treated as Demand Loan. If any
contingent or any other liabilities are turned to forced loan (i.e.
without any prior approval as regular loan) those too will be treated
as Demand Loan. Such as: Forced Loan against Imported
Merchandise, Payment against Document, Foreign Bill Purchased,
and Inland Bill Purchased, etc.
c) Fixed Term Loan: The Loans/Investment, which are repayable
within a specific time period under a specific repayment schedule,
will be treated as Fixed Term Loan.
d) Short-term Agricultural & Micro-Credit: Short-term Agricultural
Credit will include the short-term credits as listed under the Annual
Credit Programmes issued by the Agricultural Credit and Financial
Inclusion Department (ACFID) of Bangladesh Bank. Credits in the
agricultural sector repayable within 12 (twelve) months will also be
included herein. Short-term Micro Credit will include any micro-
credits not exceeding an amount determined by the ACFID of
Bangladesh Bank from time to time and repayable within 12
(twelve) months, be those termed in any names such as Non-
agricultural credit, Self-reliant Credit, Weaver's Credit or Bank's
individual project credit.
2. Past Due/Over Due:
(i) Any Continuous Loan/ Investment if not repaid/renewed within
the fixed expiry date for repayment or after the demand by the
bank will be treated as past due/overdue from the following
day of the expiry date.
(ii) Any Demand Loan/ Investment if not repaid within the fixed
expiry date for repayment or after the demand by the bank will
be treated as past due/overdue from the following day of the
expiry date.
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(ii) Any Demand Loan/ Investment if not repaid within the fixed
expiry date for repayment or after the demand by the bank will
be treated as past due/overdue from the following day of the
expiry date.
(iii) Whereas, in case of any installment(s) or part of installment(s) of
a Fixed Term Loan/ Investment is not repaid within the fixed
expiry date, the amount of unpaid installment(s) will be treated
as past due/overdue after six months of the expiry date.
(iv) The Short-term Agricultural and Micro-Credit if not repaid within
the fixed expiry date for repayment will be considered past
due/overdue after six months of the expiry date.
3. Special Mention Account (SMA): A Continuous loan/ investment,
Demand loan/ investment or a Term Loan/ Investment which will
remain overdue for a period of 02 (two) months or more, will be
put into the "Special Mention Account(SMA)".
4. Loan/ Investment Classification except Cottage, Micro and Small
credits under CMSME as follow:
4.1 A Continuous Loan/ Investment, Demand Loan/ Investment,
Fixed Term Loan/ Investment or any installment(s)/part of
installment(s) of a Fixed Term Loan/ Investment which will remain
past due/overdue for a period of 03 (three) months or beyond
but less than 09 (nine) months, the entire loan will be put into the
"Sub-standard (SS)".
4.2 A Continuous Loan/ Investment, Demand Loan/ Investment, -
Fixed Term Loan/ Investment or any installment(s)/part of
installment(s) of a Fixed Term Loan/ Investment which will remain
past due/overdue for a period of 09 (nine) months or beyond -
4.3 A Continuous Loan/ Investment, Demand Loan/ Investment, Fixed
Term Loan/ Investment or any installment(s)/part of installment(s) of
a Fixed Term Loan/ Investment which will remain past due/overdue
for a period of 12 (twelve) months or beyond, the entire loan will be
put into the "Bad/Loss (B/L)".
4.4 The Short-term Agricultural and Micro-Credit will be considered
irregular if not repaid within the due date as stipulated in the loan
agreement. If the said irregular status continues, the credit will be
classified as 'Substandard ' after a period of 12 months, as 'Doubt-
ful' after a period of 36 months and as 'Bad/Loss' after a period of
60 months from the stipulated due date as per the loan agree-
ment.
5. Loan Classification of Cottage, Micro and Small credits under
CMSME as follow:
5.1 If a Continuous Loan/ Investment, Demand Loan, Fixed Term Loan/
Investment or any installment(s)/part of installment(s) of a Fixed
Term Loan/ Investment remain(s) past due/overdue for a period of
06 (six) months or beyond but less than 18 (eighteen) months, the
entire loan will be classified as "Sub-standard (SS)".
5.2 If a Continuous Loan/ period of 18 (eighteen) months or beyond
but less than 30 (thirty) months, the entire loan will be classified as
"Doubtful (DF)".
5.3 If a Continuous Loan/ Investment, Demand Loan, Fixed Term Loan/
Investment or any installment(s)/part of installment(s) of a Fixed
Term Loan/ Investment remain(s) past due/overdue for a period of
30 (thirty) months or beyond, the entire loan will be classified as
"Bad/Loss (B/L)".
ii) Description of approaches Provision for Loans/Investment and Advances is created for covering
followed for specific and general the bank’s potential loan losses in future.
provisions and statistical  General provision is made on the outstanding amount of
methods loan/investment without considering the classified status
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following the prescribed rate of Bangladesh Bank.Classified
Loans/Investment of the bank are categorized as Sub-Standard (SS),
Doubtful (DF) and Bad & Loss (BL) as per Bangladesh Bank circulars. For
classified loan/investment, base for provision will be the greater of the
following two amounts:
i. Outstanding balance of the classified loan less the amount of Inteest
Suspense and the value of eligible collateral; and
ii. 15% of the outstanding balance of the loan
▪ Provision for Off-Balance Sheet items is kept as per Bangladesh Bank
BRPD circular no. 14 of September, 2012.
▪ Profit accrued on SS, DF and BL is transferred to profit suspense
account and not considered as profit income for the Islamic banking
activities.
The bank is required to maintain the following General and Specific Provision
in respect of Unclassified and Classified Loans/Investment based on
Bangladesh Bank guidelines issued from time to time. Rates of provision are
noted below:-
General provision on unclassified Small and Medium Enterprise (SME) financing. 0.25%
General provision on unclassified Loans/Investment and advances/ investments
(other than Consumer Financing, Loans/Investment to Brokerage House, 1%
Merchant Banks, Stock Dealers etc., SMA as well as SME Financing).
General provision on off-balance sheet exposures (Provision has been made on
the total exposure and amount of cash margin & value of eligible collateral were 1%
not deducted while computing off-balance sheet exposure).
General provision on unclassified Loans/Investment and advances for all types of
2%
consumer financing except housing finance
General provision on unclassified Loans/Investment and advances for housing
1%
finance
General provision on the unclassified Loans/Investment to Brokerage House,
2%
Merchant Banks, Stock Dealers, etc.
General provision for Short-term agriculture and Micro investment (credit) 1%
General provision on outstanding amount of Loans/Investment kept in Special
(0.25% to 2%)
Mention Account (SMA) will be at the same respective rate as stated above
Specific provision on Sub-Standard Loans/Investment and advances except
20%
Cottage, Micro and Small credits under CMSME
Specific provision on Doubtful Loans/Investment and advances except Cottage,
50%
Micro and Small credits under CMSME
Specific provision on bad / loss Loans/Investment and advances except Cottage,
100%
Specific provision on Sub-Standard Loans/Investment and advances on Cottage,
5%
Specific provision on Doubtful Loans/Investment and advances on Cottage,
20%
iii) Discussion on the bank’s investment Global Islami Bank has a Board approved Investment Risk
(credit)/investment risk management Management (IRM) guideline/policy keeping in view of
policy. Bangladesh Bank’s relevant guidelines to ensure best
practices in investment risk management and maintain
quality of assets. Some officials are properly delegated in
order to check and balance in investment management
at every stage. The Bank generally takes collaterals in the
form of pledges of sufficient eligible marketable securities,
mortgages over the property etc. All of the collaterals
taken do not necessarily qualify for availing capital relief
under the capital adequacy framework. To ensure with a
high degree of certainty that the collateral value will cover
the exposure, discounts (“haircuts”) are generally applied
to the current market value.
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other guarantees. The reliance that can be placed on these mitigates is
carefully assessed in light of issues such as legal certainty and
enforceability, market valuation correlation and counterparty risk of the
guarantor.
Risk mitigation policies determine the eligibility of collateral types.
Collateral types which are eligible for risk mitigation include: cash;
residential, commercial and industrial property; fixed assets such as
motor vehicles, plant and machinery; marketable securities;
commodities; bank guarantees; and letters of investment (credit).
Collateral is valued in accordance with our Methodology for Valuation
of Security/Collateral Assets, which prescribes the frequency of
valuation for different collateral types, based on the level of price
volatility of each type of collateral. Collateral held against impaired
loans is maintained at fair value.
Investment Division always performs their jobs dedicatedly to mitigate
the investment (credit) risk and also ensure the perfection of proper
securities. Internal Control and Compliance Division (ICCD)
independently assesses the investment (credit) quality and compliance
status during their audit at least once a year. Adequate provision is kept
against NPI as per Bangladesh Bank guidelines
a) Total gross investment (credit) risk Total gross investment (credit)/investment risk exposures
exposures broken down by major types broken down by major types of investment exposures of
of investment exposure. the bank are as under: -
Distribution of Investment (credit) Exposures by Major Types: -
Particulars (Fig. in Crore)
Bai-Murabaha 10,709.57
Bai-Muajjal 140.71
Bai-Murabaha Import 11.77
Bai-Murabaha Term Investment 36.72
Bai-Muajjal Term Investment 19.16
HPSM 807.88
Investment in LDBP/FDBP/IDBP 93.48
Staff Investment 36.00
Card Investment 7.41
Bills purchased and discounted 5.37
Total 11,868.05
b) Geographical distribution of Geographical distribution of exposures, broken down in

b) exposures,
Geographical distribution
broken down
of
in significant areas by major types of investment exposure are as
exposures, broken
significant areas down
by major typesin
of under:
significant
investmentareas byexposure.
(credit) major types Urban (Figure in Crore)
of investment (credit) exposure. Dhaka 3,138.26
Chattogram 6,532.63
Sylhet 3.88
Rajshahi 7.76
Rangpur -
Khulna 14.55
Barishal 3.88
Mymensingh -
Sub-Total 9,700.96
Rural
Dhaka 292.99
Chattogram 1873.42
Sylhet -
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Rajshahi 0.68
Rangpur -
Khulna -
Barishal -
Sub-Total 2,167.09
Grand Total 11,868.05
c) Industry or counterparty type distribution of exposures, broken down by major types of investment
(credit) exposure.
Agriculture 39.33
Commercial real estate financing 6.43
Construction 267.98
Consumer finance 17.66
Residential real estate financing 22.38
Capital market institution 69.54
Transport, storage and communication 30.57
Retail investments 225.28
Commercial and trading services 9,758.31
Ready Made Garments-RMG 210.75
Small and Medium Enterprise investments 469.57
Textile industries 274.75
Other manufacturing industries 475.51
Total 11,868.05
d) Residual maturity breakdown of the whole portfolio, broken down by major types of investment (credit)
exposure.
Payable on demand 2673.04
Up to 1 month -
Over 1 month but not more than 3 months 3308.55
Over 3 months but not more than 1 year 4140.05
Over 1 year but not more than 5 years 1274.06
Over 5 years 472.35
Total 11,868.05
e) By major i. Amount of impaired loans and if available, past due loans, provide separately
industry or Particulars (Fig. in Crore)
counterparty type: Substandard (SS) 79.06
Doubtful (DF) 14.46
Bad Loss (BL) 438.71
Total 532.22
15%
3%
Substandard (SS)
Doubtful (DF)
Bad Loss (BL)
82%
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i. Specific and general provisions:
Provision on classified investment 149.39
Provision on unclassified investment 90.74
Special provision for COVID-19 11.42
Provision on Off-balance sheet exposures 5.83
Provision for diminution in value of investments. 1.60
Total 258.98
ii. Charges for specific allowances and charge-offs during the period
Provision on classified investment 81.38
Provision on unclassified investment (2.25)
Special provision for COVID-19 (2.53)
Provision on Off-balance sheet exposures 0.40
Provision for other Assets 11.64
Provision for diminution in value of investments. (0.40)
Total 88.24
f) Gross Non Performing Assets (NPAs):

i) Non-Performing Assets ( NPAs) to Outstanding investment 4.48%
ii) Movement of Non-Performing Assets ( NPAs):
Opening balance 238.61
Addition/(Reductions) 293.62
Closing Balance 532.23
iii) Movement of specific provisions for NPAs:
Opening balance 68.00

Provisions made during the period 81.39
Write-off -
Write-back of excess provisions -
Closing Balance 149.39
8. Equities: Disclosures for Banking Book Positions

The general qualitative disclosure requirement with respect to equity risk, including: -
Differentiation between holdings on which i) Quoted Securities (Common or Preference Shares &
capital gains are expected and those Mutual Fund) that are traded in the secondary market
taken under other objectives including for (Trading Book Assets). -
relationship and strategic reasons; and ii) Unquoted securities include shares of Central Depository
Investment in equity securities are broadly Bangladesh Limited (CDBL), investment in SWIFT and Market
categorized into two parts: Stabilization Fund (MSF) categorized as banking book equity
exposures which are further sub-divided in two groups: a)
unquoted securities which are invested without any
expectation and will be quoted in near future i.e. Held to
Maturity (HTM), b) Securities those are acquired under
private placement or IPO and are going to be traded in the
secondary market after completing due formalities. It is
valued at cost.
Discussion of important policies covering The primary aim is to investment in these equity securities for
the valuation and accounting of equity the purpose of capital gain by selling them in future or held
holdings in the banking book. This includes for dividend income. Dividends received from these equity
the accounting techniques and valuation securities are accounted for as and when received. Both
methodologies used, including key Quoted and Un- Quoted equity securities are valued at cost
assumptions and practices affecting and necessary provisions are maintained if the prices fall
valuation as well as significant changes in below the cost price.
these practices
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Sl At market
Particulars At cost
No. value
a Value disclosed in the balance sheet of investments, as well as the
fair value of those investments; for quoted securities, a comparison
195.12 186.51
to publicly quoted share values where the share price is materially
different from fair value.
b The cumulative realized gains (losses) arising from sales and liquidations in the reporting period:
i. Total unrealized gains (losses) (1.59)
c ii. Total latent revaluation gains (losses) -
iii. Any amounts of the above included inTier-2 capital. -
Capital requirements broken down by appropriate equity groupings, consistent with the bank’s
methodology, as well as the aggregate amounts and the type of equity investments subject to
d any supervisory provisions regarding regulatory capital requirements (10% on market value).
 Specific Market Risk 13.08
 General Market Risk 13.08
9. Profit Rate Risk in the Banking Book

The general qualitative disclosure Interest rate risk is a risk where changes of profit rates in the market
requirement including the nature might adversely affect bank’s financial condition. Changes in
of IRRBB and key assumptions, interest rates have two following types of impact: -
including assumptions regarding a) Earning Perspective: It affects a bank’s current earnings by
loan prepayments and behaviour changing its net interest/profit income and the level of other
of non-maturity deposits, and interest sensitive income and operating expenses. The short
frequency of IRRBB measurement. term income of changes in interest rates is on the bank’s interest
income (NII).
b) Economic Value Perspective (Net worth of the bank): Economic
value of the future cash flows changes when interest rate
changes. In the long term, changes in interest rates impact the
cash flows on the assets, liabilities and off-balance sheets items,
giving rise to a risk to the net worth of the bank arising out of all
re-pricing mismatches and other interest rate sensitive position.
A maturity mismatch approach is used to measure Global Islami

Bank’s exposure to interest rate risk. A positive mismatch means that
more assets than liabilities are repriced in a given period. With a
positive mismatch, a rise in market interest rates will have a positive
effect on the bank's earnings. On the other hand, a negative
mismatch, where more liabilities are repriced than assets in a given
period, means a drop in earnings if interest rates had increased.
GIB has been exercising the Stress Testing using the Duration GAP for
measuring the Interest Rate Risk on its banking book for estimating
the impact of the net change in the market value of equity on the
Capital to Risk Weighted Assets Ratio (CRAR) due to change in
interest rates. Bank periodically computes the interest rate risk on the
banking book that arises due to re-pricing mismatches in interest rate
sensitive assets and liabilities. Details relating to re-pricing
mismatches and the interest rate risk thereon are placed to the
ALCO on regular basis with proposal for corrective action, if
necessary.
GIB applies the following technique to manage the interest rate risk
in the Banking Book.
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RePricing
Schedule Gap Analysis
-Duration Gap
-Quarterly Stress
Testing
Re-Pricing Schedules: It is the simplest technique to measure the

bank’s interest rate risk exposures and that generates a maturity /a
re-pricing schedule that distribute interest sensitive assets, liabilities
and OBS positon in to a certain number of predetermined time
bands according to their maturity (if fixed rate) or time remaining to
their next re-pricing (if floating rate).
Those assets and liabilities lacking definitive re-pricing intervals (Sight

deposits/saving deposits) or actual maturity that could fluctuate
from contractual maturities are assigned re-pricing time bands
according to judgement and past experience of banking activities.
Gap Analysis: It helps to assess the interest rate risk of current
earnings. To evaluate the earning exposures, interest rate sensitive
liabilities in each time band are subtracted from the corresponding
interest rate sensitive assets to produce a re-pricing ‘gap’ for that
time band. This gap is multiplied by an assumed change in interest
rate to yield an approx. change in net interest income that would
result from such interest rate movement.
The increase (decline) in earnings or economic value (or relevant measure used by management) for
upward and downward rate shocks according to management’s method for measuring IRRBB, broken
down by currency (as relevant).
Particulars Up to 3 months 3 to 6 months 6 to 12 months
Rate Sensitive Assets 2,895.27 2,513.32 7,383.52
Rate Sensitive Liabilities 5,470.44 1,607.83 4,705.51
Gap (2,575.17) 905.49 2,678.01
Cumulative Gap - (1,669.68) 1,008.33
10. Market Risk

i. Views of BoD on trading/ Market Risk is the risk that the fair value of future cash flows of the
investment activities financial instruments will fluctuate due to changes in different
market variable/factor, namely
i) Profit rate factor: Likelihood that interest rate will
change.
ii) Currency factor: Likelihood that Foreign exchange
rate will change
iii) Equity factor: Likelihood that stock price will change
iv) Commodity factor: Likelihood that Commodity price
will change
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and reviews compliance on a regular basis. The objective is to
provide cost effective funding to finance asset growth and trade
related transactions.
ii. Methods used to measure Standardized approach has been used to measure the Market
Market risk risk. The total capital requirement in respect of market risk is the
aggregate capital requirement calculated for each of risk sub-
categories. For each risk categories minimum capital requirement
is measured in terms of two separately calculated capital charges
for “specific risk” and “general market risk”.
iii. Market risk management system The Treasury Department manages market risk covering liquidity,
interest rate and foreign exchange risks with oversight from Asset-
Liability Management Committee (ALCO) comprising senior
executives of the bank. ALCO is chaired by the Managing
Director. ALCO meetings are held at least once in a month.
iv. Policies and process for mitigating There are approved limits for investment (credit) deposit ratio,
Market risk. liquidity asset to total asset ratio, maturity mismatch, commitments for
both on-balance sheet and off-balance sheet items and borrowing
from money market and foreign exchange position.
The limits are monitored and enforced on a regular basis to protect
against market risks. The exchange rate committee of the bank
meets on daily basis to review the prevailing market condition,
exchange rate, foreign exchange position and transaction to
mitigate foreign exchange risks. Foreign exchange risk is computed
on the sum of net short positions or net long positions, whichever is
higher of the foreign currency positions held by the Bank. The Bank
adopts maturity method in measuring interest rate risk in respect of
securities in trading book.
The capital requirements for: (BDT In Crore)
Profit Rate related instruments -
Equity position risk 26.16
Foreign Exchange Position 6.98
Commodity Risk -
Total Capital Requirements 33.15
11. Operational Risk
a) Views of BOD on system to reduce Operational risk is the risk of loss resulting from inadequate or failed
Operational Risk internal processes, people and systems (for example failed IT
systems, internal or external fraud or from external causes, whether
deliberate, accidental or natural. It is inherent in all of the Bank’s
activities. The policy for operational risks including internal control
and compliance risk is approved by the Board taking in to
account relevant guidelines of Bangladesh Bank. Audit
Committee of the Board directly oversees the activities of the
respective division to protect against all operational risk.
b) Performance Gap of Executives Performance is the most important factors to achieve the
and Staffs organizational goals. GIB always tries to be the best pay master in
the sector and ensure best workplace safety for its employees to
avoid inconsistent employment practices and unsound
workplace safety by way of discrimination regarding employee’s
compensation, health and safety. GIB strongly believe in
employee motivation and we do our best for making employee
happiness. As a result, there is no significant gap.
A half yearly and yearly performance appraisal practices are in
place to review achievements based on which rewards and
recognition decisions are made. Internal control and compliance
Division (ICCD) is continuously monitoring to minimize any
potential brand damaging performance gap by employees
especially fraud-forgery, misuse of power of attorney, weak
customer services, weak internal and regulatory compliance etc.
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However, our learning and development strategy puts special
focus on continuous professional development to strengthen
individual’s skill level by removing the weakness to perform the
assigned job with perfection. We have a wide range of internal
and external training programs to enhance capabilities to minimize
performance gap and to continuous more to bottom line.
c) Potential External Events Normally and by its nature, Operational risk cannot be totally
eliminated. All banks operate their business with few potential
external events that may significantly affect the banks. GIB is
always trying to prevent the potential external events like follows:
• General business environment
• Country’s political condition
• Price inflation
• Changes in taxation
• Risk of litigation process
• Damage of physical assets
• Volatility in the capital market and money market
• ICT security
• External fraud
• Business disruption and system failure etc.
Accordingly, the bank invests heavily in IT infrastructure for better
automation and online transaction environment. The bank also
has huge investment on network links to avoid business
description and system failure. Its IT system does not allow any
kind of external access to avoid external fraud by way of theft/
hacking of information assets, forgery etc.
d) Policies and process for The policy for operational risks including internal control &
mitigation operational risk compliance risk is approved by the Board taking in to account
relevant guidelines of Bangladesh Bank. The preparation of Policy
guidelines on risk based internal audit system is under process.
According to the guideline the branches will rate in terms of their
risk status. It is the policy of the bank to put all the branches of the
bank under any form of audit at least once in a year. To reinforce
operational risk by identifying, assessing, monitoring, controlling
and mitigating the risk, rectifying operational risk events, and
implementing any additional procedures required for
compliance with central bank requirements.
Apart from that, there is adequate check and balance at every
stage of operation, authorities are properly segregated there is at
least dual control on each transaction to protect the operational risk.
e) Approach for calculating capital Basic Indicator Approach (BIA) is used to calculate the capital
charge for operational risk requirements against operational risk.
Under BIA, the capital charge for operational risk is a fixed
percentage, denoted by ‘α (alpha)’ of average positive annual
gross income of the bank over the past three years. Figures for any
year in which annual gross income is negative or zero, should be
excluded from both the numerator and denominator when
calculating the average. The following formula is used in this case;
K = [(GI 1 + GI2 + GI3) a]/n
Where-
K = the capital charge under the Basic Indicator Approach
GI = only positive annual gross income over the previous three
years (i.e., negative or zero gross income if any shall be excluded)
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a = 15%
n = number of the previous three years for which gross income is
positive.
Gross income: Gross Income (GI) is defined as “Net Interest
Income” plus “Net non-Interest Income”.
The Capital requirement for:
Particulars (BDT in crore)
Operational risk 87.62
12. Liquidity Ratio

a) Liquidity Risk Liquidity risk is the risk that a bank may be unable to meet short
term financial demands. This usually occurs due to the inability to
convert a security or hard asset to cash without a loss of capital
and/or income in the process. Liquidity Risk is often triggered by
the consequences of other financial risks such as investment
(credit) risk, interest rate risk, foreign exchange risk, etc.
Liquidity risk is two types as follows;
i. Funding liquidity risk
ii. Market liquidity risk
b) Views of BOD in system to reduce Sound liquidity risk management engaged in measuring,
liquidity Risk monitoring and controlling liquidity risk is critical to the viability of
the bank.
Responsibility of managing and controlling liquidity of the bank lies

with Asset Liability Committee (ALCO) and ALCO committee is
approved by the Board of Directors of the bank through approval
of ALM Policy Guidelines and the committee meets at least once
in every month.
Asset Liability Management (ALM) desk of the treasury function

closely monitors and controls liquidity requirement on a daily basis
by appropriate coordination of funding activities and they are
primarily responsible for management of liquidity in the bank. A
monthly projection of fund flows is reviewed in ALCO meeting
regularly. At the same time committee takes permission from the
Board of Directors for its any change of interest rates due
considering liquidity risk.
c) Methods used to measure At a very basic level, liquidity measurement involves assessing all
Liquidity risk of a bank’s cash inflows against its outflows to identify the potential
for any net shortfalls going forward. This also includes funding
requirements for off balance sheet commitments.
An important aspect of measuring liquidity is making assumptions

about future funding needs. While certain cash inflows and
outflows can be easily calculated or predicted, bank also make
assumptions about future liquidity needs, both in the very short-
term and for longer time periods. One important factor to consider
is the critical role a bank’s reputation plays in its ability to access
funds readily and at reasonable terms.
We have identified several key liquidity risk indicators, which are

monitored on a regular basis to ensure healthy liquidity position.
These ratios are:
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Statutory Liquidity Requirement;
i) Cash Reserve Ratio (CRR);
ii) Liquidity Coverage Ratio (LCR)
iii) Net Stable Funding Ratio (NSFR)
iv) Advances to Deposit Ratio(ADR);
v) Structural Liquidity Profile (SLP);
vi) Maximum Cumulative Outflow (MCO);
vii) Medium Term Funding Ratio(MTFR);
viii) Liquid Asset to Total Deposit Ratio;
ix) Liquid Asset to Short Term Liabilities;
d) Liquidity risk management In order to develop comprehensive liquidity risk management
system framework, we have Contingency Funding Plan (CFP), which is a
set of policies and procedures that serves as a blueprint for the
bank to meet its funding needs in a timely manner and at a
reasonable cost.
For day-to-day liquidity risk management, CFP ensures that the
bank is best prepared to respond to an unexpected problem. In
this sense, a CFP is an extension of ongoing liquidity management
and formalizes the objectives of liquidity management by
ensuring:
a)A reasonable amount of liquid assets is maintained;

b)Measurement and projection of funding requirements during
arious scenarios; and
c)Management of access to funding sources.
CFP also provides directions for plausible actions in distress and

emergency situations. In case of a sudden liquidity stress, it is
important for the bank to be seemed organized, can did, and
efficient to meet its obligations to the stakeholders. Since such a
situation requires a spontaneous action, CFP will put the bank in
better position to address the liquidity problem more efficiently
and effectively. CFP ensures that bank management and key
staffs are ready to respond to any distress situations.
e) Policies and processes for Managing the Liquidity risk of our bank attracts much more
mitigating liquidity risk attention of the regulators and supervisors to comply the
regulatory affairs issued by them time to time. The outcome of this
concern was well reflected in the activities of the Basel Committee
for Banking Supervision while formulating the Basel 2.5 and finally
in Basel III documents. Global Islami Bank PLC also formulating &
submitting Liquidity (LCR and NSFR) and leverage ratios those are
primarily meant to address the above risks. For this Bangladesh
Bank has already declared the Roadmap for the implementation
of Basel III in the banking sector and our bank is also following these
plans & roadmaps very strictly.
Maturity ladder of cash inflows and outflows are effective tool to

determine banks cash position. A maturity ladder estimates a
bank’s cash inflows and outflows and thus net deficit or surplus
(GAP) both on a day to day basis and over a series of specified
time periods. A bucket wise (e.g. call, 2-7 days, 1 month, 1-3
months,3-12 months, 1-5 years, over 5 years) maturity profile of the
assets and liabilities is prepared to understand mismatch in every
bucket. A structural maturity ladder or profile is prepared
periodically following guidelines of the Bangladesh Bank DOS
circular no. 02 dated 29 March 2011.
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REPORT 2022 209
Sl No. Particulars (Figure in Crore)
(i) Liquidity Coverage Ratio 69.11%
(ii) Net Stable Funding Ratio(NSFR) 109.89%
(iii) Stock of High quality liquid assets 1232.37
(iv) Total net cash outflows over the next 30 calendar days 1783.21
(v) Available amount of stable funding 12371.07
(vi) Required amount of stable funding 11257.18
13. Leverage Ratio

a) Views of BoD on system to The responsibility of monitoring excessive leverage of the bank lies with
reduce excessive leverage the concern division under the guidance of the Board of Directors. The
Board decides the strategy, policies and procedures of the bank to
manage leverage ratio in accordance with the risk tolerance/limits as
per guidelines.
The Board also ensure that it understands the nature of the leverage
ratio and periodically review related information to maintain this
understanding, establishes executive-level lines of authority and
responsibility for managing the bank’s leverage ratio.
b) Policies and Processes for As per Basel III regulation, Leverage Ratio is a non-risk based backstop
managing on and off limit, to supplement risk based capital adequacy. In order to avoid
Balance leverage building up excessive on and off-balance sheet leverage in the
banking system, a simple, transparent and non-risk based leverage
ratio has been introduced by Bangladesh Bank. The leverage ratio is
projected to achieve following two objectives;
i. Constraint the build-up of leverage in the banking sector for

broader financial systems and the economy as well.
ii. Reinforce the risk based requirements with and easy to understand
and a non-risk based measure.
c) Approach for calculating At its highest level, the leverage ratio can be summarized as a measure
exposure of capital as a proportion of total adjusted assets. More specifically, it
has been defined as the average of the monthly leverage ratio over
the quarter based on Tier 1 capital (the capital measure) and total
exposure (the exposure measure). The minimum ratio is currently
calibrated at 3%.
d) Leverage Ratio A minimum Tier-1 Leverage ratio of 3% has been prescribed by
Bangladesh Bank. The bank measures and maintains the leverage ratio
on quarterly basis. The status of leverage ratio is at end of each
calendar quarter submitted to Bangladesh Bank. The following formula
is used to calculate the leverage ratio:
Tier -1 Capital (after related deduction)
Leverage Ratio=
Total exposures (after related deduction)
Particulars (BDT In Crore)
Leverage Ratio 8.25%
On balance sheet exposure 15,381.09
Off balance sheet exposure 529.21
Regulatory adjustment (8.64)
Total exposures 15,901.66
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14. Remuneration
(a). Information relating to the bodies that oversee remuneration:
i) Name, Composition and Under supervision and direction of the Senior Management of the
Mandate of the main bodies Bank, the Human Resources Management Division (HRD) oversees
that oversee remuneration. the 'remuneration' in line with its Human Resources Management
policy.
The Managing Director along with other Senior Executives of the
Corporate Head Office is the main body of overseeing the
remuneration. The Senior Management is the prime organ for
overseeing the Bank’s remuneration. It assesses the status of
remuneration and related matters and recommends to the Board
for approval of its reformation, reorganization and alteration
matching with the industry practices.
ii) External consultants whose No External Consultant is employed in this Bank. So no
advice has been sought, the commission is paid for this purpose.
body by which they were
commissioned, and in what
areas of the remuneration
process.
iii) A description of the scope of The Bank does not have any differentiated Pay Structure and
the bank's remuneration policy employee benefits by regions/ business line/ activity. The Bank had
(e.g. by regions, business line), no foreign subsidiaries and branches outside Bangladesh as on 31
including the extent to which it December 2022.
is applicable to foreign
subsidiaries and branches.
iv) A description of the types of The bank reckons the members of the senior management team
employees considered as and executives as the material risk takers of the Bank. Accordingly,
material risks takers and as 48 employees of the bank have been considered as material risk
senior managers, including the takers as on 31st December, 2022 as follows:
number of employees in each Rank Number
group. MD 1
AMD 2
DMD 2
SEVP -
EVP 5
SVP 1
VP 12
SAVP 25
AVP 42
FAVP 54
(b). Information relating to the design and structure of remuneration process
i. An overview of the key features The purpose of the Bank's remuneration policy is to establish a
and objectives of the framework for attracting, relating and motivating employees, and
remuneration policy. creating incentives for delivering long-term performance with
established risk limits.
The Bank targets a fair human resources management by using a

performance based system. Remuneration and other associated
matters are guided by the Bank’s Employees’ Service Rule as well
as direction & supervision from the Board from time to time in line
with the industry practices. Accordingly, the bank has a well-
structured and competitive pay scale for the regular employees
of the bank duly approved by the Board of Directors.
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ii. Whether the remuneration The Senior Management under direct supervision and guidance of
committee reviewed the banks' the Board of Directors reviewed the Banks' remuneration in 2015 by
remuneration policy during the overseeing the Banks remuneration position in the Banking industry
past year, and if so, an overview especially salary and other benefits of the employees.
of any changes that was made.
iii. A discussion of how the bank The risk and compliance employees are carrying out the activities
ensures that risk and compliance independently as per job assigned to them. Human Resources
employees are remunerated Management Division does not make any difference with other regular
independently of the business employees regarding remuneration of the risk and compliance employees
they oversee. and sets the remuneration as per the existing service rule of the Bank.
(c) Description of the ways in which current and future risk are taken into account in the remuneration
processes
An overview of the key risks that the bank takes into The business risk including investment (credit) risk,
account when implementing remuneration compliance, reputational, financial and liquidity
measures. risk are mostly considered when implementing the
remuneration measures.
An overview of the nature and type of the key Different set of measures are in practice based on
measures used to take account of these risks, the nature & types of business segments etc.
including risks difficult to measure. These measures are primarily focused on the
business goals set for each area of operation,
branch vis-à-vis the actual results achieved as of
the reporting date. The most vital tools &
indicators used for measuring the risks are the
asset quality (NPL ratio), Net Interest ratio, cost-
income ratio, growth of net profit as well as the
non-financial indicators namely the compliance
status with the regulatory norms, instructions have
been brought to the notice of all concerned of
the Bank regularly.
A discussion of the ways in which these measures All the financial and non-financial indicators as
affect remuneration. per pre-determined set criteria are considered
while evaluating the performance of each
employee annually. Accordingly, the result of the
performance differs from one to another
affecting the remuneration.
A discussion of how the nature and type of these No material change has been made during the
measures has changed over the past year and year 2022.
reasons for the change, as well as the impact of
changes on remuneration.
(d) Description of the ways in which the bank seeks to link performance during a performance
measurement period with levels of remuneration
An overview of main performance metrics for bank, Performance Appraisal Report is set by the Board
top level business lines and individuals. while approving the business target/ budget for
each year for the Bank and business lines/
segment. Appropriate tools, techniques and
strategic planning is undertaken by the
Management with the approval of the Board to
achieve those targets. The most common
performance indicators are the achievement of
loan, deposit and profit target, yield on loans
liquidity position, cost-income ratio, cost of fund
etc.
A discussion of how amounts of individual Salary increment, Employee house building loan
remuneration are linked to bank-wide and individual facilities, Employee Car facilities, promotion and
performance. yearly incentive bonus are directly linked with
individual performance of the employees.
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A discussion of the measures the bank will in general Various Performance facilities i.e. yearly incentive
implement to adjust remuneration in the event that bonus, salary increment, Employee house building
performance metrics are weak. This should include loan facilities, Employee car facilities and
the banks' criteria for determining "weak" promotion are determined by the outcome of
performance metrics. scorecard in prescribed Performance Appraisal
Report.
(e) Description of the ways in which the bank seeks to adjust remuneration to take account of longer-
term performance:
A discussion of the bank's policy on deferral and GIB never offer any variable remuneration that
vesting of variable remuneration and, if the fraction may be differed or vested either in the form of
of variable remuneration that is deferred differs cash, share or share linked instruments. However,
across employees or groups of employees, a employees are eligible for variable remuneration
description of factors that determine the fraction arrangements in the form of incentive bonus (non-
and their relative importance. deferred cash award), applicable to their position.
A discussion of the bank's policy and criteria for Not Applicable
adjusting deferred remuneration before vesting and
(if permitted by national law) after vesting through
claw back arrangements.
(f) Description of the different forms of variable remuneration that the bank utilizes and the rationale for
using these different forms:
An overview of the forms of variable remuneration The structure of remuneration packages for all
offered (i.e. cash, shares and share-linked employees primarily consist of a fixed
instruments and other forms. remuneration component, which is made up of
basis salary, allowances and other benefits.
Employees are also eligible for variable
remuneration arrangements applicable to their
positon. Variable remuneration consists of
incentive bonus.
A discussion of the use of the different forms of The following variable remunerations are
variable remuneration and, if the mix of different provided by the bank on the basis of employee’s
forms of variable remuneration differs across individual performances:
employees or groups of employees), a description A summary of Short-term and Long-term
the factors that determine the mix and their relative compensation packages of the Bank are as
importance. follows:
Short-Term Incentives/ Rewards

 Yearly incentive bonus;
 Yearly Increment;
 Car, fuel and care maintenance
allowance for executives;
 Festival bonuses
 Boisakhi allowance (Bangla new year)
 Medical facilities
 House Rent allowance
 Entertainment Allowance
 Conveyance Allowance
 Utility allowance
 House Maintenance allowance
 Newpaper/Internet facility
 Telephone/Mobile Phone and bill facility
Long-Term Incentive/ Rewards

 Provident fund
 Gratuity;
 Employees House Building loan facilities
 Provident Fund loan
 Periodically salary review
 Quard against Car Leasing Scheme etc.
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 Leave fare assistance
 Group Life Insurance
 Leave Encashment
 Death Benefit
 Car Maintenance allowance
 Social Security Benevolent fund
 Incentive for IBB holders
 BIM Diploma holders
Others Form:
 Study leave
 Foreign training etc.
A. Number of meetings held by the main body Usually, meetings for overseeing remuneration
overseeing remuneration during the financial year by main body held when required. No
and remuneration paid to its member: additional remuneration is paid to the members
for meetings.
B. Variable remuneration award during the financial year:
i. Number of employees having received a -
variable remuneration award during the year
2022.
ii. Number and total amount of guaranteed 2 Festival Bonuses and Boishaki allowance.
bonuses awarded during the financial year. Total BDT 12.53 crore
iii. Number and total amount of sign-on awards -
made during the financial year.
iv. Number and total amount of severance -
payments made during the financial year
C. Total amount of outstanding deferred remuneration, split into cash, shares -
and share-linked instruments and other forms
D. Total amount of deferred remuneration paid out in the financial year. -
E. Breakdown of amount of Breakdown of Remuneration for the year- 2022 is as under:
remuneration awards for the financial Particulars (BDT In Crore)
year to show Basic Salary 56.72
House Rent 27.89
Medical Allowances 8.50
Allowances 20.58
Bonus 28.53
Provident fund contribution 5.58
Gratuity 7.32
Arrear salary 0.89
Leave encashment salary 0.78
Consolidated Salary 14.27
Group life insurance premium 0.20
Salary to casual employees 12.16
Total 183.42
F. Quantitative information about employees' exposure to implicit (e.g. fluctuations in the value of shares
or performance units) and explicit adjustments (e.g. claw backs or similar reversals or downward
revaluations of awards) of deferred remuneration and retained remuneration:
Total amount of outstanding deferred remuneration and retained remuneration
Not Applicable
exposed to ex post explicit and / or implicit adjustment.
Total amount of reductions during the financial year due to ex post explicit
Not Applicable
adjustments.
Total amount of reductions during the financial year due to ex post implicit
Not Applicable
adjustments.
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REPORT ON
GOING CONCERN
The financial performance of GiB was good and improving steadily over the years. While analyzing the 5 (five)
years comparative financial position of GiB, we find that all the basic indicators of the bank is positive and the
bank is moving towards its way provide "Great Experience" of Banking at Home and Abroad and also to be
the fast growing Islami bank among all fourth generation banks dealing “Banking with Faith” leaving an
impressive growth curve.
• Gaining public and stakeholders confidence day by day. Both deposits and investment are maintaining
upward trend over the previous years.
• Built an excellent corporate and regulatory compliance culture.
• Practicing best Corporate Governance.
• Introducing state-of-the-art Information & Technology.
• Invented IT-based diversified products and services that are personalized for different economic class of
people of the society in order to bring the un-banked people into financial channels.
• Motivated employees, excellent working work force and team spirit, competitive pay scale and long
term benefits.
• Outstanding Assets Liability Management for proper liquidity planning and management.
• Expanded area of operation from urban to rural through Sub-Branch and Agent Banking.
• Effective Risk management system.
• Outstanding asset quality.
• Outstanding Credit Rating both in short term and long term.
• Excellent public communication, branding and media image.
• Paying dividend consistently.
• Positive key financial indicators. etc.
Banking business involves a high degree of risk and GiB is operating in an industry involving both external and
internal risk factors having direct as well as indirect effects on the financial position. Here, the Board of
Directors of GiB has carefully analyzed the financial position of the bank and estimated the issue of continuity
of the bank as going concern considering some risk factors that may seriously effects. If any of the following
risks actually occur, business, results of operations and financial condition could suffer.
(a) Investment Risks

(b) Liquidity and Non-Payment Risks
(c) Profit Rate & Foreign Currency Risks
(d) Strategic, Operational and Performance Risks
(e) Management Risks
(f) Reputation, Business and Industrial Risks
(g) Regulatory and Compliance Risks
(h) Risks for Global/National Policies
(i) Historical and Concentration Risks
(j) Portfolio Management Risks
(k) Security and Residual Risks
(l) Relationship Risks
(m) Environmental and Climate Change Risks
Based on the above discussion and risk factors, Board of Directors of GiB anticipated that it is appropriate to
adopt going concern assumptions and there is no material uncertainty in preparing financial statements.
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07 GIB GOVERNANCE
REPORTING
“And Speak to People Good Words.”
[Quran 2:83]
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DIRECTORS’ RESPONSIBILITY
IN RELATION TO FINANCIAL STATEMENTS
The Board of Directors has developed the internal financial control system and also continuously monitoring
its effectiveness. The Directors are assured that relevant accounting records have been maintained and
reasonable steps as far as practicable have been taken to ensure the accuracy and reliability of accounting
records for preparation of financial statements. These provide reasonable assurance for protection of Bank’s
assets, maintenance of proper accounting records and reliability of financial information.
The Directors are satisfied that GIB has the resources to continue in business for the foreseeable future and
therefore, these financial statements have been prepared on a going concern basis.
The Board has reviewed the external auditors’ report and considered that, these financial statements for the
year 2022 have been prepared using appropriate accounting policies, consistently applied, and supported
by reasonable and prudent judgement and estimates and in compliance with International Accounting
Standards (IAS), International Financial Reporting Standards (IFRS), Bank Company Act 1991 (amended up
to 2018), as per guidelines of the Bangladesh Bank, Companies act 1994, the rules/ regulations/ guidelines/
code issued by the Bangladesh Securities and Exchange Commission (BSEC) and other applicable laws and
regulations issued by the regulatory bodies time to time. Any change to Accounting policies and reasons for
such change is disclosed in the “Notes to the Financial Statements” of this annual report.
The members of the Audit Committee of the Board of Directors are qualified and experienced. The
Committee has made an independent assessment of the financial Reporting system of the Bank and
confirmed that the Financial Statements of the year ended on 31st December 2022 have been prepared in
compliance with relevant accounting principles and regulatory requirements. The Committee also discussed
exchanged views with the representatives of external auditors and reviewed the Financial Statements and
recommended to the Board of Directors for consideration and approval of these financial statements for
year ended on 31st December 2022.
The Directors are in agreement with the assessment of the Audit committee on the reliability of financial
reporting system of the Bank and confirm that these financial Statements have been prepared for external
use is in accordance with relevant accounting principles and regulatory requirements.
Nizam Chowdhury
Chairman
Board of Directors
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STATEMENT OF DIRECTORS’ ON
ADEQUACY OF THE INTERNAL CONTROL
The Board of Directors of Global Islami Bank has defined role as stipulated in the Bank Company Act 1991
(amended up to 2018). Therefore, the Directors have worked for maintaining good governance and
persistently discharged their responsibilities. The Directors have also established extensive business strategies,
adopted significant policies for internal control and risk management and implemented risk based internal
audits as per section 15 Kha & 15 Ga of the Bank Company Act 1991 (amended up to 2018) for ensuring that
the Bank is suitably and efficiently managed and controlled.
GIB has been running on Centralized Banking Models since 2013. The main objectives of adopting the model
was to reduce the operational risk and ensure the compliance at maximum. Through establishing the
centralized Banking Model, the different entities of the Bank have set up internal controls in all its operational
and business functions by producing timely and effective policies, circulars and manuals. The Board of
Directors have reviewed the policies and manuals in line with relevant practice and regulatory requirements
of various segments of business and operations in order to establish an effective Internal Control system,
which is adequate for achieving viable growth through systematic and efficient conduct of Business. The
Directors have also checked and reviewed the control procedures for ensuring the upkeep of the Bank’s
assets, the prevention and detection of fraud and error, the adequacy and completeness of accounting
records, timely preparation of financial statements and the efficient management of risks.
The Board of Directors monitored the adequacy and usefulness of Internal Control systems through formation
of audit committee. While preparing the audit committee, all the conditions mentioned in sections 15 Kha &
15 Ga of the Bank Company Act 1991 (amended up to 2018), Bangladesh Bank Guidelines and Corporate
Governance Codes by Bangladesh Securities and Exchange Commission (BSEC) have been appropriately
addressed. The committee has reviewed the system of internal control and management of core risks faced
by the Bank. They have also reviewed the audit process, the Bank’s process for monitoring the compliance
with laws and regulations and codes of conduct of business.
The audit committee has reviewed the arrangements made by management for adding the control features
to the existing Management Information System (MIS). The committee has also reviewed the corrective
actions taken by management relating to fraud-forgery and deficiencies in internal control revealed in
previous years. The committee has placed all the compliance reports before the Board of Directors and
regulators in time and has performed all other oversight functions relating to internal control systems of the
Bank.
Nizam Chowdhury
Chairman
Board of Directors
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REPORT 2022 219
DECLARATION OF MD AND CFO
TO THE BOARD
Date: April 27, 2023
The Board of Directors

Global Islami Bank
Saiham Tower, H # 34, R # 136, B # SE (C-1)
Gulshan Model Town, Gulshan-1, Dhaka-1212
Subject: Declaration on Financial Statements for the year ended on December 31, 2022
Muhtaram/Muhtarama,
Pursuant to the condition No.1(5)(xxvi) imposed vide the Commission’s Notification No.BSEC/CMRRCD/
2006-158/207/Admin/80 dated: June 03, 2018 under section 2CC of the Securities & Exchange Ordinance,
1969, we do hereby declare that:
1. The financial statements of GIB for the year ended on December 31, 2022 have been prepared in
compliance with the International Accounting Standards (IAS) or International Financial Reporting
Standards (IFRS), Bank Company Act 1991 (amendment upto 2018), Companies Act 1994, the rules and
regulations issued by the Bangladesh Bank, Bangladesh Securities & Exchange Commission and other
applicable laws and regulations issued by regulatory bodies time to time, as applicable in the Bangladesh
and any departure there from has been adequately disclosed.
2. The estimates and judgments related to the financial statements were made on a prudent and
reasonable basis, in order for the financial statements to reveal a true and fair view;
3. The form and substance of transactions and the Bank’s state of affairs have been reasonably and fairly
presented in its financial statements;
4. To ensure above, the Bank has taken proper and adequate care in installing a system of internal control
and maintenance of accounting records.
5. The Bank’s internal auditors have conducted periodic audits to provide reasonable assurance that the
established policies and procedures of the Bank were consistently followed; and
6. The management’s use of the going concerns basis of accounting in preparing the financial statements
is appropriate and there exists no material uncertainty related to events or conditions that may cast
significant doubt on the Bank’s ability to continue as a going concern.
In this regard, we also certify that: -
i) We have reviewed the financial statements for the year ended on December 31, 2022 and that to the
best of our knowledge and belief:
a) These statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;
b) These statements collectively present true and fair view of the company’s affairs and are in
compliance with existing accounting standards and applicable laws.
ii) There are, to the best of knowledge and belief, no transactions entered into by the company during the
year which are fraudulent, illegal or in violation of the code of conduct for the company’s Board of
Directors or its members.
Ma’as-salamah
Sincerely Yours
Syed Habib Hasnat Mohammad Kamruzzaman FCA

Managing Director Chief Financial Officer (CC)
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FROM THE DESK OF
COMPANY SECRETARY
GIB ambition is to become the

reference bank among Shari’ah
based Islami banks for Corporate
Governance Practices.”
Muhtaram/Muhtarama,
With utmost ecstatic feeling we are beaming with The Bank’s foremost Corporate Governance
gratification to introduce you to the GIB Annual standards incorporate the CGC, which was issued
Corporate Governance Disclosures, for the year by the BSEC and Bangladesh Bank. It also encloses
ended December 31, 2022. the best practices from associated relevant
regulatory bodies.
This report conveys enlightenments and foresights
on GIB’s effective CG strategies and its ways of At GIB, we sustained with our aim to provide solid
implementation across the year. It also offers useful financial returns for our shareholders, investors,
insights about the effectual manners through workers, and other stakeholders by being
which the Bank is regulated to build up and amplify innovative, adaptable, and genuine in our ways.
righteous corporate governance culture. For the The Board of Directors left no stone unturned to
well understanding, evaluating and reading properly monitor continual evolving of CG
purpose of interested general public, the soft copy practices and its development phases as their
version of the report is enfolded on GIB’s official authority comprise of overseeing, leading and
website. controlling the Bank into prosperous direction of
accomplishing its goals and objectives.
GIB’s CG Overview is pursuant to its inherent
essences of the Bank’s doctrine, practices, GIB has tremendous prospects and much work to
organizational culture, policies and liaison with the accomplish. Highlighting its commitment and
Stakeholders. To be assured of sustaining the trust dedication level to ensure persistent submissiveness
of our Stakeholder’s, GIB comprehends the with all the regulatory obligations, the Bank is
equilibrium importance of integrity and hopeful and passionate enough to aspire for
transparency as these are major facets in the upholding high standard in establishing supreme
procedure of establishing compelling CG CG practice as the guiding principles for our
practices in the Company. Across the year 2022, performance in the Bank whilst working relentlessly
our broad-based and diversified CG practices are to accomplish sustainable financial development
demonstrated in the process of ensuring successful in the upcoming future days and maximizing
operation of banking activities. Hereby, consistent long-term returns to our shareholders.
reviewing proceedings were ensured at regular
simultaneous interval on the Corporate Ma’as-salamah
Governance framework of the Bank and its
grabbed policies with a purpose of affirming Sd/-
harmonization with the promptly changing
business environment, its technological Md. Manjur Hossain
improvements, regulatory obligations and Company Secretary
envisaged strategies.
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REPORT ON
CORPORATE GOVERNANCE
1.0 INTRODUCTORY
GIB believes that Corporate Governance is a journey and not a destination and it needs to be continuously
developed, nurtured and adapted to meet the varying needs of a modern business house as well believes
in transparency and accountability to the society as a whole through establishment of an efficient and
effective Corporate Governance regime.
1.1 VISION/ MISSION AND STRATEGY

The vision, mission and strategy statement of the Bank approved by the Board of Directors is presented in the
“Company Ethos” section of this GIB Annual report. The said statements are also disclosed on the Bank’s
website and other related publications.
1.2 GOVERNANCE PRINCIPLES

Corporate governance is the system by which companies are directed and controlled. It involves a set of
relationships between a company's management, its board, its shareholders and other stakeholders; it deals
with prevention or mitigation of the conflict of interests of stakeholders. Ways of mitigating or preventing
these conflicts of interests include the processes, customs, policies, laws, and institutions which have impact
on the way a company is controlled. An important theme of corporate governance is the nature and extent
of accountability of people in the business, and mechanisms that try to decrease the principal-agent
problem.
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GOVERNANCE
PRINCIPLES
PRINCIPLE C
Integrity in corporate reporting and meaningful

relationship with stakeholders
LEADERSHIP AUDIT INTEGRITY

• Board charter • Audit Committee • Corporate Disclosure Policy
• Roles and Responsibility of the Board • Internal Audit
• Roles & Responsibility of the Board Committee • Shari’ah Audit
• Authority and Delegation
• Director’s Handbook
• Board Code of Conduct and Ethics
• Whistle-Blowing Policy
• Voting Policy
• Indemnification of Directors and Officers
• Access to Information
• Conflict of Interest
EFFECTIVENESS RISK MANAGMENT STAKEHOLDERS
• Board Evaluation • Risk Management Committee • Investor Relations
• Board Activities • Risk Management • Dividend Policy
• Board Meeting & Attendance • Internal Control Framework • General Meetings
• Board Composition & Diversity
• Board Commitment
• Director’s Remuneration Policy
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Corporate governance also includes the relationships among the many stakeholders involved and the goals
for which the corporation is governed. In contemporary business corporations, the main external stakeholder
groups are shareholders, debt holders, trade creditors, suppliers, customers and communities affected by the
corporation's activities. Internal stakeholders are the board of directors, executives, and other employees. It
guarantees that an enterprise is directed and controlled in a responsible, professional, and transparent
manner with the purpose of safeguarding its long-term success. It is intended to increase the confidence of
shareholders and capital-market investors. GIB is firmly convinced that a traditional banking model focused
on closer customer relationships and advisory services best serves its purpose, as such, its goals are based on
customers' needs & solutions and not merely a product.
GIB corporate governance policy for Directors, Management and employees has been formulated as per
the guidelines/ codes of regulators. With adherence to this policy, GIB aims to build trust and confidence
among stakeholders, thereby improve its competitiveness, enhance value and promote stability. The policies
are updated time to time in order to comply with the proper governance principles and relevant regulatory
requirements.
1.3 CONCEPTUAL FRAMEWORK

Corporate Governance is one of the most concentrated issues now-a-days. Bangladesh Bank and other
regulatory authorities are much concerned about the compliance with corporate governance issues. It
refers to the set of systems, principles and processes, by which a company is governed. It consists of
guidelines as to how the company can be directed or controlled such that it can fulfill its goals and
objectives in a manner that adds to the value of the company and is also beneficial for all stakeholders in
the long run. In this case, stakeholders would include everyone ranging from the board of directors,
management, shareholders to customers, employees, society and so on. The management of the company
hence assumes the role of a trustee for all the others.
Two major objectives of corporate governance can be:

• To mitigate conflicts of interest particularly among those stakeholders;
• To ensure effective use of assets of the company and in the best interests of its stakeholders.
GIB Corporate Governance framework has been developed and enhanced based on the basic principles
and best practices outlined in the following:
• Corporate Governance Code of BSEC;

• The Companies Act 1994 and other applicable regulations of Bangladesh;
• The Bank Companies Act, 1991 (Amended upto 2018);
• Dhaka and Chittagong Stock Exchanges Listing Regulations, 2015;
• Bangladesh Secretarial Standards (BSS) issued by ICSB;
• Other applicable Laws of the country;
• Standards of Business Conduct, Policies and Guidelines of the Bank;
• Statement of Risk Management Internal Control of the Bank;
• Statement of Delegated Authorities of the Bank; and
• Local and global best practices.
The Bank has always strived to maintain the highest standards of corporate governance and business
conduct so as to create and maintain sustainable shareholders' value, safeguard stakeholders interest and
maintain investors' trust and confidence. The Bank's corporate governance structure comprises of the
Shareholders, the Board, Bank Management, Regulatory Authorities, Independent External Auditors and the
Employees. The Bank, at the same time, expects acts of honesty and integrity from its Board of Directors,
employees and stakeholders.
1.4 CORPORATE GOVERNANCE PRACTICES AT GIB

Since inception, Global Islami Bank has taken into insight of great corporate influence drill as the central part
in securing the premiums of all stakeholders. To guarantee the best practices of Corporate Governance in
this bank, there is a particular fringe of powers & obligations around the Board of Directors, its Chairman and
Managing Director according to the rules and regulations of Regulatory Bodies. Our foremost priority is to
distinguish great Corporate Governance that empowers the Bank to create professionalism together with
trust and certainty around the invested individuals, building ability to work business proficiently and making
an amiable working environment inexorability to meet the tests in the advancing years.
GIB operates within the legal framework of the Companies Act-1994 and as a banking company, complies
with the provisions of the Bank Company Act 1991 (Amendment up to 2018). It also complies with the
ANNUAL
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notifications / directives / guidelines/ circulars/ regulations issued from time to time by Bangladesh Bank and
Bangladesh Securities and Exchange Commission (BSEC). The Bank is responsibly managed and supervised
in fulfillment of the objectives of adding value to the shareholders’ wealth and contributing to the national
economy. GIB Corporate Governance principles serve the goal of strengthening and consolidating our
company’s position with sustained growth objectives in materializing the trust placed in the company by the
shareholders, clients, employees and the general public. Fair practice, accountability, transparency,
compliance, value creation and corporate social responsibility are the pillars of GIB Corporate Governance.
Comprehensive frameworks of policies across all the areas of the Bank’s operations are set in place. The
control mechanism is working well and has further been strengthened in the Bank. The principles of corporate
governance in practice have been strengthened and are now embedded in the Bank’s overall activities.
There is clear leadership and Management Structure across the entire Bank.
BOARD,
MANAGEMENT
& COMMITTEES
INTERNAL
REGULATORY CONTROL &
POLICIES & MONITORING
COMPLIANCE MISSION VISION
GIB CORPORATE
GOVERNANCE
RISK, OPERATION STRATEGY OBJECTIVES

& PERFORMANCE ACCOUNTABILITY,
MANAGEMENT TRANSPARENCY &
DISCLOSURES
NORMS,
VALUES &
ETHICS
In order to ensure corporate governance, Sustainable Finance Committee has already been formed in the
Bank complying with Bangladesh Bank circular SFD Circular No. #02 dated December 01, 2016. This
Committee was formed after abolishing Green Banking Unit and CSR Unit in the Bank. A Sustainable Finance
Unit has also been formed to facilitate the mentioned Committee.
1.5 RISK AND CONCERNS

Since the banking industry depends on the country's prevailing political situation, legal environment,
economic environment etc., there are certain risk factors which are external in nature and can affect the
business of the bank. The risk factors and concerns discussed below which may significantly affect the
business:
• General business and political condition - Political stability is must for growth in business activities. The
effect of last economic recession is still unfolding which may result to slow down in business environment;
• Changes in borrower’s credit quality - The risk of deterioration of investment quality is inherent in banking
business. This could result due to global economic crisis and supply side distortion. Deterioration in
investment quality requires provisioning;
• Changes in policies and practices of regulatory bodies to revise practices, pricing and responsibilities of
the financial institutions have significant effect on the performance of the bank;
• Changes in market conditions - Changes in market conditions particularly interest rates on deposit;
volatility in FX market is likely to affect the performance of the bank;
• The risk of litigation in the ordinary course of business, legal actions, and claims by and against the Bank
may arise;
• Operational risk is inherent to all business because more or less operation is technology based.
2.0 BOARD OF DIRECTORS
2.1 STRUCTURE OF THE BOARD

The key responsibility of the Board of Directors is to ensure overall governance in the Bank. The Board of
Directors are held obligated for making policies and execution thereof, Risk Management, Internal Control,
Internal Audit of the Bank and its compliance. The Board verifies that the Bank moves forward with high
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ethical standards at all level of operations and regularly reviews the Bank’s compliance with regard to
corporate governance set by the Regulatory Bodies. The Board also looks after the Management’s handling
of business affairs within an agreed framework complying with all related regulatory circulars and guidelines.
Composition of Board of Directors
Managing
Director
Non-Executive
Director Independent
Director
The Board of Directors is the body, responsible for corporate governance, devising policies and determining
objectives for stewardship of Bank’s resources. The Chairman and in his absence, the Vice Chairperson,
presides over the meetings of the Board of Directors, Annual General Meeting and the Extra-Ordinary
General Meeting.
All the Directors meet certain “fit and proper” criteria pursuant to rules and regulations of Bangladesh Bank.
GIB also complies with the requirement of Bangladesh Securities and Exchange Commission (BSEC) for
appointment of Directors. The Chairman directs the Board to ensure that it operates effectively and fully
discharges its legal and regulatory responsibilities. There is a specific line of control between the Chairman
and the Managing Director exercised by different persons. As per regulators regulations, all Directors, except
nominated, independent or alternate director, maintain at least hold a minimum of 30% collectively and 2%
individually shares of the paid up capital of the Bank.
2.2 APPOINTMENT AND ELECTION OF THE DIRECTORS

Directors including Independent Directors are appointed complying with relevant provision/clause of
Companies Act 1994, Bank Company Act 1991 (amended up to 2018), BSEC CGC 2018, Guidelines of
Bangladesh Bank and Articles of Association of the Bank. With regards to nomination, removal and casual
vacancy of the Directors, Bank follows all relevant rules and regulations of the respective regulatory bodies.
One-third (1/3rd) of total numbers of Directors retired in the Annual General Meeting (AGM) of the Bank.
As per the Bank Company Act 1991 (amended up to 2018), the Directors are appointed for a term of 09
(nine) years subject to the approval by the shareholders in the Annual General Meeting (AGM) and
maximum four members from the same family can be the directors of any bank. The Managing Director is
appointed for a minimum period of three years’ subject to approval form the Bangladesh bank.
The term of appointment for an Independent Director is 03 (three) years which can be extended by 01 (one)
term subject to appointment by the Board of Directors and approval by the Shareholders in the AGM.
Mentionable that a former independent director may be considered for reappointment for another tenure
after a time gap of one tenure, i.e., three years from his/her completion of consecutive two tenures (i.e., six
years). For appointment of an independent Director, the approval of BSEC is obtained to comply with its
requirement. All appointments of the Board are made subject to approval of Bangladesh Bank.
2.3 ROTATION AND RETIREMENT OF DIRECTORS

Pursuant to Companies Act 1994 under Regulation 79, 80 and 81 of Schedule-I and as per relevant articles of
the Bank's Articles of Association, one-third of the directors need to retire every year and they will be eligible
for re-election. Under this circumstances, one-third of the Directors will retire in the forthcoming Annual
General Meeting of the Bank and they are eligible for re-election subject to compliance of relevant laws of
the land.
2.4 KNOWLEDGE AND EXPERTISE IN FINANCE AND ACCOUNTING

GIB’s Board of Directors comprises of members who have wide knowledge and experience in the field of
finance, accounting, economics, management, marketing and business administration. By that, it is ensured
that they have the ability to interpret the decisions of bank’s management in a prudent manner.
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2.5 BRIEF RESUME OF THE DIRECTORS
The brief resume of the Directors in compliance of Notification No. BSEC/CMRRCD/2006-158/207/ Admin/80
dated: June 03, 2018 of Bangladesh Securities and Exchange Commission (BSEC) is appended in the GIB
Board of Directors' Profile under “Corporate Structure” section of this GIB Annual Report
2.6 THE CHAIRMAN OF THE BOARD OF DIRECTORS

The Chairman of the Board of Directors of GIB has been elected through the direct participation of the Board
of Directors. The Chairman of the Board of Directors does not personally possess the jurisdiction to apply
policy making or executive authority, he does not participate in or interfere into the administrative or
operational and routine affairs of the Bank. However, the Chairman may assume any responsibility if the
Board assigns within the purview of the Rules, Regulations, Acts and Articles of the Bank. The Chairman’s
responsibility is defined by the Board as directed by the BRPD Circular No. 11 dated October 27, 2013.
2.7 CODE OF CONDUCT OF BOARD OF DIRECTORS

The Board of Directors of Global Islami Bank adopted the following Code of Conduct for members of the
Board to provide guidance to directors to carry out their duties in an honest, responsible and businesslike
manner and within the scope of their authority, as set forth in the laws of the country as well as in the
Memorandum and Article of Association of the company. The roles and responsibilities of the Board of
Directors under broad categories are outlined below (but not limited to) incompliance with Bangladesh Bank
BRPD Circular No. 11 dated 27 October 2013 and Corporate Governance Notification issued by BSEC on 07
August 2012:
• The Members shall act honestly, in good faith and in the best interests of the shareholders and the
Company;
• The Members shall not make improper use of information acquired as a director;
• The Members shall not take improper advantage of the position of a director;
• The Members will be obligated to be independent in judgment and actions and take all reasonable steps
to be satisfied as to the soundness of decision taken be the, the Board of Directors;
• Confidential information acquired by the members in the course of exercise of directorial duties shall
remain the property of the company and it will be improper to disclose or allow it to be disclosed, unless
that disclosure has been authorized by the company, or the person from whom the information has been
received;
• Members shall make every effort to attend all Board and Committee Meetings during their tenure. They
will not absent themselves without good reasons or confirming leave of absence;
• To maximize effectiveness of the Board, Committee Meetings, contribution of individual director shall be
monitored and appraised on an annual basis;
• Board members having interest of any nature in the agenda of the meeting, shall declare beforehand the
nature of their interest and withdrawn from the room, unless they have a dispensation to speak;
• Training opportunities /orientation/workshops will be arranged for the members (especially for the newly
inducted members) to make them acquainted with the international best practices, their fiduciary
obligations, code of conduct etc.;
• Members shall always maintain’ Fit and Proper Test Criteria’ clean CIB status and other obligations
declared by Primary and other Regulations;
• Members shall be judicious about their entitlement of benefit/Privileges as per Bank Company Act-1991,
Circulars issued by Bangladesh Bank and shall be willing to produce supporting documents, if required;
• Every Director will assure annually signing a confirmation that they have gone through, have complied
with and will continue to comply with the set of codes approved by the Board of Directors.
2.8 ROLE AND RESPONSIBILITIES OF THE BOARD

The Board is committed to the Company to achieve superior financial performance and long term
prosperity, while meeting stakeholders’ expectations of sound corporate governance practices. The Board
determines the corporate governance arrangements for the company. As with all its business activities, the
Board is proactive in respect of corporate governance and puts in place those arrangements which it
considers are in the best interest of the Company and its shareholders, and consistent with its responsibilities
to other stakeholders.
The Board duly complies with the guidelines issued by Bangladesh Bank regarding the responsibility and
accountability of the Board, its Chairman and Managing Director, vide BRPD circular no. 11 and 18 dated
27.10.2013 respectively.
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The Board of Directors have full control of the Company’s affairs and is also fully accountable to the
shareholders. They firmly believe that the success of the company largely depends on the credible
corporate governance practices adopted by the Company. Taking this into consideration, the Board of
Directors of Global Islami Bank set out its strategic focus and oversees the business and related affairs of the
Company. The Board also formulates the strategic objectives and policy framework for the Company. In
discharging the above responsibilities, the Board carries out, inter alia the following functions as per the
charter of the Board and Bangladesh Bank’s BRPD circular no. 11 dated 27.10.2013:
Stakeholders Responsibilities Reserved to the Board

Approval of business strategy and vision in line with efforts to drive shareholder value
Creation;
Approval of business plans, assuring that sufficient resources are available to implement
strategy and monitoring of the implementation of strategy;
Approval and monitoring of major investments or divestitures and strategic
Shareholders commitments;
Determination of capital structure and dividend policy;
Approval and monitoring of financial reporting;
Oversight of risk management ,internal control and compliance systems as per
Bangladesh Bank’s ‘Core Risk Guidelines’;
Recommendation for appointment or removal of external auditors and determination
of the remuneration and terms of appointment of the auditors;
Oversight of shareholder reporting and communications;
Approval of annual budgets including major capital expenditure proposals;
Regular review of financial performance and overdue situation;
Monitoring the adequacy, appropriateness and operation of internal control;
Ensure that technology and information systems used in the organization are sufficient
to operate the organization effectively and maintain competitiveness;
Customers Benchmarking the delivery of value to customers, clients and partners;

Reinforcement of culture, core values and employer of choice;
Employees Review and approval of MD & CEO and Senior Management Teams contractual
arrangements, remuneration and benefits;
Oversight of succession planning for the MD & CEO, Senior Management Team and
such other executives as the Board may determine;
Oversight of the management of social, economic and environmental concerns
consistent with the delivery of sustainable outcomes for stakeholders and achievement
Community of the Company’s incident and injury even free version;
Reinforcement of reputation, brand and community relations;
Review of the size and composition of the Board;
Director’s nomination, selection, removal, succession planning and remuneration; and
Directors
Review of Board Performance;
The Chairman of the Board is elected to the office of Chairman by the Directors. The Board considers that the
Chairman is independent. He provides leadership to the company’s Board and Executives. The Chair of the
Board ensures that the company’s duties to shareholders are being fulfilled by acting as a link between the
Board and upper management.
2.9 APPRAISAL OF BOARD’S PERFORMANCE

The Board of Directors of GIB is guided by the Code of Conduct for the Directors. Through GIB does not have
any policy for yearly appraisal of Board’s yearly performance but the Bank is firmly abiding by the guidelines
prescribed by the different regulators of the country including Bangladesh Bank and BSEC Corporate
Governance Code. It is pertinent to mention here that a regular performance of the Bank is appraised by
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Board of Directors through the compliance of different guidelines and policies, in addition to the
implementation status of different projects and proposal approved. Above all, an evaluation of the Board
has been taken place through the General Meeting with the direct participation of the shareholders of the
Bank. The evaluation is aimed at identifying any areas for improvement as given below: -
BOARD OF DIRECTORS INDEPENDENT DIRECTORS CHAIRMAN OF BOARD
● Board of Directors ● Integrity ● Overall Management of

Composition and Quality ● Implementing best CG Meetings.
● Board and its Committee practices ● Approachableness.
Meetings and Procedures ● Unbiased & ethical judgment ● Ability in handling critical
● Execution and ● Independent Judgment for situations.
performance of specific Board Deliberations ● Openness to discuss
duties from the point of ● Updated with business of the difficult issues.
view of the members of bank
the Board of Directors ● Encouragement of critical
● Acting in the interest of the interventions of Members
● Assessment of the Board & Bank, Shareholders & of the Board of Directors.
Company Secretariat Employees
Division
● Confidentiality
● Adherence to Code of
Conduct
● Negative press.
2.10 BOARD MEETING AND ATTENDANCE

The Board of Directors meets as required to discuss financial performance of the Bank, business proposals,
bank’s strategy, compliance etc. The Board also reviews minutes of the subcommittees, Risk Management
report, compliance report and approved the quarterly financial result of the Bank.
GIB Board of Directors meets regularly and exercises control over strategic, financial, operational, internal
control and compliance issues. The Board takes part in strategy formulation, setting objectives and policy
guidelines. The Board of Directors conducted total 09 (Nine) meetings during the year, 2022.
The attendance records of Board of Directors meetings in the year, 2022 are as follows:
Total No. of No of Meetings
Sl. Name of Directors Status in the Board
Meetings Held Attended
1 Mr. Nizam Chowdhury Chairman 09
2 Mrs. Maimuna Khanam Vice Chairperson 09
3 Dr. Mohammed Faruque Director 09
4 Mr. Shahidul Alam Director 09
5 Ms. Shahana Ferdous Director 09
6 Mr. Arif Ahmed Director 09
7 Mr. Mohammad Mostan Billah Adil Director 09
8 Mr. Bourhanul Hasan Chowdhury Director 09
9 Ms. Rokea Yesmin Director 09
10 Mr. Subrata Kumar Bhowmick FCA Director 09
11 Mr. Wahidul Alam Seth Director 09 09
12 Mr. Hasan Mansur Director 09
13 Mr. Mohammed Oheidul Alam Director 09
14 Mr. Mohammad Shahjahan Meah Director 09
15 Ms. Farzana Begum Director 09
16 Mr. Mohammed Kutub Uddowllah * Independent Director 08
17 Mr. S.A.M Salimullah * Independent Director 08
18 Dr. Md. Nizamul Hoque Bhuiyan Independent Director 09
19 Mr. Ahmed Muktadir Arif Independent Director 09
20 Mr. Hasan Iqbal ** Independent Director 00
The Director(s) who could not attend the meeting(s) were granted leave of absence by the Board.
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* Independent Directors Mr. Mohammed Kutub Uddowllah and Mr. S. A. M. Salimullah, both have
completed the 2nd and final term on December 26, 2022.
** Mr. Hasan Iqbal has been appointed as Independent Directors in the Board of Directors in its 68th
meeting held on November 28, 2022 as ‘Independent Director’ of the Bank for the 1st term (w.e.f.
December 27.12.2022)
2.11 DIRECTORS’ SHAREHOLDING STATUS

In compliance with BSEC Notifications dated: November 22, 2011 and December 07, 2011, all the eligible
Directors (other than Independent Directors) of GIB have been holding required percentage of shares
individually. The detail shareholding structure and positions are provided in the “Shareholders’ Information”
section.
2.12 OWNERSHIP COMPOSITION

The detail of ownership composition has been included in the “Shareholders’ Information” section.
2.13 PATTERN OF SHAREHOLDINGS

The detail of Pattern of Shareholdings has been included in the “Shareholders’ Information” section.
2.14 DIRECTORS’ REMUNERATION

The non-executive directors (Directors other than the Managing Director) of the Board representing
shareholders do not take any remuneration/ incentive or reimbursement of any expenses for attending
Board meeting or for any other purpose. The Board members receive BDT 8,000.00 (Taka eight thousand) only
as per BRPD circular letter no: 11, dated: October 04, 2015 for attending the Board/ Committees meetings.
They are also paid for travelling and living/ lodging expenses incurred for attending in the Board meeting and
other Board’s Committees meetings as per Articles of Association of the Bank and within the guidelines of the
Bangladesh Bank. The fees given to the Directors including Independent Directors are disclosed in the note
to the financial statements.
2.15 INDUCTION & TRAINING OF THE DIRECTORS

New Directors and existing Directors are likely to require some key information in case of first and consecutive
appointment to have updated knowledge about the latest position of the Bank and all related rules and
regulations. Provided key information will help the Directors for better understanding of their role and
responsibilities. Provided key information includes introduction with the Board and Senior Management
Bank’s current status, related strategic priorities and action plans, good governance practices, etc.
Besides, training of the Directors includes providing training and information on the latest updated related to
Banking business such as relevant laws, policy guidelines, circulars, rules and regulations issued by the
regulatory authorities; so that they could effectively discharge the responsibilities as a Director of the Bank.
Sometimes special discussions are arranged with the experts on highly technical and complex issues. They
also participate in the programs and seminars organized by various professional bodies at home and abroad
on business, economic, technical, professional and corporate governance issues.
2.16 COMPETENT LEADERSHIP

GIB promotes a process for competent leadership that provides a structure for leaders to listen, learn and
then lead. Before attempting to come up with ideas and solutions, management is eager to learn about the
challenges that employees and clients are facing. All steps in the development of products and services, as
well as their approval by the Board, proceed in the direction of listening, learning and then approving, which
also justifies the Bank's Board and Management's long-term leadership.
2.17 SUCCESSION PLAN

Global Islami Bank believes that the membership and composition of the Board should be reassessed from
time to time so succession planning is a pivotal part of corporate governance practices to meet the
company’s long-term goals and objectives and to ensure that the knowledge, experience, and skillset of its
members would be well suited to meet the demands of the ever-changing financial industry.
In addition to above, for the recruitment and selection process of potential Human Resources, it is important
to review GIB’s Talent Pool and secure the curricula vitae of prospective candidates discreetly from various
internal and external sources to ensure that GIB always has a steady pool of talent for selection whenever
there is a need to appoint employees. Relevant training and exposure is provided to its employees to
prepare them for a higher role so that in house employees are prioritized and included throughout the
growth of the organization.
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2.18 DELEGATION OF POWER
The Board has delegated appropriate financial and business power to the Management of the Bank. In
order to have proper functioning and quick disposal of investment proposal, Board has delegated required
authority to the Executive Committee of the Board to approve proposal within certain limit and take various
necessary decisions. The delegation supports the operation of the Bank in a positive manner.
2.19 DIRECTORS' REPORT IN COMPLIANCE WITH BEST PRACTICES ON CORPORATE GOVERNANCE

The status of compliance with corporate governance guidelines/codes of Bangladesh Bank and
Bangladesh Securities and Exchange Commission (BSEC) has been given hereafter. The compliance auditor
duly certified the Bank's Compliance Status which is re-produced in this “GIB Corporate Governance
Reporting” section hereafter.
2.20 DIRECTORS’ REPORT ON FINANCIAL STATEMENT AND CORPORATE GOVERNANCE

Board of Directors of the Bank requires to prepare financial statements for accounting year. Moreover, the
Board of the Bank need to include an additional statements or disclosures in the Directors’ report prepared
under section 184 of the Companies Act, 1994 (Act no. XVIII of 1994). A separate statement of Director
Responsibility for financial reporting and corporate governance is given in “GIB Corporate Governance
Reporting” section of this GIB Annual Report.
3.0 COMMITTEES OF BOARD OF DIRECTORS
3.1 FORMATION OF BOARD COMMITTEES

There are no committees or sub-committee of the Board other than (1) the Executive Committee (2) the
Audit Committee and (3) the Risk Management Committee. The Committees are providing necessary
supports to the Board of Directors to fulfill their responsibilities for effective functioning of the Bank complying
with all regulatory circulars.
It is to be mentioned here that the formation of “Nomination & Remuneration Committee” has been barred
by Bangladesh Bank vide its letter under reference no. BRPD (R-1-717/2021-5064), dated: June 16, 2021.
3.2 INDEPENDENCE OF CHAIRMAN OF ALL BOARD COMMITTEES

All the Committees are formed with the Directors of the Board of Directors. The Chairman of the Committees
are elected by Board of Directors. Each Committee has full freedom to carry out their coveted
responsibilities. The Chairman of the Committees, with their own jurisdiction with the support of the
Committee members, takes the necessary steps regarding different agenda as deems fit. But they do not
participate in or interfere into the administrative or operational or routine affairs of the Bank. They strictly
ensure confidentiality of the Bank’s agenda papers, discussions at the Board/Committee Meetings, Notes
and Minutes.
3.3 RESPONSIBILITIES OF BOARD COMMITTEES

The committees are the helping hands of the Board of Directors to fulfill their responsibilities for effective
functioning of the Bank. Basic responsibilities of Board Committees are as follows:
(1) Executive Committee (EC): An Executive Committee has been authorized to approve specific
investments and operational issues and dispose of important matters on urgent basis with
recommendation of the Management. The EC also reviews budgets, plans and major organizational
changes for final submission to Board for a complete review and approval.
(2) Audit Committee (AC): A separate Audit Committee is in place to oversee internal control with a view to
strengthening internal and external audit activities. The committee reviews the financial reporting
process, the system of internal control, Management Information System, Management of Risks, the
Bangladesh Bank and Internal Audit Reports and Audit procedure and Compliance with laws and
regulations and bank’s own code of business conduct. The Committee also helps the Management to
perform better to achieve the objectives set by the Board.
(3) Risk Management Committee (RMC): The Board constituted a Risk Management Committee (RMC) to
take effective measures to reduce the associated risks emanated from implanting the policies and
procedures and work-planning approved by the Board. The Committee will justify the efficacy and
effectiveness of the Bank’s risk management functions. The Committee will take steps to frame a policy
for Risk Management and get them complied with and monitor the overall risk management activities
on regular basis.
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(4) Nomination & Remuneration Committee (NRC): In compliance to the BSEC CG Code – 2018, the
formation of Nomination & Remuneration Committee (NRC) by an issuer is to assist the Board in
formulation of the nomination criteria or policy for determining qualifications, positive attributes,
experiences and independence of directors and top level executive as well as a policy for formal
process of considering remuneration of directors, top level executive. The formation of “Nomination &
Remuneration Committee” has been barred by Bangladesh Bank vide its letter under reference no.
BRPD(R-1)717/2021-5064, dated: June 16, 2021.
3.4 EXECUTIVE COMMITTEE MEETING AND ATTENDANCE

The Executive Committee is one of the committees of the Board of Directors and it had 5 (Five) members. The
Committee conducts their responsibility as per Terms of Reference (ToR) determined by the Board of
Directors of GIB. This Committee looked after different issues of the Bank. This Committee conducted 03
(Three) meeting in 2022 based on necessity.
The attendance records of Executive Committee meetings in the year, 2022 are as follows:
Sl. Name of Directors Status in the Committee Total No. of No of Meetings

Meetings Attended
1 Mrs. Maimuna Khanam Chairperson 03
2 Dr. Mohammed Faruque Member 03
3 Ms. Shahana Ferdous Member 03 03
4 Mr. Mohammad Mostan Billah Adil Member 03
5 Mr. Wahidul Alam Seth Member 03
3.5 REPORT OF THE EXECUTIVE COMMITTEE OF BOARD OF DIRECTORS

A report of the Executive Committee is attached in the “GIB Performance Reporting” section.
3.6 AUDIT COMMITTEE MEETING AND ATTENDANCE

The Audit Committee is one of the committees of the Board of Directors and had 05 (Five) members. The
Committee is guided by the Terms of Reference (ToR) as set by the Board of Directors of the GIB in line with
the direction of Bangladesh Bank and Bangladesh Securities & Exchange Commission (BSEC). This
Committee met regularly and looked after the audit related issues, discussed the Self-Assessment of
Anti-Fraud Internal Control reports to Bangladesh Bank, yearly/half-yearly unaudited financial statements,
Inspection Reports from Internal Control & Compliance Division (ICCD) of Head Office and also from
Bangladesh Bank. The Chairman of the Audit Committee is chaired by an Independent Director; the
Company Secretary acts as the Secretary of the Committee. The Committee conducted 05 (Five) meetings
during the year, 2022.
The attendance records of Audit Committee meetings in the year, 2022 are as follows:

Meetings Attended
1 Mr. Moahmmed Kutub Uddowllah* Chairman 05
2 Mr. S.A.M Salimullah* Member 05
3 Mr. Arif Ahmed Member 05
4 Mr. Subrata Kumar Bhowmick FCA Member 05 05
5 Mr. Mohammad Shahjahan Meah Member 05
6 Mr. Hasan Iqbal** Member 00
7 Dr. Md. Nizamul Hoque Bhuiyan*** Member 00
* Independent Directors Mr. Mohammed Kutub Uddowllah and Mr. S. A. M. Salimullah, both have
completed the 2nd and final term on December 26, 2022.
** Mr. Hasan Iqbal has been appointed as ‘Independent Director’ in the Board of Directors in its 68th
meeting held on November 28, 2022 for the 1st term (w.e.f. December 27.12.2022)
*** Appointed as Member in the 55th Board of Directors Meeting dated July 29, 2021.
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3.7 REPORT OF THE AUDIT COMMITTEE OF BOARD OF DIRECTORS
A report of the Audit Committee is attached in the “GIB Performance Reporting” section.
3.8 RISK MANAGEMENT COMMITTEE MEETING AND ATTENDANCE

The Risk Management Committee is one of the committees of the Board of Directors. The Committee had 4
(Four) members. This Committee met regularly and looked after the overall risk related issues focusing on
mitigating risks. The Committee conducted 04 (Four) meetings during the year, 2022.
The attendance records of Risk Management Committee meetings in the year, 2022 are as follows:

Meetings Attended
1 Mr. Arif Ahmed Chairman 04
2 Dr. Mohammed Faruque Member 04
04
3 Mr. Bourhanul Hasan Chowdhury Member 04
4 Mr. Hasan Mansur Member 04
3.9 REPORT OF THE RISK MANAGEMENT COMMITTEE OF BOARD OF DIRECTORS

A report of the Risk Management Committee is attached in the “GIB Performance Reporting” section.
3.10 NOMINATION & REMUNERATION COMMITTEE MEETING AND ATTENDANCE

As per clause 6 of BSEC CGC-2018 it is required to form Nomination and Remuneration Committee (NRC) by
all listed companies. But the formation of “Nomination & Remuneration Committee” has been barred by
Bangladesh Bank vide its letter under reference no. BRPD(R-1)717/2021-5064, dated: June 16, 2021. Therefore,
the Bank didn’t hold any NRC meeting.
3.11 REPORT OF THE NOMINATION & REMUNERATION COMMITTEE OF BOARD OF DIRECTORS

No NRC meeting held during the reporting period as per Bangladesh Bank letter no. BRPD(R-1)717/2021-5064,
dated: June 16, 2021.
4.0 INDEPENDENT DIRECTORS
4.1 TERMINOLOGY OF INDEPENDENT DIRECTORS

Independent director means a director who does not have any related business, hold any managerial
position or have any beneficial interest in financial institutions that may affect his/her independent decision.
The Independent Directors are conversant in the field of banking, financial, regulatory and corporate laws;
enjoy full freedom to carry out their assigned responsibilities and to make a meaningful contribution towards
the business.
According to Section 9 of Clause 15 of Bank Company Act 1991 (Amended up to 2018), 03 (three)
Independent Directors were appointed in the Board. Again, as per BSEC guidelines on Corporate
Governance Code at least one fifth of the total Directors should be from independent category. Therefore,
in compliance with BSEC's Corporate Governance Code, GIB Board of Directors nominated 03 (three)
independent directors, so that Board comprises of core skills considered important for diversification in the
composition of the company's directors. Therefore, complying to the Bangladesh Bank’s regulations and
BSEC CGC 2018, among 03 (three) Independent Directors, Audit Committee of the Board consisted 02 (two)
Independent Directors as member, where 01 (One) is the Chairman of the same Committee.
4.2 QUALIFICATION OF INDEPENDENT DIRECTORS

In compliance with Bangladesh Bank BRPD Circular No. 11 and Circular Letter No. 18 dated: October 27, 2013
and Clause 1.4 of BSEC's CG Code dated: June 03, 2018, the qualification and detail profile of Independent
Directors is discussed in “GIB Board of Directors Profile” of Corporate Structure section.
4.3 ROLE OF INDEPENDENT DIRECTORS

• The Independent Directors can provide guidance for management's decisions and ensure a focus on the
investors' interest over those of the management;
• The powers of Independent Directors are not merely persuasive. Statute bestows upon them the power of
the vote which is much more effective than mere persuasive power of words;
• Independent Directors have a large role to play in the shaping of the board's agenda and decisions. They
are in a position to direct the board's attention to matters which require detailed analysis and review;
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• Independent Directors can ensure that the tone and tenor of the board's discussions and decisions are in
conformity with the stewardship function of the board and management;
• Independent Directors should also conduct periodic executive sessions without management being
present so that they can discuss and debate issues in an open and frank manner;
• The actions of the independent Directors should demonstrate ethics, integrity, honesty and transparency;
• Executive compensation is another area where leadership of Independent Directors is sought;
• Independent Directors can play a very important part in the area of compliance and Corporate
Governance. Corporate Governance will continue to be primary responsibility of independent Directors;
• Rules and regulations alone cannot ensure that companies are clean and honest. There should be an
atmosphere of ethical conduct and a proper mind set to do the right thing;
• The Independent Directors have a great responsibility to create, preserve and strengthen the ethical and
moral fabric of the company;
• Independent Directors should serve as independent watchdogs serving the interests of shareholders, and
• Shareholders rely on Independent Directors to protect their interests, address conflict of interest and to
ensure that shareholders and the business is managed properly by management.
4.4 INDEPENDENCY OF INDEPENDENT DIRECTOR

Every Independent Director (ID) shall have a declaration that he meets the criteria of independence
mentioned in the Bangladesh Securities and Exchange Commission (BSEC) Notification
No.BSEC/CMRRCD/2006-158/207/admin/80 dated: June 03, 2018. Contents of such declaration are stated
below:
• ID didn’t not hold any share of Global Islami Bank;
• ID is not a sponsor of the bank, or nominated director or shareholder of the bank or any of its associates,
sister concerns, subsidiaries and parents or holding entities who holds one percent (1%) or more shares of
the total paid-up shares of the bank on the basis of family relationship and his or her family members also
shall not hold above mentioned shares in the bank connected (on the basis of family relationship) with any
of the bank's sponsors, directors or shareholder who holds one percent (1%) or more of the total paid-up
shares of the bank;
• ID has not been an executive of the bank in immediately preceding 2 (two) financial years; ID does not
have any other relationship, whether pecuniary or otherwise, with the bank or its subsidiary/associated
companies;
• ID is not a member, or TREC holder, director or officer of any stock exchange; ID is not a shareholder,
director or officer of any member or TREC holder of stock exchange or capital markets intermediary;
• ID is currently not and was not a partner or an executive during the preceding 3 (three) years of the bank's
statutory audit firm or audit firm engaged in internal audit services or conducting special audit or
professional certifying compliance of CG Code;
• ID is not an Independent Director in more than 5 (five) listed companies;
• ID has not been convicted by a court of competent jurisdiction as a defaulter in payment of any
investment to a Bank or a Non-Bank Financial Institution (NBFI); and
• ID has not been convicted for a criminal offence involving moral turpitude.
4.5 INDEPENDENT DIRECTOR AS EFFECTIVE INSTRUMENT OF GOVERNANCE

• Helps to improve the standard of corporate governance;
• With better accountability to stakeholders;
• Transparency in the operational activities by adequate and meaningful disclosures;
• Induction of IDs is expected to qualitatively change the composition of the Board.
4.6 NON-EXECUTIVE DIRECTORS

All Directors of the Board are non-executive Directors except the Managing Director. The Directors attend
Board and committee’s meetings regularly and participate in the deliberation and discussion effectively.
4.7 INDEPENDENCE OF NON-EXECUTIVE DIRECTORS

None of the Directors takes part in the day to day affairs of the Bank. They attend only the Board of Directors
and/or Committees meetings to discuss the agenda reserved.
5.0 CHAIRMAN
5.1 CODE OF CONDUCT OF CHAIRMAN

The Chairman of the Board is elected by the Directors. The Chairman’s primary responsibility is to lead the
Board, to ensure a common purpose and effectiveness as a group to uphold and promote high standards
of integrity, probity and corporate governance.
The Chairman of the Board of Directors or chairman of any committee formed by the board or any director
does not personally possess the jurisdiction to apply policy making or executive authority. He does not participate
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in or interfere into the administrative or operational and routine affairs of the bank. The Chairman steers the
Board to ensure that it operates effectively and fully discharges its legal and regulatory responsibility. The
chairman may conduct on-site inspection of any bank-branch or financing activities under the purview of
the oversight responsibilities of the board. He may call for any information relating to bank’s operation or ask
for investigation into any such affairs; he may submit such information or investigation report to the meeting
of the board of the executive committee and if deemed necessary,
with the approval of the board, he shall effect necessary action thereon in accordance with the set rules
through the Managing Director.
• Provide overall leadership to the Board, supplying vision and imagination, working closely with the MD;
• Take a leading role in determining the composition and structure of the board which will involve regular
assessment of the:
• Size of the Board,
• Interaction, harmony and involvement of the Directors.
• Go through the Board’s Agenda and reviewing plan for Board Meetings;
• Chair all the Board Meetings, directing debate towards consensus;
• Ensure the Board receives appropriate, accurate, timely and clear information;
• Chair the General Meetings and other Shareholders’ Meetings to foster effective dialogue with
shareholders;
• Ensure that the views of shareholders are communicated to the Board as a whole.
5.2 ROLE AND RESPONSIBILITIES OF THE CHAIRMAN OF THE BOARD

The Chairman runs the Board. The Chairman serves as the primary link between the Board and Management,
and works with the Managing Director and Company Secretary to set the agenda for Board meetings. It is
the Chairman’s responsibility to provide leadership to the Board and ensure that the Board works effectively
and discharges its responsibilities as Directors of the Company. The role and responsibilities of the Chairman
of the Board is defined and set by the Board.
The Chairman’s primary role is to ensure that the Board is effective in its tasks of setting and implementing the
Company’s direction and strategy. The Chairman is appointed by the Board. The main features of the role of
the Chairman of GIB are as follows:
• Providing leadership to the Board;

• Taking responsibility for the Board’s composition and development;
• Ensuring proper information for the Board;
• Planning and conducting Board meetings effectively;
• Getting all directors involved in the Board’s work;
• Ensuring the Board’s focuses on its key tasks;
• Engaging the Board in assessing and improving its performance;
• Overseeing the induction and development of directors;
• Supporting the Managing Director.
The Chairman of the Board shall be responsible for the management, the development and the effective
performance of the Board of Directors, and provides leadership to the Board for all aspects of the Board’s
work. The Chairman is responsible for leadership of the Board. BRPD Circular No. 11 dated 27 October 2013
issued by Bangladesh Bank and BSEC Corporate Governance Code issued by BSEC on June 03, 2018 has
been taken into consideration to set out the responsibilities of the Chairman of the Board. In particular, he will:
• Ensure effective operation of the Board and its committees in conformity with the highest standards of
corporate governance;
• Ensure effective communication with shareholders, host governments and other relevant constituencies
and that the views of these groups are understood by the Board;
• The Chairman does not personally possess the jurisdiction to apply policy making or executive authority
and never participates in or interferes in to the administrative or operational and routine affairs of the Bank;
• Set the agenda, style and tone of Board discussions to promote constructive debate and effective
decision- making;
• Ensure that all Board committees are properly established, composed and operated;
• Support the Managing Director in the development of strategy and, more broadly, to support and advise
the Managing Director;
• Take a leading role in determining the composition and structure of the Board which will involve regular
assessment of the:
• Size of The Board,
• Interaction, harmony and involvement of the Directors.
• Establish a harmonious and open relationship with the Managing Director;
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• Ensure that Board committees are properly structured and all corporate governance matters are fully
addressed; and
• Encourage active engagement by all the members of the Board;
• Chair all Board Meetings, directing debate towards consensus;
• Ensure the Board receives appropriate, accurate, timely and clear information;
• Chair the AGM and other Shareholders’ Meetings to foster effective dialogue with Shareholders;
• Ensure that the views of shareholders are communicated to the Board as a whole.
5.3 DISTINCT ROLE OF CHAIRMAN AND MANAGING DIRECTOR

In compliance with Bangladesh Bank BRPD Circular No. 11 and Circular Letter No. 18 dated October 27, 2013
and Condition 1.4 of BSEC Corporate Governance Code (CGC) dated 03 June 2018 we report that the
functional responsibilities of the Chairman of the Board and Managing Director are kept separate and
independent of each other. The Chairman of the Board approves the agenda for the Board meetings,
assisted by the Managing Director. Regular agenda items include approving investments beyond MD’s
authority and aspects of the Bank’s corporate strategy, financial performance, core risks and investment
policy, corporate governance, CSR and organizational structure, human resources policy, customer and
services strategies, procurement policy etc. On the other hand, Managing Director, being the Head of
Management Team of the Bank, is accountable to the Board and its Committees to run and manage the
Bank in accordance with the prescribed policies, principles and strategies established by the Board and
rules, regulations and guidelines from the Central Bank, BSEC and other regulatory authorities.
In the absence of the Chairperson of the Board, the remaining other members of the Board elect one of
them from non-executive directors Chairperson for that particular Board meeting. The reason of absence of
the regular Chairperson is being duly recorded in the minutes.
6.0 MANAGEMENT
6.1 CODE OF CONDUCT OF MANAGING DIRECTOR

As per BRPD Circular no. 18 dated: October 27, 2013 of Bangladesh Bank, Managing Director shall discharge
the responsibilities and affect the authorities. The Code of Conducts of Managing Director includes but not
limited to the following:
In terms of the financial, business and administrative authorities vested upon him by the board, the Managing
Director discharges his own responsibilities. He remains accountable for achievement of financial and other
business targets by means of business plan, efficient implementation thereof and prudent administrative and
financial management.
The Managing Director ensures compliance of the Bank Company Act, 1991 and other relevant laws and
regulations in discharging routine functions of the bank.
At the time of presenting any memorandum in the Board Meeting or Board Committee Meeting, the
Managing Director informs, if there is any deviation from the Bank Company Act, 1991 and other relevant
laws and regulations. The Managing Director reports to Bangladesh Bank about any violation of the Bank
Company Act, 1991 or of other laws/regulations.
The recruitment and promotion of all staff of the bank except those in the two tiers below him rests on the
Managing Director. He acts in such cases in accordance with the approved service rule on the basis of the
human resources policy and sanctioned strength of employees as approved by the board.
The authority relating to transfer of and disciplinary measures against the staff, except those at two tiers
below the Managing Director, rests on him, which he applies in accordance with the approved service rules.
Besides, under the purview of the human resources policy as approved by the board, he nominates officers
for training etc.
6.2 ROLE AND RESPONSIBILITIES OF MANAGING DIRECTOR

The Managing Director is responsible for overall activities of the business and for formulating and
implementing Board strategy and policy. He has the control of the Bank on day to day basis and he is
accountable to the Board for its financial and operational performances. It is pertinent to mention here that
the Managing Director of GIB has been appointed and performed maintaining all regulations and guidelines
i.e. Company Act 1994, Bank Companies Act 1991 (amended up to 2013), Bangladesh Bank’s rules and
regulations, circulars, and other regulatory bodies.
The Managing Director acts as a direct liaison between the Board and management of the Company and
communicates to the Board on behalf of the management. The Managing Director also communicates on
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behalf of the Company to shareholders, employees, Government authorities, other stakeholders and the
public (as when and where required).
The Managing Director in his capacities will also carry out the following activities:
• Develop strategy proposals for recommendation to the Board and ensure that agreed strategies are
reflected in the business;
• Develop annual plans, consistent with agreed strategies, for presentation to the Board for support;
• Plan human resourcing to ensure that the Company has the capabilities and resources required to
achieve its plans;
• Develop an organizational structure and establish processes and systems to ensure the efficient
organization of resources;
• Be responsible to the Board for the performance of the business consistent with agreed plans, strategies
and policies;
• Lead the executive team, including the development of performance contracts and appraisals;
• Ensure that financial result, business strategies and, where appropriate, targets and milestones are
communicated to the investment community;
• Develop and promote effective communication with shareholders and other relevant constituencies;
• Ensure that business performance is consistent with the Business Principles;
• Ensure that robust management succession and management development plans are in place;
• Develop processes and structures to ensure that capital investment proposals are reviewed thoroughly,
that associated risks are identified and appropriate steps taken to manage the risks;
• Develop and maintain an effective framework of internal controls over risk in relation to all business
activities including the Group’s trading activities;
• Ensure that the flow of information to the Board is accurate, timely and clear.
6.3 EVALUATION OF MANAGING DIRECTOR BY THE BOARD

There is one of Strategic Priorities & Action Plans for the evaluation of the Managing Director and
Management on an annual basis and it is revised from time to time by the Board. However, Better
performance is always expected from the Managing Director of GIB. Performance of the Managing Director
is assessed based on certain Key Performance Indicators (KPIs). A few mentionable KPIs like meet annual
budgetary targets approved by the Board, maximize shareholder value measured through ROA, ROI, ROE,
EPS, sustainable growth in investment and revenue earning, gradual reduction of the NPI ratio and
improvement in the scores for CAMELS rating are expected by the Board of Directors from Managing Director
of the Bank.
6.4 MANAGING DIRECTOR REMUNERATION

The remuneration package of the Managing Director is determined by the Board and is subsequently
approved by the Bangladesh Bank. The Managing Director has been appointed on a contractual basis and
his remuneration is also disclosed separately in the financial statements of the Bank.
6.5 MANAGEMENT AND ITS COMMITTEES

Management team of GIB is headed by the Managing Director. Several management committees have
been formed to handle the Banking operation and identify and manage the risk associated with the
businesses. The following are the Key Management Committees:
• Asset Liability Committee;

• Investment Committee;
• AML Committee;
• Special Recovery Committee;
• Risk Management Unit;
• Sustainable Finance Committee;
• Central Compliance Committee;
• National Integrity Strategy Committee;
• Procurement Committee;
• Basel Implementation Committee and so on.
6.6 DUTIES OF MD/ CEO AND CFO IN RELATION TO FINANCIALS

The financial statements are prepared in compliance with the International Financial Reporting Standards
(IFRS), the Bank Companies Act 1991 (Amendment up to 2018), the rules and regulations issued by the
Bangladesh Bank, the Company Act 1994, the rules/ regulations/ guidelines/ code issued by the BSEC and
other applicable laws and regulations. The accounting policies used in preparation of the financial
statements are appropriate and are consistently applied.
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However, as required under BSEC's Corporate Governance Code, the Directors further confirm that the Chief
Executive Officer (CEO) and the Chief Financial Officer (CFO) have certified to the Board the following:
They have reviewed the Financial Statements and that these statements do not contain any materially
untrue statement or omit any material fact or contain statements that might be misleading;
They have reviewed the financial statements and believe that these statements together present a true
and fair view of the Bank's affairs and are in compliance with the existing accounting standards and
applicable laws; and
There are, to the best of their knowledge and belief, no transactions entered into by the Bank during the
year which are fraudulent, illegal or in violation of the Bank's Code of Conduct.
The Certification of the Managing Director and CFO is disclosed in this GIB Annual Report.
In addition to those, the bank has taken proper and sufficient measures to develop a system of internal
control and accounting records, for safeguarding assets and for preventing and detecting frauds as well as
other irregularities, which is reviewed, evaluated and updated on an ongoing basis. Our internal auditors
have conducted periodic audits to provide reasonable assurance that the established policies and
procedures of the bank were consistently followed.
6.7 COMPANY SECRETARY (CS), CHIEF FINANCIAL OFFICER (CFO), HEAD OF IAC AND CHIEF IT OFFICER (CITO)
Company Secretary (CS), Chief Financial Officer (CFO) and Head of Internal Audit and Compliance (HIAC)
are being appointed as per the policy of the Bank, BSEC CGC 2018 and other regulatory laws and guidelines.
In addition to this, to appoint Chief Financial Officer (CFO) and Chief Information Technology Officer (CITO)
instruction of Bangladesh Bank under BRPD circular letter no. 03/2018, dated March 25, 2018 also followed by
the Bank. They are well conversant in the field of financial, regulatory and corporate laws to carry out their
assigned responsibilities. The Board of Directors of GIB clearly defined and approved the respective roles,
responsibilities and duties of CS, CFO and HIAC.
6.8 ROLES AND RESPONSIBILITIES OF COMPANY SECRETARY (CS)

To ensure effective assimilation and timely flow of information required by the Board of Directors and to
maintain necessary liaison with internal organs as well as external agencies, the Board has appointed a
Company Secretary. The Corporate Governance Code issued by the Bangladesh Securities and Exchange
Commission (BSEC), also require a listed Company to appoint Company Secretary. In pursuance of the
same, the Board of Directors has appointed the Company Secretary and defined his roles & responsibilities.
In Global Islami Bank, among other functions, the Company Secretary:
• To ensure compliance with laws prevalent and applicable on the company and report to the Board of
Directors about the same;
• To facilitate approval and conduct of Board and its Committee meetings and general meetings of
shareholders;
• To ensure compliance with the applicable secretarial standards (as when and where required);
• To represent the company before various regulatory authorities;
• To ensure that the company engages in good corporate governance practices;
• Any other function that the Management of the bank may prescribe within rightful purview of the law of
the land.
6.9 COMMUNICATION TO SHAREHOLDERS AND STAKEHOLDERS

The Company Secretary is responsible for effective communication with shareholders and other stakeholders
of the Bank. Shareholders and other stakeholders may contact the share department during office hours for
any sort of information and queries. GIB provides updated information on its website from time to time for the
shareholders and other stakeholders of the Bank. The Bank communicated method to its shareholders has
been included in the “Grievance Redress of Stakeholders” under “Shareholder Information” section of this
GIB Annual Report.
6.10 ROLES AND RESPONSIBILITIES OF CHIEF FINANCIAL OFFICER (CFO)

A Chief Financial Officer (CFO) is the senior executive responsible for managing the financial actions of a
company. CFO oversee all the financial operations of the organization, including accounting, financial
reporting, tax, business control. CFO manage all aspects of financial matters and decision making. Basically,
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the Chief Financial Officer directs a company’s financial goals, objectives and budgets. He also advises the
Board of Directors on the kind of actions to be adopted in upholding the high levels of financial control and
reporting. Key responsibility and overall financial health of the Bank is separately disclosed in “Performance
Analysis by the CFO” under “Report” section of this GIB Annual Report.
6.11 BSEC COMPLIANCE FOR CEO AND CFO’S STATEMENTS OF RESPONSIBILITIES

Chief Executive Officers and Chief Financial Officer Statement in line with BSEC notification has been
enclosed in the “GIB Corporate Governance Reporting” section of this GIB Annual Report.
6.12 ROLES AND RESPONSIBILITIES OF HEAD OF INTERNAL AUDIT & CONTROL (HIAC)
The Head of Internal Audit and Compliance (HIAC) is responsible for Bank’s strategic risk-based internal audit
plan and managing the internal audit function in accordance with Bank’s internal audit charter.
Responsibilities include providing reasonable assurance on the effectiveness of the organization’s risk
management and the strength of internal controls. The position assesses organization wide compliance with
Bank’s internal policies and procedures, laws and regulations, contractual terms and conditions. In compliance
to the Bangladesh Bank “Guidelines on Internal Control & Compliance in Banks (Updated upto September,
2016) “the Head of Internal Audit reports directly to the Audit Committee of Bank’s Board of Directors.
6.13 ATTENDANCE OF CEO, CFO, CS & HIAC IN BOARD MEETING

In compliance to the Clause 3.2 of BSEC CGC 2018 the Chief Executive Officer, Company Secretary, Chief
Financial Officer and Head of IAC of the Bank attended the meetings of the Board of Directors. It is also
provided that they are not attending the meeting which involve consideration of an agenda item relating to
their personal matters. In addition, they are not entitled for any remuneration/ fees for attending such
meetings of the Board of Directors.
6.14 SHAREHOLDING OF MD, CFO, CS, HEAD OF IAC AND TOP FIVE SALARIED EXECUTIVES
Though the bank is a public limited company, it is yet to be listed with the stock exchanges as such no one
except the Directors and the shareholders hold the any shares of the company. The detail shareholding
structure and positions are provided in the shareholders’ information part.
6.15 REMUNERATION OF SENIOR MANAGEMENT AND EMPLOYEES

All employees including the Senior Management employees are paid competitive remuneration package.
The structure and level of remuneration are reviewed time to time based on Bank's performance and
affordability. The remuneration also stresses on ensuring internal and external pay equity.
6.16 CODE OF CONDUCT FOR GIB EMPLOYEES

For eminence corporate culture, all the employees should believe in same Code of Conduct. GIB has a
standard Code of Conduct for its employees (guided by Bangladesh Bank) which are also maintained by the
employees. By any means, no employee will play a role detrimental to the interest of the business, society and
the country as a whole as set in the Code of Conduct. For more on Code of Conduct, a separate disclosure
as “GIB Code of Conduct” has been made in the “Corporate Ethos” section of this GIB Annual Report.
6.17 HUMAN RESOURCE CAPITAL

GIB always believes any expenditure in training, development, health and support is an investment, not just
an expense. Being a value driven organization, GIB considers its employees as the most precious capital that
play the vital role in materializing the mission, vision, goals and objectives of the bank.
GIB Human Resource policy serves as a baseline with clarity on the philosophy and principles for HR
Management and Development in the bank. It incorporates key principles and philosophies that support
GIB’s Mission and Vision. The Human Resource Policy consists of a set of policies and guidelines that governs
all aspects of human resource management, from talent acquisition and development, performance and
consequence management, code of conduct to cessation of employment. A Disciplinary Policy is also
established to provide for a structure where disciplinary matters are dealt with fairly, consistently and in line
with the prevailing labor laws and employment regulations. A Report on Human Resource related activities
are included in the “GIB Corporate Governance Reporting” section of this GIB Annual Report.
6.18 CONFLICT OF INTEREST

The Code of Ethics and Business Conduct require all employees to avoid situations where their personal
interests conflict, or may appear to conflict with those of the Bank. Employees are advised to take particular
care when they are responsible for dealing with customers, business associates, agents on behalf of the
Bank. Any failure to disclose a conflict of interest leads to a disciplinary action.
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6.19 WHISTLE BLOWER POLICY
The purpose of the Whistle Blowing Policy is to create an environment at GIB where honest, dedicated, and
loyal employees are encouraged and feel confident to reveal and report any fraudulent, immoral,
unethical, or malicious activity or conduct of employees that, in their opinion, may cause financial or
reputational loss to the Bank, without fear of retaliation, subsequent discrimination, or being disadvantaged
in any way. The Bank has formulated a Whistle Blower Policy. The policy of the Bank provides assurance to the
Whistleblowers about secrecy and protection of their legitimate personal interests. Is also provides incentives
for the Whistleblowers on reporting of suspicious activities. It is the Bank’s policy to support and encourage its
honest, dedicated and loyal employees to report and disclose fraudulent, immoral, unethical or malicious
activities and conduct investigation on such reports. The Corporate Whistle Blowing Policy assures that all
reports under this policy would remain strictly confidential and that the Bank is also committed to address
reports (if any) that alleges acts of interference, revenge, retaliation, threats, against the Whistleblowers.
7.0 COMPLIANCES
7.1 AUDIT BY THE BANGLADESH BANK

Bangladesh Bank conducts comprehensive inspection on the Bank every year. The reports are reviewed by
the Board and its Audit Committee. The Bank gives utmost importance to the inspection report and actions
are taken regarding the inadequacies or lapses mentioned in the report.
7.2 APPOINTMENT OF THE EXTERNAL AUDITORS

Section 210 of the Companies Act, 1994 gives authority to the shareholders to fix the appointment of the
auditor and its remuneration. Hence, the board recommended to re-appointing Shafiq Basak & Co.,
Chartered Accountants as the external auditors of the Bank for the year, 2022 to conduct audit and hold
office till conclusion of the 10th Annual General Meeting (AGM). The above auditor was appointed for the
1st time. As Shafiq Basak & Co., Chartered Accountants is eligible for re-appointment for the 2nd time to
conduct audit for the year 2023 and hold office as such till conclusion of the 11th Annual General Meeting
of the bank.
Complying with Condition 7.1 of BSEC CGC we declare that the statutory external auditor only involved in
statutory audit and was not engaged in any of following services:
• Appraisal or valuation services or fairness opinions;

• Financial information system design and implementation;
• Book keeping or other services related to accounting records or financial statements;
• Broker-dealer service;
• Actuarial services;
• Internal audit services;
• Any other service that creates conflict of interest.
7.3 RECOMMENDATION FOR APPOINTMENT OF EXTERNAL AUDITORS

The Board and Audit Committee review the performance of the external auditors and their audit reports and
examine whether the findings and recommendations made by the external auditors are duly considered by
the management or not. The Audit Committee make recommendations to the board regarding the
appointment /reappointment of the external auditor’s subject to approval of Bangladesh Bank.
7.4 APPOINTMENT OF THE COMPLIANCE AUDITORS

BSEC Corporate Governance Code-2018 clause 9 stated that company in its Annual General Meeting shall
appoint a Compliance Auditor for the purpose of compliance of the Corporate Governance Code, who
shall be a Chartered Secretary (CS) or Chartered Accountant (CA) or Cost & Management Accountant
(CMA). The Auditor will provide a certificate on compliance of this Corporate Governance. Hence, the
board recommended to appoint Ahmed Zaker & Co., Chartered Accountants as the Compliance Auditor
of the Bank for the year, 2022 to provide Compliance Certificate.
7.5 RECOMMENDATION FOR APPOINTMENT OF COMPLIANCE AUDITORS

The Board of Directors review the performance of the Compliance Auditors and their Compliance Certificate
and examine whether the findings and recommendations made by the Compliance Auditors are duly
considered by the management or not.
7.6 REVIEW OF INTERNAL CONTROL & COMPLIANCE SYSTEM

The Bank stresses on both the design and operation effectiveness of its internal control system to protect the
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bank from possible loss that may arise from either intentional/ unintentional errors or from fraudulent activities.
The Board of Directors retains the ultimate responsibility for its operations, through has delegated to the Audit
Committee for the review of adequacy and effectiveness of the system of internal controls. Bank has a
separate Division for Internal Audit and Compliance. This division operates independently and has given
responsibilities by the Board in line with the Bangladesh Bank guidelines. Under Internal Audit and
Compliance Division, there are three major units: (1) Audit & Inspection Unit (2) Monitoring Unit and (3)
Compliance Unit.
The Internal Audit & Compliance Division of the Bank is independent and able to carry out its assignments
with objectivity and impartiality. The division makes a year wise risk based audit plan to carry out
comprehensive audits and inspections on the banking operations in various divisions of head office and
branches in order to ensure that internal control practice and procedures are in place and complied with.
The Audit Committee of the Board subsequently reviews all audit/inspections reports and authorizes
suggested corrective measures.
The Compliance Unit of the division works as the point of contact when any regulatory inspection is carried
out and ensures that corrective measures are taken and the appropriate responses are made on a timely
fashion. If the regulatory authority identifies any major lapses then it notifies to the senior management
and/or to the Audit Committee of the Board of Directors of the Bank.
The Monitoring Unit of the division monitors and follow-up the ethical standards through Departmental
Control Function Check List (DCFCL), Investment Documentation Check List (IDCL) and Quarterly Operation
Reports. On receipt of the compliance report the Monitoring Unit carefully checks the compliance status with
the help of systems. It also regularly monitors branch MIS (e.g. Classification, Excess Over Limit, Overdue
facilities, KYC, TP etc.) online from the systems and notifies deficiencies, if any, to the auditee management
as well as to the top management and/or the Audit Committee for regularization/rectification.
7.7 RISK MANAGEMENT

The Risk Management Division (RMD) of GIB is responsible for management, integration and monitoring of all
risks within the risk appetite set by the Risk Management Committee (RMC). The Risk Management
Committee (RMC) of the Board reviews and monitors the overall Risk Management system of the Bank and
updates to the Board from time to time. The Risk Management Committee (RMC) of the Board reviews and
monitors the overall risk management system of the Bank and updates the Board from time to time. The roles
and responsibilities and major areas of focus of RMC have been presented in the Risk Management Report
of this annual report.
a) Investment Risk Management: The investment related risks of GIB are primarily governed by the Investment
Risk Management Guidelines approved by the Board of Directors. The Bank measures, monitors and
manages investment risks at an individual borrower level and the portfolio level. The Bank has pursued a
strategy of developing a diversified portfolio and investing in better-rated corporate customers.
b) Foreign Exchange Risk Management: Major foreign exchange related transactions are carried out on
behalf of the client thus the bank has minimal exposure to the captioned risk. It is mentionable that the
bank does not involve in any speculative transactions. The treasury division independently conducts the
transactions and the back office is responsible for verifying the deal and passes necessary accounting
entries.
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a) Asset Liability Risk Management: ALCO reviews liquidity requirements of the Bank, maturity of assets and
liabilities, deposit and investment pricing strategy and the liquidity contingency plan. The Asset Liability
Committee also monitors balance sheet risk and informs the same to the Board of Directors from time to
time.
b) Money Laundering Risk Management: For mitigating the risks, the Bank has nominated a Chief Anti Money
Laundering Compliance Officer (CAMLCO) at Corporate Head Office and Branch Anti Money
Laundering Compliance Officer (BAMLCO) at Branches, who independently review the accounting
transactions to locate and verify suspicious transactions. Know Your Customer (KYC) policy and
Transaction Profile (TP) format have been introduced. The regulatory requirements are being complied
with and the guidelines in respect of KYC are being followed for the opening of new accounts.
c) Internal Control & Compliance Risk Management: The Bank has a well-designed policy on Internal Control
& Compliance Risk Management by which Internal Control & Compliance risks are identified and
managed through all levels of the organization. The Board and management are accountable for the
bank’s internal control & compliance, the compliance function has an important role in supporting
corporate values, policies and processes that help ensure that the bank acts responsibly and fulfills all
applicable obligations.
d) ICT Risk Management: The Bank’s Information Technology policy ensures that the information technology
related measures are aligned with the business strategy of the Bank. The Chief IT Officer periodically
reviews current IT projects, major IT incidents, technology risk indicators and the state of regulatory
compliance. The IT Security Unit continually assesses, monitors and manages IT-related risks in accordance
with the Bank’s risk management policy.
e) Liquidity Risk Management: GIB not only sets limit on major liquidity risk management indicators but also
has an early warning system to identify a potential liquidity risk arising in the financial market. Besides,
potential liquidity issues are constantly monitored through the application of various liquidity stress
scenarios, statistical analysis and capital amount simulations. Contingency plans are also in place for
various types of liquidity crises.
7.8 FINANCIAL, STATUTORY AND REGULATORY REPORTING AND DISCLOSURE

The primary regulator of the GIB is Bangladesh Bank and other major regulator includes Bangladesh Securities
& Exchange Commission (BSEC), Registrar of Joint Stock Companies and Firms (RJSC) and National Board of
Revenue (NBR) etc. GIB has been following related guidelines on submission of financial statements and
other statutory reports ensuring timeliness, completeness, transparency, accountability and accuracy.
In the preparation of quarterly, half-yearly and annual financial statements, the Bank has complied with the
requirements of the Companies Act 1994, Bank Company Act 1991 (amended up to 2018) and rules &
regulations of Bangladesh Bank, BSEC and other as applicable. Status of various compliances is given
hereafter.
7.9 GOING CONCERN ESTIMATION

Reviewing the bank’s present and potential business growth, annual budget, performance, liquidity position,
plans and financing arrangement, the Directors are satisfied that the Bank has adequate resources to
continue to operate in the foreseeable future and confirm that there is no material issue threating to the
going concern of the Bank. The Bank has neither intention nor the need to liquidate or curtail materially the
scale of its operations. Therefore, there are no significant doubts upon the Bank’s ability to continue as a
going concern. A separate report highlighting key financials and operations indicating to continuity as a
going concern has been separately attached in the “Risk Management Report” section of this GIB Annual
Report.
7.10 RELATED PARTY TRANSACTION

The Bank in its ordinary course of business accomplished financial transactions with some entities or persons
that fail within the definition of ‘Related Party’ as contained in IAS 24 (Related Party Disclosures) and as
defined in Bangladesh Bank BRPD circular 14, 2013. Disclosure of all related party transactions, including basis
for such transactions, has been provided in Note to the financial statements on “GIB Financial Reporting”
section.
7.11 INSIDER TRADING

Individuals with access to nonpublic information regarding a public company's shares or other securities
(such as bonds or stock options) engage in insider trading. The reason insider trading is illegal is because it
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gives the insider an unfair advantage in the market, puts the interests of the insider above those to whom he
or she owes a fiduciary duty, and allows an insider to artificially influence the value of a company’s stocks.
The Board member shall also not pass such information to someone who buy or sell securities. Accordingly,
GIB’s Board designed the Code of Conduct for all the members of the Board and abide by the code of
integrity and good governance in line with the National Integrity Strategy of Bangladesh.
7.12 ETHICS AND COMPLIANCE

As a islami shari’ah compliant bank, the foundation and growth of GIB rest on ethics and compliance. Ethics
are the decisions, choices, and actions (behaviors) we make that reflect and enact our values. Compliance
is conforming or adapting one’s actions to another’s wishes, to a rule, or a necessity. The terms “ethical” and
“compliance” are often used interchangeably when dealing with businesses that are doing the right thing.
For more on Ethics and Compliance, a separate disclosure as “GIB Business Ethics” has been made in the
“Corporate Ethos” section of this GIB Annual Report.
7.13 ENVIRONMENTAL AND SOCIAL OBLIGATIONS

We believe that every small “GREEN” step taken today would go a long way in building a greener future. As
an environment responsive Bank we have Go Green approach. A detailed description regarding
environmental and social obligation has been presented in “Sustainability Report”, Report on Green
Banking” and “Report on CSR” under “Sustainability Reporting” sections of this GIB Annual Report.
7.14 LENDING TO DIRECTORS, CONTROLLING SHAREHOLDERS OR EMPLOYEES

No lending has been made to the Directors/Controlling Shareholders of the Bank without approval of the
Regulators/ General Members. However, the employees of the bank are entitled to House Building
Investment, Executive Investment and Car Investment etc. at arm's length basis.
7.15 CONFIDENTIAL INFORMATION

GIB is committed to making information about its operation available to the public. Though there are some
price sensitive information are related with the operation of the Bank. Until an announcement in relation to
such information is made, directors and all employees of the Bank must ensure that such information is kept
strictly confidential.
7.16 STRESS TESTING

A bank's stress test is an analysis conducted under hypothetical scenarios (minor shock, moderate shock and
major shock) designed to determine whether a bank has enough capital to withstand a negative economic
shock. GIB has a rigorous and comprehensive quarterly stress-testing program in place. It measures the
vulnerability or exposure to the impacts of exceptional, rare but potentially occurring events like -
profit/interest rate changes, exchange rate fluctuations, changes in investment rating, events which
influence liquidity, etc.
7.17 MANAGEMENT’S DISCUSSION & ANALYSIS

A more detailed discussion and analysis of the financials, as delivered by the CEO & Managing Director, is
appended on “GIB Corporate Information” section. In addition to this a detail Management Report &
Analysis has been described in “GIB Performance Reporting” section.
7.18 CERTIFICATE AND COMPLIANCE CHECKLIST

Certificate on compliance of Corporate Governance Certificate from professional accountant/ chartered
secretary on compliance of corporate governance is exhibited in the “GIB Corporate Governance
Reporting” section of this GIB Annual Report.
7.19 STATUS OF COMPLIANCE IN LINE WITH BSEC REGULATION

Status of compliance with the conditions imposed by the Commission’s Notification
No.BSEC/CMRRCD/2006-158/207/Admin/80, dated: June 03, 2018 issued under section 2CC of the Securities
and Exchange Ordinance, 1969: (Report under Condition No. 7.00) is exhibited in a separate segment in the
“GIB Corporate Governance Reporting” section of this GIB Annual Report.
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COMPLIANCE ON
BRPD CIRCULAR
USAGE AND OPERATING EXPENDITURES OF MOTOR-VEHICLE FLEET
(Compliance Report on BRPD Circular No: 02, Dated: January 16, 2014)
In compliance of BRPD Circular Letter No: 02 dated 16.01.2014 of Bangladesh Bank, the Bank furnished the
following information related to usage and operating expenditures of motor-vehicle fleet for the year 2022
for perusal and review of the honorable shareholders:
Sl. No. Particulars Amounts (in BDT)

1 Fuel 8900639.50
2 Repairs & Maintenance 13917580.00
3 Road Tax & Fitness 495211.00
4 Registration 12022634.00
5 Depreciation 2982679.00
6 Insurance 20226096.00
7 Others 12711566.00
Total 71256405.50
17.84% 12.49%
19.53%
0.69%
28.38%
4.19% 16.87%
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BANGLADESH BANK CHECKLIST
FOR CG COMPLIANCE REPORT
To ensure good governance i.e. corporate governance in bank management, Bangladesh Bank (BB) issued
three circulars in 2013 covering three broad areas as follows:
a) BRPD Circular No.11 dated 27 October 2013: Formation and responsibilities of Board of Directors.
b) BRPD Circular No.18 dated 27 October 2013: Appointment and responsibilities of CEO.
c) BRPD Circular No.19 dated 27 October 2013: Contractual appointment of Advisor and Consultant.
The summary of the BB guidelines and GIB compliance thereto are presented below:
a) BRPD CIRCULAR ON FORMATION AND RESPONSIBILITIES OF BOARD OF DIRECTORS
Sl. Particulars Compliance Status
1 Formation of Board of Directors:

Prior approval from BB to be taken before appointment of new Directors, as Complied. As per Clause 15 and
well as dismissal, termination or removal of any Director from the post. Quali- Sub- Clause 9 of Bank Company
Act 1991 (amended till 2018),
fication and competency of Directors, maximum number of Directors of the appointment of Independent
Board, appointment of independent Directors, appointment of maximum Director was complied with the
04 (four) members from a family as Director. legislation of the law.
1.1 Appointment of New Directors:

Every bank company, other than specialized banks, at the time of taking
prior approval from BB while appointing Directors should furnish the follow-
ing information along with the application:
a. Personal information of the nominated person Complied
b. Declaration of nominated person Complied
c. Declaration for confidentiality by the nominated person Complied
d. In case of independent director, the approval letter from Complied
Bangladesh Securities & Exchange Commission (BSEC)
e. CIB report of the nominated person Complied
f. Updated list of directors Complied
1.2 Vacancy of office of a Director
(a) The office of a Director shall be vacated as per the provision of Section
108(1) of Companies Act 1994. Besides, provision of Section 17 of Bank No Such Case Occurred
Company Act 1991, providing false declaration at the time of appointment
or observing shortfall of qualification as a Director.
(b) If the office of a Director is vacated as per Section 17 of Bank Company Act
1991, s/he will not be eligible to become Director of that bank company or
any other bank company or financial institutions within one year from the No Such Case Occurred
date of repayment of the total dues to the bank. The dues can be adjusted
with the shares held by the Director in that bank company and he cannot
transfer his shares of that bank company until he repays his all the liabilities
of that bank company or financial institutions.
(c) BB can remove Directors or Chairman of a bank company other than the
state-owned banks for doing any activity that is detrimental to the interest
of the banks depositors or against the public interest under Section 46 and No such case Occurred
can also dissolve the Board of a bank company under Section 47 of Bank
Company Act 1991.
1.3 Removal of Directors from office:
With the prior approval of Bangladesh Bank, any Director of a bank
company other than specialized banks can be removed from his office for
the reasons specified in its Articles of Association. The reason and grounds of No such case Occurred
the dismissal/removal and the copy of such decision taken by Board of
Directors and a list of Directors shall be submitted to Bangladesh Bank. Such
removal shall be effective from the date of Bangladesh Bank’s approval.
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1.4 Appointment of Alternate Director:
An Alternate director can be appointed to act for a director during his
absence for a continuous period of not less than three months from No such director in GIB
Bangladesh by fulfilling following instructions:
(a) Bank has to collect and properly maintain the documentary evidences
relating to departure and arrival of the original director while traveling Not Applicable
abroad. If there is any exception, the CEO should immediately inform it to
Bangladesh Bank.
(b) The copy of the decision of the BoD regarding appointment of alternate
director, with original director’s probable returning date from abroad should
Not Applicable
be sent to BB within 7 days of taking the decision and the director’s arrival
date must be intimated to BB immediately after his/her return.
(c) Any loan defaulter or any person who is not eligible to become a director as
per any relevant guiding rules & regulation will not be appointed as an Not Applicable
alternate director.
(d) As an alternate director is appointed temporarily; therefore, he/she will not
Not Applicable
be included in any kind of committee constituted by the BoD.
(e) The alternate director or his/her affiliated organization will not get any kind
of loan facilities from the bank. In case of previous loan, enhancement of
limit or extension of time period or any kind exemption or interest waiver will Not Applicable
not be allowed. Moreover, all restriction applicable to directors according
to rules & regulations will also be applicable to the alternate director.
2. Director from Depositors:
As per Bank Company Act, 1991 (amended till 2018) appointment of Direc-
tors from depositors is no longer required. But, in compliance with the
provision of section 15(9) of Bank Company Act 1991(amended up to 2018), Not Applicable
bank company may consider the tenure of existing Directors from deposi-
tors or may appoint them as the Independent Director of the company.
3 Information regarding Directors:

Banks are advised to take the following steps regarding directors informa-
tion:
(a) Every bank should keep an updated list of bank directors. Complied
Banks should send a directors’ list to other banks or financial institutions
(b) immediately after the appointment or release of director. Complied
(c) Banks should display a list of directors on the website and update it on a
regular basis. Complied
4 Responsibilities of the Board of Directors (BoD):
4.1 Responsibilities and Authorities of the BoD:

(a) Work planning and strategic management
(i) The BoD shall determine the objectives and goals and to this end shall
chalk out strategies and work plans on annual basis. It shall analyze/monitor Complied
at quarterly rests the development of implementation of work plans.
(ii) The BoD shall have its analytical review presented in the Annual Report
as regard to success/failure in achieving the business and other targets as
set out in its annual work plan and shall apprise the shareholders of its Complied
opinions/ recommendations on future plans and strategies. It shall set the
Key Performance Indicators (KPIs) for the CEO and executives’ immediate
two tiers below the CEO and have it evaluated at times.
(b) Investment and Risk Management
(i) The policies, procedures, strategies etc. in respect of appraisal of loan/-
investment proposal, sanction, disbursement, recovery, re-scheduling and
write-off thereof shall be made with the BoD’s approval under the purview
of the existing laws, rules and regulations. The BoD shall specifically distribute Partially Complied and
the power of sanction of loan/investment and such distribution should Noted for future compliance
desirably be made among the CEO and his subordinate executives as
much as possible. No director, however, shall interfere, directly or indirectly,
into the process of loan approval.
(ii) The Board shall frame policies for risk management and get them
complied with and shall monitor the compliance at quarterly rests and
review the concerned report of the risk management team and shall Partially complied and
compile in the minutes of the board meeting. The BoD shall monitor the Noted for future compliance
compliance of the guidelines of BB regarding key risk management.
ANNUAL
REPORT 2022 245
(c ) Internal Control Management
The Board shall be vigilant on the internal control system of the bank in order
to attain and maintain satisfactory health or grade of its loan/investment
portfolio. The board will establish such an internal control system so that the
internal audit process can be conducted independently from the Noted
management. It shall review at quarterly rests the reports submitted by its
audit committee regarding the compliance of recommendations made in
internal and external audit reports and the BB inspection reports.
(d) Human Resources (HR) Management and Development

(i) Policies relating to recruitment, promotion, transfer, disciplinary and Complied
punitive measures, human resources development are prepared.
(ii) The BoD shall place special attention to the development of skills set to
bank’s staff in different fields of its business activities including prudent
appraisal of loan/investment proposals, and the adoption of modern Partially Complied
electronic and information technologies and the introduction of
effective Management Information System (MIS).The BoD shall get these
programs incorporated in its annual work plan.
(iii) The BoD will compose Code of Ethics for every tier of employees and
they will follow it properly. The BoD will promote healthy code of Noted
conducts for developing a compliance culture.
(e) Financial Management
(i) The annual budget and the statutory financial statements will be
prepared with the approval of the BoD. It will at quarterly rests
review/monitor the positions in respect of bank’s income, expenditure, Complied
liquidity, non-performing assets, capital base and adequacy,
maintenance of loan loss provision and steps taken for recovery of
defaulted loans including legal measures.
(ii) The BoD will frame the policies and procedures for bank’s purchase and
procurement activities and shall accordingly approve the distribution of
power for making such expenditure. The maximum possible delegation
of such power shall rest on the CEO and his subordinates. The decision Complied
on matters relating to infrastructure development and purchase of land,
building etc. for the purpose of bank’s business shall, however, be taken
with the approval of the BoD.
(iii) The Board of Directors will review whether an Asset-Liability Committee

Complied
(ALCO) has been formed and it is working according to BB guidelines.
(f) Appointment of CEO:

In order to strengthen the financial base of the bank and obtain confidence
of the depositors, one of the major responsibilities of the BoD is to appoint an Complied
honest, efficient, experienced and suitable CEO or Managing Director. The
BoD will appoint a competent CEO for the bank with the approval of BB.
Complied and the Board will do
(g) Other responsibilities of the BoD: such as and when required by BB in
In accordance to BB guidelines issued from time to time. coming days too.
4.2 Meetings of the Board of Directors: Board of Directors may meet once or
more than once in a month upon necessarily and shall meet at least once Complied
in every three months. Executive meetings are discouraged.
4.3 Responsibilities of the Chairman of the BoD:

(a) As the Chairman of the BoD or chairman of any committee formed by the
BoD or any director does not personally possess the jurisdiction to apply
policy making or executive authority, he/she shall not participate in or Complied
interfere into the administrative or operational and routine affairs of the
bank.
(b) The Chairman may conduct on-site inspection of any bank branch or
financing activities under the purview of the oversight responsibilities of the
BoD. He may call for any information relating to bank’s operation or ask for
investigation into any such affairs; he may submit such Information or investi-
gation report to the meeting of the BoD or the executive committee and if Complied
deemed necessary, with the approval of the BoD, he shall affect necessary
action thereof in accordance with the set rules through the CEO. However
any complaint against the CEO shall have to be apprised to BB through the
BoD along with the statement of the CEO.
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ANNUAL
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(c) The Chairman may be offered an office room, a personal
secretary/assistant, a peon/MLSS, a telephone at the office, a mobile
phone useable inside the country and a vehicle in the business interest of Complied
the bank subject to the approval of the BoD.
5 Formation of Supportive Committees of the Board:
The BoD of every Bank Company can form only three supporting
committees of the BoD i.e., Executive Committee (EC), Audit Committee Complied
(AC) and Risk Management Committee (RMC)
5.1 Executive Committee (EC):
EC is to be formed for taking decision on urgent and day-to-day or routine

activities between the intervals of two BoD meetings. The EC will perform
according to the terms of reference set by the BoD. The EC will be formed
with the maximum of 07 (seven) members for a period of 03 (three) years.
The chairman of the BoD can also be the member of the EC. The company
secretary of the bank shall act as the secretary of the EC. EC members,
besides being honest and sincere, should have reasonable knowledge on Complied
banking business, its operations and risk management and be capable of
making valuable and effective contributions in the functioning of the
Committee. The Committee shall discharge responsibilities and take
decisions that are specifically assigned to the full BoD by the Bank Company
Act 1991 or other related laws and regulations. The decisions taken by the
committee shall be ratified in the next BoD meeting. Upon necessity the
committee can call meeting at any time. The Committee may invite CEO,
Chief Risk Officer or any executive to attend the committee meeting.
5.2 Audit Committee (AC):
The AC should have maximum 05 (Five) members and 02 (Two) of them shall
be Independent Directors. It should be constituted of such members who Complied
are not members of the EC of the BoD. The members of the Committee may
be nominated for three years and the company secretary of the bank shall
act as the secretary of the Committee.
5.3 Risk Management Committee (RMC):
The RMC is to be formed to mitigate, impending risks which could be arisen

during implementation of BoD approved policies, procedures and
strategies. This committee is entrusted to examine and review whether
management is properly working on identifying and mitigation of credit risk,
foreign exchange risk, internal control and compliance risk, money
laundering risk, information and communication technology risk, operation
risk, interest risk and liquidity risk and keeping adequate capital and
provision against the risks identified.
Complied
The RMC is to be formed with maximum 05 (Five) members who will be
appointed for 03(Three) years. Each member should be capable of making
valuable and effective contributions in the functioning of the Committee.
The company secretary of the bank shall act as the secretary of the
Committee. RMC shall review the risk management policy and guidelines of
the bank at least once in a year, make necessary modifications as per
requirement and submit at the same to the BoD for approval. Besides,
lending limits and other limits should be reviewed at least once in a year and
should be amended, if necessary.
6. Training of the Directors:
The Directors of the Board will acquire appropriate knowledge of the

banking laws and other relevant laws, rules and regulations to effectively Complied
discharge the responsibilities.
7. Intimation of the circular to the board and related persons by CEO:
The CEO will inform about this circular to the directors and other related
persons. Complied
ANNUAL
REPORT 2022 247
b) BRPD CIRCULAR ON APPOINTMENT AND RESPONSIBILITIES FOR APPOINTMENT OF THE CEO
A Rules and regulations for appointment of the CEO

1 Moral Integrity: In case of appointment to the post of CEO, satisfaction in
respect of the concerned person should be ensured to the effects that:
a) He has not been convicted by any Criminal Court of Law. Complied
b) He has not been punished for violating any rules, regulations or proce- Complied
dures/norms set by any regulatory authority.
c) He was not associated with any such company/organization; registra- Complied
tion or licenses of which has been cancelled.
2 Experience and Suitability:
a) For appointment as a CEO, the concerned person must have experi- Complied
ence in banking profession for at least 15 (fifteen) years as an active
officer and at least 02 (two) years’ experience in a post immediate
below the CEO of a bank.
b) He must have a Master’s degree at minimum from any recognized
Complied
university. Higher academic education in the field of Economics,
Banking and Finance or Business Administration will be treated as
additional qualification for the concerned person.
c) In respect of service, the concerned person should have excellent track
Complied
record of performance.
d) Satisfaction should be ensured that the concerned person was not
Complied
dismissed form service when he was chairman/official of any company.
e) Any director of any bank or financial institution or any person who has
Complied
business interest in the concerned bank will not be eligible for appoint-
ment to the post of the CEO.
3 Transparency and financial Integrity:
Before making an appointment as a CEO, satisfaction should be ensured to
the effects that:
a) The concerned person was not involved in any illegal activity while Complied
performing duties in his own or banking profession.
b) He has not deferred payment to creditors or has not comprised with his Complied
creditors to be relieved from debts or he is not a loan defaulter.
c) He is not a tax defaulter Complied
d) He has never been adjudicated a bankrupt by the court. Complied
4 Age limit: No person crossing the age of 65 years shall the hold the post of
Complied
CEO of a bank.
5 Tenure: The tenure of the CEO shall not be more than 03 (Three) years, which
is renewable. If the candidate has less than 3 years left to attain 65 years, Complied
he/she can be appointed for that shorter period.
6 Guidelines in fixing the salary and allowance:
Banks are required to follow the guidelines stated below while determining
the salary and allowances of the CEO and submitting such proposal to BB:
a) In fixing the salary and allowances of the CEO, financial condition,
Complied
scope of operation, business-volume and earning capacity of the bank:
qualifications, achievement of the banks shall have to be taken into
consideration.
b) Total salary shall be comprised of direct salary covering ‘Basic Salary’
Complied
and ‘House Rent’ and allowances as ‘Others’. The allowances (e.g.,
provident fund, utility bill, leave fare assistance) in ‘others’ head should
be specified in amount/ceiling. Besides, other facilities (e.g., Car, fuel,
driver etc.)
c) Without improving the bank’s major financial indicator like-CAMELS,
Complied
annual salary increment will not be payable.
d) Terms of salary-allowance and other facilities as specified in the terms
Complied
and conditions of the appointment cannot be changed during the
tenure. In case of renewal, proposal may be made for re-fixation of the
salary considering the work performance of the current CEO.
e) The CEO so appointed shall not get any other direct or indirect facilities
Complied
(e.g. dividend, commission, club expenses etc.) other than salary allow-
ances and other facilities as enumerated in clause (b) above.
f) The bank shall not pay any income tax for the CEO, i.e. the CEO so
Complied
appointed shall have to pay it.
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ANNUAL
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7 Incentive Bonus: The CEO will get incentive bonus subject to applying
incentive bonus to all executives/officers/workers of the bank and the said Complied
bonus amount will not exceed BDT 1,000,000 in a year.
8 Honorarium for attending the Board Meeting:
Being a salaried executive, CEO will not get any honorarium for attending Complied
the Board Meeting or Board Formed Committees meeting.
9 Evaluation Report: For reappointment of the CEO, the Chairman of the bank Complied
shall have to submit a Board approved evaluation report to BB.
10 Prior Approval from Bangladesh Bank;
Prior approval from Bangladesh Bank is mandatory before appointing CEO
as per section 15(4) 7 (5) of Bank Company Act 1991 (amended up to 2018).
For processing such approval, along with the proposal signed by the Complied
Chairman of the BoD, the selected person’s complete resume, offer letter
(mentioning the direct & indirect remuneration and facilities) and copy of
Board’s approval must be submitted to BB. The selected person must also
submit declarations as per Annexure A & Annexure B to BB.
11 Decision of Bangladesh Bank is final: The decision of Bangladesh Bank for
appointment of the CEO will be treated as final and the CEO such No such incidence in
appointed cannot be terminated, released or removed from his/her office GIB
without prior approval from BB.
B Responsibilities and authorities of the CEO:
The CEO of the bank, whatever name called, shall discharge and exercise
the authorities as follows:
a) In terms of the financial, business and administrative authorities vested
upon him by the BoD, the CEO shall discharge his own responsibilities. Complied
He shall remain accountable for achievement of financial and other
business targets by means of business plan, efficient implementation
thereof and prudent administrative and financial management.
b) The CEO shall ensure compliance of the Bank Company Act 1991 and
other relevant laws and regulations in discharging of routine functions of Complied
the bank.
c) The CEO shall include clearly any violation from Bank Company Act
1991 and/or other relevant laws and regulations in the ‘Memo” present-
Not Applicable
ed to the meeting of the BoD or any other Committee(s) engaged by
the BoD.
d) The CEO shall report to Bangladesh Bank of issues in violation of the Bank Not Applicable
Company Act 1991 or of other laws/regulations.
e) The recruitment and promotion of all staffs of the bank except those in
the two tiers below him/her shall rest on the CEO. He/she shall act in
such cases in accordance with the approved service rules on the basis Complied
of the human resources policy and approved delegation of employees
as approved by the BoD.
f) The authority relating to transfer of and disciplinary measures against
the staff, except those at two tiers below the CEO, shall rest on him/her,
which he/she shall be happy in accordance with the approved service Complied
rules. Besides, under the purview of the human resources policy as
approved by the BoD, he/she shall nominate officers for training etc.
ANNUAL
REPORT 2022 249
c) BRPD CIRCULAR ON CONTRACTUAL APPOINTMENT OF ADVISOR AND CONSULTANT
A Rules and regulations for appointment of an Advisor No such Advisor in GIB

1 Experience and Suitability:
For appointment as Advisor, the concerned person will have to fulfill the
following requirements with regard to experience and qualifications: Not Applicable
a. Experience in Banking or Administration for at least 15 (fifteen) years or
have a long experience in social activities.
b. Higher academic education in the field of Economics, banking and
Finance or business Administration will be treated as additional Not Applicable
qualification for the concerned person.
c. Satisfaction should be ensured that the concerned person was not
dismissed from his service when he was Chairman/Director and Not Applicable
Executive of any company.
d. The person who is working in any bank or financial Institution or who has
business interest in that bank will not be eligible for appointment to the Not Applicable
post of advisor.
e. Satisfaction should be ensured that the concerned person is not a loan
defaulter or tax defaulter and has never been adjudicated a bankrupt Not Applicable
by the Court.
2 Responsibilities of the Advisor:
The roles and responsibilities of the Advisor should be defined specifically.
The Advisor can advise the Board of Directors or CEO only on those matters
specified in the appointment letter. The routine and general activities of the Not Applicable
bank will not be included in his terms of reference. He will not be entitled to
exercise any power or involved himself in the decision making process of
financial, administrative, operations or other activities of the bank.
3 Prior Approval from Bangladesh Bank:
Prior approval from BB is mandatory before appointing an Advisor. For such
appointment, the justifications of the post of Advisor, responsibilities or terms
of reference, complete resume of the concerned person, terms of Not Applicable
appointment (mentioning remuneration and facilities) and copy of BoD’s
approval shall be submitted to BB. The nominated person has to make a
declaration as per Annexure A. This declaration shall also be submitted to BB.
4 Remuneration and other facilities of Advisor:
The post of Advisor is not fixed or substantive post in the bank’s organization
structure. Advisor will not be entitled to salaries and allowances as regular Not Applicable
employee except gross amount of remuneration, transport and telephone
facilities. Remuneration is consistent with the terms of reference of the
advisor will not be considered as acceptable to BB.
5 Tenure of Advisor:
The tenure of the advisor shall be maximum 01 (one) year, which is
renewable. An evaluation report (By the chairman that is approved by the Not Applicable
BoD) of previous tenure should be submitted to BB along with the
re-appointment proposal.
6 Appointment of Ex-executive:
For ensuring good governance, any former Director, CEO or any other
Executive of the bank will not be eligible to become an Advisor in the same Not Applicable
bank immediately after their retirement or resignation, he/she will be eligible
for appointment as Advisor.
B Rules and regulations for appointment of a consultant No such Consultant in GIB
1 Terms of Reference of Consultant:
Consultant can be appointed for specialized tasks like tax, law and legal
procedures, engineering and technical works, information technology etc. Not Applicable
Consultants’ appointment should be avoided as much as possible for those
works that could be done by regular employees of the bank.
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ANNUAL
REPORT 2022
2 Responsibilities of a consultant:
The responsibilities or terms of reference of a consultant should be specified.
He/she should not be involved in any activities beyond his/her terms of Not Applicable
references and he/she cannot exercise any kind of power in bank
operation or cannot participate in the decision making process.
3 Appointment of a consultant:
A consultant can be appointed with the approval of the BoD. After such an Not Applicable
appointment, the bank shall send the consultant’s complete resume, terms
of reference and details of remuneration to BB immediately.
4 Tenure of a Consultant:
The tenure of a consultant should be consistent with the terms of reference,
but would not exceed 02 (Two) years. Generally, the consultant will not be
eligible for re-appointment. But to complete the unfinished tasks, his Not Applicable
contract may be extended for maximum period of 1(one) year with the
approval of BB. The Chairman of the bank upon approval of the BoD shall
have to submit the extension proposal to BB with the evaluation report of his
previous tenure.
5 Remuneration/honorarium of a consultant:
The Consultant’s remuneration should be in the form of monthly or single Not Applicable
lump-sum payment, and he is not entitled to any other facilities.
6 Appointment of Ex-executive:
For ensuring good governance, any former Director, CEO or any other
Executive of the bank will not be eligible for appointment as a consultant in Not Applicable
the same bank immediately after their retirement or resignation. However,
after one year from such retirement or resignation, he/she will be eligible for
appointment as a consultant.
ANNUAL
REPORT 2022 251
CERTIFICATE OF THE
COMPLIANCE AUDITOR
252
ANNUAL
REPORT 2022
BSEC CHECKLIST
FOR CORPORATE GOVERNANCE CODE
STATUS OF COMPLIANCE WITH THE CORPORATE GOVERNANCE GUIDELINE (CGG)
Status of compliance with the conditions imposed by the Commission’s Notification No. BSEC/CMRRC-
D/2006-158/207/Admin/80, dated June 03, 2018 issued under section 2CC of the Securities and Exchange
Ordinance, 1969:
Compliance Status
Condition (Put √ in the Remarks
Title appropriate column)
No. Not
(if any)
Complied
Complied
1 Board of Directors
1(1) Size of the Board of Directors
The total number of members of a company’s Board of Directors Number of Board
members of GIB is 18
(hereinafter referred to as “Board”) shall not be less than 5 (five) √ (eighteen) including
and more than 20 (twenty). 3 (Three) Independent
Directors.
1(2) Independent Directors
1(2)(a) At least one-fifth (1/5) of the total number of directors in the GIB has complied
relevant provision of the
company’s Board shall be independent directors; any fraction Bank Companies Act
shall be considered to the next integer or whole number for √ 1991 relating to ID's as
calculating number of independent director(s); per section 15(9) of the
Act duly.
1(2)(b) For the purpose of this clause “Independent Director” means a director-
1(2)(b)(i) Who either does not hold any share in the company or holds less None of the
Independent Directors
than one percent (1%) shares of the total paid-up shares of the √ hold any share of the
company; company
1(2)(b)(ii) Who is not a sponsor of the company or is not connected with
the company’s any sponsor or director or nominated director or
shareholder of the company or any of its associates, sister
concerns, subsidiaries and parents or holding entities who holds None of the
Independent
one percent (1%) or more shares of the total paid-up shares of
√ Directors has such
the company on the basis of family relationship and his or her connection as
family members also shall not hold above mentioned shares in affirmed.
the company: Provided that spouse, son, daughter, father,
mother, brother, sister, son-in-law and daughter-in-law shall be
considered as family members;
1(2)(b)(iii) Who has not been an executive of the company in immediately None of the
preceding 2 (two) financial years; √ Independent Directors is
an ex- employee of GIB
1(2)(b)(iv) Who does not have any other relationship, whether pecuniary The Independent
Directors have submitted
or otherwise, with the company or its subsidiary or associated √ declarations about their
companies; compliances.
1(2)(b)(v) Who is not a member or TREC (Trading Right Entitlement
√ Do
Certificate) holder, director or officer of any stock exchange;
1(2)(b)(vi) Who is not a shareholder, director excepting independent
director or officer of any member or TREC holder of stock √ Do
exchange or an intermediary of the capital market;
1(2)(b)(vii) Who is not a partner or an executive or was not a partner or an √
executive during preceding 3 (three) years of the concerned
company’s statutory audit firm or audit firm engaged in internal Do
audit services or audit firm conducting special audit or
professional certifying compliance of this Code;
1(2)(b)(viii) Who is not independent director in more than 5 (five) listed
√ Do
companies;
1(2)(b)(ix) Who has not been convicted by a court of competent
jurisdiction as a defaulter in payment of any loan or any √ Do
advance to a bank or a NBFI; and
1(2)(b)(x) Who has not been convicted for a criminal offence involving
√ Do
moral turpitude;
1(2)(c) The independent director(s) shall be appointed by the Board
and approved by the shareholders in the Annual General √
Meeting (AGM);
ANNUAL
REPORT 2022 253
Compliance Status
No. Not
(if any)
Complied
Complied
1(2)(d) The post of independent director(s) cannot remain vacant for No Such Vacancy
√
more than 90 (ninety) days; and Occurred
1(2)(e) The tenure of office of an independent director shall be for a

period of 3 (three) years, which may be extended for 1 (one)
tenure only:
Provided that a former independent director may be
considered for reappointment for another tenure after a time
gap of one tenure, i.e., three years from his or her completion of √
consecutive two tenures [i.e. six years]: Provided further that the
independent director shall not be subject to retirement by
rotation as per the Companies Act, 1994.
Explanation: For the purpose of counting tenure or term of
independent director, any partial term of tenure shall be
deemed to be a full tenure.
1(3) Qualification of Independent Director
1(3)(a) Independent director shall be a knowledgeable individual with Qualifications and
background of
integrity who is able to ensure compliance with financial laws,
√ Independent Directors
regulatory requirements and corporate laws and can make confirm their
meaningful contribution to the business; capabilities as such.
1(3)(b) Independent director shall have following qualifications:
1(3)(b)(i) Business Leader who is or was a promoter or director of an
unlisted company having minimum paid-up capital of Tk. 100.00
Not Applicable
million or any listed company or a member of any national or
international chamber of commerce or business association; or
1(3)(b)(ii) Corporate Leader who is or was a top level executive not lower
than Chief Executive Officer or Managing Director or Deputy
Managing Director or Chief Financial Officer or Head of Finance
or Accounts or Company Secretary or Head of Internal Audit
and Compliance or Head of Legal Service or a candidate with
equivalent position of an unlisted company having minimum
paid-up capital of Tk. 100.00 million or of a listed company; or
√
Explanation: Top level executive includes Managing Director
(MD) or Chief Executive Officer (CEO), Additional or Deputy
Managing Director (AMD or DMD), Chief Operating Officer
(COO), Chief Financial Officer (CFO), Company Secretary (CS),
Head of Internal Audit and Compliance (HIAC), Head of
Administration and Human Resources or equivalent positions
and same level or ranked or salaried officials of the company.
1(3)(b)(iii) Former official of government or statutory or autonomous or
regulatory body in the position not below 5th Grade of the
√
national pay scale, who has at least educational background
of bachelor in economics or commerce or business or Law; or
1(3)(b)(iv) University Teacher who has educational background in
√
Economics or Commerce or Business Studies or Law; or
1(3)(b)(v) Professional who is or was an advocate practicing at least in the
High Court Division of Bangladesh Supreme Court or a Chartered
Accountant or Cost and Management Accountant or
Not Applicable
Chartered Financial Analyst or Chartered Certified Accountant
or Certified Public Accountant or Chartered Management
Accountant or Chartered Secretary or equivalent qualification;
1(3)(c) The independent director shall have at least 10 (ten) years of
√
experiences in any field mentioned in clause (b);
1(3)(d) In special cases, the above qualifications or experiences may
Not Applicable
be relaxed subject to prior approval of the Commission.
1(4) Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive Officer
1(4)(a) The positions of the Chairperson of the Board and the Managing
Director (MD) and/or Chief Executive Officer (CEO) of the √
company shall be filled by different individuals;
1(4)(b) The Managing Director (MD) and/or Chief Executive Officer
(CEO) of a listed company shall not hold the same position in √
another listed company;
254
ANNUAL
REPORT 2022
Compliance Status
No. Not
(if any)
Complied
Complied
1(4)(c) The Chairperson of the Board shall be elected from among the
√
non-executive directors of the company;
1(4)(d) The Board shall clearly define respective roles and responsibilities Roles and responsibilities
are as per Bangladesh
of the Chairperson and the Managing Director and/or CEO; √ Bank’s guidelines, Articles
of the Bank and service
rules of GIB
1(4)(e) In the absence of the Chairperson of the Board, the remaining
members may elect one of themselves from non-executive No Such Incident
directors as Chairperson for that particular Board’s meeting; the occurred in the
reporting year.
reason of absence of the regular Chairperson shall be duly
recorded in the minutes.
1(5) The Directors’ Report to Shareholders
1(5) The Board of the company shall include the following additional statements or disclosures in the
Directors’ Report prepared under section 184 of the Companies Act, 1994 (Act No. XVIII of 1994):
1(5)(i) An industry outlook and possible future developments in the
√
industry;
1(5)(ii) The segment-wise or product-wise performance; √
1(5)(iii) Risks and concerns including internal and external risk factors,
threat to sustainability and negative impact on environment, if √
any;
1(5)(iv) A discussion on Cost of Goods sold, Gross Profit Margin and Net GIB being a Shari’ah
based Islami Bank
Profit Margin, where applicable; √ provided Cost of Fund,
Operating and Net Profit
and related Ratios.
1(5)(v) A discussion on continuity of any extraordinary activities and
No such item exists
their implications (gain or loss);
1(5)(vi) A detailed discussion on related party transactions along with a statement
showing amount, nature of related party, nature of transactions and basis
√
of transactions of all related party transactions;
Disclosed in the “GIB Corporate
1(5)(vii) A statement of utilization of proceeds raised through public Governance Reporting” section of the
issues, rights issues and/or any other instruments; “GIB Annual Report 2022”. Certificate on
√ Statement of Utilization of IPO proceeds of
the bank has been audited by Howladar
Yunus & Co. Chartered Accountants.
1(5)(viii) An explanation if the financial results deteriorate after the
company goes for Initial Public Offering (IPO), Repeat Public Not Applicable
Offering (RPO), Rights Share Offer, Direct Listing, etc.;
1(5)(ix) An explanation on any significant variance that occurs between
No such variation
Quarterly Financial performances and Annual Financial occurred
Statements;
1(5)(x) A statement of remuneration paid to the directors including
√
independent directors;
1(5)(xi) A statement that the financial statements prepared by the
management of the issuer company present fairly its state of √
affairs, result of its operations, cash flows & changes in equity;
1(5)(xii) A statement that proper books of account of the issuer
√
company have been maintained;
1(5)(xiii) A statement that appropriate accounting policies have been
consistently applied in preparation of the financial statements
√
and that the accounting estimates are based on reasonable
and prudent judgment;
1(5)(xiv) A statement that International Accounting Standards (IAS) or
International Financial Reporting Standards (IFRS), as applicable
in Bangladesh, have been followed in preparation of the √
financial statements and any departure there from has been
adequately disclosed;
1(5)(xv) A statement that the system of internal control is sound in design
√
and has been effectively implemented and monitored;
1(5)(xvi) A statement that minority shareholders have been protected
from abusive actions by, or in the interest of, controlling
√
shareholders acting either directly or indirectly and have
effective means of redress;
ANNUAL
REPORT 2022 255
Compliance Status
No. Not
(if any)
Complied
Complied
1(5)(xvii) A statement that there is no significant doubt upon the issuer
company’s ability to continue as a going concern, if the issuer No such going
√
company is not considered to be a going concern, the fact concern arose
along with reasons there of shall be disclosed;
1(5)(xviii) An explanation that significant deviations from the last year’s
No such deviation
operating results of the issuer company shall be highlighted and occurred
the reasons thereof shall be explained;
1(5)(xix) A statement where key operating and financial data of at least Refer to the “Key
preceding 5 (five) years shall be summarized; √ Operating and Financial
Highlights”
1(5)(xx) An explanation on the reasons if the issuer company has not
Not Applicable
declared dividend (cash or stock) for the year;
1(5)(xxi) Board’s statement to the effect that no bonus share or stock
Not Applicable
dividend has been or shall be declared as interim dividend;
1(5)(xxii) The total number of Board meetings held during the year and
√
attendance by each director;
1(5)(xxiii) A report on the pattern of shareholding disclosing the aggregate number of shares (along with name-
wise details where stated below) held by:
1(5)(xxiii)(a) Parent or Subsidiary or Associated Companies and other related
Not Applicable
parties (name-wise details);
1(5)(xxiii)(b) Directors, CEO, Company Secretary, CFO, HIAC and their
√
spouses and minor children (name-wise details);
1(5)(xxiii)(c) Executives; and
Explanation: For the purpose of this clause, the expression
“Executive” means top 5 (five) salaried employees of the √
company, other than the Directors, CEO, CS, CFO and Head of
Internal Audit and Compliance.
1(5)(xxiii)(d) Shareholders holding ten percent (10%) or more voting interest
√
in the company (name-wise details);
1(5)(xxiv) In case of the appointment or reappointment of a director, a disclosure on the following information to
the shareholders:
1(5)(xxiv)(a) A brief resume of the director; Information regarding
the Directors’ are
disclosed in the “GIB
√ Corporate Information”
section of the
“GIB Annual Report 2022”
1(5)(xxiv)(b) Nature of his or her expertise in specific functional areas; and √ Do
1(5)(xxiv)(c) Names of companies in which the person also holds the
√ Do
directorship and the membership of committees of the Board;
1(5)(xxv) A Management’s Discussion and Analysis signed by CEO or MD presenting detailed analysis of the
company’s position and operations along with a brief discussion of changes in the financial statements,
among others, focusing on:
1(5)(xxv)(a) Accounting policies and estimation for preparation of financial
√
statements;
1(5)(xxv)(b) Changes in accounting policies and estimation, if any, clearly
describing the effect on financial performance or results and No changes occurred
√
financial position as well as cash flows in absolute figure for such during the year
changes;
1(5)(xxv)(c) Comparative analysis (including effects of inflation) of financial
performance or results and financial position as well as cash
√
flows for current financial year with immediate preceding five
years explaining reasons thereof;
1(5)(xxv)(d) Compare such financial performance or results and financial
√
position as well as cash flows with the peer industry scenario;
1(5)(xxv)(e) Briefly explain the financial and economic scenario of the
√
country and the globe;
1(5)(xxv)(f) Risks and concerns issues related to the financial statements,
explaining such risk and concerns mitigation plan of the √
company; and
1(5)(xxv)(g) Future plan or projection or forecast for company’s operation,
performance and financial position, with justification thereof,
√
i.e., actual position shall be explained to the shareholders in the
next AGM;
256
ANNUAL
REPORT 2022
Compliance Status
No. Not
(if any)
Complied
Complied
1(5)(xxvi) Declaration or certification by the CEO and the HoFAD to the
Board as required under condition No. 3(3) shall be disclosed as √
per Annexure-A; and
1(5)(xxvii) The report as well as certificate regarding compliance of
conditions of this Code as required under condition No. 9 shall √
be disclosed as per Annexure-B & Annexure-C
1(6) Meetings of the Board of Directors
The company shall conduct its Board meetings and record the
minutes of the meetings as well as keep required books and
records in line with the provisions of the relevant Bangladesh
√
Secretarial Standards (BSS) as adopted by the Institute of
Chartered Secretaries of Bangladesh (ICSB) in so far as those
standards are not inconsistent with any condition of this Code.
1(7) Code of Conduct for the Chairperson, other Board members and Chief Executive Officer
1(7)(a) The Board shall lay down a code of conduct, based on the Bangladesh Bank barred
to form NRC vide their
recommendation of the NRC at condition No. 6, for the
letter no: BRPD
Chairperson of the Board, other board members and Chief (R1)717/2021-5064
Executive Officer of the company; Dated: June 16, 2021
1(7)(b) The code of conduct as determined by the NRC shall be posted
on the website of the company including, among others,
prudent conduct and behavior; confidentiality; conflict of
Do
interest; compliance with laws, rules and regulations; prohibition
of insider trading; relationship with environment, employees,
customers and suppliers; and independency.
2 Governance of Board of Directors of Subsidiary Company
2(a) Provisions relating to the composition of the Board of the holding
company shall be made applicable to the composition of the Not Applicable
Board of the subsidiary company;
2(b) At least 1 (one) independent director on the Board of the
holding company shall be a director on the Board of the Not Applicable
subsidiary company;
2(c) The minutes of the Board meeting of the subsidiary company
shall be placed for review at the following Board meeting of the Not Applicable
holding company;
2(d) The minutes of the respective Board meeting of the holding
company shall state that they have reviewed the affairs of the Not Applicable
subsidiary company also;
2(e) The Audit Committee of the holding company shall also review
the financial statements, in particular the investments made by Not Applicable
the subsidiary company.
Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO), Head of Internal
3
Audit and Compliance (HIAC) and Company Secretary (CS).
3(1) Appointment
3(1)(a) The Board shall appoint a Managing Director (MD) or Chief
Executive Officer (CEO), a Company Secretary (CS), a Chief
√
Financial Officer (CFO) and a Head of Internal Audit and
Compliance (HIAC)
3(1)(b) The positions of the Managing Director or CEO, Company
Secretary, Chief Financial Officer and HIAC shall be filled by √
different individuals;
3(1)(c) The MD or CEO, CS, CFO and HIAC of a listed company shall not
hold any executive position in any other company at the same √
time;
3(1)(d) The Board shall clearly define respective roles, responsibilities
√
and duties of the CFO, the HIAC and the CS;
3(1)(e) The MD or CEO, CS, CFO and HIAC shall not be removed from
their position without approval of the Board as well as immediate √
dissemination to the Commission and stock exchange(s).
ANNUAL
REPORT 2022 257
Compliance Status
No. Not
(if any)
Complied
Complied
3(2) Requirement to attend Board of Directors’ Meetings
The MD or CEO, CS, CFO and HIAC of the company shall attend
the meetings of the Board:
Provided that the CS, CFO and/or the HIAC shall not attend such √
part of a meeting of the Board which involves consideration of
an agenda item relating to their personal matters.
3(3) Duties of Managing Director (MD) or Chief Executive Officer (CEO) and Chief Financial Officer (CFO)
3(3)(a) The MD or CEO and CFO shall certify to the Board that they have reviewed financial statements for the
year and that to the best of their knowledge and belief:
3(3)(a)(i) These statements do not contain any materially untrue
statement or omit any material fact or contain statements that √
might be misleading; and
3(3)(a)(ii) These statements together present a true and fair view of the
company’s affairs and are in compliance with existing √
accounting standards and applicable laws;
3(3)(b) The MD or CEO and CFO shall also certify that there are, to the
best of knowledge and belief, no transactions entered into by
the company during the year which are fraudulent, illegal or in √
violation of the code of conduct for the company’s Board or its
members;
3(3)(c) The certification of the MD or CEO and CFO shall be disclosed in
√
the Annual Report.
4 Board of Directors’ Committee.
For ensuring good governance in the company, the Board shall have at least following sub-committees:
4(i) Audit Committee; and √
4(ii) Nomination and Remuneration Committee. Bangladesh Bank barred
√ letter no: BRPD
(R1)717/2021-5064
Dated: June 16, 2021
5 Audit Committee
5(1) Responsibility to the Board of Directors.
5(1)(a) The company shall have an Audit Committee as a
√
subcommittee of the Board;
5(1)(b) The Audit Committee shall assist the Board in ensuring that the
financial statements reflect true and fair view of the state of
√
affairs of the company and in ensuring a good monitoring
system within the business;
5(1)(c) The Audit Committee shall be responsible to the Board; the
√
duties of the Audit Committee shall be clearly set forth in writing.
5(2) Constitution of the Audit Committee
5(2)(a) The Audit Committee shall be composed of at least 3 (three)
√
members;
5(2)(b) The Board shall appoint members of the Audit Committee who
shall be non-executive directors of the company excepting
√
Chairperson of the Board and shall include at least 1 (one)
independent director;
5(2)(c) All members of the audit committee should be “financially
literate” and at least 1 (one) member shall have accounting or
related financial management background and 10 (ten) years
of such experience; Explanation: The term “financially literate”
means the ability to read and understand the financial
statements like statement of financial position, statement of
√
comprehensive income, statement of changes in equity and
cash flows statement and a person will be considered to have
accounting or related financial management expertise if he or
she possesses professional qualification or Accounting or
Finance graduate with at least 10 (ten) years of corporate
management or professional experiences.
258
ANNUAL
REPORT 2022
Compliance Status
No. Not
(if any)
Complied
Complied
5(2)(d) When the term of service of any Committee member expires or
there is any circumstance causing any Committee member to
be unable to hold office before expiration of the term of service,
thus making the number of the Committee members to be lower
No Such Incident
than the prescribed number of 3 (three) persons, the Board shall occurred.
appoint the new Committee member to fill up the vacancy
immediately or not later than 1 (one) month from the date of
vacancy in the Committee to ensure continuity of the
performance of work of the Audit Committee;
5(2)(e) The company secretary shall act as the secretary of the
√
Committee;
5(2)(f) The quorum of the Audit Committee meeting shall not constitute
√
without at least 1 (one) independent director.
5(3) Chairperson of the Audit Committee
5(3)(a) The Board shall select 1 (one) member of the Audit Committee
to be Chairperson of the Audit Committee, who shall be an √
independent director;
5(3)(b) In the absence of the Chairperson of the Audit Committee, the
remaining members may elect one of themselves as
Chairperson for that particular meeting, in that case there shall No Such Incident
be no problem of constituting a quorum as required under occurred.
condition No. 5(4)(b) and the reason of absence of the regular
Chairperson shall be duly recorded in the minutes.
5(3)(c) Chairperson of the Audit Committee shall remain present in the
Annual General Meeting (AGM): Provided that in absence of
Chairperson of the Audit Committee, any other member from Shall be invited to
√
the Audit Committee shall be selected to be present in the AGM remain present
and reason for absence of the Chairperson of the Audit
Committee shall be recorded in the minutes of the AGM.
5(4) Meeting of the Audit Committee
5(4)(a) The Audit Committee shall conduct at least its four meetings in
a financial year: Provided that any emergency meeting in
√
addition to regular meeting may be convened at the request of
any one of the members of the Committee;
5(4)(b) The quorum of the meeting of the Audit Committee shall be
constituted in presence of either two members or two-third of
√
the members of the Audit Committee, whichever is higher,
where presence of an independent director is a must.
5(5) Role of Audit Committee
5(5)(a) Oversee the financial reporting process; √
5(5)(b) Monitor choice of accounting policies and principles; √
5(5)(c) Monitor Internal Audit and Compliance process to ensure that it
is adequately resourced, including approval of the Internal
√
Audit and Compliance Plan and review of the Internal Audit and
Compliance Report;
5(5)(d) Oversee hiring and performance of external auditors; √
5(5)(e) Hold meeting with the external or statutory auditors for review of
the annual financial statements before submission to the Board √
for approval or adoption;
5(5)(f) Review along with the management, the annual financial
√
statements before submission to the Board for approval;
5(5)(g) Review along with the management, the quarterly and half
yearly financial statements before submission to the Board for √
approval;
5(5)(h) Review the adequacy of internal audit function; √
5(5)(i) Review the Management’s Discussion and Analysis before
√
disclosing in the Annual Report;
5(5)(j) Review statement of all related party transactions submitted by
√
the management;
5(5)(k) Review Management Letters or Letter of Internal Control
√
weakness issued by statutory auditors;
ANNUAL
REPORT 2022 259
Compliance Status
No. Not
(if any)
Complied
Complied
5(5)(l) Oversee the determination of audit fees based on scope and
magnitude, level of expertise deployed and time required for
√
effective audit and evaluate the performance of external
auditors; and
5(5)(m) Oversee whether the proceeds raised through IPO or RPO or IPO have been utilized as
Rights Share Offer have been utilized as per the purposes stated per the purposes stated
in the relevant offer
in relevant offer document or prospectus approved by the document or prospectus
Commission: approved by the
Commission. Disclosure
Provided that the management shall disclose to the AC about has been provided in
the uses or applications of the proceeds by major category “GIB Corporate
(capital expenditure, sales & marketing expenses, working √ Governance Reporting”
section of the “GIB
capital, etc.), on a quarterly basis, as a part of their quarterly Annual Report 2022”.
declaration of financial results: Provided further that on an Certificate on Statement
Of Utilization of IPO
annual basis, the company shall prepare a statement of the proceeds of the bank
proceeds utilized for the purposes other than those stated in the has been audited by
offer document or prospectus for publication in the Annual Howladar Yunus & Co.
Chartered Accountants.
Report along with the comments of the AC.
5(6) Reporting of the Audit Committee
5(6)(a)(i) The Audit Committee shall report on its activities to the Board. √
5(6)(a) Reporting to the Board of Directors
5(6)(a)(ii) The Audit Committee shall immediately report to the Board on the following findings, if any:
5(6)(a)(ii)(a) Report on conflicts of interests; No such event
occurred
5(6)(a)(ii)(b) Suspected or presumed fraud or irregularity or material defect
identified in the internal audit and compliance process or in the Do
financial statements;
5(6)(a)(ii)(c) Suspected infringement of laws, regulatory compliances
Do
including securities related laws, rules and regulations; and
5(6)(a)(ii)(d) Any other matter which the Audit Committee deems necessary
Do
shall be disclosed to the Board Immediately;
5(6)(b) Reporting to the Authorities
If the Audit Committee has reported to the Board about
anything which has material impact on the financial condition
and results of operation and has discussed with the Board and
the management that any rectification is necessary and if the
No such event
AC finds that such rectification has been unreasonably ignored, occurred
the Audit Committee shall report such finding to the
Commission, upon reporting of such matters to the Board for
three times or completion of a period of 6 (six) months from the
date of first reporting to the Board, whichever is earlier.
5(7) Reporting to the Shareholders and General Investors
Report on activities carried out by the Audit Committee,
including any report made to the Board under condition No. No report has been
5(6)(a)(ii) above during the year, shall be signed by the √ made under condition
No. 5(6)(a)(ii)
Chairperson of the Audit Committee and disclosed in the annual
report of the issuer company.
6 Nomination and Remuneration Committee (NRC)
6(1) Responsibility to the Board of Directors
6(1)(a) The company shall have a Nomination and Remuneration Bangladesh Bank barred
Committee (NRC) as a sub-committee of the Board; letter no: BRPD
(R1)717/2021-5064
6(1)(b) The NRC shall assist the Board in formulation of the nomination
criteria or policy for determining qualifications, positive
attributes, experiences and independence of directors and top Do
level executive as well as a policy for formal process of
considering remuneration of directors, top level executive;
6(1)(c) The Terms of Reference (ToR) of the NRC shall be clearly set forth
Do
in writing covering the areas stated at the condition No. 6(5)(b).
6(2) Constitution of the NRC
6(2)(a) The Committee shall comprise of at least 3 members including Bangladesh Bank barred
an independent director; letter no: BRPD
(R1)717/2021-5064
260
ANNUAL
REPORT 2022
Compliance Status
No. Not
(if any)
Complied
Complied
6(2)(b) All members of the Committee shall be non-executive directors; Do
6(2)(c) Members of the Committee shall be nominated and appointed
Do
by the Board;
6(2)(d) The Board shall have authority to remove and appoint any
Do
member of the Committee;
6(2)(e) In case of death, resignation, disqualification, or removal of any
member of the Committee or in any other cases of vacancies,
Do
the board shall fill the vacancy within 180 days of occurring such
vacancy in the Committee;
6(2)(f) The Chairperson of the Committee may appoint or co-opt any
external expert and/or member(s) of staff to the Committee as
advisor who shall be non-voting member, if the Chairperson feels
Do
that advice or suggestion from such external expert and/or
member(s) of staff shall be required or valuable for the
Committee;
6(2)(g) The company secretary shall act as the secretary of the
Do
Committee;
6(2)(h) The quorum of the NRC meeting shall not constitute without
Do
attendance of at least an independent director;
6(2)(i) No member of the NRC shall receive, either directly or indirectly,
any remuneration for any advisory or consultancy role or
Do
otherwise, other than Director’s fees or honorarium from the
company.
6(3) Chairperson of the NRC
6(3)(a) The Board shall select 01 member of the NRC to be Chairperson Bangladesh Bank barred
of the Committee, who shall be an independent director; letter no: BRPD
(R1)717/2021-5064
6(3)(b) In the absence of the Chairperson of the NRC, the remaining
members may elect one of themselves as Chairperson for that
Do
particular meeting, the reason of absence of the regular
Chairperson shall be duly recorded in the minutes;
6(3)(c) The Chairperson of the NRC shall attend the annual general
meeting (AGM) to answer the queries of the shareholders:
Provided that in absence of Chairperson of the NRC, any other
member from the NRC shall be selected to be present in the Do
annual general meeting (AGM) for answering the shareholder’s
queries and reason for absence of the Chairperson of the NRC
shall be recorded in the minutes of the AGM.
6(4) Meeting of the NRC
6(4)(a) The NRC shall conduct at least one meeting in a financial year; Bangladesh Bank barred
letter no: BRPD
(R1)717/2021-5064
6(4)(b) The Chairperson of the NRC may convene any emergency
Do
meeting upon request by any member of the NRC;
6(4)(c) The quorum of the meeting of the NRC shall be constituted in
presence of either two members or two third of the members of
the Committee, whichever is higher, where presence of an Do
independent director is must as required under condition No.
6(2)(h);
6(4)(d) The proceedings of each meeting of the NRC shall duly be
recorded in the minutes & such minutes shall be confirmed in the Do
next meeting of the NRC.
6(5) Role of the NRC
6(5)(a) NRC shall be independent and responsible or accountable to Bangladesh Bank barred
the Board and to the shareholders; letter no: BRPD
(R1)717/2021-5064
6(5)(b) NRC shall oversee, among others, the following matters and
Do
make report with recommendation to the Board:
ANNUAL
REPORT 2022 261
Compliance Status
No. Not
(if any)
Complied
Complied
6(5)(b)(i) Formulating the criteria for determining qualifications, positive
attributes and independence of a director and recommend a
Do
policy to the Board, relating to the Remuneration of the
directors, top level executive, considering the following:
6(5)(b)(i)(a) The level and composition of remuneration is reasonable and
sufficient to attract, retain and motivate suitable directors to run Do
the company successfully;
6(5)(b)(i)(b) The relationship of remuneration to performance is clear and
Do
meets appropriate performance benchmarks; and
6(5)(b)(i)(c) Remuneration to directors, top level executive involves a
balance between fixed and incentive pay reflecting short and
Do
long-term performance objectives appropriate to the working
of the company and its goals;
6(5)(b)(ii) Devising a policy on Board’s diversity taking into consideration
age, gender, experience, ethnicity, educational background Do
and nationality;
6(5)(b)(iii) Identifying persons who are qualified to become directors and
who may be appointed in top level executive position in
Do
accordance with the criteria laid down, and recommend their
appointment and removal to the Board;
6(5)(b)(iv) Formulating the criteria for evaluation of performance of IDs and
Do
the Board;
6(5)(b)(v) Identifying the company’s needs for employees at different
levels and determine their selection, transfer or replacement Do
and promotion criteria; and
6(5)(b)(vi) Developing, recommending and reviewing annually the
Do
company’s human resources and training policies;
6(5)(c) The company shall disclose the nomination and remuneration
policy and the evaluation criteria and activities of NRC during Do
the year at a glance in its annual report.
7 External or Statutory Auditors
7(1) The issuer company shall not engage its external or statutory auditors to perform the following services
of the company, namely:
7(1)(i) Appraisal or valuation services or fairness opinions; √
7(1)(ii) Financial information systems design and implementation; √
7(1)(iii) Book-keeping or other services related to the accounting
√
records or financial statements;
7(1)(iv) Broker-dealer services; √
7(1)(v) Actuarial services; √
7(1)(vi) Internal audit services or special audit services; √
7(1)(vii) Any service that the Audit Committee determines; √
7(1)(viii) Audit or certification services on compliance of corporate
√
governance as required under condition No. 9(1); and
7(1)(ix) Any other service that creates conflict of interest. √
7(2) No partner or employees of the external audit firms shall possess
any share of the company they audit at least during the tenure
of their audit assignment of that company; his or her family
members also shall not hold any shares in the said company: √
Provided that spouse, son, daughter, father, mother, brother,
sister, son-in-law and daughter-in-law shall be considered as
family members.
7(3) Representative of external or statutory auditors shall remain
present in the Shareholders’ Meeting (AGM or EGM) to answer √
the queries of the shareholders.
8 Maintaining a website by the Company
8(1) The company shall have an official website linked with the
√ www.globalislamibankbd.com
website of the stock exchange.
8(2) The company shall keep the website functional from the date of Website is already
√
listing. functional
8(3) The company shall make available the detailed disclosures on

Disclosed disclosure as
its website as required under the listing regulations of the √ required
concerned stock exchange(s).
262
ANNUAL
REPORT 2022
Compliance Status
No. Not
(if any)
Complied
Complied
9 Reporting and Compliance of Corporate Governance
9(1) The company shall obtain a certificate from a practicing
Professional Accountant or Secretary (Chartered Accountant or
Cost and Management Accountant or Chartered Secretary)
other than its statutory auditors or audit firm on yearly basis
regarding compliance of conditions of Corporate Governance The required Certificate
Code of the Commission and shall such certificate shall be for the year 2022 has
disclosed in the Annual Report. been obtained and will
be available in the
Explanation: “Chartered Accountant” means Chartered √ “Certification of the
Accountant as defined in the Bangladesh Chartered Compliance Auditor”
Accountants Order, 1973 (President’s Order No. 2 of 1973); “Cost section of this
“GIB Annual Report 2022”
and Management Accountant” means Cost and Management
Accountant as defined in the Cost and Management
Accountants Ordinance, 1977 (Ordinance No. LIII of 1977);
“Chartered Secretary” means Chartered Secretary as defined in
the Chartered Secretaries Act, 2010.
9(2) The professional who will provide the certificate on compliance The Board recommended
the professional for due
of this Corporate Governance Code shall be appointed by the √ appointment by the
shareholders in the annual general meeting. shareholders in the
forthcoming AGM.
9(3) The directors of the company shall state, in accordance with the
Annexure-C attached, in the directors’ report whether the √ Enclosed
company has complied with these conditions or not.
ANNUAL
REPORT 2022 263
DISCLOSURE ON
IPO UTILIZATION
STATEMENT OF UTILIZATION OF IPO PROCEEDS FOR DISCLOSURES IN THE DIRECTOR'S REPORT AS ON 31/12/2022
According to (5)(vii) of BSEC Notification No. BSEC/CMRRCD/2006-158/207/Admin/80 dated June 03, 2018 in respect
of Corporate Governance Code; the Bank shall include among others a Statement of Utilization of proceeds raised
through public issues, rights issues and/or any other instruments as additional statements or disclosures in the Direc-
tors’ Report prepared under Section 184 of the Companies Act, 1994 (Act No. XVIII of 1994).
As per the Condition No. 3 of Part-C of Bangladesh Securities & Exchange Commission Consent Letter No. BSEC/CI/I-
PO-324/2022/948 dated September 08, 2022; Bank is required to furnish a Status Report on Utilization of IPO Proceeds
on Quarterly basis starting from the quarter ended December 31, 2022 audited by a foreign affiliated auditor(s) and
authenticated by the Board of Directors of the Bank to the Commission and the Exchanges within 15 (Fifteen) days
of the closing of each quarter until the fund is fully utilized.
As per Rule No.21(e) of Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015; a schedule
mentioning the stages of implementation and utilization of funds received through public offer in a tabular form has
been published in the Prospectus of the Bank on September 14, 2022 where Time of Implementation of the IPO
Proceeds is given 24 (Twenty-Four) months from the date of receiving the Fund.
Accordingly, Bank appointed M/s. Howladar Yunus & Co., Chartered Accountants foreign affiliated with Grant
Thornton to conduct the audit on Utilization of IPO Proceeds on Quarterly basis starting from the quarter ended
December 31, 2022.
As such, M/s. Howladar Yunus & Co., Chartered Accountants conducted its 1st audit on Utilization of IPO proceeds
as on Quarter ended December 31, 2022 and submitted the Report on January 18, 2023 to the Bank. Subsequently,
Bank has submitted the Report to BSEC, DSE & CSE on January 29, 2023 duly applying for extension of time for 15
(Fifteen) days towards submission of the Report to the regulatory authorities.
According to the Certification, total utilization of the proceeds is BDT 68.14 million and total unutilized proceeds is BDT
4181.86 million out of the IPO proceeds of BDT 4250.00 million as on December 31, 2022. Details of the Utilization of IPO
Proceeds for the quarter ended December 31, 2022 is furnished below:
STATUS OF UTILIZATION REMARKS

Amount as
Purpose Mentioned in
SL. per Before Total
the Prospectus This Quarter Utilized Total Unutilized Un-Utilized
Prospectus this utilized
utilization % Amount %
Quarter amount
1 Investment in SME 1,000,000,000 - 6,397,000 6,397,000 0.64% 993,603,000 99.36%
Investment in
2 Government 2,685,000,000 - - - 0.00% 2,685,000,000 100.00%
Securities/Bond
Investment in Listed
3 500,000,000 - - - 0.00% 500,000,000 100.00%
Securities/Listed Bond
4 Estimated IPO Expenses 65,000,000 - 61,744,468 61,744,468 94.99% 3,255,532 5.01%
Total 4,250,000,000 - 68,141,468 68,141,468 1.60% 4,181,858,532 98.40%
Utilized Amount of IPO proceeds 68,141,468

Percentage of Utilized Amount of IPO proceeds 1.60%
Un-utilized Amount of IPO proceeds 4,181,858,532
Percentage of Un-utilized Amount of IPO proceeds 98.40%
264
ANNUAL
REPORT 2022
DISCLOSURE ON
DIVIDEND POLICY
This Policy is formulated in compliance with the Bangladesh Securities and Exchange Commission (BSEC)
Directive No. BSEC/CMRRCD/2021-386/3- dated: January 14, 2021. This policy is effective from April 01, 2021
having approval by the Board of Directors of Global Islami Bank PLC.
“GIB Dividend Distribution Policy” is prepared in line with the bank's medium and long-term strategies,
investment and financial plans, the state of the country's economy and the industry, and keeping the
balance between the expectations of our shareholders and the needs of GIB into consideration, in
accordance with the applicable rules and regulations of the land, is determined with the proposal of the
Board of Directors and the decision taken in the General Meeting. The company aims to distribute handsome
proportion of the distributable net profit as cash and / or stock for each fiscal year, as long as the entire net
distributable period profit calculated within the framework of the capital market regulations can be met from
the existing sources in its statutory accounts.
This policy depends on the financial position of GIB, other funding needs related to the investments to be
made, conditions in the sector, conditions in the economic environment. The dividend rate is reviewed
annually by the Board of Directors depending on national and global economic conditions, medium and
long-term growth and investment strategies and cash needs of GIB in the relevant profit distribution period.
The General Meeting may decide to distribute dividends or allocate some or all of the net profit to
extraordinary reserves. In case the Board of Directors proposes not to distribute the profit to the General
Meeting, the shareholders are informed about the reasons of this situation and the way of using the
undistributed profit. A separate resolution is made for each fiscal period by the Board of Directors regarding
the dividend and this dividend proposal is disclosed to the public in accordance with the legislation and is
announced on the bank website. The General Meeting may accept or reject the proposal. Dividend is
distributed equally to all existing shares as of the distribution date, regardless of their issuance and acquisition
dates. Distribution of dividend begins on the date to be determined by the Board of Directors provided that
it is authorized by the General Meeting, at the latest by the end of the year in which the General Meeting is
held. The Bank may consider distributing dividend advances or paying dividends in equal or different
installments in accordance with the applicable rules and regulations of the land.
Detail Dividend Policy is available at https://www.globalislamibankbd.com/dividend-distribution-policy/
ANNUAL
REPORT 2022 265
REPORT ON
DIVIDEND DISTRIBUTION COMPLIANCE
[Under Clause (6) of the Directive No. BSEC/CMRRCD/2021-386/03, dated: 14/01/2021]
1 Name of the Issuer / Securities /Mutual Fund Global Islami Bank PLC
2 Particulars of Issuer DP N/A
3 Type of Dividend (Annual/ Interim)
a) Annual √ b) Interim
(Put tick mark (√) on the recommended option)
4 Whether audited or not for Interim Dividend
a) Audited √ b) Unaudited
5 Date of recommendation of Dividend by the Board of
March 24, 2022
Directors/ Trustee: (Enclose copy of PSI)
6 Whether Dividend recommended other than
a) Yes b) No √
directors or sponsors or any other classes
7 Record date for entitlement April 13, 2022
8 Rate of Dividend recommended by the Board of
10%
Directors/ Trustee
9 Dividend recommended - Type
a) Cash √ b) Stock
10 Securities/ mutual fund traded under which categories
A B G N Z
11 Date of transfer to a separate bank account (Pls.
mention bank details or provisional credit of shares/ N/A
units by CDBL
12 Date of approval of Dividend at AGM May 19, 2022
13 Rate of Dividend approved at AGM — details at
No Dividend
Annexure, (if any change)
14 Date of commencement of disbursement of Cash and
N/A
Stock Dividend
15 Mode of disbursement of Cash Dividend a) BEFTN b) Bank Transfer c) MFS
(Put tick mark (√) on the recommended option) d) Dividend Warrant e) Any other mode
16 Date of completion of disbursement of Cash Dividend
and Stock Dividend {Enclose Bank statements and N/A
Corporate Action Processing Report DP 70
17 Paid up capital of the issuer — before
BDT 5,154,187,500.00
corporate action/ entitlement
18 Numbers of securities/ shares outstanding — before corporate action/ entitlement: 515,418,750
Cash (BDT) Stock (nos.) Annexures
19 Total cash in taka or stock (nos. shares) dividend as per N/A N/A N/A
corporate declaration
20 Distribution/Disbursement details of Cash & Stock
N/A N/A N/A
Dividend:
A. Mode of Dividend payment/credit for the
N/A N/A N/A
concerned year:
a) through BEFTN or directly credited to respective BO N/A N/A N/A
b) through Bank Transfer other than entitled BO-Margin N/A
N/A N/A
loan
c) through Bank Transfer N/A N/A N/A
d) through Mobile Financial Service (MFS) N/A N/A N/A
e) through any other mode as approved by N/A
N/A N/A
Bangladesh Bank
266
ANNUAL
REPORT 2022
Cash (BDT) Stock (nos.) Annexures
f) through transfer to Suspense Account for
dematerialized
N/A N/A N/A
Shares (BO wise detailed reason should be maintained
and submitted)
g) through issuance of Dividend Warrant or issue of
shares to Suspense Account for non-dematerialized N/A N/A N/A
securities.
21 Total Dividend paid/credited for the concerned year N/A N/A N/A
22 Total unpaid/undistributed Dividend/accrued during
N/A N/A N/A
the period (20-21)
23 Total unpaid/undistributed Dividend/ accrued as
on 1st day of Accounting year (as per Audited N/A N/A N/A
Accounts)
24 Transfer to Suspense Account for Demate Shares or
any other reasons during the concerned year:
A. Mode of Dividend Receipts /payment/credit for
N/A
the previous years:
a) through BEFTN or directly credited to respective
N/A N/A N/A
BO
b) through Bank Transfer N/A
N/A N/A
c) through Mobile Financial Service (MFS) N/A

N/A N/A
d) through any other mode as approved by N/A

N/A N/A
Bangladesh Bank
e) through transfer to/ from Suspense Account for N/A
N/A N/A
Demate Shares or any other reasons
f) through issuance of Dividend Warrant or issue of
N/A N/A N/A
shares to Suspense Account for non-dematerialized
securities /shares/ units
g) transfer of cash or stocks to the Fund as prescribed
or directed by Commission after three years or forfeit N/A N/A N/A
of share to Suspense Account for non-dematerialized
securities
25 Total Dividend paid/credited for previous year: 245,437,500 2,4543,750 N/A
26 Total unpaid/undistributed Dividend for previous
Nil Nil N/A
years (23+24-25) Taka/ Nos.
27 Grand Total of unpaid/undistributed Dividend (22+26) Nil Nil N/A
28 Aging of grand Total of unpaid/undistributed
N/A
Dividend for previous years :
More than 3 years; balance Nil Nil N/A
More than 4 years; balance Nil Nil N/A
More than 5 years & above; balance Nil Nil N/A
Total of unpaid/undistributed Dividend for previous
years (Supporting bank statements and balances of Nil Nil N/A
securities with the Depository)
Note: Issuer shall maintain BO wise detailed information for all transfers/credit to suspended Accounts with reasons and
submit along with bank statements and other supporting documents. The issuer shall fill up all the applicable fields.
ANNUAL
REPORT 2022 267
DISCLOSURE ON
UNPAID OR UNCLAIMED DIVIDEND
As of december 31, 2022 there is no Unpaid or Unclaimed Dividend against any shareholder of the
Bank/Company
268
ANNUAL
REPORT 2022
STATEMENT ON PROTECTION
OF MINORITY SHAREHOLDERS’ INTEREST
Securities regulator of the country, BSEC has issued the CG Code 2018 for the listed companies on comply
basis, to establish accountability, transparency as well as to protect minority shareholders interest and to
create a position for the investors where from, they can make informed investment decision.
The most important protection afforded to minority shareholders comes in the form of a statutory remedy in
section 233 of the Companies Act, 1994 of Bangladesh. In order to be eligible to file a petition under the
section, the minority shareholder(s) must hold a minimum of ten percent of the issued shares in the case of a
company having a share capital. The grounds on which such a petition may be filed by a minority
shareholder(s) must be that the affairs of the company are being conducted or the powers of the directors
are being exercised in a manner prejudicial to one or more of its shareholders or that the company is acting
or is likely to act in a manner which discriminated or is likely to discriminate the interest of any shareholder
vis-a-vis the minority shareholders.
The concept of prejudice is extremely wide thereby allowing the court ample scope to exercise its judicial
discretion in determining whether a particular conduct falls within the scope of this section. It protects not just
the rights of minority shareholders but also their legitimate expectations. A typical case arises where the
minority shareholder has invested in the company on the basis of an informal understanding (not reflected in
the Articles of the company) that all shareholders will participate in the management of the company
through their board positions.
In order to truly unlock the potential of this statutory remedy, certain reforms are imperative. To name one,
the minimum shareholding requirement of 10% should be done away with to ensure that access to the
statutory remedy is not outright denied to minority shareholders and public shareholders of listed companies
holding less than the required minimum.
Despite the availability of this statutory remedy to minority shareholders of companies, a growing trend of
minority shareholders is to try to protect themselves by non-litigious means like shareholder’s agreements,
specially drafted articles of association (containing, among others, class rights and weighted voting rights)
or a combination of these approaches in closely held companies in which they have invested. Moreover, in
the event of liquidation, the equity shareholders are entitled to receive remaining assets of the Company
after distribution of all liabilities, in the proportion of their shareholdings.
By practicing good corporate culture, GIB has been upholding the interest of its shareholders since its
inception. Being a complied bank GIB comply all the rules and regulations of the country and thus protect
the interest of minority shareholders as well as all the shareholders. Besides, GIB provide the information flow
towards the minority shareholders and keep them updated through various means. Thus, the interests of all
the shareholders including the minority shareholders are protected.
ANNUAL
REPORT 2022 269
DISCLOSURE ON GOVERNANCE
UNDER SECRETARIAL STANDARD
GIB follows the Bangladesh Secretarial Standard (BSS) of the Institute of Chartered Secretaries of Bangla-
desh (ICSB) meticulously. GIB Board & Company Secretariat Division follows all procedures to ensure sound
corporate governance.
BSS- 1 [BOARD OF DIRECTORS MEETING]

Clause Particulars GIB Status
1.0 Convening of a Meeting Complied
2.0 Frequency of Meetings Complied
3.0 Quorum Complied
4.0 Attendance at Meetings Complied
5.0 Chairman Complied
6.0 Passing of Resolution by Circulation Not Applicable in the Year
7.0 Minutes Complied
8.0 Attendance in Meetings and their Recording in the Minutes Complied
9.0 Preservation of Minutes and Supporting Papers Complied
10.0 Disclosure Complied
11.0 Effective Date Complied
BSS- 2 [GENERAL MEETING]

1.0 Convening of a Meeting Complied
2.0 Frequency of Meetings Complied
3.0 Quorum Complied
4.0 Presence of Directors and Auditors Complied
5.0 Chairman Complied
6.0 Voting Complied
7.0 Proxies Complied
8.0 Conduct of Poll Not Applicable in the Year
9.0 Withdrawal of Resolutions Not Applicable in the Year
10.0 Rescinding of Resolutions Not Applicable in the Year
11.0 Modifications to Resolutions Not Applicable in the Year
12.0 Reading of Report/Certificate Complied
13.0 Distribution of Gifts Complied
14.0 Adjournment of Meetings Not Applicable in the Year
15.0 Minutes Complied
16.0 Recording in the Minutes Complied
17.0 Preservation of Minutes and other Records Complied
18.0 Disclosure Complied
270
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REPORT 2022
BSS- 3 [MINUTES]
1.0 Maintenance Complied
2.0 Contents Complied
3.0 Recording Complied
4.0 Alteration / Modification Complied
5.0 Finalization & Signing Complied
6.0 Inspection Complied
7.0 Preservation Complied
BSS- 4 [DIVIDEND]
1.0 Declaration / Recommendation of Dividend Complied
2.0 Dividend Out of Profits Complied
3.0 Dividend Out of Reserves Not Applicable in the Year
4.0 Entitlement to Dividend Complied
5.0 Payment of Dividend Complied
6.0 Unpaid / Unclaimed Dividend Complied
BSS- 5 [MEETING THROUGH ELECTRONIC MODES]

Standards for Board and Committee Meetings
1.0 Convening Meeting Complied
2.0 Special Cares To Be Taken For Conducting Meeting Complied
3.0 Conducting Meeting Complied
4.0 Minutes and Proceedings of Meeting Complied
Standards for Members Meetings
1.0 Guidance for General Meeting Complied
2.0 Standards for Convening and Conducting Meeting Complied
BSS- 6 [RESOLUTION BY CIRCULATION]

1.0 Authority Not Applicable in the Year
2.0 Procedure Not Applicable in the Year
3.0 Approval Not Applicable in the Year
4.0 Recording Not Applicable in the Year
5.0 Validity Not Applicable in the Year
ANNUAL
REPORT 2022 271
REPORT ON
NATIONAL INTEGRITY STRATEGY
NATIONAL INTEGRITY STRATEGY (NIS)
Integrity means doing the right thing in a reliable way. It's a personality trait that we admire, since it means a
person has a moral opinion that doesn't fluctuate. It literally means having ‘‘wholeness" of character’’.
NIS is a comprehensive set of goals, strategies and action plans aimed at increasing the level of indepen-
dence to perform accountability, efficiency, transparency and effectiveness of public and private institu-
tions in a sustained manner over a period of time.
Government of Bangladesh formulated its National Integrity Strategy (NIS) as a comprehensive good gover-
nance strategy to prevent corruption and improve national integrity in all sphere of life. The overall purpose
of a National Integrity Strategy (NIS) is to provide a system of governance that creates trust among citizens.
Integrity means behavioral excellence influenced by morality and honesty and adherence to time tested
norms, values, customs and principles of a society. At the individual level, it means being dutiful and honest.
National Integrity Strategy (NIS) is a living document of Bangladesh Government with the hope that this NIS
will play its desired role in building Bangladesh a self-sufficient “Shonar Bangla.” The success of the NIS
requires continuous political will, and the people and institutions must challenge the political leadership to
that end. Bangladesh Government approved the National Integrity Strategy (NIS) in October 2012 and has
undertaken programs through to establish a system of governance that creates trust among citizens. For this
reason, the strategy targets a broad audience like Government Organizations, Non-Government Organiza-
tions (NGO), private organizations and Autonomous bodies/ Organizations with the vision to build this country
a “Shonar Bangla” where the mission is to establish good governance in the state institutions and society.
In facilitating application of the NIS, the government wishes to engage not only the state institutions such as
Executive Organ and Public Administration, Parliament, Judiciary, Election Commission, Attorney-General,
Public Service Commission, Comptroller and Auditor General, Regulator, Anti-Corruption Commission, Local
Government Organizations but also the non-government Institutions including financial Institutes, political
parties, Industrial and Commercial Organizations in the private Sector, NGOs and civil Society, Family, Educa-
tional Institutions, Media. Furthermore, Government and Non-Government educational and religious institu-
tions will also be key players of NIS.
NIS VISION AND MISSION
The government’s vision for the country, as contained in the NIS is ‘A Bangladesh free from corruption.’ To
that end, the Government is committed to implement the NIS to achieve the Mission that ‘People and institu-
tions embrace values and principles of integrity, and increasingly practice them as part of their individual
and institutional activities.’
CHALLENGES OF NIS
• To promulgate Civil Service Act;

• To increase functional freedom in both public and private sectors with stronger accountability;
• To enhance efficiency and effectiveness in administrative activities;
• To establish links between promotion, transfer, pay and emoluments with appraised performance;
• To introduce of competitive pay and incentive structure;
• To ensure equitable opportunities for different cadre services;
• To implement a friendly relation with both citizens and law enforcing agencies.
• Fair, neutral and visible decision to make capability in both public and private administrations.
272
ANNUAL
REPORT 2022
NIS AND PRIVATE SECTOR
The private sector is playing an increasingly important role in the socio-economic progress of the country and
contributing to wealth creation and value addition to meet the demand of the population. Thus, integrity of
this sector is of paramount importance. The culture of investment default needs to be eliminated. Besides
that, ‘Protection of Consumer Rights Act’ has to be implemented properly. The main challenges in this regard
are:
• Addressing the investment (loan) default problem;

• Promotion of corporate governance;
• Awarding performance-based fair salary and wages to the employees;
• Proper enforcement of the law on consumer rights;
• Prevention of collusive practices in business by enforcing law of land;
• Promotion of culture of self-control by chambers and Association.
To support the total activities of the Government of Bangladesh in establishing NIS, Bangladesh Bank has
formed a National Integrity Implementation Cell and under which all banks and FIs came together to
implement the NIS within every financial institution.
NIS AND GIB
Accordingly, Global Islami Bank PLC has formed an Ethics Committee of National Integrity Strategy consisting
of 12 (twelve) members headed by Mr. Md. Golam Sarwar, Additional Managing Director & Honorable
Chairman of the Committee. Mr. Sami Karim, Deputy Managing Director is the Focal Point.
• Global Islami Bank PLC submits the quarterly report in timely manner;
• Each quarter meetings are held in time and minutes & relevant documents are submitted to Bangladesh
Bank;
• Each quarter a rhyme from the book of ‘Chorai Chorai Shudhdhachar’ is published in a daily newspaper
& bank website for creating awareness on integrity among the general public;
• As per the implementation process of Integrity Strategy in the Global Islami Bank, topic on integrity/ethics
has already been included in training curriculum;
• The Code of Conduct for Global Islami Bank has been formulated on December 31, 2017;
• Introduced effective measures for combating money laundering and the financing of terrorism;
• Ensured transparency in all activities of the Company.
GIB awarded a certificate, a crest & one month’s basic salary as a prize of NIS in various categories to 4 (Four)
Executives & 1 (One) Support Staff for the fiscal year 2021-2022.
CONCLUSION
The NIS is based upon a belief that all the institutions required for good governance already exist in
Bangladesh. By identifying a common goal for all relevant institutions to pursue the NIS will integrate the
different pillars of society, and infuse integrity back into Bangladeshi society. Accordingly, by sowing integrity
awareness in individual level, our bank aims to grow a banyan tree of ethical greatness to promote
institution’s reputation as well as to perform social responsibility.
ANNUAL
REPORT 2022 273
G †`k Avgvi, gvwU Avgvi
Ki‡Q Avgvq jvjb,
Avgv‡ìI `vwqZ¡Uv
Ki‡Z n‡e cvjb|
Ñ †iv‡Kqv LvZzb iæex
274
ANNUAL
REPORT 2022
TEAMWORK HONESTY
INNOVATION QUALITY
CUSTOMERS
GOALS
08 GIB DIVISIONAL
REPORTING
“And We have sent down blessed rain from the sky and
made grow thereby gardens and grain from the harvest.
” [Quran 50:9]
ANNUAL
REPORT 2022 275
REPORT ON
BOARD AND COMPANY SECRETARIAT
PROMOTING MULTI-STAKEHOLDER STRATEGY
In order to help Directors, Shareholders, and Stakeholders, the Board and Company Secretariat Division of
GIB works hard to offer them a range of prompt and considerate services. The division provided round the
clock services, thus competently discharging its related responsibilities, including appointment/
reappointment of Directors, Compliance Auditing, Distribution of Dividends, Share Register, Share Transfer,
CDBL operations, share re-materialization/ de-materialization, conducting Board & its Committee meetings
and conducting GMs, etc. This Division ensures effective compliance of BSS (Bangladesh Secretarial
Standards) as opted by Institute of Chartered Secretaries of Bangladesh (ICSB).
Additionally, the division corresponds with governmental and regulatory authorities on issues pertaining to
shareholders as part of its broader liaison responsibilities. Any stakeholder of the bank may contact the
divisional responsive official during office hours with regards to any information or query.
Conducting Board Meetings Conducting Board Committee

Meetings
Conducting MANCOM Meetings Appointment of Directors

Major
responsibilities
Concept Development of
Protocol Management
Annual Report
Compliances on Corporate Regulatory Reporting

Governance
DISCLOSURE ON THE GIB WEBSITE
To keep shareholders and other stakeholders up to date on the bank's activities and other important
corporate matters, GIB makes every effort to post all relevant information on its website in a timely and
accurate manner. This includes annual reports, quarterly reports, half-year reports, announcements/notices,
marketing, development and operational updates, corporate governance practices, and other information
that is important to our stakeholders.
DISCLOSURE OF PRICE SENSITIVE INFORMATION (PSI)
According to Stock Exchanges Listing Regulations, 2015, and Financial Reporting and Disclosure, 2018, the
issuer of listed securities shall make full disclosure of all decisions, may mean price sensitive information in one
in Bangla and one English newspaper, as well as on one daily online news site. For 2022, the bank has
complied with these rules.
EFFORTS FOR ENSURING SHAREHOLDERS ATTENDANCE AT THE GENERAL MEETINGS
The Annual General Meeting (AGM) is a crucial venue for communicating with shareholders, and the bank
is proud of its history of hosting well-attended AGMs where participants utilize their right to play an active and
beneficial role.
To ensure effective and efficient shareholder participation at the AGM, Global Islami Bank regularly
published notice of AGM in leading newspapers with the necessary details within a reasonable timeframe
prior to the AGM. The AGM is hosted using Hybrid platform (physical and digital presence) and at a
convenient time, thus making it accessible to all shareholders.
According to the regulations of the Financial Reporting and Disclosure Act of 2018 and the Stock Exchanges
Listing Regulations of 2015, the Annual Report is distributed so that shareholders have enough time to read it
and offer their insightful feedback before the Annual General Meeting (AGM).
Snapshot of the last AGM have been presented in the ‘GIB Glimpses Information’ section of this GIB Annual
Report.
276
ANNUAL
REPORT 2022
REPORT ON
HUMAN RESOURCES
Global Islami Bank (GIB) considers ‘Human Resource’ as the most important factors that can add special
value for subsistence in this modest world. Therefore, the Bank always puts high greatness on development
of human resource to add advantageous edge to drive the organization towards its goal.
Global Islami Bank HR Division has adapted to wide ranging HR software, which operates the central storage
of HR data, automation of Payroll, Leave Management, Personnel Management and others HR activities.
HUMAN RESOURCE PLANNING
GIB believes that employees are the most valuable asset of the organization, as their professionalism and
proficiency, along with their diverse backgrounds and experience contributes significantly to it success.
The primary goal of human resource management is to ensure that the right people will be in the right
position at the right time by virtue of the individual quality. Global Islami Bank has already fixed the job-wise
organogram and HR Division determined the HR requirements with support of other departments and
evaluation of jobs.
EMPLOYEE COMPENSATION & BENEFITS
Pay package is one of the most effective motivational tools that really attract the potential employees. By
keeping into account of the macro economic factors like cost of living, industry practices, Bank capability
etc. the bank provides attractive compensation packages. The bank’s overall competitive strategy ensures
the salary adjustment in commensurate with the increment of cost of living adjustment which in fact ensures
purchasing capacity of the employee.
Pay for Performance strategy highly encourages to boost up individual employee performance.
To keep the employee motivation level high, Global Islami Bank has the following benefits and facilities for its
employees:
● Provident Fund
● Gratuity
● Social Security Benevolent Fund
● Festival Bonus
● Annual Incentive Bonus
● Boishakhi Allowance
● Medical Benefit
● Group Insurance
● Leave Encashment
● Retirement Benefit
● Employees Investment facilities (Employees House Building Investment Scheme, Quard against Car
Leasing Scheme, Bai Muajjal Investment (Staff).
● Incentives for IBB & BIM Diploma Holders
● Death Benefit etc.
● Compensation for dead Employees due to COVID-19.
● Honorarium on passing JAIBB and DAIBB examination from the Institute of Bankers, Bangladesh (IBB)
● Honorarium on passing Diploma from Bangladesh Institute of Management (BIM)
● Reimbursement of Annual Membership Fees for ICSB/ ICAB/ ICMAB etc.
Besides it, a handsome amount pays to the deceased family of the employee while death during Bank
Service. Disbursement of Death benefit in 2022: -
[Amount in Lac]
SL. No. Name of Employees Amount

1 Late Zulfiker Ahmed Khan 15.15
2 Late Mohammad Tarin Habib 11.35
ANNUAL
REPORT 2022 277
GROUP TERM LIFE INSURANCE FACILITIES
GIB is committed to provide financial support in addition to Bank’s facilities. The Bank in this regard has
entered into a group term life insurance agreement with Padma Islami Life Insurance Limited on May 06, 2019
and brought all employees of the bank under group term life insurance coverage. Since its inception, we
have received Taka 57.00 (Fifty-Seven) Lac for 7 deceased employees’
[Amount in Lac]
SL. No. Name of Employees Designation Compensation Amount

1 Late Zulfiker Ahmed Khan EVP 15.00
2 Late Arshad Taufiq SAVP 9.00
3 Late Abu Naim Mohammed Misbaul Hoque FAVP 9.00
4 Late Mohammad Tarin Habib SPO 9.00
5 Late Murshida Afrin JO 5.00
6 Late Md. Kamrul Hassan ACO 5.00
7 Late Mohammad Salah Uddin TAO 5.00
ROLE OF HR DURING COVID-19
Since spreading of pandemic in the world, Global Islami Bank PLC (GIB) has been making continuous efforts
to reduce the risk of the spread of COVID-19 among the employees of the Bank. As part of this and directives
of Bangladesh Bank, GIB has set up a Quick Response Team (QRT) and takes precautionary measures to
ensure its employees as well as customers and those visiting its branches and head office remain safe and
protected from COVID-19. As preventive measures, all employees of the bank were advised to strictly follow
the circulars issued in this regards and Roster duty at Branch and Head Office level. The bank has provided
sufficient hand sanitizers, mask across the branches & head office. A report of the employees affected by
Covid-19 is regularly sending to Bangladesh Bank in every month.
CODE OF CONDUCT
The Bank demands that every employee follow the values of honesty and compliance at all times by acting
in a manner that is consistent with the highest professional and ethical standards. The Bank's Code of
Conduct outlines the ideals, principles, and expectations for its employees' professional conduct. The Bank's
personnel are informed of its compliance expectations through a variety of means.
EQUAL OPPORTUNITY AND SEXUAL HARASSMENT
The Bank is an equal opportunity employer and seeks to ensure that the workplace is free of any kind of
harassment or inappropriate behavior. To ensure a working environment in line with our values, where all
individuals are treated equally, fairly and with dignity and also foster compliance with governing laws
pertaining to sexual harassment the Bank has implemented a Gender Equality & Prevention of Sexual
Harassment Policy. The policy applies equally to all employees of GIB including permanent/casual/
contractual employees, clients, non-employees looking for work at Global Islami Bank PLC and/or people
directly/ Indirectly involved with the Bank
DIVERSITY AT WORKSTATION
GIB wishes to create collaboration through employing various group of people. Employees diversity prevents
creation of any glass ceiling and gets better output from different views and opinions.
Maintaining gender ratio at a reasonable level is another target of GIB More and more female’s employees
are joining in Banking Industry, GIB also encourages female participation in its operations at different levels.
Female employees hold diversified ranks ranging from officers to executives.
The employees of GIB stood at 2,223 by the end of 2022. Gender-wise position of GIB manpower as on
December 31, 2022 is shown in the chart:
Male 1946
Female 277
0 500 1000 1500 2000 2500
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REPORT 2022
Age wise Manpower of GIB:
Age Range
Year <30 Years 30-50 Years >50 Years Total
Male Female Male Female Male Female
2022 913 70 970 206 63 1 2223
2021 856 64 847 183 61 2 2013
2020 547 60 704 159 56 2 1528
A detailed employee matrix is presented below :
No. of Male No. of Female Percentage of

Ranks Total Employee
Employee Employee Composition
Executive 137 10 147 6.61%
Below Executive 1319 262 1581 71.12%
Support Staff 490 5 495 22.27%
Total 1946 277 2223 100%
BUILDING & RETAINING HUMAN CAPITAL
GIB has created an excellent work environment and this is apparent in the employee turnover trend.
Employees’ length of service is one of the key indicator that they work for the organization with faithfulness
and willingness to work together to help the bank to reach its long term strategic goals. Employees’ length of
service with GIB is presented in the chart below:
1500 1315
1000
609
500
299
0
<1 Yr 1 Yrs to < 5 Yrs ≥5 Yrs
Employees’ Length of Service at GIB
After taking new employees into the system, GIB puts continuous efforts to refinement the abilities of
employees and making them better suited for applying best performances. The employee development
processes focus on qualifying employees to go further than their current capabilities and further
enhancement of their potentials. Every employee is given the opportunity to attend training and
development programs. Employees or their line managers can take the initiatives to be considered for
training programs based on their capability and need assessment.
2500
2223
2000 2013
1500 1529
1313
1000
500
0
2019 2020 2021 2022
Trend of GIB Manpower
ANNUAL
REPORT 2022 279
EMPLOYEE HEALTH & WORK-LIFE BALANCE
There are around 2223 employees working at the Bank. GIB has many schemes to ensure health status of
employees, involve them into existences to enhance mental and physical well beings.
The Bank has a medical fund and every permanent employee is entitled to receive benefits of the fund for
self, spouse and child’s. Other than government holidays, GIB employees are entitled to thirty-three days
Earned Leave annually, including ten days of Mandatory Leave. Moreover, employees can avail fifteen days
of Casual Leave during a year. Female employees have the opportunity to get six months of maternity leave
to enjoy their motherhood.
SUCCESSION PLANNING- FUTURE LEADERS
Senior level positions at GIB are filled up with people owning the right experiences and skills with the potential
to lead the industry in the future. Not only that, to create future leaders for the industry, GIB offers
“Probationary Officer” program designed to discover the best talents to work in the bank.
In 2021& 2022, Global Islami Bank has recruited 98 & 99 Probationary Officers respectively.
TRAINING & DEVELOPMENT
Global Islami Bank, believes that the employees must be furnished with all necessary skills to meet the
ever-changing demands of this fast-faced, competitive industry. Therefore, the Bank’s goal to create a
culture of continuous development to qualify them to grow and succeed during their careers.
In 2022, there were 2711 participants attended in 134 Training Programs on different areas including
Foundation course, Banking, Finance, Audit, IT, Islamic Banking, Asset Liability, Anti-Money Laundering,
Investment, Gender Awareness etc. which is surely a landmark in the training arena among other
commercial banks in the industry.
Besides the in-house and customized training programs, employees of the bank are also sent to the training
programs arranged by BBTA, BIBM, BIM, NAPD, BAB Research & Training Centre and other reputed local and
foreign training institution.
Statistics of training program conducted by Global Islami Bank during in 2022-
Type of Training No. of Trainings No. of Participants

In-house 58 2528
External 76 183
Total 134 2711
Year-wise Participants in Training Programs-
3000
2174 2711
2000
1000 1018
944
114 95 95 134
0
2019 2020 2021 2022
No. of Course No. of Par�cipants
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REPORT 2022
REPORT ON
FINANCE AND ACCOUNTS
Finance & Accounts Division (FAD) plays a crucial role in GIB. The remonstration of the duties of FAD represent
convey of relevant financial information including performance of the Bank along with changes in its
Financial Position to the users of its financial concerns.
FINANCIAL STATEMENTS & BUDGET PREPARATION
Preparation of Financial Statements of the Bank and maintenance of those along with taking proper
Budgetary controlling mechanisms are under the jurisdiction of the Division. This Division ensures effective
compliance of IFRS (International Financial Reporting Standards) and IAS (International Accounting
Standards) as opted by Financial Reporting Council (FRC) while preparing the Financial Statements of the
Bank. At GIB the quality of Financial Statements is assessed as the part and parcel of representing the
strategic implementation of business standard. The working team of FAD prepares and controls the Budgets
set by their expert personnel. When Budget for the year as well as Financial Statements are prepared than
FAD first seeks Board of Directors for approving those, and after getting approval they take necessary steps
for their successful implementation process.
REPORTING & CLOSING OBLIGATIONS
To conform with the mandated issues set by Bangladesh Bank, FAD regularly reports to their concerned
authorities as well as websites. To perform month end, half year end and year end closing activities, the
officials of FAD collaborate and work together with other Divisions/ Departments of Head Office along with
all Branches and Sub-branches of the Bank in order to collect necessary data as when required. While
reporting, the team assures proper consideration of all material events and accordingly they do decorous
adjustments in the accounts including presenting related information in the disclosures of Financial
Statements. Monthly FAD prepares performance report of the Bank and informs Board of Directors about the
whereabouts.
COST, EXPENSE & TAX MANAGEMENT
FAD ensures safeguarding the financial stability of the Bank. They prepare Pay-Orders and carries out
reconciliation activities when necessary. GIB employees’ salary, festival bonus like: Eid and Baishak,
increment payments as well as adjustments are all handled by the Division. The Vouchers that are sent to the
Division are carefully monitored in order to ensure efficient cost and expense management. On this regard,
they perform timely observations and sent queries accordingly, when necessary. Tax obligations of the Bank
are also under their authoritative duty.
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REPORT 2022 281
REQUIRED CAPITAL ADEQUACY MAINTENANCE
As an effective team FAD is concerned about not only focusing on profit generation activities but also on
taking initiatives for regular maintenance of required capital adequacy and others. To safeguard deposits of
the Bank and boost up stability level, FAD maintains capital-to-risk weighted assets ratio (CRAR) as per the
instruction of Bangladesh Bank. As per the derived CRAR, FAD prepares statement of risk based capital
adequacy for submission to Bangladesh Bank next to getting approval from the Directors of the Bank. This
Division also carries out stress testing and sensitivity analyzing activities to determine adequate capital level.
They send GIB’s CAMEL report to Bangladesh Bank as per required time basis.
FINANCIAL INFORMATION PROVIDER
By dint of FAD’s operational excellence, Management of the Bank gets useful financial information and thus
is greatly benefitted to take decisions for the organizational welfare. This Division oversees the robust growth
of Deposits and Investments of the Bank and informs the achieved outcomes correspondingly to the higher
authority of the Bank. Various sectors of the Bank are also benefitted by FAD’s financial information, for
example, to take requisite investment decisions Treasury Division works collaborate with Finance & Accounts
Division.
RELEVANT RATES AND SCHEDULE OF CHARGES UPDATE
This Division reviews regularly all the current rates and schedule of charges of the Bank. Then when necessary,
as per the guidelines of Bangladesh Bank they update current relevant rates or schedule of charges. Before
updating schedule of charges, they take proper evaluation tactics accordingly.
RELATED POLICY MAKING & APPOINTING ACTIVITIES
FAD makes various financial policy of the Bank like; capital market investment policy, dividend declaration
policy against shares, restriction policy on payment of cash dividend when necessary, etc. As per the
necessity, FAD selects Auditor and Credit Rating Agency of the Bank and thereby approaches to Board of
Directors regarding their appointment, fixed salary or fee approving purpose. Also Provident Fund Chairman
appointment, making amendments in the Board of Trustees of the Employee Gratuity Fund, such like
activities are under their performance obligation.
FAD believes hardships result in wide spread creation of feasible opportunities. Therefore, to move the Bank
towards prosperous direction of being The Best, this Division constantly monitors its associated working arena,
makes effective plan to implement its strategic tactics and takes proper controlling mechanisms when
necessary. The Head of FAD knows how to reap benefits from faced adversities and resultantly he leads his
team accordingly to attempt it. GIB prolongs its superior financial performance than the earlier periods to
conquer strong position in the Banking Industry. For the forthcoming days, FAD wishes and aims to maintain
its position of being one of the integral cornerstones of GIB’s success story which is expected to make
headway of appreciably more positive outcome.
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REPORT ON
INFORMATION TECHNOLOGY
Global Islami Bank is a fourth generation Bank of Bangladesh that has taken initiatives to make the Bank
IT-driven with latest technology based Infrastructure & solutions. With modern banking tools and compliance
to regulatory bodies, IT Division of the Bank aims to secure customers data in any circumstances. The Bank
has also targeted to achieve full automation in banking services guided by the Board and the Management
of the Bank.
To protect customers’ data and provide digital banking, as per the ISO/IEC27001 (ISMS) compliance the
Bank has diversified itself with different technologies and services. The Bank has established a modern data
center along with an offsite disaster recovery site and dual online connectivity to its all branches to keep the
business running 24x7. The Bank has its countrywide ATM services supported by world renowned Q-Cash
network and introduced different channels for digital payments. Country’s digital payment systems like
BEFTN, RTGS, IBFT, Visa, SMS Service, along with the bank’s Agent & Internet Banking system are already
incorporated in the Bank’s list of services. All Branches of GIB are equipped with sophisticated IT systems with
globally proven latest IT components.
IT GOVERNANCE
To ensure industry standard IT governance, IT division of the Bank maintains the requirements of regulatory
bodies and ISO/IEC 27001 guidelines. As part of the Bank’s overall governance initiatives, the Bank has
formed IT Security Committee, IT Steering Committee and IT Risk Management Committee. Besides, for
emergency response handling, the bank has formed Computer Emergency Response Team (CERT) too. IT
Division also follows approved IT policy v4.0 and instructions from management and Board of Directors for
further compliance.
Considering that awareness is key to good governance, the Bank regularly conducts extensive information
security awareness sessions, cybersecurity awareness campaigns both offline and online. The Bank also
possesses multiple security strengthening initiatives through adoption of the latest technologies that ensures
governance and thus the security of the customers’ data.
IT SECURITY
To ensure industry level best practice against cybersecurity and ICT risks, the Bank has engaged in a
comprehensive review of its IT security policy, in line with regulators’ ICT Guidelines. The information security
team of GIB regularly conducts applications & systems security assessments and also vulnerability reviews on
the Bank’s infrastructure. This is done by GIB internal team to protect the Bank’s customer’s data privacy. GIB
implemented the ISO/IEC27001 for Information Security Management System (ISMS).
To protect the information assets of GIB from external threats, the Bank has put several preventive controls in
place, i.e., Next Generation Firewall, Adaptive Security Appliance (ASA), Endpoint Security, Intrusion
Prevention System (IPS), Privileged Access Management (PAM), DNS Security Solution, Web Application
Firewall (WAF), Local Traffic Manager (LTM), Anti DDos, Web Security, VA/PT etc. Several detective controls,
i.e., Security Information and Event Management (SIEM) are working together to aggregate network traffic
logs and the bank monitors them to keep eyes on communication channels, applications, databases and
systems.
DATA CENTER
A data center is a facility that centralizes an organization’s IT operations and equipment for the purposes of
storing, processing and disseminating data and applications. GIB’s most critical and proprietary assets, data
centers are vital to the continuity of daily operations. Global Islami Bank established industry and
international standard 3-tier Data Center from beginning of its operation as per the regulatory compliance.
Consequently, realizing the importance of customers’ data and privacy GIB ensures required security and
reliability of its Data Centre and Disaster Recovery Site as top priority
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REPORT 2022 283
DISASTER RECOVERY SITE
A Disaster Recovery Site (DRS) is a facility that an organization can use to recover and restore its technology
infrastructure and operations when its primary data center becomes unavailable. The DRS of Global Islami
Bank has been chosen at Jashore which is at the different seismic zone from the Data Centre. The site is fully
equipped for redundant service. Real time replication has been established between the Data Centre and
the Disaster Recovery Site.
SWIFT SECURITY AND COMPLIANCE
GIB has taken initiatives from various perspectives to enhance SWIFT Security and Compliance, as per SWIFT
guidelines. The Bank submits the annual self-attestation with external assessment for CSP (Customer Security
Program) through the renowned vendor Nelito Systems (India).
DIGITAL CONFERENCE AND REMOTE WORKING ENVIRONMENT
GIB has set up a strong central teleconference system along with a remote working environment. The
infrastructure allowed the officials to perform their daily works smoothly throughout the pandemic. The digital
conference and remote work environments are also being used by the Board of Directors to hold the Board
meetings as needed for the smooth operation of the Bank. As a technology-driven bank, GIB has to under-
take many projects and coordinate with many local and international vendors through virtual platform. The
Digital conference and remote working environment allows smooth execution and transition of all projects
to comply with the central bank and international regulations.
ENRICHING AND EQUIPPING GIB WORKFORCE
Even in this difficult period of pandemic, GIB has not stopped its workforce enrichment even though it was a
big challenge. IT Division has made the related set up to help Human Resource Division and Training Institute
for remote training throughout the year for the development of the workforce. To perform smooth business
operation for customers, GIB provides the latest technological Infrustructure facility to all officials. GIB also
arranges required local and international training for IT officials on regular basis.
CORE BANKING SOLUTION (CBS)
Global Islami Bank uses the latest Shariah Compliant Islamic Banking using Arrangement Architecture (AA)
module in T24 from the world number one CBS vendor Temenos. T24 is the most robust and scalable CBS in
existence. Numerous Islamic Banks around the world including those from Middle East use this software.
GIB INTERNET BANKING – GO FAST
To empower the customers through digital banking, Global Islami Bank has introduced “Go Fast” internet
banking to enable its customer to do self-served banking over the internet. During the pandemic period and
at present, this system allows the customers to be connected with the Bank safely where the latest technolo-
gy ensures their securities. The Bank is rolling out many other services in the coming days through internet
banking so that the banking will become easy for the customers.
The features of “Go Fast” –
● Fund Transfer to any banks;

● Checking Account Balance and Statement;
● Cheque and Service Request;
● Credit Card Bill Payment;
● GIB Internal Fund Transfer; and
● Customer Activity Report.
“Go Fast” - Mobile Banking Apps
In 2022, GIB has soft launched its mobile banking apps for internal users. The Bank is continuously working for
the full-fledged usage of the apps with innovative features for its customers soon.
AGENT BANKING
Agent banking is a limited scale banking and a financial service for those living in remote areas across the
284
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country through engaging the Agents under a valid agency agreement, rather than a teller or cashier,
according to Bangladesh Bank agent banking guideline. GIB agent banking option offers a new and conve-
nient channel through which it can extend services to unbanked and underserved population of the country
for financial inclusion as well as cost minimization. With the vision of portraying itself among the leading and
a premier financial institution in the country, the Bank has launched Agent Banking Operation to offer cost
effective, secure and faster banking services, facilitated by simplified process and automated systems.
GREEN PIN
Green PIN is an instant and secure card PIN generation process by cardholders themselves through the
Bank’s secured web portal for all types of card issued by GIB. It enables the valued cardholder to Generate,
Reset and Change card PIN anytime from anywhere at his/her convenience. Waiting for days to get paper
based card PIN is now over as no courier dependency and no more branch visit are required. Moreover, this
is a paperless “Go Green & Save the Planet,” initiative to live better. Fraud risk for Green PIN is minimal as
customer’s identity is verified before initiating the process and an SMS notification is sent to the customer
regarding the change.
IBFT
GIBL has introduced IBFT services with Bangladesh Bank in 2022. Using these facility, account holder of GIB
can receive fund from other banks 24/7 using Bangladesh Bank’s NPSB network. The transaction amount will
be credited to the account holders account instantly. The transfer can be possible by using Debit Card
number too. Similarly, credit card holders of GIB can settle payment to their credit card account 24/7 which
will be credited immediately.
UTILITY AND OTHER BILL PAYMENT
GIB is working continuously to improve its customer experience and to introduce new services. The Bank has
signed agreement with DESCO, DPDC, NESCO, TITAS, WASA, WZPDCL and other private billers to receive
different payment of Government and related billers. The Bank also provides A-Challan and E-GP services for
the customers.
MAJOR IT ACCOMPLISHMENTS IN 2022
Implementation of ISO/IEC27001 (ISMS)
To comply with regulatory guideline as well as to implement the best IT security and IT Risk Management
practices, Global Islami Bank achieved the ISO/IEC27001 certification on Information Security Management
System (ISMS) which is an international standard for information security. ISO/IEC27001 sets out the specifica-
tion for an effective ISMS (information security management system) and IT Risk Management which ensure
the best customer service as well as secure the customer information.
MAJOR TECHNOLOGICAL INITIATIVES FOR 2023
● To ensure enhanced customer service, secure customer information and system scalability, the Bank has
undertaken the largest IT investment in the history of the Bank in 2022. The full-scale upgradation and
migration in Data Center & Disaster Recovery Site with latest and enriched systems will happen in 2023.
● Implementation of e-KYC for self-service customer on-boarding.
● Development of a modern Mobile Banking Apps: The development of the existing mobile apps catering
all latest customer expectations, including following features:
● Fund Transfer to own and other banks including RTGS, NPSB and EFTN;
● Generating Account Balance and Statement;
● Card Services;
● Bill Pay;
● Mobile Top Up;
● Integration with MFS (bKash, Nagad, Upay, etc.);
● Bangla QR payment; and
● ATM, Branch and Agent Locator.
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REPORT 2022 285
REPORT ON
INTERNAL CONTROL AND COMPLIANCE
The control environment reflects the overall attitude, awareness and actions of the board and management
concerning the importance of internal control. It is the framework under which internal controls are devel-
oped, implemented and monitored. It consists of the mechanisms and arrangements that ensure reporting
of internal and external risks to which the bank is exposed to. Control environment factors include integrity,
ethical values and competence of the employees, management’s philosophy and operating style, the way
management assigns authority and responsibility and how it organizes and develops its human resources in
term of the changes in technology as well as new products and regulations.
In GIB
Internal Control & Compliance Division (ICCD) of GIB is committed to consistently meeting organizational
goals for operational effectiveness and efficiency, accurate reporting, and compliance with laws, regula-
tions and policies. Internal control system is comprised of all of the financial, operational and other control
systems which are used across all areas within the Bank. Generally, employees at the department-level are
primarily responsible for internal control in their departments and hence, participation of every individual is
vital. Prime responsibilities of ICCD are to ensure monitoring, follow-up, independent evaluation and timely
reporting to management levels systematically in order to ensure that all the bank activities are performed in
accordance with applicable policies, methods, instructions and limits.
ICCD monitors, examines and reviews the control activities of the various departments of the Bank on an
on-going basis to assess the effectiveness of the controls and recommend corrective actions where required.
Internal control facilitates effectiveness and efficiency of operations, reduces the risk of asset loss, and helps
to ensure compliance with laws and regulations.
Preventive control measures are prioritized and are designed to deter the occurrence of an undesirable
event. Detective controls are designed to identify operational weaknesses and help taking corrective
actions. Control activities normally cover all key areas of the Bank and address items such as organizational
structures, committee compositions and authority levels, officer approval levels, access controls (physical
and electronic), audit programs, monitoring procedures, remedial actions, and reporting mechanisms. These
control measures help Bank to identify potential risk issues before exposing wide open to it.
Despite of tireless effort, ICCD can provide only reasonable assurance - not absolute assurance regarding
the achievement of objectives. Collective effort of the Bank can corroborate compliance culture, drive
toward its objectives and the achievement of its mission, and minimizes surprises along the way.
As per the ‘Guidelines on Internal Control & Compliance in Banks’ issued by Bangladesh Bank vide BRPD
Circular No. 06 dated 04 September 2016, the Head of ICCD is reporting to the Managing Director & CEO.
However, the Head of Audit & Inspection, despite being a part of ICCD, is reporting directly to and is responsi-
ble to the Audit Committee of the Board.
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REPORT 2022
Depending on the size and complexity of operations of the Bank, ICCD of GIB comprises of three depart-
ments namely: Audit, Monitoring, Compliance.
Monitoring ICCD Audit & Inspection
Compliance
AUDIT & INSPECTION UNIT
The Bank has a well-established internal audit function which has a primary reporting line to the Audit Com-
mittee of the Board (ACB). The primary role of the Internal Audit & Inspection function is to provide indepen-
dent assessment of the adequacy and effectiveness of the Bank’s system of internal controls. It operates
within the framework defined in its Audit Charter and adopts the Standards for Professional Practice of
Internal Auditing set by Guidelines of Central Bank. To ensure that Internal Audit & Inspection maintains its
high performance standards, Internal Audit & Inspection conducts a self-assessment of its activities against
these standards and guidelines annually.
Internal Audit & Inspection is the third line of defense. In addition to regularly performing internal auditing
activities, the Internal Control & Compliance Division is responsible for continuous independent identification
and assessment of the risk areas, verification of control measures to manage risks and recommending
corrective measures, where relevant. These can be achieved by auditing the risk management functions to
ensure that all units responsible for managing risk are performing their roles effectively and continuously.
The results of each audit are reported to the Audit Committee of the Board (ACB) and Board of Directors;
and their resolution action plans and progress are closely monitored. Significant findings, together with the
status of rectification, are then discussed in the Audit Committee of the Board (ACB) meetings and the
minutes are formally tabled to the Board of Directors. In addition, the Head of Internal Audit & Inspection also
reports significant findings and other control concerns to the Head of ICCD regularly.
The Audit & Inspection Unit is comprised of three teams:

Internal Audit
Team-1 Team-2 Team-3
For conducting audit & For conducting audit & For conducting IT audit &
inspection on AD Branches, inspection on Non-AD Branches. inspection on all Branches of the
Corporate Branches and Bank as well as Divisions of Head
Divisions of Head Office. Office.
The table below shows the yearly number of audit executed by internal audit unit against planned audit in
2022;
SL Particular Target Achievement
1 Routine Audit & Inspection on Branch 55 62

2 IT Audit & Inspection on Branch 40 43
3 AML & CFT Audit & Inspection on Branch 12 20
4 Routine Audit & Inspection on Sub-Branch 40 43
5 DCFCL Audit & Inspection on Branches 10 14
6 Special Audit & Inspection on Branches 04 06
7 Routine Audit & Inspection on Division 05 07
Sub Total 166 195
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REPORT 2022 287
COMPLIANCE UNIT
Compliance means the operations of the Bank in conformance with laws, regulations, standards, policies,
guidelines etc. which are applicable to the organization and report to concerned authorities. Compliance
Risk is considered as one of the most significant concerns in the banking sector. The compliance starts from
the top with the Board and Management playing an active role in driving a robust risk and compliance
culture in the Bank. The Bank’s Compliance department assists the Board and Management in managing the
compliance risk. It also identifies, evaluates and addresses the legal and reputational risks in the Bank.
The Bank’s Compliance Unit ensures that overall business of the Bank is conducted in strict adherence to the
guidelines issued by Central Bank and other regulators, various statutory provisions, standards and codes
prescribed by Bangladesh Bank by evaluating the products/ processes, guiding business departments on the
various regulatory guidelines with a special emphasis on better understanding of the perspective/ spirit of the
guidelines and regulations, regular assessment of overall compliance status in the Bank.
Compliance Unit closely works with Operational Risk and Internal Audit functions and monitors various activi-
ties of the Bank with emphasis on active regulatory risk management. The non-compliances, if any are being
appropriately remediated through root cause analysis.
The Compliance Unit has an oversight over Bank’s subsidiaries to ensure the adherence to applicable laws
and regulations. The Bank has a robust Compliance Policy to manage the compliance risk in the Bank and
its subsidiaries.
Apart from being the focal point of contact with the regulators, the Compliance Unit periodically apprises
the Bank’s management as well as the Board of Directors/ Audit Committee of the Board about the changes
in regulatory environment and the status of compliance in the Bank. The Audit Committee of the Board moni-
tors and assess the performance of the Compliance Department periodically. The Board and the Bank’s Top
Management aims to maintain the highest standard of compliance within the Bank.
The Compliance Unit is divided into two parts;

Compliance
Internal Audit Compliance Internal Audit Compliance
The team supervises the compliance issues of the The team supervises the compliance issues of the
objections raised by the internal audit teams on the objections raised by the Bangladesh Bank audit &
branches and the divisions of Head Office of the Bank. inspection team, external audit team and other
regulatory bodies on different branches of the bank
and different divisions of head office.
The table below shows the yearly number of compliance executed by compliance unit against planned
audit in 2022;
SL Particular Target Full Complied Partial Complied
1 Routine Audit & Inspection on Branch 62 23 39

2 IT Audit & Inspection on Branch 43 22 21
3 AML & CFT Audit & Inspection on Branch 20 12 8
4 Routine Audit & Inspection on Sub-Branch 43 27 16
5 DCFCL Audit & Inspection on Branches 14 08 6
6 Special Audit & Inspection on Branches 06 06 0
7 Routine Audit & Inspection on Division 07 01 6
Sub Total 195 99 96
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REPORT 2022
MONITORING UNIT
The Monitoring Unit ensures overall efficacy of GIB’s internal control on a perpetual basis. Monitoring of key
risks is a part of the daily activities of the Bank as well as periodic evaluations of the business lines and support
units. The frequency of monitoring diverse activities of our Bank is determined by considering the associated
risks and the frequency and nature of deviations occurring in the operating environment.
Monitoring consists of the following interrelated elements:

● Establishing a better control and compliance culture;
● Risk recognition and assessment;
● Control activities and segregation of duties;
● Information and communication; and
● Operational activities and correcting deficiencies.
Monitoring Unit performs some of the major tools and functions by:
● Post compliance monitoring conducting for review and check the branch or division’s complied item;
● Off-site Supervision through system generated reports and archives;
● Departmental Control Function Checklists (DCFCL) for department/branch;
● Quarterly Operations Report (QOR) monitoring;
● Loan Document Check List (LDCL) monitoring;
● Branch/department spot check/ surprise check etc.;
● Self-assessment of anti-fraud internal controls on half-yearly basis as per DOS circular letter no.
10 dated 09 May 2017.
All monitoring functions are adequately documented and reported on a timely basis to the appropriate level
of management.
Overall, the Internal Control & Compliance Division (ICCD) reports on the serious non-compliances detected
by internal auditors, external auditors and the inspection teams of Bangladesh Bank with up-to-date compli-
ance position, large financial risk exposures, weaknesses in control mechanism and other risk areas to the
Audit Committee of the Board (ACB) for review and taking appropriate remedial measures. The department
ensures internal control structure in the bank with appropriate assignment, accountability of the personnel
and delegation of authorities to functional management to exercise control and create a compliance
culture within the organization under the active guidance and supervision of the Board of Directors.
During the year 2022, the overall Internal Control & Compliance position of the bank was at satisfactory level.
ANNUAL
REPORT 2022 289
REPORT ON
INVESTMENT ADMINISTRATION
SAFEGUARDING ASSETS, ENHANCING PROFITABILITY
Investment Administration is a Core Division in all banks or lending institutions, where all credit/ investment
process is managed. At GIB, the Investment Administration was established at the outset of the bank's estab-
lishment with the primary responsibility of carrying out all post-approval activities of all Investment facilities
including investment documentation, transactions and investment quality monitoring etc. In addition, the
Regulatory Reporting framework was established to strengthen Global Islami Bank's investment risk supervi-
sion.
With a focus on risk selection specialty, attentive behavior, efficient vigilance and holistic ownership, Invest-
ment Administration seeks to foster a culture that is conscious of risks. To this end, it routinely checks and
assesses Investment risk models, the bank's propensity for forecasting, the granularity of risk, adherence to
rules and regulations, and other relevant elements. GIB classify internal and external risks in each firm and
analyze ratings using the most recent financial and other pertinent information in order to take corrective
and mitigation actions as necessary. Investment Administration increased vigilance on clients/accounts that
were being closely watched or displaying early warning signs in the bank's risk management systems.
By identifying potential risk pools in the bank's investment portfolio, IAD's multi-scenario analysis provides a
better and more detailed understanding of the performance of the bank's portfolio under various macro-
economic or Stress-test situations.
PERIODICAL STATEMENT PREPARED & SUBMITTED TO BANGLADESH BANK
TOTAL INVESTMENTS
[Amount in Million]
290
ANNUAL
REPORT 2022
REPORT ON
CMSME
Bangladesh has a large number of cottage, micro, small and medium (CMSME) enterprises where a total
5.02 million people are engaged directly while 31.2 million lives are connected indirectly. Around 90% of
private sector business belongs to CMSME sector. Moreover, 70% to 80% of non-agricultural work force are
employed in CMSME sector. Experts opine that growth of SME’s can bring real change in Bangladesh by
making the economy more vibrant as there is a huge available manpower suitable for employment in SME
sector.
Yet unfortunately, the potential of SMEs has not been fully utilized in the country. In this context, Bangladesh
Bank has already instructed that by the year 2024 up to 25% of the Net outstanding of investment of a bank,
should be in CMSME sector. Though banking sector lending to CMSMEs tripled from 2010 to 2016, there still
appears to be a sizable gap for this segment.
A variety of SME products have been developed by GIB for the small and medium business segments in
accordance with the Prudential Guidelines on SME Financing of the Bangladesh Bank. For its SME clients, GIB
provides both revolving and term investment solutions. With the varied solutions created for this goal, GIB
correctly addresses small business owners, agricultural client, and female business owners.
Accordingly, CMSME investment activities to enhance as per the directives of Bangladesh Bank, Global
Islami Bank PLC. apart other products has already launched Investment product namely “Bai-Muajjal
Uddom” targeting cottage, micro and small sized trading, manufacturing and service oriented business
concerns and “Bai-Muajjal Nandini” for women entrepreneurs under cottage, micro and small sectors. Differ-
ent Refinance schemes, Credit Guarantee Schemes and different policy supports are also introduced from
Bangladesh Bank which are being amplified in different CMSME investments. Global Islami Bank PLC. has
been trying to diversify SME investment portfolio in Manufacturing and Service sectors through 99 branches,
122 sub-branches and 12 agent banking outlets.
The absence of a financial safety net, the difficulty of reaching the country's hinterlands, and the lack of
official credit records or data that would show borrower histories are a few of the industry's persistent
challenges. However, that's where we step in to transform these challenges into genuine business opportuni-
ties. We believe that in the future, our highly specialized employees, technologically advanced business
methods, and strong client connections will be essential elements in enabling us to prosper in this difficult and
fiercely competitive market. The SME industry has special difficulties, and Global Islami Bank has always
demonstrated its sensitivity to these problems. We still support the travels of our consumers.
OUR STRENGTHS
● Leadership with decades of microfinance expertise
● to extend appropriate and time befitting support to vulnerable business community
● Well-equipped network across the country.
● Periodical review of data regarding CMSME financing
● Continuous effort to expand financing to untapped CMSME sector.
● Tranquil Processing procedure of CMSME investment.
● Prudency of Approval Authority.
REVIEW OF GIB CMSME INVESTMENT GROWTH
The GIB CMSME division started operating on the first day of the bank's inauguration with the intention of
providing alternatives to CMSME customers across the country within the constraints of Bangladesh Bank's
prudential standards for CMSME financing. GIB has launched a comprehensive program to increase invest-
ment exposure in the SME sector in order to increase investment exposure in the SME sector. All duties, includ-
ing investment administration, monitoring, recovery, approval, site visits, and document collation, are being
worked on by a team of dedicated employees. As a result, during the past few years, the Bank's CMSME
portfolio has significantly grown.
ANNUAL
REPORT 2022 291
REPORT ON
TREASURY
The Treasury Division of Global
Islami Bank (GIB) works
relentlessly ensuring their
performance excellence to
accomplish efficacious as well
as dynamic treasury operations
with an aim to successfully deal
with ongoing local market
challenges and struggles. The
aspired focus of the Division is
to strengthen Treasury’s
operational framework while
taking responsibility for
managing Bank’s fund to
comply with regulatory
requirements, superintending
capital market operations
through Shukuk, Bid Bond and
others, monitoring the smooth
running of ALM functions and
dealing with local currency
concerns of the organization.
FUND MANAGEMENT
To effectively ensure meeting up with legal compliance issues, Treasury Division monitors and handles proper
utilization of the Bank’s fund within the scope of local territories of the Country. They assure conformity with
the aforethought funding plan of the Bank and ensures its diversification as well. On regular interval, their
Fund Management plan is reviewed so that they can control any deficiencies if occurs. The team always
apprehends to mitigate risks while administering fund management responsibilities with appropriate caution.
ALM FUNCTIONS
Treasury Division oversees the proper execution of Asset Liability Management (ALM) functions monitoring
different indicators like associated risks and returns, investment deposit ratio, CRR, SLR, NSFR, etc. The team
regularly ensures composition of GIB’s assets and liabilities is perfectly structured so that GIB’s measurement
and reporting system accurately presents the true degree of liquidity and market risk. This Division assures
daily liquidity management of the Bank is properly implemented and thereby by doing all of these they build
up a culture that satisfies GIB’s obligations and commitments as they become due which also lowers the
likelihood of a bad scenario arising.
STATUTORY RESERVE MAINTENANCE
GIB’s maintenance of CRR, SLR requirement set by the Bangladesh Bank is the responsibility of the Division. To
maintain statutory reserve Treasury Division accomplishes short term borrowing/lending from other Banks as
when necessary.
292
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REPORT 2022
DEPOSIT RATE REVIEWER
This Division constantly performs the obligation of reviewing GIB’s deposit-pricing strategy comparing with
other Banks and correspondingly places proposals to the Management team of the Bank about deposit
rates and tenor during the proceedings of ALCO meeting.
INVESTMENT INCOME GENERATION
Treasury Division attentively performs the duty of generating investment income for GIB. This Division engages
itself to regularly looking for available flourishing opportunities in the local market of the industry so that they
can contribute largely to ensure stability at GIB’s economic progression phase. They carefully examine and
analyze different features and profit rate of various Islamic bonds and Sukuk bond therewith consequently
invest on bond market based on the evaluation.
USEFUL INFORMATION PROVIDER
Local currency concerns are always kept under the surveillance of Treasury Division in the process of taking
strategic efforts to ensure sustainable income for the Bank. Market trend, investment sector, fund require-
ment, etc. are daily forecasted and analyzed by Treasury Division whose pursuance results in informing that
useful information to GIB’s Management team for essential decision making.
As because of the Covid-19 pandemic businesses all around the world are facing disrupting issues on consis-
tent basis, amongst this struggling time GIB achieved more profit than before which was greatly contributed
by some major working sectors of the Bank, largely by the Treasury Division. Our expertise professional person-
nel of this Division make optimum use of market impermanence constantly through focusing on ways to
increase profitability level of the Bank. Each member of the team works independently and cooperatively to
execute their required duties. To unendingly exploit untapped growing possibilities in the Banking Industry,
Treasury Division aims to emphasize on amplifying the scope of their Divisional activities while ensuring
remaining of associated risk levels at the best possible lowest standard. Treasury Team is always active to take
timely, tactical and thoughtful treasury initiatives as required.
ANNUAL
REPORT 2022 293
REPORT ON
INTERNATIONAL BUSINESS
GIB’s International Division (ID) is such a threshold that affiliates the Bank with the rest of the world while
conducting International Business associated activities. This Division takes the responsibility to expedite
foreign trade business including earning of more and more remittances. The team ensures GIB’s International
Business continues to grow in a sustainable manner. ID is the accomplisher of FX (Foreign Exchange) needs
of corporate and general customers of the Bank.
RUDIMENTARY TRANSACTIONAL ACTIVITIES
● L/C Opening, Transmission, Amendments, etc.

● Back to Back L/C Opening.
● Bank Guarantee/Standby LC.
● Local and Foreign Documentary Bill Approval and Collection.
● Issuance of Shipping Indemnity/Guarantee.
● FDD/FTT Issuance, Inward Remittance by FTT/ FDD, Issuance of duplicate FDD.
● Nostro Account maintenance & reconciliation.
● Issuance of Counter draft, Issuance FC draft drawn on Bangladesh Bank clearing.
● Issuance of PRC, C&F Certificate, Export Performance Certificate.
● EXP Issuance/correction, Cancellation.
● Issuance of Lien Confirmation Certificate, Encashment Certificate, FC Balance Certificate.
● EDF File Processing, Student File Opening in FC.
● Issuance of NOC for study and other purpose.
294
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REPORT 2022
INTERNATIONAL MARKET-MAKER
ID works effectively as the International Market-maker of GIB. This Division regularly looks for better growing
opportunities in the International Market to facilitate foreign trade and on doing so directs the Bank in the
prosperous development phase. While performing back office activities of the treasury operations of GIB, this
Division ensures successful dealings with the international business issues.
CONJOINER OF IMPORTER & EXPORTER
This Division works as the connectedness between Importer and Exporter of International Businesses of the
Country. Import and export financing are handled by them. In this regard, associated risks are mitigated by
them by virtue to their strategic efforts’ implementation.
REMITTANCE SERVICE MANAGEMENT
Remittance Department reconciles and settles daily remittance payments done by GIB’s
Branches/Sub-Branches/Agent Outlets. This team effectively handles queries and provides support to GIB’s
Branches/ Sub-Branches regarding remittance operation. They manage and supervise remittance paying
process through BEFTN and also through Spot Cash. Now we can disburse remittance of 12 Exchange Houses
abroad named: Western Union, RIA, Instant Cash FZE, Transfast (MasterCard), Merchantrade, FSIE (Italy),
Xpress Money, Turbo Cash, MoneyGram, National Exchange, NEC Money Transfer & Placid Express. One of
our account holder has received Remittance Award-2020 from Global Islami Bank PLC organized by
Bangladesh Bank. In addition, account holder of two branches are also nominated for Remittance
Award-2021 organized by Bangladesh Bank.
FOREIGN CURRENCY CONCERNS
They efficiently handle foreign currency correspondences. To ensure smooth function of operational
activities of International Business, this Division focuses on dealing successfully with the inherent concerns and
issues related with foreign currencies. Collection of Foreign currency draft from abroad is handled by them.
Collection of Foreign currency through RTGS from domestic Banks and settlement the same.
FOREIGN FUND MANAGEMENT & REPORTING
Financing of foreign trade and ensuring proper utilization as well as management of GIB’s fund in terms of
foreign scope are superintended by the expert professional employees of the Division. To comply with the
regulatory requirements of Bangladesh Bank, ID reports to mandated domains on daily basis. For example,
regularly they prepare RIT and submit to Bangladesh Bank web portal. Dealings with different Exchange
Houses are also managed by them. Submission of weekly remittance performance report of different
exchange houses are under their authoritative direction.
International Division evaluates nature and functions of the foreign exchange market and performs
accordingly. Fulfilling customers’ foreign exchange needs with utmost care is the core concentration of the
Division. Simultaneously, they always focus on prioritizing building and keeping commensurate relations on
both national and international level. GIB’s growth is significantly contributed by dint of ID’s performance
excellence.
ANNUAL
REPORT 2022 295
REPORT ON
GENERAL SERVICES
Infrastructure
General Services Division (GSD) is a key functional division of the Bank. Since inception, the division is working
tirelessly to achieve institutional goals through infrastructure development as well as providing logistic support
& service through its skilled and well-equipped team consisting Engineers, Technically sound Officials, Techni-
cians, skilled drivers and so on. The Division is playing very vital role in austerity through leading the procure-
ment process for purchasing optimum goods and services at minimum costs complying Procurement Rules
and Policies of the Bank and Regulatory Directives from time to time.
MAJOR FUNCTIONS
1. Branch Expansion
● Premises acquisition for Branch and Sub-Branch expansion.
● Relocation of existing Branches, if necessary.
● Settling terms & conditions and execution of Lease Agreements.
● Correspondence with Regulatory Authorities.
● Coordinating the construction and decoration works of the Branch and Sub-Branches.
2. Logistic Support
● To provide logistic supports to different Divisions of Head Office as well as Branches, Sub-Branches, ATM
Booths and other Offices of the Bank.
● Accord approval for new Mobile and telephone connections
● Management of the existing Mobile and telephone connections and settlement of bills.
● Supervising payment of monthly rents, service charges and utility bills.
3. Procurement
● Coordinating the entire procurement process including floating of tenders and its evaluation in accor-
dance to approval of the competitive authority.
● To ensure purchasing optimum goods and services at minimum costs complying Procurement Rules and
Policies of the Bank and Regulatory Directives from time to time.
● Providing guidelines to the Branches to ensure quality when purchased at Branch ends.
● Settlement of bills.
4. Maintenance
● Active monitoring and supervising maintenance works of the Bank’s assets, machineries and equip-
ment.
● Observing formalities for Renovation of existing Branches.
● Accord approval for the maintenance works executed at Branch ends.
● Providing guidelines and extending support to the Branches as and when required regarding mainte-
nance works.
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5. Transport Pool
● Purchasing of new vehicles.
● Coordinating repairing, maintenance and servicing of existing vehicles.
● Managing record of fuel used.
● Upkeep all legal documents related to vehicles such as tax token, insurance, fitness, route permit etc.
● Attending works relating to damages caused to vehicles by accidents or otherwise, lodgment of
insurance claim and realization thereof.
● Allocating duties of the drivers.
6. Stationery Management
● Procurement of Stationery items (Security Stationery, Printed Stationery, Table Stationeries and Petty
Stationeries).
● Ensure timely delivery through proper distribution channel.
● Managing record of consumption and reconciliation.
7. Security
● Deploying Security guards to Branches, Offices and other business point of the Bank.
● Extending support for management of CCTV as per Regulatory Directives.
● Extending support for management of various security instruments such as Alarm system for vault securi-
ty, burglar alarm system, fire safety systems, entrance monitoring & door lock systems etc.
● Observing formalities for insurance of lockers.
● Proving support to the Branches for timely refilling of fire extinguishers.
● Settlement of bills for related service providers.
8. Central Dispatch
● Receiving and proper distribution of incoming documents and parcels.
● Monitoring distribution of outgoing documents and parcels through Courier Service Providers.
● Verification and settlement of bills for related service providers.
9. Central Storage
● Management of Central Storage of the Bank at Aftabnagar, Dhaka.
● Keeping record of all incoming and outgoing items from Central Storage.
10. Miscellaneous
● Deploying and management of Janitorial Service Providers and settlement of their bills.
● Disposal of obsolete and unusable assets of the Bank.
● Arranging Pest control at Head Office premises.
● Submission of Reports to Internal and external auditors and Regulatory Authority.
● Procurement and distribution of uniform to support staffs.
● Procurement and distribution of ID Cards, visiting cards, rubber stamp and seals etc.
● Miscellaneous works as and when required.
KEY ACTIVITIES
● Opening of 09 new Branches and 40 new Sub-Branches throughout the year 2022.
● Relocation Motijheel Branch, Mohakhali Branch, Patiya Branch and Ashulia Branch.
● Enriching Transport Pool of the Bank through purchasing new vehicles for official use.
● Disposal of old/obsolete assets of Corporate Head Office and Branches.
● Providing in-time logistic support to the Branches and offices of the Bank.
GOALS FOR 2023
● Opening of 20 new Branches and 60 new Sub-Branches.

● Relocation of Branches and Sub-Branches for attaining better Business performance.
● Enhance Cleaning and housekeeping through disposal of old obsolete assets.
● Introducing robust operational process for the Division to ensure good Corporate Governance.
● Upkeep the process of observing austerity to ensure minimization of operational expenditure.
ANNUAL
REPORT 2022 297
REPORT ON
ANTI-MONEY LAUNDERING
Money Laundering (ML) and Terrorist Financing (TF) have been topics of huge concern to the world, not only
as serious and highly sophisticated forms of crime but also as threats to human rights, democracy, the rule of
law, and finally for, macroeconomics. The flow of illicit financing can have devastating effects on the
financial system, eroding public trust and propagating illegal activities within criminal organizations. In
addition, AML/CFT regimes must find out how much they comply with international standards set by the FATF
and other International standard setters, including regional bodies (i.e. APG) and relevant groups.
To measure the degree of compliance, AML/CFT regimes should focus on the AML/CFT standard/framework.
As an emerging economy like Bangladesh, we cannot afford to have our country's image tarnished because
of money laundering and terrorist financing issues. Since banks are highly vulnerable to being used by money
launderers and terrorist financiers to conceal and legitimize ill-gotten gains, we must be vigilant and guard
the integrity of our financial system for financial and social stability. In this context, Bangladesh Bank (the
central bank of Bangladesh) has established sufficient regulations for combating AML/CFT in Bangladesh.
The Bangladesh Financial Intelligence Unit (BFIU) has issued several policies, circulars and guidelines
concerning the prevention of money laundering and terrorist financing to cope with the emerging
typologies and challenges commensurate with standards/frameworks and relevant Acts.
Global Islami Bank amended its very own Anti-Money Laundering Policy 2022 in adherence with the Money
Laundering Prevention Act 2012 (Amendment 2015), Anti-Terrorism Act 2009 (Amendment 2013), BFIU
Circular Master Circular 26 (June 16, 2020), the Money Laundering Prevention Rules, 2019 and Guidance
Notes on Beneficial Owner, Suspicious Transaction Report (STR)/Suspicious Activity Report (SAR), Politically
Exposed Persons (PEPs)/Influential Persons (IPs), and Prevention of Terrorist Financing.
Moreover, Money laundering diminishes government tax revenue, making government tax collection
activities more difficult. So we all experience higher costs of living expenditure than the usual socioeconomic
condition of every stratum of life.
Financial institutions prone to money laundering activities should have anti-money laundering compliance
strategies from a top-down approach. Considering this, GIB took the initiative to formulate AML/CFT
compliance strategies that are well-defined and robust for tackling AML/CFT issues prudently.
Post Covid-19 first CAMLCO conference 2022 was held at Cox’s Bazar, Chattogram, under the arrangement
of BFIU in collaboration with ACCOBB. The conference’s theme was, Digital Transformation of Financial
Service Challenges and Opportunities. Motivated by the conference’s ideology, our management endorsed
to implement different technologically Transaction Monitoring Tools (TMT) for figuring out unusual
transactions/pattern of the bank’s customers. Moreover, GIB introduced e-KYC based platform (assisted
model) for individual customer onboarding processes across our Branches. By now, GIB familiar with what is
the role of technology in anti-money laundering/combat of terrorist financing compliance and how it can
make a difference in enhanced efficiency, accuracy, and productivity.
However, complying with all techno-driven methods might not be easy at first because it incorporates a lot
of tedious paperwork and asks for undivided attention to understand the gist and make all of the staff aware
of the same most effectively and efficiently. In addition to that, these strategies are updated at regular
intervals, where the need and importance of technological aid come into the picture.
To combat Trade Based Money Laundering through Banking channel; our Global Islami Bank took a robust
initiative by circulating a TBML (Trade-Based Money Launder) guideline in line with BFIU (Bangladesh Financial
Intelligence Unit) instruction in 2020. In connection with this; our bank developed a database and practiced
to preserve prices of commodities/services/products during Foreign Trade whether it is import or export to
curb under/over invoicing practice by fraudsters which is the most common typology of Money Laundering
across the world. Before establishment of relationship; we used to respond for any correspondent relationship
proposal from/to other banks after checking firstly whether it is Shell Bank then scrutinizing the bank’s
Wolfsberg Questionnaire set, a widely used and accepted tool for correspondent relationship procedure.
298
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To mark the importance of AML/CFT issues, our Managing Director disseminated his message to all GIB
employees on the very first day of 2022. He stressed on different surveillance processes AML/CFT through the
banking channel. During 2022; AMLD implemented various initiatives which catered to changing compli-
ance routes, such as:
• GIB amended its Anti-Money Laundering Policy commensurate with BFIU master circular 26 and emerging
typologies.
• AMLD reorganized existing file management and reduced its number of files (Branch-18 & Sub-Branch-16)
• AMLD introduced the Central AML/CFT information dashboard, a linked-based different Acts, Circulars,
Guidelines, Messages, and Instructions repository for downloading/printing/archiving AML/CFT-related
documents.
• AMLD shared the most common observations towards Branch/Sub-Branches by analyzing the BFIU System
Check audit, Internal Audit, and AMLD inspection outcomes.
• GIB covered around 95% of employees under AML/CFT training in the form of Freshers’, Refreshers’, TBML
(Trade-Based Money Laundering/CBML(Credit-Backed Money Laundering) sessions.
• AMLD registered a 52.31 percent year-on-year rise in CTR through GoAML platform i.e. 49,525 in 2022.
• Out of 90 Branches where 17 Branches were inspected Onsite basis, and the remaining 73 Branches were
inspected Offsite basis by AMLD to check the effectiveness of AML/CFT compliance during 2022.
• GIB introduced e-KYC platform for individual account opening, which eases the time and record-keeping
process.
• AMLD successfully implementing automated Transaction Monitoring Tool (TMT) to figure out unusual
patterns of transactions.
• Outcome of those Transaction Monitoring Tool (TMT); GIB registered 200 per cent year-on-year rise in
STR/SAR through GoAML platform in 2022.
Besides these, the senior management of GIB shifts the focus of AML/CFT compliance from a regulatory
perspective. The key priorities of compliance are to streamline AML/CFT systems and solidify a risk-based
approach requirement to AML/CFT compliance program by standard framework.
ANNUAL
REPORT 2022 299
REPORT ON
ADC AND CARDS
GIB has been providing Banking service to its valued clientele over the nation based on the principal of Islami
Shari’ah. The Management of the Bank is committed to provide 24/7 banking service to its clientele through
Alternative Delivery Channel (ADC). This channel allows the customer to get all banking service without
depending on branch banking. These alternative ways enable instant transmission of financial and non-fi-
nancial information between the customer and financial service provider. In this context, GIB has implement-
ed some alternative channel such as ATMs, Debit Cards, Credit Cards, Internet Banking & 24/7 Call Center.
ATM
• GIB ATMs 103

• Shared ATMs 11,000+
Through GIB and shared ATMs cardholders can access withdrawal, Balance Inquiry and Mini Statement facili-
ty. To ensure optimum level of security to the cardholders, Anti-skimming device and EPP (Encrypted PIN Pad)
has been installed in all GIB ATMs. Anti-Skimming device helps protecting skimming in two ways. It will recog-
nize modifications card slot and emits a disturbance field which prevent the skimmer to spying out cardhold-
er data from magnetic strip. The module also creates an electromagnetic interference field around the card
entry slot. This interference field impedes skimmer to read out sensitive data of the cardholder from the mag-
netic strip.
In addition to that all the ATM booths of GIB is under 24/7 CCTV surveillance.
Year 2021 2022
Number of ATM Transaction 412,107 697,375

Amount of ATM Transaction (BDT) 375,87,55,730 664,48,47,500
GIB CARDS
GIB has introduced VISA EMV Chip Card with latest contactless technology. EMV Chip Card ensures
optimum level of security to the cardholders from preventing card related fraud and to secure customer
sensitive data. The combination of the chip-enabled cards and the chip-enabled terminal lower the risk of
fraudulent activity. In addition, 2FA (Two Factor Authentication) service which is OTP (One Time Password)
based is implemented to secure online transaction.
300
ANNUAL
REPORT 2022
DEBIT CARD
• 55000+ EMV VISA Classic Debit Card
Year 2021 2022
Number of Debit Card Transaction 377,445 543,579

Amount of Debit Card Transaction (BDT) 418,02,93,535 390,98,50,589
Key Features:
• Debit Card is issued against Saving, Current and SND Account to facilitate ATM, POS and e-commerce
transaction to access their account 24/7 in 365 days;
• Cardholders can withdraw up to BDT 100,000.00 in a day from any ATM throughout the country;
• Cardholders can make payment through POS up to BDT 150,000.00 in a day against purchase of product
in any POS terminal in Bangladesh;
• Cardholders can make local online purchase/payment up to BDT 100,000.00 in a day.
CREDIT CARD
GIB has introduced Shari’ah based Credit Card with the concept of Ujrah and Qard to provide credit limit
facility for Service, Business, Self-employed & General persons. Two categories of GIB Credit Card have been
introduced so far:
• VISA Gold Dual (Limit Ceiling BDT 300,000.00)
• VISA Platinum (Limit Ceiling BDT 500,000.00)
• 2000+ EMV VISA Credit Card

Year 2021 2022
Number of Credit Card Transaction 24,303 54,713

Amount of Credit Card Transaction (BDT) 22,55,36,700 40,27,72,303
Key Features:
• Interest free Credit Card.
• Monthly Maintenance Fee is calculated on outstanding amount which is slab based;
• GIB Credit Card has dual currency facility which can be used inside and outside the country for cash
withdraw, POS purchase & online transaction;
• Cardholder can endorse passport and avail maximum $12,000 in a calendar year under Travel Quota (TQ)
limit;
• EMI facility in selective merchant outlets;
• Airport Meet and Assist service in Hazrat Shahjalal International Airport, Dhaka.
CALL CENTRE
• Short Code: 16671

• Long Code: 09610016671
One number all solution. Customer can get 24/7 banking related queries, service and support through GIB
Call Center.
Year 2021 2022 Increased
Total Inbound Call 25,892 42,053 163%
ANNUAL
REPORT 2022 301
INTERNET BANKING “GO FAST”
• 7000+ Internet Banking User.
“Go Fast” Internet banking module allows accountholder to get a clear state of their financial position and
offer a vast banking services.
Key Features:
• Any Bank Fund Transfer;
• Account Balance and Statement;
• Cheque and Service Request;
• Credit Card Bill Payment;
• GIB Any Account Transfer;
• Customer Activity Report.
KEY BUSINESS SUMMARY
Year 2021 2022
Number of POS Transaction 51,346 128,235

Amount of POS Transaction (BDT) 20,54,61,643 52,06,93,750
Number of E-commerce Transaction 24,998 75,194
Amount of E-commerce Transaction (BDT) 9,17,03,551 21,37,01,363
302
ANNUAL
REPORT 2022
REPORT ON
RETAIL BANKING
Retail Banking, also known as consumer banking or personal banking, is banking that provides financial
services to individual consumers rather than businesses. Retail Banking offers a variety of products and
services to retail customers rather than corporate. Retail banking is a way for individual consumers to
manage their money, have access to investment and deposit their money in a secure manner. Services
offered by GIB includes current and savings accounts, mortgages, personal or consumer investments, credit
cards etc. based on Islami Shari’ah principles.
KEY TAKEAWAYS
• GIB Retail banking offers financial services that includes savings and current accounts, mortgages, person-
al or consumer investments, debit or credit cards to individual consumers rather than huge institutions.
• GIB Retail banking are also an important source of credit for individuals or stakeholders. GIB offer consum-
ers investment to purchase large-scale items such as homes and cars. This extension of investment can
take the form of mortgages, auto investments, or credit cards.
The availability of services for retail banking consumers has significantly increased in the twenty-first century
thanks to a drive toward Internet and online banking. With a view to reducing the number of times a custom-
er must visit GIB Branch/ Sub-Branch/ Agent Outlets, like as other banks, GIB increasingly offer online services
to consumers exclusively over the Internet and “GOFAST” applications.
With the rapid advancement of technology in the banking industry, consumer preferences in Bangladesh
are changing. Future banking landscape will be shaped by new products, channels, and service experienc-
es. In keeping with its mission to provide customers with comprehensive financial services, GIB has tackled the
issue of comprehending consumer needs and concentrated on developing solutions.
Customer experience is a key factor in retail banking, thus at GIB, we put a lot of effort into giving all of our
clients with exceptional and engaging banking experiences. This gives them additional reasons to interact
with the bank and promotes the comfort and convenience of anytime, anywhere banking. Today, our main
emphasis is on providing goods and services that are global standards but are tailored to meet local needs.
This combination guarantees thorough customer facilitation, balancing GIB Retail with customer satisfaction.
KEY STRENGTH OF GIB RETAIL BANKING
• Comprehensive product selection as a one-stop service for all financial requirements.

• A robust and user-friendly physical-digital complement driving growth in underserved or unexplored
markets like employee banking, Islami banking, and women's banking.
• Strong platform-based banking strategy that offers prospects for cross-sale exploration and reliable
income generation.
• Versatile intellectual human capital.
• The capacity to crunch data to provide high-quality business leads.
CHART - % OF RETAIL PORTFOLIO AGAINST TOTAL INVESTMENTS (5 YEARS)
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REPORT ON
AGENT BANKING
Agent banking means providing limited scale banking and financial services to the underserved population
through engaged agents under a valid agency agreement. It is the owner of an outlet who conducts bank-
ing transactions on behalf of Global Islami Bank. Globally these agents are being increasingly utilized as
important distribution channels for financial inclusion, which also applicable for GIB too.
GIB AGENT BANKING ACTIVITIES
• Collection of cash deposits and cash withdrawals (as per BB guidelines);

• Inward foreign remittance disbursement;
• Facilitating small value investment disbursement and recovery of installments;
• Facilitating utility bill payment;
• Cash payment under social safety net programme of the Government;
• Facilitating fund transfer (as per BB guidelines);
• Balance inquiry;
• Collection and processing of forms/documents in relation to account opening, Investment application,
credit and debit card application;
• Post sanction monitoring of investments and advances and follow up of investment recovery.
• Receiving of clearing cheques.
• Other functions like collection of insurance premium etc.
GIB introduces effective tech-based Agent Banking model ensuring appropriate security with real-time
banking for its customers. GIB gave priorities financial literacy for smallholder farmers, school children and
social safety net beneficiaries and the RMG workers which is the way to make them financially literate aimed
at enabling them to manage their finance adeptly and making their decisions judiciously.
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REPORT ON
COMMUNICATION AND BRANDING
Global Islami Bank operates its banking in accordance with Islamic principles of finance, which are based on
ethical and moral values and is fully shari’ah complied. The bank offers a wide range of financial products
and services such as savings accounts, investment accounts, home financing, car financing, and business
financing, among others. These products and services are designed to comply with Islamic principles and
provide halal financial solutions to customers. The main focus of Communications and Branding Division
involves developing and promoting of the bank’s Islamic brand identity and messaging to reach its target
audience. The division involve creating design and overall image that represents the bank and its products
or services through different events.
Communications and Branding Division is responsible for managing and promoting the bank's image, brand,
and reputation to its various stakeholders, including customers, shareholders, investors, regulators, and the
general public. This division is essential for building and maintaining the bank's credibility, trust, and customer
loyalty.
The key responsibilities of Communications and Branding Division in GIB includes:
1. Developing and implementing the bank's brand strategy which involves defining the bank's unique value
proposition, target audience, messaging, and visual identity.
2. Creating and executing marketing campaigns which include designing and executing campaigns across
various channels, such as print, digital, social media, and events, to promote the bank's products and
services.
3. Managing the bank's reputation by monitoring and responding to any negative publicity or issues that
may affect the bank's reputation and taking proactive steps to build a positive image.
4. Internal communications with the bank's employees to ensure that they are aware of the brand strategy,
marketing campaigns, and any updates or changes within the bank.
5. Building relations with investors and shareholders to provide updates on the bank's financial performance
and growth plans by prospective communication.
6. Overall, Communications and Branding Division plays a critical role in shaping the public perception of the
bank and ensuring its long-term success.
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REPORT 2022 305
CSR UNIT
GIB takes its social responsibility seriously and focuses on activities that contribute to the socio-economic
development of the country. By addressing issues such as poverty eradication, health and medical care,
rural area development, disaster management, and environmental development, GIB can make a positive
impact on society and contribute to sustainable development.
In this line, GIB has established a CSR Unit to monitor its CSR activities and ensure they align with the bank's
overall goals and values. Having a clear guideline in place can help ensure that the bank's CSR initiatives are
consistent and effective.
By actively engaging in CSR activities, GIB can also strengthen its relationship with stakeholders, enhance its
reputation, and potentially attract more customers who share similar values. Overall, integrating CSR into the
bank's operations can be a win-win situation for both the bank and the society it serves.
ACTIVITIES IN THE YEAR 2022
All GIB’s communications for the public and customers are published through different medias to reach
customers directly. Among the medias, GIB mainly focuses on social media widely. In this way, bank reaches
to the target customers at a reduced cost and easy way. Below here are some of the activities of the division
during the year 2022:
• Annual General Meeting is one of the main event of the bank which was also a very colorful event. The
event got huge media coverage in the most of the popular national dailies, online news and e-media
through news and press release.
• In the year 2022 GIB came into IPO market and the whole event got excellent feedback with press and
e-media coverage across the country through news and press releases.
• During the whole year the inauguration of branches/ sub-branches/ agent outlet/ ATM Booths at different
areas of the country came to the news though national and local newspapers along with e-media.
• Global Islami Bank is conferred prestigious Bronze Award by ICMAB (The Institute of Cost Management
and Management Accountants of Bangladesh) in the ÌCMAB Best Corporate Award-2021’ Competition
under Private Commercial Bank (Islamic Operation) Category. This achievement got huge media cover-
age in the year 2022.
• Global Islami Bank inked an agreement with West Zone Power Distribution Company Limited (WZPDCL)
during the year 2022 under which all prepaid customers of WZPDCL will be able to recharge their prepaid
meter or collect token from the branches of Global Islami Bank. Communications and Branding Division
published this message through all kinds medias to reach all the customers of WZPDCL for their conve-
nience.
The success of Communications and Branding efforts can be measured through a variety of metrics, and it is
important to evaluate its impact on the organization's overall performance. Effective Communications and
Branding efforts can help the organization to build a strong brand identity, increase customer loyalty, and
drive sales, while also contributing towards achieving organizational goals. The efforts may have been
successful in aligning with the overall goals and objectives of the organization.
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REPORT ON
BRANCH OPERATIONS
Operations strategy specifies the policies and plans for using the organization's resources to support its
long-term competitive strategy. Alongside, to ensure smooth operational completion to clients by enhanc-
ing all sort of general banking support to the branches, sub-branches and other business networks to sustain
and mitigate different operational hazards, by reducing probable risks for the bank at larger scale and moni-
tor all sorts of activities including collecting, analyzing, assessing, submitting and communicate reports to
government and different regulators. Therefore, to resolve issues like these, with the permission and initiation
of honorable Managing Director, the Branch Operation Division was form on June 19, 2017.
Currently, a total number of 215 (two hundred fifteen) branches and sub-branches, are successively being
attended by Branch Operation Division (BOD) to increase better execution of policies, follow prescribed
guidelines, circulars to ease operational tasks and consequently help better understanding about general
banking in light of Islami Shari’ah.
Here is a glimpse of the activities of performed by Branch Operation Division: -
AUTOMATED CALLAN SYSTEM
In order to collect Government Treasury challan fee, followed by an agreement between Accounts &
Budgeting Department of Bangladesh Bank and Global Islami Bank, Branch Operation Division has been
playing a vital role in the automated challan system support for branches. The activities like creating User ID
and Authorizer ID are mainly done by BOD, which later allows nominated branch people to collect different
government fees through automated challan system software.
UPOSHAKHA CONTROLLING UNIT
Branch Operation Division has been not only working as the monitor, consultant and guide to the branches,
but also in order, to control and nurture the large number of Sub-Branches, it has established an Uposhakha
Controlling Unit on August 31, 2021. At present, the division monitors and controls total one hundred sixteen
(116) Sub-Branches spread around the country. General banking tasks like-from account opening, errorless
customer service, meticulous following of central bank and GIB Guidelines, monitor all insurance related
facility of Sub-Branches to overall branch premises security are being controlled by Uposhakha controlling
unit-a sub division under Branch Operation Division.
INSURANCE
BOD plays an essential role to ensure Cash-In-Safe, Cash-On-Counter and Cash-In-Transit insurance cover-
age to all the branches and Sub-Branches. Frequently branches and Sub-Branches require insurance
support, starting from insurance guidelines, cash-In-Safe policy, coverage of counter and cash transit. Since,
the activities like- Cash management is also monitored and supervised by BOD, the Branches and
Sub-Branches often need consultation regarding on cash remit to avoid vault limit exceed issues.
LEGAL SOLICITATION
BOD randomly performs the role of an solicitor in general banking support system. In this connection, Branch
Operation Division often faces enquiries from govt. regulatory authorities-like Anti-Corruption Commission,
National Board of Revenue, enquiries from Customs houses and Crime Investigation Department(CID) as well
as from Financial Integrity and Customer Services Department (FICSD) Bangladesh Bank. Frequently branch-
es require legal assistance, in which BOD supports them by after series of consultation from bank enlisted
legal advisors considering the necessity of the situation.
CIRCULARS AND OFFICE NOTE
To reach out better banking support and guidelines, Branch Operation Division has so far provided approxi-
mately fifty-five (55) circulars. The circulars are mainly prepared to provide clear knowledge on general
banking, which can be helpful to the branch and Uposhakha employees and thus confirm errorless customer
service. These circulars include topics like-
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REPORT 2022 307
• Collection and monitor of Utility Bill (ex: Dhaka WASA, ACS, TITAS GAS, PALLI BIDDUT etc.)
• Ensure safety and security of branch stationary;
• Key exchange and maintenance, Cheque destruction policy;
• Duplicate instrument issues
• Ensuring precautions while opening Account
• Regularization of Zero Balance
• Discouraging usage of Debit Voucher
• Locker circular.
• Dormant Account.
• Deceased Account.
• Fake Note.
• Cheque Cancelation.
• Positive Pay Instruction.
• Automated Chalan System.
• Complaint Management.
• Cost Minimization related circular.
• Overall Safety & security of the Branches, Offices of the Bank and many more.
BOD frequently receives, various mismatch issues from branches, while notes are mandatory to place in order
to balance the branch GL and minimize customer hazards at minimum time period.
REPORTING TO CENTRAL BANK
Branch Operation Division ensures, a wide range of reports which appears to be monthly, quarterly and half
yearly. These reports are generally sent to different departments of central bank upon asked. Besides this, the
reports BOD generally provides are categorized in a monthly, quarterly and fortnight reports like-
• Cheque fraud & forgery report

• Report on fake notes
• Weekly cash balancing report
• Metallic report
• Special account report
• Torn & mutilated report
• Monthly Customer Complaint Report.
COMMUNICATE TO DIFFERENT GOVT. AUTHORITY
Branch Operation Division ensures, a wide range of communication with different government authority.
Almost, every day, BOD receives, letters regarding account enquiry from National Board of Revenue, instruc-
tions to freeze and unfreeze accounts from regulatory authorities.
BOD generally communication with:
• National Board of Revenue (NBR).

• Bangladesh Customs.
• Central Intelligence Cell (CIC).
• Court Order.
• Bangladesh Police.
It is also important to add here, Central Clearing Department also reports to BOD, so the activities of CCD are
randomly monitored under the super vision of Branch Operation Division. The boundaries of activities carried
out by BOD cannot be sum up, as with the constant growth of GIB the range of activities will always continue
to expand and we have placed few of the activities to provide a clear idea that anyone can get about how
Branch Operation Division performs.
308
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REPORT ON
SPECIAL ASSET MANAGEMENT
SPECIAL
After conscious decision to condense our aggressive lending practices over the past few years to protect the
integrity of our investment book from problematic assets, Global Islami Bank focused on controlling credit
quality. We examined improving credit quality management from both the pre-credit and post-credit
perspectives using a comprehensive approach. We prioritized credit recovery while safeguarding the crucial
creditworthiness appraisal aspect of our business, enabling a far more comprehensive focus on the typical
investment cycle.
The Special Asset Management Division (SAMD) is attempting to recover and regularize the investment that
have grown erratic and unreliable. The Division's goal is to maintain the regularity of irregular and non-per-
forming loan assets by careful monitoring, recovery, and rescheduling, which significantly contributes to the
bank's profit and growth. SAMD made an enormous effort to significantly increase the asset-based bank's
profitability. In addition to attempting to keep the bank's investment portfolio healthy, it attempts to lower the
NPI.
In order to ensure proactive follow-up from the first stages of default/non-payment, we improved delinquent
assets monitoring across the bank through the Special Asset Management Division (SAMD). The SAMD has
worked vigorously and consistently over the years to help the bank improve its NPI ratio while also making
sure that any recoveries from classified or written-off accounts significantly boost the bank's profits. The
following are some ways SAMD brings in money for the bank:
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REPORT 2022 309
SAMD'S RESPONSIBILITIES
The two main causes of financial loans going bad are (i) one is intentional default and (ii) customers’ excuse
like business failure, death, natural disasters, pandemics, etc. SAMD of Global Islami Bank is tenacious and
unrelenting in its pursuit of wilful default and intentional wrongdoing, it is perceptive and accommodating to
the needs of those who are dealing with legitimate difficulties. In both instances, SAMD concentrates on
getting past-due accounts to the negotiating table to improve the chances of a final settlement.
Bank works with public funds, hence it is unable to wait indefinite time. As a result, Bank has no choice but to
liquidate the assets mortgaged against the investment if its sincere efforts at negotiation fail to yield the
required results.
CORE COMPETENCIES
• All-out effort for recovery/regularizations of NPIs.

• Formulation of different applicable strategies
• Continuous Monitoring for recovery/regularizing the NPIs
• Preparation of Periodical Statement regarding Recovery to Bangladesh Bank
• Strong negotiation skill
LINE OF REPORTING
KEY ACTIVITIES
• All out efforts for Recovery.

• Rigorous monitoring and strategy formulation for recovery.
• Regular reporting to the Regulators/ Board/ Management etc.
Throughout the year meeting with Senior Management, Regional Heads, Divisional Heads and Head of
Branch(s).
CLASSIFIED INVESTMENT (CI) POSITION
Cl-Position Amount in Million 2022 Amount in Million 2021
Sub-Standard 790.57 331.35
Doubtful 144.64 949.95
Bad & Loss 4387.14 1,104.80
Total 5322.35 2,386.10
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REPORT ON
CENTRAL CLEARING
Global Islami Bank has taken pride in being one of the few banks in Bangladesh that can provide all digital
payment platform, including BACPS, BEFTN and RTGS, from any of its Branches, Sub-Branches and Agent
locations, from its inception.
Central Clearing Department processed all inward transactions centrally for seamless operation and to give
exceptional service to the customers. All GIB clients of Branches, Sub-Branches and Agent Banking are
served via CCD. Central Clearing Department also provide necessary support to our Remittance section,
Head Office to send foreign remittance to other banks. And provide logistic support to Treasury Division for
fund management through RTGS system.
CORE COMPETENCIES
• Bangladesh Automatic Cheque Processing System (BACPS)

• Bangladesh Electronic Funds Transfer Network (BEFTN)
• Real-Time Gross Settlement (RTGS)
BACPS
This is the result of the constant dedication to keeping all Inter-bank transactions easy, fast, and secure while
remaining compliant. The Central Clearing Department’s centralized outward and decentralized inward
model in all units is a key feature. The major part of CCD’s officials is to monitor the BACPS activity.
Settlement claims amount is less than 1% of all claims received from other banks, proving the department’s
accuracy. Several modifications were made to improve compliance by introducing all types of Outward
and Inward reports. Compliance Monitoring Tool for both outward and inward reports depending on
transaction frequency, among other things.
BEFTN
EFT inward transactions is being credited within 30 minutes on the same business day, depending on the
session report received from Bangladesh bank. All EFT inward items are processed centrally, while all EFT
outward items are processed locally by branch. Individuals can access BEFTN through branch, agent
banking, internet banking, online banking, and the GoFast app.
RTGS
All branches, Sub-Branches, and Agent Banking are enable to receive inward and send outward. From the
very beginning, the bank process all RTGS inward items centrally and credit the amount at actual beneficiary
according to BB guidelines (within 30 minutes) without negligence for confirming superlative services.
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The Real-Time Gross Settlement (RTGS) system allows the government to collect VAT, Taxes, and other levies
on the same day. Importers can pay custom duty payment through RTGS, since its inception in 2022. E-pay-
ments will assist in the prevention of fraud, bribery, and duty avoidance.
KEY ACTIVITIES
• Prepare a complete user operation process manual for BACPS, BEFTN and RTGS system.
• Prepare a guideline for RTGS operation.
• Successfully integrated Internet Banking, GoFast App, Agent Banking, Sub-Branches, and Temenos (T24)
with BACPS, BEFTN, and RTGS systems (Ver. R20).
• Using systemic intelligence to analyze real-time items and transmit the file to Bangladesh Bank.
• Successfully integration of Govt. Initiated E-Custom Duty Payment System through RTGS.
• Increased automation with the core banking system to reduce additional human contact at branch level.
• Arrange training and awareness sessions on “BACPS, BEFTN & RTGS Daily operation” for branch users.
• Arrange training and awareness sessions on “Customs Duty Payment” in accordance with Bangladesh
Bank requirements.
• Arrange training and awareness sessions on “MICR Instrument’s Security Features” in accordance with
Bangladesh Bank requirements.
• Introducing random password generation from BACPS, BEFTN & RTGS system for branch users.
• Introducing scrolling message for important topics in BACPS, BEFTN and RTGS system.
• Messaging alert system from BACPS, BEFTN and RTGS system for users.
• Introducing local ftp for BACPS, BEFTN and RTGS operation. Which contains all related documents like:
circulars, forms, guideline etc.
• Increased exposure at branches that will attract clients to BEFTN and RTGS.
• To promote awareness and widen competence, continue to hold trail training workshops.
OUTLOOK
• Like to introduce automated email alert facility for creating new user, password reset, user unlock etc.
• Arrange training and awareness sessions on “FC transaction through RTGS system” in accordance with
Bangladesh Bank requirements.
• Arrange training and awareness sessions to prevent fraud and fraudulent activities of MICR Instrument’s in
accordance with Bangladesh Bank requirements
• Arrange training and awareness sessions on “BACPS, BEFTN & RTGS Daily operation” for user’s accordance
with Bangladesh Bank requirements.
• Increased exposure at branches will attract clients to BEFTN and RTGS.
• To promote awareness and widen competence, continue to hold trail training workshops.
• Arrange for employee training on payment system risk factors and other variables activities in accordance
with Bangladesh Bank requirements.
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REPORT ON
CENTRALIZED TRADE SERVICES
Centralization increases the productivity, efficiency and enables the Bank to ensure standardization of
process with the changing needs of the business and service excellence. ln addition to that it also increases
compliance, monitoring and control over foreign trade transaction of the bank and also minimizes the
associated risks with foreign exchange business.
Due to increase of demand for Foreign Exchange Transaction through Non-Authorized Dealer Branches,
Global Islami Bank has established Centralized Trade Services Unit (CTSU) at Corporate Head Office under
International Division for Non-AD Branches from 01.01.2020 in addition to 5 (five) Authorized Dealer Branches.
PRODUCTS AND SERVICES OF CTSU
All the trade transactions of Non-AD branches of Global Islami Bank are being served by CTSU.
Services related to import:

• Issuance of all types of L/Cs (Foreign –Sight/ Deferred);
• Amendment and Cancellation of all types of L/C (Foreign –Sight/ Deferred);
• Lodgment and retirement of all types of Import Documents (Foreign-Sight/ Deferred);
• Issuance of acceptance and payment under deferred/ usance L/C;
• Import with LCA/Contract under Advance Payment Method;
• Documentary Collection under Import with LCA/Contract;
• Issuance of Shipping Guarantees/NOC;
• Import without LC through Contract.
Services related to Export:

• Advising Export L/C in Foreign Currency;
• Transfer of Export L/C;
• Foreign Export against Export LC;
• Foreign Export Against Advance TT;
• Purchasing or Negotiating/Collection of Export Documents;
• Proceed Realization.
CBS (CORE BANKING SOFTWARE) TRANSACTIONS & AUTHORIZATION
All transactions related to Foreign Trade Operation are initiated by CTSU users. Contingent Liability, Exchange
Earnings, Discrepancy Fee and Payment Fee in USD will be booked under Corporate Head Office/ CTSU
accounts. Margin, Commission, Charges and other incomes with VAT/ Tax will be booked under respective
Non-AD branches accounts.
SWIFT OPERATION
All types of SWIFT massages related to foreign trade transactions of Non-AD branches under CTSU are initiat-
ed and verified by CTSU.
ONLINE BANGLADESH BANK REPORTING AND OTHER STATEMENT/REPORTING
All trade related foreign exchange transactions are reported to Bangladesh Bank Online Monitoring system
by CTSU and conduct all sorts of reporting/return/statements of foreign trade business of the Non-AD branch-
es under CTSU.
FORWARD LOOKING PLAN
Have a plan to include other services i.e. Back to Back LC, Student File etc. and open CTSU-Chattogram Hub
for Non-AD Branches located at Chattogram Division.
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REPORT 2022 313
REPORT ON
RESEARCH AND DEVELOPMENT
Research and Development (R&D) is one of the means by which business can experience future growth by
developing new products or process to improve and expand the operations. R&D Division of GIB established
in 2013. Under the direction of the Head of Investment Division, the potential division currently has a staff of
four individuals. The group is constantly searching for fresh ideas and hoping to play a bigger part in bringing
the great bank to the forefront of the nation's dominant banks. During 2021-2022 the following competitive
deposit products are developed –
• Mudaraba NRB Savings Bond Scheme

• Mudaraba Labbaik Hajj Deposit Scheme
• Mudaraba Mohorana Savings Scheme
• Mudaraba Gift Cheque
AS REPRESENTATIVES OF THE BANK R&D DIVISION
• Delivers new products that satisfy the customer's financial requirements.

• Prioritize stakeholder relationship-building.
• Create and manage the commercial portfolio of the banks for long-term growth.
• Develops strategic assets and capabilities required to gain a competitive edge.
• Provides research support to different organizations like BIBM, BIDS etc.
• Speed up commercial operations and seize a sizable portion of the market.
• Aid banks in boosting their profitability.
KEY RESPONSIBILITIES
• New Product Design

• Product Development
• Business Policy Research
• Market Research
SUPPORTING ACTIVITIES TO OTHER DIVISIONS
• Prepare speech & power pint presentation for the Top Management for different conference.
• Prepare supportive duties to prepare message from Honorable Chairman & Managing Director for the
Annual Report.
• Analysis of different public policies such as Monetary Policy & Fiscal Policy as well as different guidelines
issues by Bangladesh Bank and forecasting the extract to the Top management for decision making
• Analyze the variation of the banking products and recommend to develop new Shariah based products
which will create brand loyalty.
OUTLOOK
The R&D Division intends to increase the scope of its regular operations in the upcoming year, which will
benefit both Banks and its clients. To be competitive in a crowded market, GIB will continuously update its
goods and services, as well as upgrade its current offerings to meet consumer needs. Also, R&D intends to
closely examine the business environment, the goods, the interests of the customers, and their expectations
in order to maximize the profitability of the Bank and ensure the operation's sustainability.
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REPORT ON
MARKETING AND DEVELOPMENT
Business
Marketing
Development
Marketing and Development Division at Global Islami Bank is actively working to reach out to prospects,
customers, investors, and the community while creating a positive image of the bank. By designing attractive
marketing materials that align with Islami Shari’ah principles, the division can effectively communicate the
benefits of the bank's products and services to customers.
In addition, the division played a key role in executing the conversion of the bank to a fully Shari’ah-based
Islami banking system. This demonstrates the division's commitment to the bank's overall mission and values,
and their ability to adapt to changing circumstances and requirements.
GIB has undertaken a strategy to establish relationships with various corporate organizations in order to
promote its brand and open up potential banking opportunities with these organizations in the future. As part
of this strategy, GIB has partnered with several organizations, such as REB, DPDC, Dhaka WASA, Chattogram
WASA, TITAS Gas, DESCO, NESCO, and West Zone Power Distribution Company Limited to provide bill collec-
tion services through its branches and sub-branches.
This approach of partnering with other organizations is commonly known as a "strategic alliance" or "partner-
ship" in business. By partnering with other businesses, GIB can leverage their existing customer base and
brand reputation to promote its own services and products. Additionally, by offering bill collection services
for these organizations, GIB can directly reach its target customers of other organizations and potentially gain
new customers through these partnerships. Overall, this seems to be a smart strategy for GIB to expand its
business and build relationships with other organizations in the industry.
Basically, marketing is a critical component of the division's responsibilities, as it is responsible for creating
awareness of the bank's products and services through various channels, such as advertising, public
relations, social media, and email marketing. The division's role is to ensure that the bank's message is clear
and consistent across all channels and that it resonates with the target audience.
In addition to marketing, the development aspect of the division's role involves identifying new business
opportunities and developing strategies to increase revenue and profits. This may include developing new
products and services or identifying new markets for existing products.
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Some of the key activities of Marketing and Development Division engage in include:
• Conducting market research to identify customer needs, preferences, and trends is a regular activity of
the division. This information is then used to develop marketing strategies and product offerings that will
appeal to the bank's target market.
• One of the main role of the division is developing new products and services that meet the needs of the
bank's target market which involves working with other divisions of the bank to
develop new financial products or services, or partnering with external companies to offer co-branded
products or services.
• Developing and executing marketing campaigns to promote the bank's products and services is one of
the major activities of the division. This may involve creating advertising campaigns, direct mail
campaigns, or digital marketing campaigns.
• Marketing Division divides the bank's customer base into different segments based on their needs,
preferences, and behavior. This information can then be used to develop targeted marketing
campaigns and product offerings.
• The division manages the bank's brand image and reputation. This may involve creating and managing
the bank's social media presence, developing and distributing marketing materials, and responding to
customer inquiries and complaints.
KEY ACTIVITIES DURING THE YEAR 2022
• Initiate Bill Collection Agreement with Chattogram WASA for collection of their bills through GIB
branches/sub branches/agents.
• Initiate Bill Collection Agreement with WZPDC for collection of their bills through GIB branches/sub
branches/agents.
• Marketing and Development Division established medical service agreement with Ibn Sina Hospital and
Diagnostics Center across the country to facilitate reduced price on their different pathological tests and
medical services for employees and card holders of Global Islami Bank.
• The division initiated medical service agreement with Universal Medical College & Hospital Limited (Former
Aysha Memorial Hospital) and Anwer Khan Modern Hospital Limited to facilitate the officials of the bank
for reduced rate in different pathological tests and others.
• The division also signed medical service agreements for discount for the GIB employees and Debit/Credit
Card Holders in different medical services with Islami Bank Hospital, Labaid Limited, Labaid Cardiac
Hospital Limited & Labaid Specialized Hospital, Labaid Cancer Hospital and Super Specialty Center,
Al-Helal Specialized Hospital Limited, Patiya Central Hospital & Diagnostic Center Pvt. Limited, Popular
Diagnostic Centre Limited and SIBL Foundation Hospital.
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REPORT ON
LEGAL AND RECOVERY
LEGAL AND COMPLIANCE SPECIALIZATION
The Legal & Recovery team of Global Islami Bank works to guarantee that all laws and regulations pertinent
to the bank's operations are complied with. The team is also in charge of efficient case handling to maximize
recovery from default accounts. In accordance with all regulatory and legal regulations, the legal team
provides legal support for GIB’s operations, allowing the bank's commercial growth through mortgage help
and recovery. The effective and timely recovery is ensured by using the proper mortgage and reclamation
procedures, which finally boosts the bank's profitability.
MAJOR DEVELOPMENTS
The legal team concentrated on operational consolidation, optimizing its legal, recovery, and business
support functions through alternative approaches, while continuing to focus on producing the best legal
outcomes as Banking and court operations were restricted as a result of pandemic-related disruptions. In
addition to assisting in cost efficiency, this attempt was made easier by the extensive use of remote technolo-
gies. Thus, in the year 2022, the main focuses of our operations were adjusting to new problems and new
working methods, participating in ongoing personnel up skilling, and assuring high levels of risk-readiness in
an uncertain environment.
PERFORMANCE OF LEGAL TEAM
Particulars Total Cases Value of Cases
Total Artha Rin Suit as on 31.12.2022 26 847,642,974.88

Total N.I. Act Case as on 31.12.2022 64 1,095,151,404.13
PERFORMANCE OF RECOVERY TEAM
[Recovery against classified investment during 2022 is BDT 157.86 million]
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REPORT 2022 317
REPORT ON
SHARI’AH SUPERVISORY FUNCTIONS
Global Islami Bank PLC has transformed from the conventional banking system from January 01, 2021 and
started fully Islamic banking activities based on Shari'ah. Since the beginning of Islamic banking activities, the
Shari'ah Supervisory Committee has been playing a strong role in the transformation process of banks.
Through a total of 5 (five) meetings in the year 2022 of the Full Committee and Sub-Committee, the necessary
decisions, valuable opinions, advices and important suggestions are providing important suggestions in the
light of shari’ah to accelerate islamic Banking. Besides, under the supervision of the Shari'ah Supervisory Com-
mittee, the Shari'ah Secretariat has completed the Shari'ah inspection of 83 (eighty-three) branches of the
bank and provided a settlement report on them.
The responsibility of the Shariah Supervisory Committee is to provide sound advice to Global Islami Bank PLC
so that its objectives and operations, business, and finances are managed in accordance with Shari’ah.
Shari’ah Supervisory Committee to monitor and review the activities of the Bank and provide independent
opinion and necessary instructions on the matter. The responsibility of bank management is to ensure that the
bank's branches, sub-branches and other business networks are following Shari'ah norms. In this case, the
responsibility of the bank is to ensure that it conducts its business in accordance with Islamic Shari'ah rules
which the bank has duly complied with.
The Shari'ah Supervisory Committee after reviewing the 2022 Shari'ah inspection reports such as audited
report, balance sheet, profit and loss account and other financial statements of the bank, gives the following
opinion and suggestions:
1. The investment and transaction agreements executed by the bank in 2022 have been completed in
accordance with Islamic Shari'ah principles.
2. The profit of the deposit account is in accordance with the contractual principles in the light of Islamic
Shari'ah.
3. Doubtful and non-Shariah income identified by the Shariah Supervisory Committee has not been included
in the Bank's distributable income.
4. Calculation of Zakat on bank's Zakat able assets is done according to Islamic Shari'ah rules and principles.
Note that banks do not pay Zakat on behalf of depositors and shareholders. It is the responsibility of
depositors and shareholders to pay Zakat on deposits and shares.
5. To provide regular training and workshops on Islamic banking to increase the professional skills and ethical
standards of the officers.
6. To fully comply with Shari'ah, organize regular Shari'ah awareness programs.
7. It is essential to strengthen the efforts in the overall operations of the bank for quality and real progress in
Shariah compliance.
8. In order to popularize Islamic banking and other activities, it is essential to improve the customer service
quality of banks.
9. Taking necessary steps to implement Shari'ah governance throughout the bank.
May Allah (Subhanahu wa ta'ala) grant us the Tawfik of attaining his satisfaction by following and implement-
ing the principles of Shari'ah for the overall welfare of our lives. Ameen.
Sd/- Sd/-
Prof. Dr. Mohammad Abdus Samad Prof. Dr. Mohammad Gias Uddin Talukder
Member Secretary Chairman
Shari’ah Supervisory Committee Shari’ah Supervisory Committee
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09 GIB SUSTAINABILITY
REPORTING
“Allah (SWT) the Eternal, the Absolute.”
[Quran 112:2]
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MANAGING DIRECTOR’S MESSAGE
ON SUSTAINABILITY
Banking systematization has undergone a massive transformation from its traditional mode of operation to a
completely new strategic dimension known as “Sustainable Banking”, which entails incorporating
environmental, social, and governance criteria into businesses or investment decisions for the long-term
benefit of both clients and society. And Islami Banking is a welfare and sustainable Banking System. In its 10
years of existence of the Bank, our guiding philosophy has been set to be “Banking with Faith” with emphasis
on strictly following Islamic principles and ensuring Shariah compliance in every aspect of banking activities
At GIB, sustainability implicates more than merely operating ethically and as per the regulatory mandates of
the government. It necessitates making a beneficial and long-term impact on the surrounding community as
well as on all Stakeholders. GIB has been working to develop Bangladesh's financial ecosystem for over a
decade and is closely interconnected to the country's growth story.
GIB has been creating diversified opportunities and providing possibilities for individuals and businesses since
its founding as a scheduled Private Commercial Bank in 2013, as well as contributing to the long-term
sustainability of the society in which it operates. As part of our corporate social duty and as a platform for
achieving economic sustainability, we want to support ethical businesses that benefit people and society.
Customers' preferences are changing rapidly as a result of technological advancements, for example, the
adoption of smartphones and digital platforms.
Banking success is a function of offering great value to customers by contributing to societal progress. While
commercial success is a function of delivering superior value to consumers through societal advancement.
We concreate this aim and emphasize areas of success ensuring this balanced approach. Customer
satisfaction, digital advancement, product innovation, staff involvement, and financial performance are all
part of these goals. GIB largely contributes to Women Entrepreneurs and Student Banking by implementing
various strategies on education, gender equality, health and social issues, and providing low-cost investment
products. Again as one of the leading Islami Shari’ah based Commercial Banks, Global Islami Bank PLC is
continuously funding projects that are eco-friendly and have desire to become energy efficient. We have
integrated Environment and Social Risk Management System to analyze the environmental and social risks of
projects and promote financing for renewable energy and projects to support the fight against climate
change.
At GIB, we wish to be profitable as well as sustainable. This way we can ensure prosperous business
development and helping more people day by day. We will continue to work unendingly to make GIB one
of the best Islami Shari’ah based Commercial Bank for our employees, customers, shareholders and
communities.
We have taken the year 2022 as a challenge. We believe that our customer service with existing and new
products and the support of our IT investment, branch, sub-branch, agent banking, ATM, CRM, efficient and
productive management of resources, better risk management and corporate governance will bring
sustainable growth with improved asset quality that will maximize value for all the stakeholders in the coming
years. Global Islami Bank PLC emphasizes on employment generation and environment friendly green
banking for equitable distribution of resources over geographical territory for sustainable growth of macro
economy of the country. At the same time, the bank’s mission of achieving the economic wellbeing of, all
through greater financial inclusion imbibed with the spirit of Shariah will remain the first priority for “Banking
with Faith”.
I am going to conclude by conveying my heartfelt gratitude and appreciation to all of our valuable
stakeholders for their enthusiastic and vibrant engagement towards the attainment of Global Islami Bank’s
vision of establishing a sustainable future for Bangladesh.
Syed Habib Hasnat

Managing Director
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GIB TRIPLE BOTTOM LINE
FOR SUSTAINABILITY
The triple bottom line, or the 3Ps, is what motivates GIB's focus on sustainability:
● People
● Planet
● Prosperity
These serve as the guiding principles for GIB which is focused on making a holistic effect that benefits every
member of its stakeholder ecosystem.
FOCUS ON PEOPLE, THE SOCIAL EQUITY BOTTOM LINE
GIB employs fair and beneficial business practices toward its stakeholders in order to sustain a reciprocal
social framework in which the interests of the corporate, labor, and other stakeholders are intertwined. GIB
consistently participates actively in societal giving through a variety of CSR projects. The specifics are
illustrated in our Corporate Governance Report and CSR Report. Because our goods and solutions satisfy a
wide range of needs and requirements, from corporate investments to SME investments to personal
investments to simple investments for women entrepreneurs, we are able to integrate ourselves deeply into
the lives of our customers. The fact that the bank has a strong financial foundation and an outstanding
reputation built on its track record of great governance controls and oversight helps to increase public trust
in the institution.
FOCUS ON PLANET, THE ENVIRONMENTAL BOTTOM LINE
Through its activities, GIB has a direct and indirect impact on a broad range of stakeholders, including
people, customers, communities, and the environment. These stakeholders include our customers, suppliers,
and workers.
FOCUS ON PROSPERITY, THE ECONOMIC BOTTOM LINE
The prosperity or bottom line represents the economic value (i.e. profit) that GIB has contributed to its
economic surroundings. By enhancing access to finance, we are supporting Bangladesh's development as
part of our commitment on shared prosperity. To support comprehensive socioeconomic progress, we are
successfully integrating and putting sustainable development concepts into practice. We have a strong
belief in the intrinsic value of the initiatives we fund and their potential to serve as catalysts for sustainable
development.
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GIB
SUSTAINABILITY STRATEGY
Adherence to
Islami Shari’ah GIB has been following a sustainability strategy complying
with the religion of Islam in the shape of Shari’ah principles
and is ethnically suitable for integrating into the field of
Islami Finance to enable the stakeholders to do banking
with faith.
In order to realize its long-term strategic aim of being a green,

Going Green In
triple bottom line Bank that takes decisions based on both
The Forecasting
financial and environmental factors, GIB is a major supporter
of Green Banking. Online and paperless banking are among
the bank's green banking activities, which also include
greenhouse gas reduction, energy efficiency, ecologically
beneficial projects, agricultural ventures, etc.
GIB's deposit services, agricultural investment program,

Banking towards small business financing, channeling foreign remittance
Unbacked People flows, Agent Banking channels, and domestic remittance
distribution through Bank branches, Sub-branches, and
Agent banking outlets are all significant pathways through
whose GIB firmly believes to achieve one of its strategic
priorities of reaching unbanked people for confronting
successfully with poverty.
GIB is committed and determined to giving back to the Response Back

community and will continue to support education, as well as
its commitments to community health, disaster management,
environmental protection, sports, art, and culture.
Customer
Satisfaction GIB is passionate about increasing customer satisfaction
and loyalty through brand improvement programs and the
creation of brand ambassadors, personalized banking,
online product innovation, and the measurement and
reduction of customer effort for a better value offer.
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GIB SUSTAINABILITY
REPORTING
A sustainable society is built through eradicating poverty, safeguarding environment and generating a
resilient society. Banks are nothing more than a serious supporter of bolstering this policy, which is commonly
seen as a fundamental idea for commercial organizations to concentrate on as part of continuity. It is
difficult for banks to start their persistent journey towards sustainability at this most trying period. Continuous
growth, health advancements, and reaching universal economic prosperity must all be balanced. Global
Islami Bank has embraced sustainability as part of its core competencies. Since 2021, GIB has been adhering
significantly to a sustainability strategy that complies with Islam's religion in the form of Shari'ah principles and
is ethnically suited for integrating into the sphere of Islami Finance so that the stakeholders can conduct
banking with faith.
GIB SUSTAINABILITY STRATEGY
Our philosophy at GIB is that any growth should meet the demands of the current generation without com-
promising the ability of future generations to meet their own needs. In all of our commercial interactions and
decision-making, we promise to uphold the strict observance of moral, social, and environmental norms.
developing a culture of sustainable entrepreneurship in particular communities, such as women, young
people, and underprivileged groups, as well as taking into mind that legislation and practices supporting
sustainable firms can vary throughout countries with various degrees of growth. Global Islami Bank has consis-
tently promoted green initiatives as the greatest investment vehicle in order to preserve socioeconomic
growth. By increasing Branch networking across the country, the Bank continues to be successful in offering
financial services to the unbanked population. We have always backed investment initiatives that are
ecologically conscious in order to maintain socioeconomic prosperity. Green initiatives in particular have
traditionally been recognized as the best investment potential.
Risk reduction and investment analysis have always been prioritized by Global Islami Bank as a continuous
process that eventually ensures sustainability. By recognizing and institutionalizing best practices in the
fields of investment quality analysis and fund allocation, Global Islami Bank has been leading the way in
the field of investment risk management. So, the most challenging role for investment experts is assessment
of investments. His or her goal is to recognize and minimize any potential risks related to the investment in
order to ensure a return.
From a strategic perspective, Global Islami Bank has prioritized promoting financial inclusion to combat
poverty, which the bank strongly believes can be achieved through its deposit services, investment
programs in agriculture, funding of CMSMEs, and foreign remittance of poor migrant workers by collabo-
rating with MFIs The Bank thrived to provide banking services to the unbanked population by expanding
branch networking across the nation.
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Long Term Investment
Quality over Quantity
GIB focuses on long term
investment rather than short
Inclusion of Env. & Social risk analysis
Sustainable development is a
term profit. That includes projection into the future and Sustainability
In short term inclusion of
financial inclusion, digital GIB focuses on increasing the
environmental and social risk Sustainablity is a process that
advancement and service value of good protfolio.
analysis will lead to increase GIB is following for years.
excellence.
costs but in the long run these GIB is commited towards and
eco-efficient portfolio will society. As a financial institute
bring sustainability. GIB is determined to become
example of sustainability for
other financial institute.
At GIB, we believe that every expansion ought to fulfill the needs of today's generation without compromis-
ing the potential of future generations to meet their own needs. When conducting business and making
decisions for the welfare of the business, we are committed to upholding ethical, social, and environmental
standards.
SUSTAINABILITY IN GIB
A conceivable way to build a resilient society, eradicate poverty, and safeguard the environment is through
sustainable development. This is a reflection of both the changing business environment for the private sector
and a growing desire for more social and environmental responsibility. GIB has incorporated sustainability
into its daily operations and is working to improve its operations' environmental and social performance, or
what is known as our "corporate footprint." At GIB, we think that any expansion should satisfy the needs of the
present generation without impairing the capacity of future generations to satisfy their own needs. When
conducting business and making business decisions, we are committed to ensuring that ethical, social, and
environmental standards are strictly upheld.
Monitoring and reporting on our performance against sustainability KPI’s is an important part of our sustain-
ability journey. Sustainability progress of the Bank is monitored on a quarterly basis and reported to the
Central Bank that started during the year.
a. Our Financial Inclusion Activities: As one of the fourth generation Islami Banks, GIB strives to promote
financial inclusion by understanding the needs of various segments of the society that currently confronts
difficulties accessing financial services. The Bank offers a wide range of accounts, investments and cards
to its customers as well as individuals from a young age onwards. Playing a major role in enhancing finan-
cial inclusion in the country, the network of Branches, Sub-Branches, ATMs and Agent Banking Outlets
expanded. GIB also provides special call center service 24/7 to listen to its customers, in addition to
GoFAST internet banking. We ensure our connective approach through our social media page and our
progress from time to time and expansions of our footprint throughout the country.
b. GIB activities in terms of Gender Equality: At GIB, we believe that diversity in the workplace is essential for
any successful organization. A diverse workforce not only helps build a better society but it also enables
and encourages the exchange of viewpoints and ideas that lead to innovation. This, in turn, has a
positive impact on every aspect of the company. We continue to work towards improving Gender diver-
sity at GIB by attracting and developing female talent, to reap the benefits of a diverse workforce. We
still have much to do on this front but having a workforce composed of a standard and well defined
portion of women employees is a good indication that we are on the right path.
c. Our Community Partnering and Social Awareness: Community partnerships are an essential part of our
vision to play a sustainable role in society. We are proud of our partnership with a number of local NGOs,
Private Organizations which had a positive impact on our communities. Such as:
● We arranged Dental and medical check-up with Dental Pixel at Head office, free Medical checkup
on the occasion of World Diabetic Day.
● We maintain corporate health checkup agreements with number of Hospitals and diagnostics and
GIB have corporate discount partnering agreements with a number of local company and MNCs.
● GIB maintains Corporate Insurance coverage for the employees of the bank etc.
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d. Our Environmental Agenda
Managing our natural capital is an integral
element of our sustainability agenda. Over the
years we have carefully identified the areas most
affected by our operation and the areas in CSR & Zakat
which we can have the greatest impact. We Opening

Accounts for unbanked
work diligently towards achieving environmental people
sustainability in the long term. Meanwhile, we

Digitalization
adopted Sustainable Finance Policy during the for paperless
& fastest Banking
year that was approved by the Board of GIB
Directors of the bank. SUSTAINABILITY Sustainable
Finance
AT A GLANCE
The Bank has been working ardently to achieve Contribution to National

Exchequer (TAX & VAT)
Sustainable Development Goals (SDGs) of the United
Nations which include inclusive growth, poverty Health & Safety
like taking COVID precaution
reduction, gender equality, climate action, Agent banking
in all branches and Head Office
sustainable cities and communities, good health for financial

inclusion
and well-being for people and quality education.
CSR, Green Banking and Financial Inclusion are the
three major banking tools to address Sustainable
Development Goals (SDGs) for which GIB is very
compassionate about all three of them.
GIB has always put forward emphasizing on investment analysis and risk minimization as a constant proce-
dure which ultimately ensures sustainability. In the area of Investment Risk Management, GIB has been
playing a pioneering role and complying functions by recognizing and institutionalizing best practices in the
field of investment quality analysis, allocation of funds. Assessing investment is therefore, the most difficult task
for investment personnel. His/her aim is to identify and reduce the potential risks associated with the invest-
ment so to ensuring the profit.
GIB looks forward to enhancing its sustainable performance in the following years. This is owing to our firm
belief in the importance of giving back also because of our acknowledgement that sustainability is an
integral accelerator for growth and betterment for all.
8R APPROACH TO SUSTAINABILITY
At GIB, we drive efficient cost management, encourage consistent productivity increases through seamless
coordination between company divisions, and focus our emphasis on broadening our banking perspective
to deliver sustainable growth in this ever-changing business environment. In terms of sustainability, we pursue
the 8R strategy and will continue to do so afterwards.
01. Refuse 05. Responsibility

Refuse to do business with
Selecting good borrowers &
clients who are damaging
empowering employees.
02
environment.
01
02. Reduce
Reducing unnecessary energy 06. Respond
03
08
consumption Brought down

our response time
(Electricity, fuel, water)
03. Reuse 07. Renew

Reuse of paper, different Use of renewable
07
energy in HO.
04
print stationary items.
06
04. Recycle 05 08. Refine
Recycled water used in Refining processes to
increase efficiency &
Washroom productivity
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We have made effective plans to circumscribe daily operating expenses. Reducing the use of paper,
stationary items, limiting the excess use of electricity, maximizing the utilization of day light, these are some
basic instructions circulated by our General Service Division (GSD) for mandatorily follow. Following Bangla-
desh Bank's ESRM guidelines, our Bank believes that the successful appraisal of environmental and social
concerns is being incorporated into the appropriate assessment of investment to encourage sustainable
business practices in Bangladesh.
Strategically, GIB has given priority to upbringing financial inclusion to eliminate poverty which our Bank
strongly believes can be accomplished through its deposit services, investment programs in agriculture, fund-
ing of CMSMEs and foreign remittance of poor migrant workers by liaising with MFIs. By extending Branch
networking across the country, the Bank continues to turn out well to carry the unbanked population under
Banking services. We have always favored environmentally friendly investment projects to continue
socio-economic growth. Particularly, Green projects have always been perceived as the best medium to
invest.
To operate our Banking activities, in GIB, we believe that CSR is a route to improve our community’s well-be-
ing through operating discretionary business. Hereby, sustainability goes hand in hand with this development
of communities and environmental growth.
STAKEHOLDERS ENGAGEMENT
At GIB, we are committed to engaging with our stakeholders on a frequent basis in order to better under-
stand their needs and ambitions, which are important to the fulfillment of our sustainability goals. This allows
us to respond to their expectations and priorities and incorporate them into our approach.
We map our Stakeholders' needs on a regular basis to capture our methods of engagement, highlight priority
concerns for both the Bank and the Stakeholders, and follow our planned responses to these issues in order
to better understand their expectations.
While the goal of decent work is universal, our Bank is obliged to render situation-specific practical support
and useful resources to governments and social partners, taking into consideration that policies and practic-
es in support of sustainable enterprises can differ between countries with heterogeneous levels of growth,
established workplace norms as well as fostering a culture of sustainable entrepreneurship in specific com-
munities, such as, women, young people, and marginalized groups.
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GIB COMMITMENT
TO SDG GOALS
The Sustainable Development Goals (SDGs), also referred to as the Global Goals, are an international call to
action that seeks to eradicate poverty, safeguard the environment, and guarantee that everyone lives in
peace and prosperity. Governments, the commercial sector, and civil society must carry out their necessary
obligations in order for the goals to be achieved. At GIB, we think that making headway toward overcoming
future development issues is possible. Therefore, adhering to the SDGs will guarantee GIB's sustainable corpo-
rate growth and have a good effect on the nation's socioeconomic climate as a whole. These 17 Goals
encompass the success of the Millennium Development Goals, while emphasizing on new areas such as-
● Climate change
● Economic inequality
● Innovation
● Sustainable consumption
● Peace and justice among other priorities
Massive economic, environmental, and social concerns threaten our globe. The Sustainable Development
Goals (SDGs) were created to assist society and business in focusing on resolving the problems associated
with global sustainability. The business community was actively involved in this process as a significant stake-
holder. The SDGs offer a vision of a sustainable future and suggest achievable goals addressing the most
pressing sustainability concerns of the present, such as: Global warming urbanization, waste and pollution,
food shortages, water scarcity, inequality, and human rights.
17 01
16 Partnerships
02
No
for the Poverty
Peace, Goals
Justice, Zero
& strong Hunger
15 Institutions
03
Life Good Health
on Land & Well-Being
14 04
Life
Below
Water
SUSTAINABLE Quality
Education
DEVELOPMENT
13
Climate
Action
GOALS Gender
Equality
05
Respon- Clean
sible Water
Consum- & Sanitation
ption
12 06
Sustainable Clean
Cities Energy
Reduced Economic
11 Inequalities Industry,
Innovation,
Growth 07
Infrastructure
10 08
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REPORT 2022 327
GIB ACTIVITIES SDG GOALS
Affordable investments No Poverty
Capacity development Zero Hunger
Creating entrepreneurs Decent Work and Economic Growth;
BUSINESS Industry, Innovation and
Infrastructure
Sustainable business growth Place, Justices and Strong Institutions
Green financing Clean Water and Sanitation
ENVIRONMENT Environmental initiatives Climate Action
Energy and Fuel reductions Responsible Consumption and
Going paperless Production
Special products for women Gender Equality
PEOPLE & CSR Initiatives Reduced Inequality
COMMUNITIES Improving gender parity Gender Equality
GIB acknowledges its responsibility in contributing to these Sustainable Development Goals (SDGs) through:
• Special agricultural products are being financed at a profit rate that is subsidized in order to ease the
import burden.
• Ensuring robust Agro economy and poverty alleviation through collaborating MFIs.
• Employment generation through financing to CMSMEs.
• Financing the building of healthcare facilities such as dental offices, pharmacies, the importation of
pharmaceutical raw materials, and surgical equipment, etc.
• Financing for exporters.
• Facilities are provided for infrastructure development projects such as road building, gas pipeline
extension, electricity line construction, telecommunications sector development, and the growth of the
information technology and communication industries.
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GIB DISCLOSURE ON
ESG INITIATIVES
In the current economic climate, industries all over the world are severely affected by persistent issues,
making it difficult to maintain sustainability and ensure transparency. Global Islami Bank PLC has made signifi-
cant efforts since its founding to include sustainability and transparency into the accomplishment of its
corporate goals, mission, and vision. The significance of environmental, social, and governmental (ESG)
elements is generally recognized by us as we take into account the demands of the community and the
world very seriously in order to differentiate between material hazards and growth prospects to expand our
business. In addition to our established norms and regulations, we have ingrained ESG consideration to
ensure the successful execution of our business strategy.
GIB APPROACH TO ESG
The objectives defined in the three influencing areas of governance, social impact, and environmental
impact are supported by the commitments we have made as a banking business organization to our stake-
holders. These pledges are essential to ensuring that everyone has a sustainable future. We concentrate on
identifying broader possibilities among the shifting challenges that are emerging all around us, which has
helped us shape our business strategy to incorporate useful corporate principles.
Environmental Social Governance
We firmly believe that the long-term welfare of the individuals we interact with defines our success as a
company. Giving back to the community that sustains us has always been a priority for Global Islami Bank
PLC. For this reason, we consistently place a high priority on our CSR initiatives and what we can do to
improve society. Integrity, openness, and accountability serve as the cornerstones of our corporate
governance, which is founded on solid internal controls, a strong risk culture, and accountability to
stakeholders.
ENVIRONMENT
Goals We Fix
Short Term • Concentrating on the central bank's policy of allocating 5% of
long-term funding to green finance and 20% of total funding to
sustainable finance.
• Reduce use of paper to save needless waste.
Medium Term • Reduce carbon emissions to improve air quality and save lives.
• Create a sustainable portfolio.
Long Term • Reduce carbon emissions to improve air quality and save lives.
Actions We Take
• Promoting organizational understanding of environmental obligations that are sustainable

• Initiating reduction of per employee energy consumption.
• Offering sufficient CSR funding in accordance with Bangladesh Bank regulations.
• Portfolio sustainability strategy.
• Ensuring complete upkeep of the tobacco-free profile
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SOCIAL
Goals We Fix
Short Term • accentuate the heterogeneity
• safe working conditions
• enforce morality in all commercial dealings
Medium Term • Ensure equal gender participation in employee engagement.
• Protect the workplace from all forms of violence and bigotry.
• Do good deeds for the community.
• Promote a better work environment.
Long Term • Create a solid employee diversity plan.
• intended to rank among the top banks for client satisfaction
Actions We Take
• Making sure of no participation in activities that are bad for society.

• Engaging in CSR initiatives that enhance human health and foster greater educational opportunities.
• Protecting data privacy through system generation upgrades.
• Creating policies that are successful in preventing racism or sexual harassment at work.
• Giving female workers more power.
• Start sourcing sustainably to ensure the advancement of women, the abolition of child labor, the
protection of intellectual property rights, etc.
GOVERNANCE
Goals We Fix
Short Term • Impose adequate employee code of conduct adaption
Medium Term • Making sure that executive compensation is in line with market
norms.
• Providing authority to the Board of Directors to operate with
complete independence from the Management
Long Term • Create a policy of "zero tolerance" for corruption and bribery.
Actions We Take
• Effective staff education regarding acts of terrorism or money laundering.

• Supporting a zero-tolerance policy for corruption.
• Routinely reviewing Whistle-blower policy’s proper execution.
• Promoting integrity among employees
• Fostering employee ethics.
• Ensuring correct regulatory compliance, corporate governance code observance, and high moral
standards.
• Ensuring counseling and effective grievance handling.
• Specifying the precise duties and responsibilities of the Board and management for the efficient
operation and supervision of business activities.
• Conduct regular meetings and, where necessary, organize efficient committees.
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CREATING SUSTAINABLE VALUE
FOR STAKEHOLDERS
GIB is aware of the implications of its activities at every stage of operations and conducts regular dialogue
with its Stakeholders. Our Bank enhanced the scope of its non-financial reporting disclosures to incorporate
sustainability reporting and we are continuously building on boosting up our efforts; so that Stakeholders can
gain insights into our approach for sustainability.
STAKEHOLDER HOW WE ENGAGE GIB STAKEHOLDERS HOW GIB CREATE VALUE IN LONG TERM
● Customer relationship teams ● Ensuring safety of their deposits
Customers ● Micro marketing events ● Providing financial services fast and
● Print media efficiently
● Social network
● Team building events
● Ensuring a good work life balance
● Branch Manager conferences
Employees ● Career progression opportunities
● Sub-Branch Manager conferences
● Training programs
● General Meetings
● High returns on investment
● Postal service
● Efficient risk management to
Investors ● Website
optimize return
● Print media
● Transparent communication
● Investors meet
● One to one meeting
● Transparent procurement policy
Suppliers ● Email
● Fast payment for services
● Formal communication
Communities and ● Social media ● Optimizing resource usage
Society ● Website ● Partnering for community
● CSR initiatives development
Regulators and ● Meetings ● On time regulatory reporting
Policy Makers ● Effective corporate governance
● Letters
● Email
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GIB MATERIAL ASPECTS AND BOUNDARIES
FOR SUSTAINABILITY
Banks are attempting to adopt new tactics meant to direct financing into sustainable economic activity in
response to pressure from customers and authorities. However, the process has been difficult and
inconsistent. Initially GIB had trouble seeing opportunities due to a lack of consensus on fundamental
concepts and a dearth of pertinent data. The process has also been delayed down by operational
problems, such as the failure to incorporate sustainability criteria into credit risk analysis procedures, unclear
targets, and inadequate monitoring. Future work will be required to make the objectives of sustainable
finance a reality. The shift to sustainable finance is plagued by issues that go beyond the institutional level.
Market-level definitional and data issues are seriously impeding our capacity to spot opportunities and
gauge our progress.
These are some basic challenges or boundaries or we may call limitations for obtaining sustainability from the
perspective of Banks:
• Responding to evolving climate risks

• Grappling with response challenges
• Exploring opportunities in green finance
• Articulating and operationalizing sustainability approaches
• Efforts increase to link sustainability to corporate purpose
• Determining institutional exposure is difficult
• The green finance market is still maturing
MATERIAL ASPECTS BOUNDARIES INSIDE THE GIB BOUNDARIES OUTSIDE THE GIB
By increasing economic activity in
The GIB's clientele grows as a result geographically dispersed places,
Financial Inclusion of increased variety, business poverty was reduced, which helped
prospects, and revenue creation both the community and the
economy as a whole.
Utilizing solar energy and natural
The national GHG will decrease with
Energy Consumption light while making efficient use of
a decrease in carbon emission.
limited resources
As an agricultural nation, the
Diversity of products and adherence reduction in profit rate will benefit
Agriculture Investment to the nation's primary economic share croppers and marginal
drivers farmers, lowering their level of
poverty.
Increasing investment in
Environment Friendly
Promoting green investment environmentally sustainable projects
Investment while also raising public awareness.
Meeting our ethical obligation to Improvement of the country as a
achieve sustainable, balanced whole by CSR initiatives in several
Building the Community
growth in the economic, social, and fields such as health, education,
ecological spheres sport and culture.
Efficiency improvement at the
Human Capital & Talent operational level. Lowering the Customer-friendly, effective services
amount of time necessary to save will benefit the clients and increase
Management their loyalty to the bank.
money. High rate of customer
retention
Due to the social considerations, ESG issues, particularly climate change risk have become even more urgent
and have moved to the top of GIB's priorities. Stakeholder demands for action are becoming more urgent,
regulatory and policy demands are intensifying, and banks are already attempting to connect sustainability
programs to corporate mission statements. Now, GIB is developing a comprehensive long-term plan and will
choose to take the lead on ESG concerns.
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REPORT ON
GREEN BANKING
The term "green banking" refers to the eco-friendly or environment-friendly banking system, which can take
many different forms, and which aims to stop environmental degradation in order to make our planet more
livable. Green banking ensures that awareness is spread, that environmentally friendly projects are
strengthened and encouraged, and that environmental pollution is minimized to the maximum extent
possible. There are many variables that contribute to climate change, and as a community, we must
cooperate to slow its progression. Businesses can carry out their usual operations while ensuring that the
environment is still suitable for human habitation since they are a part of society, just like all other societal
elements.
Global Islami Bank, a fourth-generation Islami Shari'ah based scheduled Commercial Bank, is dedicated to
work efficiently with the business community for safeguarding betterment of the community and nation as a
whole. For a truly green portfolio, we are broadening our business by launching diversified activities of
introducing innovative products in the model of Bangladeshi infrastructure. Although we have only recently
initiated our green journey, we are certain that a collaborative effort between the bank and stakeholders will
make a significant contribution to addressing climate concerns and smoothing the route to sustainability in
the coming years.
Our Green Banking Policy Guidelines and Green Office Guide have been circulated to all our employees for
creating awareness on Green Banking activities & providing instructions about conserving energy, water,
saving paper, etc. Our Green Strategic Plan is enhanced to define our strategy in the coming years. GIB
developed its own Environmental Policies, which proves our commitment to the Environment for a
sustainable future. As a Bank we play an intermediary role between economic development and
conservation of the environment. Our Green Banking activities are on multidimensional areas which include
both in-house Green activities and external green activities towards supporting Green Economy.
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GROWING WITH
GREEN
Global Islami Bank has made a concerted effort to sought all-out green practice in its Head Office and
Branch networks. In terms of in-house and other external initiatives, our bank's green banking efforts are
centered. As per Bangladesh Banks guideline, Global Islami Bank has adopted a comprehensive Green
Banking Policy and showing general commitment for the betterment of the environment and sustainability
through in-house performance. Some of the initiatives that we are already practicing are listed below:
• Reducing carbon emissions through the proper usage of paper, electricity, stationary, lighting, air
conditioning and electronic appliances.
• Ensuring proper utilization and efficient use of gas, fuel, electricity, water.
• Utilizing proper consumptions of paper to create awareness and to avoid unnecessary printings.
• By using paperless banking and technologies to customers and internal banking system.
• We are using Bangladesh Automated Clearing House (BACH) system since inception that allows paperless
cheque clearing.
• For promoting Green Banking to customers we provide Credit and Debit Cards for cashless transactions.
• Apart that we provide E-Statement, SMS Alert, E-Fund Transfer, Digital Attendance and E-mail that ensures
paperless banking.
• Recently we have introduced Go-Fast internet banking service.
• In terms of financing, we prioritize on clients who are more environmentally conscious and deals with
eco-friendly projects such as;
• Renewable energy project.

• Clean water supply project.
• Wastewater treatment plant.
• Solid & hazardous waste disposal plant.
• Bio-gas plant.
• Bio-fertilizer plant.
• Brick manufacturing projects having HHK.
• Environmental friendly consumer loans etc.
Additionally, in order to inspire and inform our staff members about sustainability and moral resource usage,
we provide training sessions and workshops on green banking. It is a practice to disclose and report on green
banking activities to Bangladesh Bank's Green Banking Cell and to others, as well as to regularly update the
websites of the bank.
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GIB REPORT ON
CORPORATE SOCIAL RESPONSIBILITY
Corporate Social Responsibility (CSR) refers to the initiatives and practices that involves the integration of
social and environmental concerns into the bank’s operations and decision-making processes. GIB is also no
exception and practices CSR by taking steps to reduce environmental impact, promote ethical business
practices, and support local communities directly.
Global Islami Bank spends a substantial amount in many CSR activities every year. As per the bank’s CSR
Guideline, GIB supports the underprivileged people of the country in different sectors like education, health,
disaster management, and social development sectors. To do these, the bank has separate CSR Unit to run
CSR activities effectively and has also formed guidelines for the same. There are some areas that GIB
contributes every year. Education, health, disaster management sectors and support to infrastructure
improvement in remote/underprivileged areas are a few of them.
Here are some focus areas GIB performed activities during the year 2022 in different sectors:
EDUCATION
Education support as part of CSR activities of the bank refers to include providing financial assistance,
donating supplies or equipment, sponsoring scholarships, organizing training programs or workshops, and
volunteering time and expertise. By supporting education, GIB helps to improve the quality of education,
increase access to education, and promote innovation and knowledge sharing. This have a positive impact
on the community, as it can lead to the development of a skilled and educated workforce, increased
economic growth, and improved social outcomes. Among many activities here are a few snapshots of CSR
activities of the year 2022 in education sector:
• Global Islami Bank donated 5% of its CSR budget for the year 2022 to Prime Minister’s Education Support
Trust as per Bangladesh Bank’s directive. The trust supports poor and meritorious students for education.
• Global Islami Bank donated Hansa Fazil Madrasha, Faridgonj, Chandpur to support construction of a
separate building for the female students of the madrasha.
• GIB sponsored International Islami University Chattogram on its 25th Anniversary which became a mega
event with the participation of thousands of students, local and international scholars and many others.
• The Bank donated Jashim Uddin Jahedi to publish a book named `March 71 bolchi’. The author
highlighted his experience of brutal month March 71 and about contribution of Bangabondhu Sheikh
Mujibur Rahman and Begum Fajilatunnesa to build independent Bangladesh.
• Donation to Department of Banking & Insurance, University of Dhaka for arrangement of `Banking &
Insurance Fest Week’ was a great effort of the bank as part of its CSR activities for education sector. The
festival was a gathering of the ex and present students of the department along with different events.
• GIB donated Darul Ulm Aklimatul Quran Madrasha and Orphanage for expansion of the hostel of the
madrasah.
• GIB Donated Azampur High School, Kustia for of a model library in the school premise. With the financial
assistance, the library set up LED screen, large reading table and chairs for the readers.
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REPORT 2022 335
HEALTH
GIB has a good tracks and records of supporting under privileged people for their medical treatment. During
the pentomic period the bank expanded support hand for the betterment in the health sector in many ways
and also distributed health-aids to the public massively. Here a few GIB’s activities in health sector during the
year 2022:
• GIB donated for medical treatment of a cardiac patient Shajahan Munshi. Mr. Munshi became disable
due to heart attack and has no source of income for his treatment.
• GIB donated to Sazidur Rahman, a student of Dhaka University for his kidney replacement. Sazidur
Rahman has single kidney by birth and need to replace it in the earliest.
• GIB supported financially to Anjuara Parvin, a poor lonely woman for her medical treatment. Mrs. Parvin is
suffering from many diseases for long and has no source of earning.
• GIB extended its support hand for the treatment of Abbas Uddin who is suffering with cancer for a long
time.
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DISASTER MANAGEMENT
It is commendable that GIB recognizes the importance of corporate social responsibility and its responsibility
to the society in which it operates, particularly during times of crisis such as the COVID-19 pandemic and
natural disasters.
In the face of such challenges, banks can play a vital role in supporting communities and individuals affect-
ed by such crises including providing financial assistance and donations to relief efforts, supporting emergen-
cy response efforts, providing access to banking services during crises, and supporting community rebuilding
efforts.
Furthermore, it is essential for businesses to go beyond their regular operations and take into account the
needs, values, and goals of the society in which they operate. This can include supporting initiatives to allevi-
ate poverty, and address other social and environmental issues. By doing so, businesses can help create a
more sustainable and equitable future for all. Here are some GIB’s supports for the disaster management
during the year 2022:
• As a regular practice, GIB donated 15,00 pcs. blankets to Prime Minister’s Relief Fund for the cold affected
people of the country.
• GIB distributed 5000 pcs. more blankets among the cold affected people across the country through its
branches and sub-branches.
• As we know, floods caused a significant damage to infrastructure, homes, and crops, and can also result
in loss of life in the Sylhet region in the year 2022. It became very important for people in the affected areas
to take necessary precautions and seek assistance from relevant authorities. Global Islami Bank extended
its support for these affected people and donated 2 crore taka to Prime Minister’s Relief Fund through
Bangladesh Association of banks (BAB).
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CULTURAL WELFARE
Corporate Social Responsibility (CSR) activities related to cultural welfare can take various forms, depending
on the goals and priorities of the bank and the cultural needs of the community it serves. GIB sponsors
different organizations and events to encourage cultural exchange, enhance the quality of life of the
community and such others.
• GIB donated an amount of Tk. 70 lac through BAB to celebrate Joy Bangla Utshob, a partial program of
Mujib Year.
• Being a part of the society, GIB donated Dhaka Metropolitan Police, Gulshan Division to celebrate
Gulshan Day 2022. The program was a huge gathering of police officers, stuffs, and their family members
with many sports and cultural events.
• Global Islami Bank financially assisted to DC and UNO Offices at Chattogram, Faridpur, Chapai
Nawabgonj, Kishoregonj, Barishal, Feni, Khulna to celebrate different National Days like Independent
Day, Victory Day etc.
• GIB distributed food to the poor people on the occasion of National Mourning Day 2022 as a partial
activity to celebrate a day.
GIB OBSERVED NATIONAL MOURNING DAY 2022
National Mourning Day is observed in Bangladesh on August 15th every year to commemorate the assassina-
tion of the country's founding father, Sheikh Mujibur Rahman, along with most of his family members, in 1975.
As a socially responsible organization of the country, GIB observes the day with all its family members every
year by various events. This year like the day observed with month-log events with all the members of GIB
family. The snapshots of the events are below:
• GIB showed deep tribute offering flower bouquets to the alter of Bangabandhu portrait on the morning
of 15 August 2022.
• A webinar was organized discussing the life and different aspects of Bangabandhu having all the branch
managers and division heads online. A doa mahfil was conducted after the discussion praying for peace
of the departed souls of Bangabandhu and his family members.
• Following the day, GIB distributed foods among the poor people.
• Global Islami Bank observed a Tree Plantation Program in front of the bank’s Head Office on the
occasion of 47th Martyrdom Anniversary. Managing Director of the Bank planted a sapling in the
premise of Head Office.
INFRASTRUCTURE IMPROVEMENT IN REMOTE/UNDERPRIVILEGED AREAS
Infrastructure improvement in remote or underprivileged areas can be a valuable Corporate Social

Responsibility (CSR) activity for the bank. GIB looks forward to make a positive impact on communities in
remote or underprivileged areas outside its business. Here are some steps GIB took during the year 2022:
• GIB donated to Baitus Sujud Abdul Jal Masjid, Kachua, Chadpur for construction of the masjid complex.
• GIB donated Foyjia Kasheful Ulam Madrasa and Yatimkhana for construction and development works of
the madrasha.
Corporate Social Responsibility (CSR) can bring several benefits to the bank including enhanced brand
recognition, a positive business reputation, and increased customer loyalty. CSR initiatives can also help the
bank to attract new customers, especially those who are socially and environmentally conscious. By being
socially responsible, GIB demonstrate its commitment to manage the social, environmental, and economic
impacts of their operations. Such initiatives can help the bank to stay relevant to the new generation of
customers who are increasingly concerned about social and environmental issues.
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GIB
AN EMPLOYEE FRIENDLY BANK
GIB always treats its employees as human capital. Our employees contribute significantly to the
achievement of bank’s goals and objectives, that being the case, the bank always focuses on fostering a
mixed culture, value creation, empowerment and freedom of expression to share their views and potentials
to boost up business performance. To ensure employees’ convenient flourishment in organization, GIB firmly
commits to set up a healthy environment and eco system.
BENEFITS TO EMPLOYEES
GIB do not just offer the employees a job, GIB offer them a career. As a development partner in the
economy, the Bank has a key role to play in providing not only financial service but also disseminating
knowledge. Through the process of learning and rewarding the bank intent to enable individuals to think,
behave, take actions and make decision independently. GIB's benefit schemes are as follows:
Fringe Benefit Schemes
• House rent allowance

• Medical allowance
• Entertainment allowance
• Conveyance allowance
• Utility allowance
• House maintenance allowance
• Traveling Allowance
• Provident Fund contribution by the Bank
Other Benefit Schemes
• Group Life Insurance Facility

• Social Security Benevolent Fund
• Gratuity
• Incentive Bonus
• Festival Bonus
• Baisakhi Allowance
• Car Maintenance Allowance
• Employees House Building Investment Scheme
• Quard against Car Leasing Scheme
• Bai Muajjal Investment (Staff )
• Telephone/Mobile Phone and Bill facility
• Maternity Benefits for Female Employees
• Leave Encashment
• Death Benefit
• Honorarium on passing JAIBB and AIBB examination from Institute of Bankers, Bangladesh (IBB)
• Honorarium on passing Diploma from Bangladesh Institute of Management (BIM)
• Reimbursement of Annual Membership Fees for ICSB/ ICAB/ ICMAB etc.
• Newspaper/ Internet facility
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R
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10 GLIMPSES
INFORMATION
"You cannot attain righteousness until you give to charity from the possessions you love.
Whatever you give to charity, Allah is fully aware of.”
[Quran 3:92][Quran 8:24]
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REPORT 2022 341
GIB RESPONSE
TO THE PEOPLE OF BANGLADESH
Global Islami Bank donated two crore taka to the Prime Minister’s Relief and Welfare Fund for the recent flood-affected
people of the country. Nizam Chowdhury, Chairman and Syed Habib Hasnat, Managing Director of Global Islami Bank
handed over a cheque of Tk. Two Crore to the Principal Secretary to the Hon’ble Prime Minister Dr Ahmed Kaikaus on 27
June 2022. Md. Nazrul Islam Mazumder, Chairman of Bangladesh Association of Banks (BAB), Chairmen and CEOs of
different banks of the country were also present at the program.
Global Islami Bank observed a “Tree Plantation Program” in front of the bank’s Head Office on the occasion of ‘’47th
Martyrdom Anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and National Mourning Day 2022”.
Syed Habib Hasnat, Managing Director of the Bank planted a sapling of ‘’Nagachua” in the premises of Head Office.
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REPORT 2022
GIB RESPONSE
TO THE PEOPLE OF BANGLADESH
As part of observing 47th Martyrdom Anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and
National Mourning Day 2022, Global Islami Bank distributed food among the poor people.
As part of the observance of National Mourning Day 2023, GIB has taken up several activities throughout the month August
2023. including a Dua Mahfil on a virtual platform where Head Office officials and branch managers from across the
country prayed for the salvation of the departed soul of the great statesman tree plantation, feeding the destitute,
keeping the national flag half-mast at head office, and commemorative banners at branches. The bank will conduct Dua
Mahfil in each branch on Tuesday.
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REPORT 2022 343
GIB MOMENTS
IN FRAME FOR THE YEAR 2022
Global Islami Bank arranged 3 days long “Virtual Managers Conference- 2022” on 10,11 & 12 Jan 2022 at
Bank’s Head Office virtually. The main purpose of the conference was to review the current business
position of the Branches to analyze the potential opportunities for future growth through proper utilization
of Human Resources.
Global Islami Bank arranged 2 days long “Half Yearly Managers Conference- 2022” on 18-19 July 2022 at
Bank’s Head Office virtually.
Global Islami Bank arranged “Annual Managers Conference- 2022” of Dhaka Zone at Bank’s Head Office
virtually.
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GIB RESPONSE
IN FRAME
Global Islami Bank arranged “Half Yearly Managers’ Conference- 2022” at Barishal along with the
branches of Barishal Division.
Global Islami Bank arranged “Half Yearly Managers’ Conference- 2022” at Rajshahi along with the
branches of Rajshahi Division on 30 July 2022.
Global Islami Bank arranged “Half Yearly Managers’ Conference- 2022” at Khulna along with the
branches of Khulna Division.
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REPORT 2022 345
GIB MOMENTS
IN FRAME
Global Islami Bank has signed an agreement with Bangladesh Bank (BB) to provide investment under
refinancing facilities for the Cottage, Micro, Small and Medium Enterprises (CMSMEs) recently. The bank
has become a participating financial institution of BB under the ‘Refinance Scheme against Term Loan to
CMSME Sector’.
Global Islami Bank inked an agreement with Chattogram WASA on 16 August 2022. Under this agreement,
all branches and sub-branches of Chattogram and adjoining areas would be able to serve Chattogram
WASA by receiving water and sewerage bill and other related payments.
GIB signed an agreement with BB for distributing investments among the terminal farmers to boost
agricultural production under a refinancing scheme formed by the central bank to ensure food security
of the country.
346
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REPORT 2022
GIB MOMENTS
IN FRAME
The Honorable High Commissioner of Brunei Darussalam in Bangladesh, His Excellency Haji Haris bin
Othman paid a courtesy visit to the Corporate Head Office and Corporate Branch of Global Islami Bank
at Gulshan, Dhaka on 22 May 2022.
To promote remittance through banking channel, Global Islami Bank conferred ‘GIB Remittance Award’.
In a formal ceremony held at the Head Office of Global Islami Bank Managing Director Syed Habib Hasnat
handed over crest and certificate to Mr. Abu Jahed Imran for sending the highest remittance through
banking channel in a year.
Global Islami Bank launched its GIB Gift Cheque for its customers at a program at bank’s corporate head
office at Gulshan, Dhaka on 28 April 2022.
ANNUAL
REPORT 2022 347
GIB MOMENTS
IN FRAME
Dhaka Stock Exchange hosted a program to allot the primary shares of the bank among applicants on pro
rata basis at Dhaka Stock Exchange Office.
Global Islami Bank signed an agreement with EkPay, a centralised e-payment system of a2i of the
government. Under the agreement, the bank's customers will be able to pay various types of utility bills and
government fees (land development tax, namjari fee, khotian fee etc) through the
branch/sub-branch/agent banking outlet and internet banking.
Global Islami Bank achieves ISO/IEC 27001:2013 Information Security Management System (ISMS)
Certificate related to Software Applications and ICT System Integration Services. With this certification,
Global Islami Bank has been assessed and complied as per the latest version of SOA (Statement of
Applicability) and has attained international standard of Banking IT Security.
348
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REPORT 2022
GIB MOMENTS
IN FRAME
Global Islami Bank has opened its 95th branch at Fatikchari, Chattogram on 23 Oct, 2022. Syed Habib
Hasnat, Managing Director of the Bank has virtually inaugurated the operation of the branch as Chief
Guest.
Global Islami Bank has opened its Rajoir Branch at Madaripur and Jhenaidah Branch at Jhenaidah on 12
December 2022. Kazi Mashiur Rahman Jayhad, Additional Managing Director of the Bank has virtually
inaugurated the operation of the branches as Chief Guest.
Global Islami Bank has opened its branch at Tarash, Sirajgonj on 25 Oct, 2022. Syed Habib Hasnat,
Managing Director of the Bank has virtually inaugurated the operation of the branch as Chief Guest.
ANNUAL
REPORT 2022 349
GIB MOMENTS
IN FRAME
Inauguration of four GIB sub-branches in different regions of the country on 15 March 2022 at Badamtol,
Chattogram, Lokshorhat, Feni, Alkora, Chawddogram, Cumilla, Nazirpurhat, Gudaspur, Natore
Global Islami Bank formally opened its six sub-branches at different regions of the country. Syed Habib
Hasnat, Managing Director of the Bank has virtually inaugurated the operation of the sub-branches as
Chief Guest.
Global Islami Bank formally opened its four sub-branches in different regions of the country on February 10,
2022. Among them, one each at Balughat Bazar of Dhaka, Atlapur of Narayanganj, Jonail Bazar of Natore
and Belkuchi of Sirajganj.
350
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GIB MOMENTS
IN FRAME
Global Islami Bank opened its Nawab Siraj-Ud-Doula Road branch at Chattogram on 04 December 2022.
Syed Habib Hasnat, Managing Director of the Bank has virtually inaugurated the operation of the branch
as Chief Guest.
Global Islami Bank pened its 94th branch at Khulshi, Chattogram on 02 Oct, 2022. Syed Habib Hasnat,
Global Islami Bank has opened its 92nd branch at Shantirhat, Rangunia, Chattogram on 13 July, 2022.
Syed Habib Hasnat, Managing Director of the Bank has virtually inaugurated the operation of the branch
as Chief Guest.
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REPORT 2022 351
GIB MOMENTS
IN FRAME
Global Islami Bank has opened its 91st branch at Pragati Sarani, Dhaka on 06 June, 2022. Syed Habib
Hasnat, Managing Director of the Bank has virtually inaugurated the operation of the branch as Chief
Guest.
Global Islami Bank formally opened its five sub-branches at different regions of the country on 19 May
2022. Among them two sub-branches at Kabila Bazar and Kalir Bazar of Cumilla, one each at Akbar Shah
of Chattogram, Goyeshpur Bazar of Mymensingh and Boromi Chowrasta of Gazipur.
Global Islami Bank has opened its 93rd branch at Dinajpur on 14 August, 2022. Syed Habib Hasnat,
352
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REPORT 2022
GIB MOMENTS
IN FRAME
Global Islami Bank formally opened its five sub-branches at different regions of the country. Syed Habib
Chief Guest.
Global Islami Bank formally opened its five sub-branches at different regions of the country. Syed Habib
Chief Guest.
Global Islami Bank formally opened its four sub-branches at different regions of the country. Syed Habib
Chief Guest.
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REPORT 2022 353
GIB MOMENTS
IN FRAME
Global Islami Bank formally opened its three sub-branches respectively at Bajitpur of Kishoregonj, Majhira
of Bogura and Voktobari Bazar of Narayangonj on 28 July 2022.
Global Islami Bank formally relocates its Motijheel Branch to ‘Central Insurance Bhaban’, 7-8 Motijheel,
Dhaka from the previous location Modern Mansion on 4 April 2022.
Global Islami Bank formally relocates its Ashulia Branch to ‘Mizan Shipping Complex, Jamgora, Yearpur,
Ashulia, Dhaka from the previous location Monsur Tower, Jamgara, Yearpur, Ashulia, Savar, Dhaka on 17
July 2022.
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GIB MOMENTS
IN FRAME
Global Islami Bank formally opened its new Agent Banking Outlet namely Baluahat Shonatola Outlet at
Bogura district on January 13, 2022.
Global Islami Bank formally opened its new Agent Banking Outlet namely Sharshadi Bazar Outlet at Feni
district on February 15, 2022.
Global Islami Bank formally opened Ulon Agent Banking Outlet at Rampura, Dhaka on 03 March 2022
ANNUAL
REPORT 2022 355
GIB MOMENTS
IN FRAME
Global Islami Bank formally opened its Agent Banking Outlet namely Nayagolahat Outlet at
Chapainawabganj on Oct 18, 2022.
Global Islami Bank formally opens its new Agent Banking Outlet namely Kashipur at Fatulla, Narayangonj
on October 24, 2022.
Global Islami Bank formally opens its new Agent Banking Outlet namely Chataidubi Hat at Islampur Union,
Chapainawabgonj on October 17, 2022.
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GIB MOMENTS
IN FRAME
Global Islami Bank gives ‘Integrity Award’ for the year 2020-21 under the National Integrity Award
Guideline. Syed Habib Hasnat, Managing Director of the bank handed over Certificates and Cheques to
the awardees in recognition to their Integrity in the performance of duties and responsibilities in the field of
their office work.
Global Islami Bank formally relocates its Mohakhali Branch to ‘Shamsuddin Manson, 73 Mohakhali, Dhaka
from the previous location Red Crescent Concord Tower, Mohakhali, Dhaka on 12 June 2022.
Global Islami Bank formally inaugurates its ATM Booth at Mohammadpur Chowrasta, Dhaka on April 25,
2022.
ANNUAL
REPORT 2022 357
GIB HIGHLIGHTS FROM
THE RECENT ANNUAL GENERAL MEETING
Glimpses from the 9th Annual General Meeting of the Global Islami Bank.
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REPORT 2022
GIB HIGHLIGHTS FROM
THE RECENT AGM
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REPORT 2022 359
GIB HIGHLIGHTS FROM
THE RECENT AGM
360
ANNUAL
REPORT 2022
GIB HIGHLIGHTS FROM
SHARIÀH SUPERVISORY COMMITTEE
The 10th Meeting of Shariàh Supervisory Committee of Global Islami

Bank held on 19 April, 2022 virtually. Prof. Dr. Mohammad Giasuddin
Talikder, Department of Arabic, University of Chittagong and Chairman
of the committee presided over the session.
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REPORT 2022 361
GIB COLLEAGUES
WE LOST IN RECENT TIMES
Late Zulfiker Ahmed Khan Late Mohammad Tarin Habib

Length of Service with GiB Length of Service with GiB
23.03.2014 – 23.05.2022 06.03.2014 – 12.07.2022
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GIB TRAINING
INSTITUTE ACTIVITIES
Glimpses from the “Inauguration Ceremony” of International Trade Payment and Finance (6th Batch).
Glimpses from the “Inauguration Ceremony” of Foundation Courses for Officers (27th Batch).
ANNUAL
REPORT 2022 363
GIB TRAINING
Glimpses from the “Certificate Award Ceremony” of Foundation Courses for Officers (28th Batch).
364
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GIB TRAINING
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REPORT 2022 365
GIB TRAINING
366
ANNUAL
REPORT 2022
GIB TRAINING
Glimpses from the “Inauguration Ceremony” of Foundation Courses for Officers (31st Batch).
Glimpses from the “Certificate Award Ceremony” of Foundation Courses for Officers (31st Batch).
ANNUAL
REPORT 2022 367
GOOD BORROWERS
SUCCESS STORY
SUCCESS STORY 01
Name of Client : M/s. Arafat Enterprise

Year of Establishment : 2018
Proprietor’s Name : Mr. Md. Abdur Rahman
Product : Livestock (Dairy & Fattening), Horticulture, and Fisheries
Name of the Branch : GIB Lama Branch, Bandarban
Mr. Md. Abdur Rahman, proprietor of ‘Arafat Enterprise’ living in hill tract area lama, Bandarban; is a farmer
who once moved to abroad (Middle East) to bring the financial well-being of his family. He worked hard
there and dreamed of becoming an entrepreneur when he will return to motherland. After returning home
from abroad, he started a business enterprise named ‘Arafat Enterprise'. He purchased 7 Milch cows and 5
calves to start Dairy Farm. It was a herculean task for him to set up a farm in hill tract area like here in lama,
Bandarban. As his business reputation spread, he took Agriculture Investment facility from Global Islami Bank
PLC, Lama Branch to expand the farm. After getting success in dairy farm, later he started fishery project on
4 bigha land and mango garden on 15 acres of land. Then, the customer again took investment facility from
Lama branch for farm expansion. Now 3 people are working in his projects on irregular basis. Currently, there
are 10 milch cows & 5 calves are in the farm from which he gets 50 liters of milk daily. He is also selling
mangoes commercially in Chattogram and fish in the local market which playing a vital role in meeting the
needs of protein and nutrition. Demand for his farm products in the local market is booming and his annual
turnover is satisfactory. He is now an idol farmer in his locality and GIB feels proud to provide investment
facility under Agriculture Investment Division of the bank.
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GOOD BORROWERS
SUCCESS STORY
SUCCESS STORY 02
Name of Client : M/s. Ruhama Agro & Traders

Proprietor’s Name : Mr. Rokon Uddin Kasemi
Product : Different types of fruits & Vegetable (Guava, Papaya, Sugarcane etc.)
Name of the Branch : GIB Narayan Hat Branch, Chattogram
Mr. Rokon Uddin Kasemi, a young energetic farmer of Tarakho village under Datmara union of Fatikchori in
Chattogram, has made a revolution by cultivating different sorts of seasonal fruits in his agro project. Very
fast of his journey as a farmer, he participated in various workshop and training on Agriculture to startup his
business in a productive way. He took 680 decimals land on lease & started cultivation of papaya,
sugarcane, guava etc. His fruits are tasty, sweet and chemical free and thus demand of his fruits are not
limited only in local market but also across the country. Many Farmers of surrounding villages are being
inspired to cultivate fresh fruits. He helps to generate employment opportunity in the society and plays a
significant role to fulfill the needs of Vitamin and Nutrition. He also dreamed of making a modern farm
through using of scientific technology. Global Islami Bank PLC, Narayan Hat Branch has finance in his project
to expand his business operation. At present, demand of his farm’s product are increasing & turnover of his
business is seemed to be satisfactory. He is now an idol farmer in his locality and GIB feels proud to provide
investment facility under Agriculture Investment Division of the bank.
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REPORT 2022 369
GOOD BORROWERS
SUCCESS STORY
SUCCESS STORY 03
Name of Client : M/s. Moral Enterprise

Proprietor’s Name : Mr. Suruj Moral
Product : Contractor & Supplier
Name of the Branch : GIB Ulokhola Branch, Gazipur
Since its inception in 2009, M/s Moral Enterprise has been operating business as 1st Class Contractor &
Supplier having its office at Pubail, Gazipur and has engaged itself with land development, civil construction,
sand supply solely and in joint venture to various government, semi government and autonomous
organizations.
On the journey forward, Mr. Suruj Moral, the proprietor of the enterprise was longing for a boost up in
operation that results in success though facing difficulties regarding finance. To face the roadblock, Mr. Suruj
Moral sought facilitation of Global Islami Bank in 2014. On ground of fulfilling monetary requirement, utilizing
available resources, and expediting business development, GIB decided to extend investment facilities on
the projects of M/s Moral Enterprise. Thus the pullback for lacking of needed and demanded fund was met.
As infrastructural development of Dhaka City Bypass and Rajuk Purbachal City encounters business arena,
M/s Moral Enterprise involved in those projects and other housing development projects after availing facility
from GIB. And after that there is no turn back on the path of achieving goal. Vivid progress in term of work
order execution, number of employee engagement, sales turnover and profit margin has come visible.
With a good track record of successful completion of the projects, M/s Moral Enterprise is now a sustainable,
profitable and eco-friendly business entity which is generating employment opportunities, helping to create
a local supply-chain of construction materials and boosting up the entrepreneurship mentality among
youths of locality.
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GOOD BORROWERS
SUCCESS STORY
SUCCESS STORY 04
Name of Client : M/s. Global Trade Link

Proprietor’s Name : Ms. Razia Sultana
Product : Dry fruits and organic food items
Name of the Branch : GIB Panthapath Mahila Branch, Dhaka
Nothing could be more soothing than know the story of Mrs. Razia Sultana, a successful woman
entrepreneur.
Being experienced over 5 years, Mrs. Razia Sultana dreamt of starting her own business-a business of dry fruits
and organic food items such as dry pomelo, dry rock melon, dry sweet tamarind, dry papaya, dry red plum,
dry cherry tomato, dry mango. Proprietor Mrs. Razia Sultana started her business namely Global Trade Link
back in 2019-a dream came true.
Global Trade Link also imports dry kiwi, dry fig, dry apricot, dry sakura plum, sweet cumin, American almond,
dry mixed fruits can 250g, roasted cashew nuts from Thailand and supplies imported items to different Super
Stores like Agora, Pick and Pay.
With a view to meeting up growing demand of those items, Global Trade Link was financed under Women
Entrepreneur Scheme by GIB, Panthapath Mahila Branch. Now, it supplies those food items in different parts
of Dhaka and outside of Dhaka as well. As a result, sales turnover increased significantly. On top of that, it
has brought financial solvency among the employees of the firm.
GIB feels proud to become a part of this business and will continue to support women entrepreneurship
towards changing the socio-economic aspects of Bangladesh.
ANNUAL
REPORT 2022 371
GOOD BORROWERS
SUCCESS STORY
SUCCESS STORY 05
Name of Client : M/s. Anowara Trade Link

Proprietor’s Name : Mr. Gias Uddin
Product : Civil Construction and Chemical Supply
Name of the Branch : GIB Anowara Branch, Chattogram
Global Islami Bank inaugurated its 14th branch in Anowara, Chattogram, in 2014, with a vision of becoming
an excellent financial brand. Mr. Gias Uddin, a young entrepreneur with great potential, was having trouble
securing bank finance at the same time. Through its participation in tenders, his proprietorship concern, M/s
Anowara Trade Link, already had a reputation in the fields of civil construction and chemical supply locally.
Technical know-how, an impressive customer base, and all the other necessary ingredients were present for
the company to flourish. However, it lacked working capital. At that time, GIB stood for Mr. Gias Uddin.
After careful analysis of the scenario, GIB provided him with the required working capital for smooth
operation and the growth of his business footprint.
He never turned around again after that. He has added feather after feather of triumph to his crown. Both
the company's sales and profit have substantially increased in the past nine years. He has also been
successful in starting other line of businesses, viz., Texochem Corporation & Alpha Trading (Supplier), Lusai
Resort, and Deyang Malancha (Restaurant). Mr. Gias Uddin has established himself as a reputable
businessman, created more job opportunities for the local community, and added to the national GDP in this
brief journey with GIB.
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GOOD BORROWERS
SUCCESS STORY
SUCCESS STORY 06
Name of Client : Md. Ariful Islam

Proprietor’s Name : Md. Ariful Islam
Product : Livestock
Name of the Branch : GIB Tebunia Bazar Branch, Pabna.
The favorable geographic position of Pabna makes it home to numerous cattle breeds and their hybrids.
Dairy farms have consequently appeared in most part of the district and are gradually establishing
themselves as Bangladesh's primary center for the production of milk. Mr. Md. Ariful Islam, an ambitious
young entrepreneur with tremendous potential, launched a dairy farm at household level in Tebunia, Pabna
Sadar, a decade ago, leveraging the advantages of the location. He established a farm with the intention
of expanding it into a sizable and sophisticated cattle farm. GIB believed in him and provided him the
funding he required.
He never turned around again after that and able to ensure remarkable success. He now owns five dairy
cows and three calves, and he sells 25 liters of milk daily at the local market. The demand for his farm's milk
is constantly growing as a result of rising demand for dairy products. Furthermore, he sells calves and cows.
Milk and cow sales profit margins have improved significantly over the last three years. GIB continues to
extend working capital facility to enable him to realize his long-held ambition.
Mr. Md. Ariful Islam plays an important role in country's economic development. As an entrepreneur his
success is encouraging the educated but unemployed neighbors, especially the youths, to become
entrepreneurs.
ANNUAL
REPORT 2022 373
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374
ANNUAL
REPORT 2022
11 GIB FINANCIAL
INFORMATION
“Allah (SWT) the Eternal, the Absolute.”
[Quran 112:2]
ANNUAL
REPORT 2022 375
Independent Auditor’s Report
To the Shareholders of
Global Islami Bank limited
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Global Islami Bank Limited (the “Bank”), which comprise the
balance sheet as at 31 December 2022 and the profit and loss account, statement of changes in equity and
cash flow statement for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies.
In our opinion, the accompanying financial statements of the Bank give a true and fair view of the financial
position of the Bank as at 31 December 2022, and of its financial performance and its cash flows for the year
then ended in accordance with International Financial Reporting Standards (IFRSs) as explained in note 02.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Bank in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code),
Bangladesh Securities and Exchange Commission (BSEC) and Bangladesh Bank, and we have fulfilled our
other ethical responsibilities in accordance with the IESBA Code and the Institute of Chartered Accountants
of Bangladesh (ICAB) Bye-Laws. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
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REPORT 2022
Risk Our response to the risk
Measurement of provision for Investments

The process for estimating the provision for Our substantive procedures in relation to the
customer investments associated with credit risk provision for investment portfolio comprised the
is significant and complex. following:
For the individual analysis for large exposure, • Reviewed the adequacy of the general and
provisions calculation considers the estimates of specific provisions in line with related Bangladesh
future business performance and the market Bank guidelines and;
value of collateral provided for availing • Assessed the methodologies on which the
investment facilities. provision amounts are based, recalculated the
For the collective analysis of exposure on provisions and tested the completeness and
portfolio basis, provision calculation and accuracy of the underlying information;
reporting are manually processed that deals • Evaluated the appropriateness and presentation
with voluminous databases, assumptions and of disclosures against relevant accounting
estimates. standards and Bangladesh Bank guidelines.
At year end the Bank reported total gross • Finally, compared the amount of provision
investment of BDT 118,680 million (2021: BDT requirement as determined by Bangladesh Bank
107,086 million) and the Bank reported provision Department of Banking Inspection (DBI) team to
for investments of BDT 2,515 million (2021: BDT the actual amount of provision maintained.
1,749 million).
See note no 7 and 13 to the financial statements
Risk Our Response to the risk

IT systems and controls
Our audit procedures have a focus on IT We tested the design and operating effectiveness
systems and controls due to the pervasive of the Bank’s IT access controls over the
nature and complexity of the IT environment, information systems that are critical to financial
the large volume of transactions processed in reporting.
numerous locations daily and the reliance on
We tested IT general controls (logical access,
automated and IT dependent manual controls.
changes management and aspects of IT
operational controls). This included testing that
requests for access to systems were appropriately
Our areas of audit focus included user access
reviewed and authorized.
management, developer access to the
production environment and changes to the IT We tested the Bank’s periodic review of access
environment. These are key to ensuring IT rights and reviewed requests of changes to systems
dependent and application-based controls for appropriate approval and authorization.
are operating effectively
We considered the control environment relating to
various interfaces, configuration and other
application layer controls identified as key to our
audit.
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REPORT 2022 377
Risk Our Response to the Risk
Legal, regulatory matters and Contingent Liabilities
We focused on this area because the Bank We obtained an understanding, evaluated the
operates in a legal and regulatory environment design and tested the operational effectiveness of
that is exposed to significant litigation and the Bank’s key controls over the legal compliances.
similar risks arising from disputes and regulatory
proceedings. Such matters are subject to many We enquired to those charged with governance to
uncertainties and the outcome may be difficult obtain their view on the status of all significant
to predict. litigation and regulatory matters.
These uncertainties inherently affect the We enquired of the Bank’s internal legal counsel for
amount and timing of potential out flows with all significant litigation and regulatory matters and
respect to the provisions which have been inspected internal notes and reports. We also
established and other contingent liabilities. received formal confirmations from external
counsel.
Overall, the legal provision represents the
bank’s best estimate for existing legal matters We assessed the methodologies on which the
that have a probable and estimable impact on provision amounts are based, recalculated the
the bank’s financial position. provisions, and tested the completeness and
accuracy of the underlying information.
The Bank has disclosed contingent liabilities
amounting to BDT 5,290 million at the year We also assessed the Bank’s provisions and
ended on December 31, 2022 (2021 BDT 5,176). contingent liabilities disclosure in the financial
statements as per provisions of IAS 37: Provisions,
As per IAS 37 Contingent liabilities are not Contingent Liabilities and Contingent Assets.
required to be recognized but disclosed in the
financial statements.
See note no 18 to the financial statements
Reporting on other information

Management is responsible for the other information. The other information comprises all of the information
in the annual report other than the statements and our auditors’ report thereon. The annual report is
expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
iii
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ANNUAL
REPORT 2022
In connection with our audit of the financial statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
and Internal Controls
Management is responsible for the preparation and fair presentation of the financial statements of the Bank
in accordance with IFRSs as explained in note 2, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error. The Bank Company Act, 1991 and the Bangladesh Bank Regulations require
the Management to ensure effective internal audit, internal control and risk management functions of the
Bank. The Management is also required to make a self-assessment on the effectiveness of anti-fraud internal
controls and report to Bangladesh Bank on instances of fraud and forgeries.
In preparing the financial statements, management is responsible for assessing the Bank’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Bank or to cease operations,
or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Bank’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one
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REPORT 2022 379
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Bank to cease to continue as a going
concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the bank to express an opinion on the financial statements. We are responsible
for the direction, supervision and performance of the audit. We remain solely responsible for our audit
opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on other Legal and Regulatory Requirements
In accordance with the Companies Act, 1994, the Securities and Exchange Rules 2020, the Bank Company
Act, 1991 and the rules and regulations issued by Bangladesh Bank, we also report that:
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REPORT 2022
(i) we have obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purpose of our audit and made due verification thereof;
(ii) to the extent noted during the course of our audit work performed on the basis stated under the
Auditor’s Responsibility section in forming the above opinion on the financial statements and
considering the reports of the Management to Bangladesh Bank on anti-fraud internal controls and
instances of fraud and forgeries as stated under the Management’s Responsibility for the financial
statements and internal control:
(a) internal audit, internal control and risk management arrangements of the Bank as disclosed in the
financial statements appeared to be materially adequate;
(b) nothing has come to our attention regarding material instances of forgery or irregularity or
administrative error and exception or anything detrimental committed by employees of the Bank
and its related entities {other than matters disclosed in these financial statements};
(iii) in our opinion, proper books of account as required by law have been kept by the Bank so far as it
appeared from our examination of those books;
(iv) the records and statements submitted by the branches have been properly maintained and
consolidated in the financial statements;
(v) the balance sheet and profit and loss account together with the annexed notes dealt with by the
report are in agreement with the books of account and returns;
(vi) the expenditures incurred were for the purpose of the Bank’s business for the year;
(vii) the financial statements have been drawn up in conformity with prevailing rules, regulations and
accounting standards as well as related guidance issued by Bangladesh Bank;
(viii) provisions have been made for investments and other assets in accordance with the quick summary
report ref# DBI-6/51(3)/2022-306 dated March 28, 2023 issued by Bangladesh Bank;
(ix) the information and explanations required by us have been received and found satisfactory;
(x) we have reviewed over 80% of the risk weighted assets of the Bank and spent over 3,976 person hours;
and
(xi) the Bank is required to maintain minimum capital to risk weighted assets (CRAR) 10% and 12.5% with
conservation buffer, where the bank has maintained CRAR 16.49% (note # 14.7).
Dhaka, Bangladesh
Date: April 27, 2023 Sampad Kumar Basak FCA
Enrolment number: 625
Partner
Shafiq Basak & Co.
Chartered Accountants
DVC:2304270625AS103438
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REPORT 2022 381
Balance Sheet
As at 31 December 2022
Amount in Taka
Particulars Note(s)
31 December 2022 31 December 2021
PROPERTY AND ASSETS

Cash in hand 3
Cash in hand (including foreign currency) 1,453,484,090 1,094,962,589

Balance with Bangladesh Bank and it's agent bank(s) (including foreign currency) 10,676,712,559 5,112,676,296
12,130,196,649 6,207,638,885
Balance with other bank and financial institutions 4
In Bangladesh 642,520,126 165,835,732

Outside Bangladesh 586,823,679 426,689,134
1,229,343,805 592,524,866
Placement with bank and other financial institutions 5 3,245,000,000 3,293,177,219
Investments in shares and securities (Annexure-B) 6

Government 5,251,200,000 7,303,217,054
Others 1,951,233,690 1,507,758,431
7,202,433,690 8,810,975,484
Investments 7
General investment, etc. 118,620,258,644 105,782,681,421
Bills purchased and discounted 60,283,496 1,304,291,889
118,680,542,140 107,086,973,310
Fixed assets including premises 8 2,158,339,737 2,374,914,072
Other assets 9 9,078,633,591 4,396,715,871
Deferred tax asset 13.5 86,412,181 47,385,200
Non-banking assets 10 - -
Total assets 153,810,901,793 132,810,304,907
LIABILITIES AND CAPITAL

Liabilities
Placement from bank and other financial institutions 11 12,821,722,120 219,871,604
Deposit and other accounts 12
Mudaraba Savings Deposits 7,420,619,942 6,506,906,127

Mudaraba Term Deposits 103,684,999,335 105,282,008,914
Other Mudaraba Deposits 13,313,464 6,549,212
Al-Wadiah Current Deposit and Other Accounts 6,921,334,369 5,453,125,751
Bills Payable 768,956,339 556,872,224
118,809,223,449 117,805,462,228
Other Liabilities 13 9,215,673,808 7,024,214,312

Total Liabilities 140,846,619,377 125,049,548,145
Capital/Shareholders' Equity
Paid-up capital 14.2 9,404,187,500 5,154,187,500

Statutory reserve 15 2,020,644,859 1,616,183,345
Other reserve 16 - -
Retained earnings 17 1,539,450,057 990,385,917
Total Shareholders' Equity 12,964,282,416 7,760,756,762
Total Liabilities and Shareholders' Equity 153,810,901,793 132,810,304,907
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REPORT 2022
Off-balance Sheet Items
Amount in Taka
Particulars Note(s)
Contingent liabilities 18
Acceptances and endorsements 18.1 40,862,105 91,803,562

Letters of guarantee 18.2 4,682,260,918 4,198,660,748
Irrevocable letters of credit 18.3 566,976,872 886,375,955
Bills for collection - -
Other contingent liabilities - -
Total 5,290,099,895 5,176,840,264
Other commitments
Documentary credits, short term and trade related transactions - -

Forward assets purchased and forward deposits placed - -
Undrawn note issuance, revolving and underwriting facilities - -
Undrawn formal standby facilities, credit lines and other commitments - -
Total - -
Total off-balance sheet items including contingent liabilities 5,290,099,895 5,176,840,264
Net Asset Value per Share [previous year's figure restated] 39(a) 13.79 8.25
Accompanying notes form an integral part of these financial statements.
Director Director Director Managing Director
Signed in terms of our report of even date
Dhaka, Banglaesh
Date: 27 April 2023 Sampad Kumar Basak FCA
Partner
Shafiq Basak & Co.
Date: 27 April 2023
DVC:2304270625AS103438
ANNUAL
REPORT 2022 383
For the year ended 31 December 2022
Amount in Taka
Particulars Note(s)
Operating income
Investment income 20 13,862,957,352 13,029,982,174
Less: Profit paid on deposits 21 8,274,740,425 8,013,886,814
Net Investment Income 5,588,216,926 5,016,095,361
Income from investment in shares/securities 22 360,029,920 210,087,025

Commission, exchange and brokerage 23 300,399,564 59,592,117
Other operating income 24 132,061,563 133,406,140
792,491,047 403,085,282
Total Operating Income 6,380,707,973 5,419,180,642
Operating expenses
Salaries and allowances 25 1,834,195,304 1,415,955,082

Rent, taxes, insurances, electricity, etc. 26 263,280,526 193,435,465
Legal expenses 27 5,255,944 11,989,243
Postage, stamps, telecommunication, etc. 28 50,667,697 44,426,040
Stationery, printings, advertisements, etc. 29 54,753,756 41,515,676
Chief executive's salary and fees 30 14,753,500 15,590,806
Directors' fees and expenses 31 7,856,848 8,352,956
Shariah supervisory committee's fees and expenses 32 278,760 190,000
Auditors' fees 33 460,165 1,955,000
Depreciation and repairs of bank's assets 34 607,770,974 546,690,020
Zakat expenses 35 67,171,290 46,214,231
Other expenses 36 569,496,265 409,759,806
Total Operating Expenses 3,475,941,029 2,736,074,324
Profit / (Loss) before Provision 19 2,904,766,944 2,683,106,318
Specific provision on classified investments 813,832,117 243,280,776

General provision on unclassified investments (22,574,936) (26,386,911)
General provision on off-balance sheet items 4,045,711 816,981
Special general provision-COVID-19 (25,301,663) (1,359,100)
Provisions on investment in securities (3,968,667) 19,953,800
Provisions-other assets 116,426,812 20,773,188
Total provision 37 882,459,374 257,078,734
Total Profit / (Loss) before tax 2,022,307,570 2,426,027,584
Provision for income tax
Deferred tax 38 (39,026,980) (33,071,840)

Current tax 38(a) 1,098,177,324 1,139,710,520
1,059,150,344 1,106,638,680
Net Profit/(Loss) after Tax 963,157,226 1,319,388,904
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ANNUAL
REPORT 2022
Amount in Taka
Particulars Note(s)
Profit available for appropriation
Less: appropriation
Statutory reserve 15 404,461,514 485,205,517
Start-up fund 13.6 9,631,572 13,193,889
Retained surplus 549,064,140 820,989,498
963,157,226 1,319,388,904
Earnings per share (EPS) [previous year's figure restated] 39 1.02 1.40
Signed in terms of our report of even date
Dhaka, Bangladesh
Date: 27 April 2023 Sampad Kumar Basak FCA
Partner
Shafiq Basak & Co.
Date: 27 April 2023
DVC:2304270625AS103438
ANNUAL
REPORT 2022 385
Cash Flow Statement
Amount in Taka
Particulars Note(s)
Cash flows from operating activities

Investment income receipt in cash 11,063,238,029 11,874,107,246
Profit paid on deposits (7,029,364,032) (6,936,897,760)
Income from investment 247,350,662 211,477,300
Dividends receipts 24,627,879 1,033,475
Fees and commission receipts in cash 300,399,564 59,592,117
Cash payments to employees (1,848,948,804) (1,431,545,888)
Cash payments to suppliers (54,753,756) (41,515,676)
Income tax paid (1,173,319,030) (897,590,133)
Receipts from other operating activities (item-wise) 40 115,516,743 132,083,830
Payments for other operating activities (item-wise) 41 (986,121,657) (720,973,711)
Operating profit before changes in operating assets: 45 658,625,598 2,249,770,800
Changing in operating assets and liabilities

Increase/Decrease of net trading 2,052,017,054 (2,603,887)
Increase/Decrease of investment and advances to customers (11,593,568,830) (14,177,802,867)
Increase/Decrease of other assets (item wise) 42 (620,827,989) 171,853,720
Increase/Decrease of deposits from other banks/borrowings 12,601,850,516 (1,162,503,578)
Increase/Decrease of deposits received from customers (241,615,172) 9,978,983,490
Increase/Decrease of other liabilities 43 201,191,225 349,493,839
2,399,046,803 (4,842,579,283)
A) Net cash from/used in operating activities 3,057,672,402 (2,592,808,482)
Cash flows from investing activities
Proceeds from sale of securities - 684,009
Payment for purchase of securities (443,475,259) (1,238,242,051)
Purchase of property, plant and equipment (369,741,272) (841,943,730)
Proceeds from sale of property, plant and equipment 16,743,614 1,822,310
B) Net cash used in investing activities (796,472,918) (2,077,679,463)
Cash flows from financing activities
Dividend paid - (245,437,500)
Receipts from issuing ordenary share/rights share 4,250,000,000 -
C) Net cash from financing activities 4,250,000,000 (245,437,500)
D) Net increase / (decrease) in cash and cash (A+ B + C) 6,511,199,484 (4,915,925,445)
E) Add: Cash and cash equivalents at beginning of the year 10,093,340,970 15,009,266,415
F) Cash and cash equivalents at end of the year (D+E) 44 16,604,540,454 10,093,340,970
Cash and cash equivalents at end of the year

Cash in hand (including foreign currencies) 3.1 1,453,484,090 1,094,962,589
Balance with Bangladesh Bank and its agent bank (s) (including foreign currencies) 3.2 10,676,712,559 5,112,676,296
Balance with other bank and financial institutions 4 1,229,343,805 592,524,866
Placement with bank and other financial institutions 5 3,245,000,000 3,293,177,219
16,604,540,454 10,093,340,970
Net Operating Cash Flow per Share (NOCFPS) [previous year's
figure restated] 39(b) 3.25 (2.76)
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REPORT
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Statement of changes in equity
2022
Share
Paid-up Statutory *General/Other Asset
Premium Retained Total Taka
Capital Reserve Reserves Revaluation
Particulars Account Earnings
Reserve
1 2 3 4 5 6 7 8(2+3+4+5+6+7)
Balance as at 01 January 2022 5,154,187,500 1,616,183,345 - 990,385,917 7,760,756,762
Changes in Accounting Policy -
Restated Balance -
Surplus/(Deficit) on account of Revaluation Properties -
Surplus/(Deficit) on account of Revaluation Investments -
Currency translation difference -
Net Gain and Losses not recognized in the income statement -
Net Profit for the period 963,157,226 963,157,226
Stock dividend - - -
Cash dividend - -
Issue of Share Capital 4,250,000,000 4,250,000,000
Transfer to statutory reserve 404,461,514 - (404,461,514) -
Transfer to start-up fund - - - (9,631,572) (9,631,572)
Total Shareholders' Equity as at 31 December 2022 9,404,187,500 - 2,020,644,859 - - 1,539,450,057 12,964,282,416
Total Shareholders' Equity as at 31 December 2021 5,154,187,500 - 1,616,183,345 - - 990,385,917 7,760,756,762
Add: General Provision for Unclassified Investment and 1,079,854,816 1,079,854,816
off-balance sheet items
Less: Deffere tax asset - 86,412,181 86,412,181
Total Regulatory Capital as at 31 December 2022 9,404,187,500 - 2,020,644,859 - - 2,532,892,692 13,957,725,051
Total Regulatory Capital as at 31 December 2021 5,154,187,500 1,616,183,345 2,066,686,421 8,837,057,266
387
388
Liquidity Statement (asset and liabilities maturity analysis)
(Amount in Taka)
Particulars Up to 1 month 1-3 months 3-12 months 01-05 Years More than 05 years Total Current Year Total previous year
1 2 3 4 5 6 7(2+3+4+5+6) 8
ASSETS
Cash in hand 1,453,484,090 - - - - 1,453,484,090 1,094,962,589
Balance with Bangladesh Bank & it's agent banks - 10,676,712,559 - - - 10,676,712,559 5,112,676,296
(Including foreign currency)
Balance with other Banks & other Financial Institutions 1,229,343,805 - - - - 1,229,343,805 592,524,866
Placement with bank and other financial institutions - 3,245,000,000 - - - 3,245,000,000 3,293,177,219
Investment in Shares & Securities 309,340,802 - 1,567,778,750 5,325,314,138 - 7,202,433,690 8,810,975,484
Investments 26,730,407,266 33,085,517,432 41,400,542,801 12,740,589,064 4,723,485,577 118,680,542,140 107,086,973,310
Fixed Assets including premises (Land and Building), Furniture 298,073,122 289,245,448 411,811,222 699,448,336 459,761,609 2,158,339,737 2,374,914,072
and fixtures
Other Assets 1,604,278,526 2,006,920,181 5,437,420,253 116,426,812 - 9,165,045,772 4,444,101,070
Non-banking Assets - - - - - - -
Total assets 31,624,927,610 49,303,395,621 48,817,553,025 18,881,778,350 5,183,247,187 153,810,901,792 132,810,304,906
LIABILITIES
Placement from other Banks & Financial Institutions - 11,979,392,500 216,672,849 625,656,771 - 12,821,722,120 219,871,604
Deposits 25,805,119,778 34,395,580,480 42,255,635,251 14,006,694,434 2,346,193,506 118,809,223,449 117,805,462,228
Other accounts - - - - - - -
Provision and other liabilities 2,748,595,181 2,177,665,236 1,975,496,249 1,392,358,158 921,558,984 9,215,673,808 7,024,214,312
Total Liabilities 28,553,714,959 48,552,638,216 44,447,804,349 16,024,709,363 3,267,752,490 140,846,619,377 125,049,548,145
Net Liquidity Surplus 3,071,212,651 750,757,405 4,369,748,676 2,857,068,987 1,915,494,696 12,964,282,416 7,760,756,762
REPORT
ANNUAL
2022
Notes to the financial statements
As at and for the year ended 31 December 2022
1.0 The Bank and its activities
1.1 Introduction
"Global Islami Bank Limited (hereinafter called ‘the Bank’ or ‘GIB’) has been established as a Public Limited Company (Banking
Company). The Bank commenced banking operation on 23 October 2013 by obtaining license from Bangladesh Bank on 25
July 2013 under the Bank Companies Act 1991(amended up to 2018). At present the Bank is operating its business through head
office having 99 (ninety nine) branches and 116 (one hundred and sixteen) sub-branches, 103 (one hundred and three)
Automated Teller Machine (ATM) booths and 2,223 (two thousand two hundred and twenty three) employees all over
Bangladesh. The Bank does not have any Off-shore Banking Unit (OBU) and or any subsidiary company. Subsequently, GIB
obtained permission vide reference no. BRPD(P-3) 745(62)/2020-11688, dated 31 December 2020 to change the name of the
Bank to “Global Islami Bank Limited” from “NRB Global Bank Limited” the Companies Act - 1994 as full-fledged Islami Bank,
converting from conventional bank, to conduct day to day banking business operations under Islami Shari’ah Principles. The
bank commenced its scheduled commercial banking operation under the preview of Islami Shari’ah from 01 January 2021 by
obtaining approval of Bangladesh Bank and other regulators (where applicable). The bank is listed with both the Stock
Exchanges of the country, i, e, Dhaka Stock Exchange Limited and Chattogram Stock Exchange Limited.
The registered office of the Bank is located at Saiham Tower, House No. 34, Road No. 136, Block No. S. E. (C-1), Gulshan Model
Town, Gulshan-1, Dhaka-1212, Bangladesh.
1.2 Nature of business
The Bank offers all kinds of Islamic Shari’ah based commercial Banking services to its customers through its branches, sub-
branches, agents following the provisions of the Bank Companies Act 1991 (amended up to 2018), Bangladesh Bank’s Directives
and directives of other regulatory authorities and the principles of the Islamic Shari’ah.
1.3 Agent Banking
Islamic micro-finance represents micro-finance of the Islamic finance industry. Under Islamic micro-finance, major focus is given
on improvement of living standard of poor people. The projects are closely monitored so that the members are really benefited.
2.0 Basis of preparation of financial statements
2.1.1 Reporting framework and compliance thereof
The Bank being operated in strict compliance with the rules of Islamic Shari’ah. The financial statements of the Bank have been
prepared under the historical cost convention in accordance with International Financial Reporting Standards (IFRSs).
As Financial Reporting Standards is yet to be issued by FRC, as per the provisions of FRA, financial statements of the bank, have
been prepared in accordance with the International Financial Reporting Standards (IFRS) and International Accounting
Standards (IAS) as adopted by The Institute of Chartered Accountants of Bangladesh (ICAB) and in addition to this, the bank
also complied with the requirements of the following laws and regulations from various Government bodies:
Among others, the Bank complied with the requirements of the following circular, rules and regulations:
a) The Bank Companies Act, 1991 as amended;
b) The Companies Act, 1994;
c) BRPD Circular No. 14 dated 25.06.2003 and “Guidelines for Islamic Banking” issued by Bangladesh Bank through BRPD Circular
No. 15 dated 09.11.2009;
d) Other circulars, rules and regulations issued by Bangladesh Bank from time to time;
e) The Securities and Exchange Rules, 1987 as amended;
f) The Securities and Exchange Ordinance, 1969 as amended;
g) The Securities and Exchange Commission Act, 1993 as amended;
h) Income Tax Ordinance, 1984 as amended;
i) Value Added Tax and Supplementary Duty Act, 2012 as amended;
j) Standards issued by AAOIFI
k) The Stamp Act-1899 as amended;
l) The Customs Act-1969 as amended;
m) The Money Laundering Prevention Act, 2012 as amended;
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n) The Anti Terrorism (Amendment) Act, 2009 as amended etc.
As such the Bank has departed from those which are the requirements of IAS and IFRS in order to comply with the rules and
regulations of Bangladesh Bank are disclosed below:
I. Presentation of financial statements
IFRS
As per IAS-1 ""Presentation of Financial Statements"", financial statements shall comprise statement of financial position,
statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, notes to
the financial statements comprising summary of accounting policies and other explanatory information and retrospective
restatement of items in the earlier financial statement, where applicable. Furthermore, IAS-1 states that, an entity shall present
its current and non-current assets and liabilities, as separate classifications in its statement of financial position."
Bangladesh Bank
The financial statements and certain disclosures therein are presented in a prescribed format (i.e. balance sheet, profit and loss
account, cash flow statement, statement of changes in equity, liquidity statement) in accordance with the guidelines of the
‘First Schedule’ (section 38) of the Bank Companies Act 1991 as amended and BRPD circular no. 15 dated 09 November 2009
and other subsequent guidelines of Bangladesh Bank. In the prescribed format of Bangladesh Bank there is no component of
other comprehensive income and accordingly the elements of other comprehensive income and the tax thereon (if any) is
recognized directly in the statement of changes in equity. The assets and liabilities are presented in accordance with the
prescribed format of Bangladesh Bank and accordingly not classified as current and non-current classification as required by
IAS-1.
II Name of the Financial statements

IFRS
As per IAS 1, complete set of financial statements consists statement of financial position, statement of profit or loss and other
comprehensive income, statement of changes in equity, statement of cash flows and notes, comprising significant accounting
policies and other explanatory information.
"Bangladesh Bank
The forms of financial statements and directives for preparation thereof of the Islamic banking companies in Bangladesh are
guided by BRPD circular no. 15 dated 09 November 2009 Bangladesh Bank. BRPD circular no. 15 states the statement of financial
position as balance sheet and statement of profit or loss and other comprehensive income as profit and loss account.
III. Other Comprehensive Income
IFRS
As per IAS-1 "Other Comprehensive Income (OCI)" is a component of financial statements or the elements of OCI are to be
included in a single Other Comprehensive Income (OCI).
Bangladesh Bank
Bangladesh Bank has issued templates for financial statements which will strictly be followed by all banks. The templates of
financial statements issued by Bangladesh Bank do not include Other Comprehensive Income nor are the elements of Other
Comprehensive Income allowed to be included in a single Other Comprehensive Income (OCI) Statement. As such the Bank
does not prepare the Other Comprehensive Income statement. However, elements of OCI, if any, are shown in the statement
of changes in equity."
IV. Disclosure of Appropriation of Profit

IFRS
IFRS do not require appropriation of profit to be shown on the face of the statement of comprehensive income.
Bangladesh Bank
As per BRPD circular no. 14, dated 25 June 2003 and BRPD 15, dated 09 November 2009, an appropriation of profit should be
disclosed on the face of profit and loss account.
V. Investments in shares and securities

IFRS
As per requirements of IFRS-9 ""Financial Instruments"", investment in shares and securities are generally classified either at fair
value through profit or loss or at fair value through other comprehensive income and measured initially at its fair value plus
transaction costs that are directly attributable to the acquisition of the financial asset . However in the case of financial assets
classified and measured at fair value through profit or loss, transactions costs are immediately recognised in profit or loss.
Change in the fair value of shares and securities measured at fair value through profit or loss is recognised in the statement of
profit or loss and changes in the fair value of shares and securities measured at fair value through other comprehensive income
is recognised in the other comprehensive income and are never reclassified to profit or loss.
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Bangladesh Bank
As per BRPD circular no. 14 dated 25 June 2003, investments in shares and securities are classified under held to
maturity (HTM) or held for trading (HFT) “and measured at cost. Transaction costs that are directly attributable to
the acquisition added to the initial fair value except for financial assets classified as HFT where they should be
recognised in profit or loss.
After initial recognition, HFT govt. securities are measured according to DOS circular no. 05 dated 26 May 2008 and
DOS circular no. 05 dated 28 January 2009, where amortization loss is charged to profit and loss account,
mark-to-market loss on revaluation is charged to profit and loss account, but any unrealized gain on such
revaluation is recognized in revaluation reserve account. HTM govt. securities are measured at amortized cost and
increase/decrease related to amortization is recognized in equity.
As per BRPD circular no. 14 dated 25 June 2003 and DOS circular No.4 dated 24 November 2011, investments in
quoted and unquoted shares are revalued at the year-end at market price and at Book Value of last audited
balance sheet respectively. As such, provision is made against the diminution in value of investments considering
netting off gain /loss. Investment in mutual fund (open-end) is revalued at lower of cost and higher of (market value
and 95% of NAV) as per instruction of DOS circular no. 03 dated 12 March 2015 closed end mutual fund is revalued
at lower of cost and higher of (market value and 85% of NAV) as per DOS circular no. 10 dated 28 June 2015. As
such, provision is made for any loss arising from diminution in value of investments (portfolio basis); otherwise
investments are recognized at costs.
VI Revaluation gains/losses on Government securities
IFRS
As per requirement of IFRS 9 “Financial Instruments: where securities will fall under the category of fair value through
profit or loss account and any change in fair value of the asset is recognized through profit or loss account. Held for
Trading (HFT), any change in the fair value of held for trading assets is recognized through profit and loss account.
Securities designated as amortized cost are measured at effective interest rate method and investment income is
recognized through the profit and loss account."
Bangladesh Bank
As per IFRS 9 an entity shall recognise an impairment allowance on loans and advances based on expected credit
losses. At each reporting date, an entity shall measure the impairment allowance for loans and advances at an
amount equal to the lifetime expected credit losses if the credit risk on these loans and advances has increased
significantly since initial recognition. For those loans and advances for which the credit risk has not increased
significantly since initial recognition, an entity shall measure the impairment allowance at an amount equal to 12
month expected credit losses.
VII. Provision for investments
IFRS
As per IFRS 9 an entity shall recognise an impairment allowance on investment, loans and advances based on
expected credit losses. At each reporting date, an entity shall measure the impairment allowance for investment,
loans and advances at an amount equal to the lifetime expected credit losses if the credit risk on these investment,
loans and advances has increased significantly since initial recognition. For those loans and advances for which
the credit risk has not increased significantly since initial recognition, an entity shall measure the impairment
allowance at an amount equal to 12 month expected credit losses.
Bangladesh Bank
As per BRPD circular No.14 dated 23 September 2012, BRPD circular No. 19 dated 27 December 2012, BRPD circular
No. 05 dated 29 May 2013, BRPD circular No. 16 dated 18 November 2014 and a BRPD Circular No.01 dated 20
February 2018 general provision at 0.25% to 5% under different categories of unclassified investments
(good/standard investments) has to be maintained regardless of objective evidence of impairment. Also provision
for sub-standard, doubtful and bad & loss investments have to be provided at 20%, 50% and 100% respectively
(except short-term agricultural and micro-credits where 1% for all unclassified investment (irregular & regular) 5% for
sub-standard and doubtful investments and 100% for bad & loss investments) depending on the duration of
overdue.
VIII. Provision for Off-balance sheet items
IFRS
As per IFRS 9 an entity shall recognise an impairment allowance on investments (loan) based on expected credit
losses. At each reporting date, an entity shall measure the impairment allowance for investment (loan) at an
amount equal to the lifetime expected credit losses if the credit risk on these investments has increased significantly
since initial recognition whether assessed on an individual or collective basis considering all reasonable
information, including that which is forward-looking. For those investments (loans) for which the credit risk has not
increased significantly since initial recognition, at each reporting date, an entity shall measure the impairment
allowance at an amount equal to 12 month expected credit losses that may result from default events on
investments that are possible within 12 months after reporting date.
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Bangladesh Bank
As per BRPD circular No.14 (23 September 2012), BRPD circular No. 19 (27 December 2012), BRPD circular No. 05 (29
May 2013), BRPD circular No. 16 (18 November 2014), BRPD Circular No. 15 (27 September 2017), BRPD Circular No.
01 (20 February 2018), BRPD Circular No. 03 (21 April 2019) and BRPD Circular No. 07 (19 March 2020) a general
provision at 0.25% to 5% under different categories of unclassified loans (good/standard loans) has to be
maintained regardless of objective evidence of impairment. Also provision for sub-standard loans, doubtful loans
and bad losses has to be provided at 20%, 50% and 100% respectively except (a) short-term agricultural and
micro-credits where 5% for sub-standard and doubtful investments and 100% for bad & loss investments and (b)
Cottage Micro and Small Credits where 5% for Sub-Standard, 20% for Doubtful and 100% for Bad & Loss investments
depending on the duration of overdue. Again as per BRPD circular no. 10 dated 18 September 2007 and BRPD
circular no. 14 dated 23 September 2012, a general provision at 1% is required to be provided for all off-balance
sheet exposures except LC issued against Fast Track Electricity Project & Bills for Collection according to BRPD
circular letter no. 01 dated 03 January 2018 & BRPD circular no. 07 dated 21 June 2018 respectively. Such provision
policies are not specifically in line with those prescribed by IFRS 9 “Financial Instruments”.
IX. Recognition of investment income in suspense
IFRS
Investment to customers (loans and receivables) are generally classified at amortized cost as per IFRS 9 ""Financial
Instruments"" and investment income is recognised by using the effective interest rate method over the term of the
investment. Once an investment is impaired, the entity shall apply the effective interest rate to the amortised cost
of these investments.
Bangladesh Bank
As per BRPD circular no. 14 dated 23 September 2012, once an investment is classified, investment income on such
investment are not allowed to be recognised as income, rather the corresponding amount needs to be credited
to an investment income in suspense account, which is presented as liability in the balance sheet.
X. Financial instruments – presentation and disclosure
In several cases Bangladesh Bank guidelines categories, recognise, measure and present financial instruments
differently from those prescribed in IFRS 9. As such full disclosure and presentation requirements of IFRS 7 and IAS 32
cannot be made in the financial statements.
XI. Financial guarantees
IFRS
As per IFRS 9, financial guarantees are contracts that require the issuer to make specified payments to reimburse
the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the
original or modified terms of a debt instrument. Financial guarantee liabilities are recognised initially at their fair
value plus transaction costs that are directly attributable to the issue of the financial liabilities. The financial
guarantee liability is subsequently measured at the higher of the amount of loss allowance for expected credit
losses as per impairment requirement and the amount initially recognised less, income recognised in accordance
with the principles of IFRS 15. Financial guarantees are included within other liabilities.
Bangladesh Bank
As per BRPD 14 dated 25 June 2003 and BRPD 15 dated 09 November 2009, financial guarantees such as letter of
credit, letter of guarantee will be treated as off-balance sheet items.
XII. Balance with Bangladesh Bank: (Cash Reserve Requirement)
IFRS
Balance with Bangladesh Bank that are required to be kept as part of cash reserve requirement, should be treated
as other asset as it is not available for use in day to day operations as per IAS-7 ""Statement of Cash Flows"".
Bangladesh Bank
Balance with Bangladesh Bank is treated as cash and cash equivalents.
XIII. Cash flow statement
IFRS
The Cash flow statement can be prepared using either the direct method or the indirect method. The presentation
is selected to present these cash flows in a manner that is most appropriate for the business or industry.
Bangladesh Bank
As per BRPD 14 dated 25 June 2003 and BRPD 15 dated 09 November 2009, cash flow statement is to be prepared
following a mixture of direct and indirect methods.
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XIV. Non-banking asset
IFRS
No indication of Non-banking asset is found in any IFRS.
Bangladesh Bank
As per BRPD 14 dated 25 June 2003 and BRPD 15 dated 09 November 2009, there must exist a face item named Non-banking
asset.
XV. Presentation of intangible asset
IFRS
An intangible asset must be identified and recognised, and the disclosure must be given as per IAS-38 ""Intangible Assets".
Bangladesh Bank
There is no regulation for intangible assets in BRPD 14 dated 25 June 2003 and BRPD 15 dated 09 November 2009."
XVI. Off-balance sheet items
IFRS
As per IFRS, there is no requirement for disclosure of off-balance sheet items on the face of the balance sheet.
Bangladesh Bank
As per BRPD circular no. 14 dated 25 June 2003 and BRPD 15 dated 09 November 2009, off balance sheet items (e.g. Letter of
credit, Letter of guarantee etc.) must be disclosed separately on the face of the balance sheet.
XVII. Investments net off provision
IFRS
Investments should be presented net off provision.
Bangladesh Bank
As per BRPD 14 dated 25 June 2003 and BRPD 15 dated 09 November 2009, provision on investments are presented separately
as liability and can not be netted off against investments.
XVIII Recovery of written of loans
IFRS
As per IAS 1, an entity shall not offset assets and liabilities or income and expenses, unless required or permitted by any IFRS.
Again recovery of written of loans should be charged to profit & loss account as per IFRS 15.
Bangladesh Bank
As per BRPD 15 dated 09 November 2009, recoveries of amount previously written of should be adjusted with the specific
provision for investments.
XIX. Revenue
As per IFRS 15, revenue should be recognized on accrual basis but due to the unique nature of Islamic Banks, income from
investment under Mudaraba, Musharaka, Bai-Salam, Bai-as-Sarf and Ujarah modes is accounted for on realization basis as per
AAOIFI and Bangladesh Bank guidelines.
XX. Charges on tax on retained earnings, reserve, surplus as per Income tax ordinance (ITO) 1984
As per section 16(G) of the income tax ordinance 1984, Listed companies should disclose proposed dividend in the balance
sheet as "among to be distributed as dividend". However there is no provision for this in BRPD 14 dated 25 June 2003 and BRPD
15 dated 09 November 2009 and IFRS also restricts to disclose such presentation in the balance sheet.
2.1.2 Measurement of elements in the financial statements
Measurement is the process of determining the monetary amounts at which the elements of the financial statements are to be
recognized and carried in the financial statements. The measurement basis adopted by the Bank is historical cost except for
land, building and few of the financial assets which are stated in accordance with the policies mentioned in the respective
notes.
2.1.3 Use of estimates and judgments
The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses, and disclosure
requirements for contingent assets and liabilities during and at the date of the financial statements.
Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions of accounting estimates are recognized in the period in which the estimate is revised and in any future periods
affected.
Information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have
the most significant effect on the amounts recognized in the financial statements include depreciation, amortization,
impairment, post employment benefits liabilities, accruals, taxation and provision.
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2.1.4 Comparative information and rearrangement thereof
Comparative figures have been re-arranged wherever considered necessary to ensure better comparability with the current
period without causing any impact on the profit and value of assets and liabilities as reported in the financial statements.
2.1.5 Going concern
The Financial Statements have been prepared on a going concern principle is the assumption that an entity will remain in
business for the foreseeable future. Conversely, the Bank has neither any intention nor any legal or regulatory compulsion to halt
operations and liquidate its assets in the near term at what may be very low fire-sale prices. Key financial parameters (including
liquidity, profitability, asset quality, provision sufficiency, capital adequacy and credit rating) of the bank continued to
demonstrate a healthy trend for a couple of years. The management is not aware of any material uncertainties that may cause
to believe that significant doubt upon the bank’s ability to continue as a going concern.
2.1.6 Accrual basis of accounting
The Bank prepares its financial statements, except for cash flow information, using the accrual basis of accounting. Since the
accrual basis of accounting is used, the Bank recognizes items as assets, liabilities, equity, income (except the items mentioned
in note-XII) and expenses (the elements of financial statements) when they satisfy the definitions and recognition criteria for
those elements in the Framework.
2.1.7 Materiality and aggregation
The Bank presents separately each material class of similar items. The Bank presents separately items of a dissimilar nature or
function unless they are immaterial. Financial statements result from processing large numbers of transactions or other events
that are aggregated into classes according to their nature or function.
2.1.8 Offsetting
Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when there is a legally
enforceable right to offset the recognized amounts and there is an intention to settle on a net basis and or realize the asset and
or settle the liability simultaneously.
2.1.9 Reporting period
The Financial Statements cover from 01 January 2022 to 31 December 2022.
2.1.10 Cash flow statement
Cash Flow Statement is prepared in accordance with IAS-7 "Statement of Cash Flows" as well as the guidelines for islamic
banking issued by Bangladesh Bank through BRPD Circular No. 15 dated 09.11.2009 and BRPD Circular No.14 dated 25.06.2003.
The Statement shows the structure of changes in cash and cash equivalents during the year.
2.1.11 Statement of changes in equity
Statement of Changes in Equity has been prepared in accordance with IAS-1 "Presentation of Financial Statements" as well as
the guidelines for islamic banking issued by Bangladesh Bank through BRPD Circular No. 15 dated 09.11.2009 and BRPD Circular
No.14 dated 25.06.2003.
2.1.12 Liquidity statement
Liquidity Statement has been prepared based on the residual/remaining maturity of assets and liabilities as on 31 December
2020 as per the guidelines for islamic banking issued by Bangladesh Bank through BRPD Circular No. 15 dated 09.11.2009 and
BRPD Circular No.14 dated 25.06.2003 as follows:
i) Balance with other banks and financial institutions, etc. are on the basis of their respective maturity term;
ii) Investments in shares & securities are on the basis of their respective maturity;
iii) General investments are on the basis of their recovery/repayment schedule;
iv) Fixed assets [property, plant & equipment] are on the basis of their useful lives;
v) Other assets are on the basis of their realization/amortization;
vi) Deposits and other accounts are on the basis of their maturity and payments;
vii) Provisions and other liabilities are on the basis of their adjustment/settlement;
viii) Due to perpetual in nature/maturity, Mudaraba Perpetual Bond (MPB) is reported under maturity more than 5 (five)
years.
2.1.13 Changes in accounting policies
The Bank changes its accounting policy only if the change is required by IFRS or Bangladesh Bank Guidelines or results in the
financial statements providing reliable and more relevant information about the effects of transactions, other events or
conditions on the Bank’s financial position, financial performance or cash flows. Changes in accounting policies is to be made
through retrospective application by adjusting opening balance of each affected components of equity i.e. as if new policy
has always been applied.
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2.1.14 IFRS-16: Lease
In January 2016, the International Accounting Standards Board (IASB) issued IFRS-16. IFRS-16 replaces IAS-17, IFRIC 4, SIC 15 and
SIC 27 which sets out the principles for recognition, measurement, presentation and disclosure of leases which is effective from
annual reporting periods beginning on or after 01 January 2019. Global Islami Bank Limited has applied IFRS 16: “xs” for the first
time with the date of initial application of 01 January 2020 using modified retrospective approach where the bank measured
the lease liability at the present value of the remaining lease payments and recognized a right-of-use asset at the date of the
initial application on a lease by lease basis. As IFRS-16 supersedes IAS-17 Lease, the bank has made recognition, measurement
and disclosure in the financial statements-2020 both as Lessee and Lessor as per IFRS-16.
Bank as lessee:
"The bank assesses at initiation of a contract whether the contract is, or contains a lease. That is, if the contract conveys the right
to control the use of an identified asset for a period of time in exchange of consideration, then the bank consider the contract
as a lease contract. The bank as a lessee applies a single recognition and measurement approach for all leases, except for
short-term leases, or, and lease of low value of assets. The bank recognizes lease liabilities to make lease payment and
right-of-use assets representing the right to use the underlying assets. If tenor of a lease contract does not exceed twelve months
from the date of initiation/application, the bank considers the lease period as short term in line with the recognition threshold of
ROU assets as per FA policy of the bank. The Bank determine incremental borrowing rate to calculate the ROU assets and
depreciate the asset over the useful life by straight line method. The right-of-use asset is measured at cost, which is made up of
the initial measurement of the lease liability, any initial direct costs incurred by the Bank, an estimate of any costs to dismantle
and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date
(net of any incentives received).
Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is premeasured
to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. The Bank has elected to
account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognizing a right-of-use
asset and lease liability, the payments in relation to these are recognized as an expense in profit or loss on a straight-line basis
over the lease term. On the statement of financial position, right-of-use assets have been included in property, plant and
equipment and lease liabilities have been included other liabilities.
Right-of-use assets (ROU):
"The bank recognises the right-of-use (ROU) assets at the commencement date of the lease (i.e. the date the underlying asset
is available for use). ROU assets are measured at cost less any accumulated depreciation and impairment of losses and
adjusted for any measurement of lease liabilities. The cost of ROU assets includes the amount of lease liabilities recognised, initial
direct cost incurred, and lease payment made at or before the commencement date less any lease incentives received.
Right-of-use assets are depreciated on a straight line basis over the lease term, or remaining period of the lease term.
The bank assessed all lease contracts live in 2020 and recognised as ROU of assets of all leases, except short term and low value
of assets as guided by Banks’ own policy set as per IAS-16 and IFRS-16. The ROU assets are presented in the Note 8.00 of these
financial statements.
Lease Liabilities (Bank as a lessee):
At the commencement of the lease, the bank recognises lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease payments include fixed and variable lease payment (less any adjustment for initial
payment), and amount is expected to be paid under residual value of guarantees.
The lease liabilities are presented in the Note 13.0 of these financial statements.
Bank as a lessor:
"Leases where the bank does not transfer substantially all of the risk and benefit of ownership of any asset are classified as
operating assets. Rental income is recorded as earned based on the contractual term of the lease. However, the Bank did not
hold any such assets in 2020.
Recognition of Lease by the Bank
Global Islami Bank Limited has applied IFRS 16 in 01 January 2020 using modified retrospective approach where the bank
measured the lease liability at the present value of the remaining lease payments and recognized a right-of-use asset at the
date of the initial application on a lease by lease basis. GIB has applied IFRS-16 on 64 branches till 31 December 2022.
2.1.15 Changes in accounting estimates
Estimates arise because of uncertainties inherent within them, judgment is required but this does not undermine reliability. Effect
of changes of accounting estimates is included in profit or loss account.
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2.2 Summary of significant accounting policies
Accounting policies are determined by applying the relevant guidelines of Bangladesh Bank as well as the relevant IFRS. Where
there is no available guidelines of BB and IFRS, management uses its judgment in developing and applying an accounting
policy that results in information that is relevant and reliable. The Bank selects and applies its accounting policies for a period
consistently for similar transactions, other events and conditions, unless IFRS or Bangladesh Bank guidelines specifically requires
or permits categorization of items for which different policies may be appropriate. The accounting policies set out below have
been applied consistently in all material respects to all periods presented in these financial statements:
2.3 Cash and cash equivalents
Cash and cash equivalents include notes and coins in hand and at ATM, balances held with Bangladesh Bank and its agent
bank, balance with other banks and financial institutions which are not ordinarily susceptible to change in value.
2.4 Investment in shares and securities
Investment in shares and securities (other than Investment in Bangladesh Government Islamic Investment Bond) are initially
recognised at cost and subsequently measured and accounted for depending on their classification criteria as either held to
maturity or held for trading. Transaction costs that are directly attributable to the acquisition added to the initial cost except for
the investment classified as held for trading where they should be recognised in profit or loss.
Investments in quoted and unquoted shares are revalued at the year-end at market price and at net assets value (NAV) of last
audited balance sheet respectively. As such, provision is made against the diminution in value of investments netting off gain
/loss arises from the market of the securities.
Investment in subordinated bond is measured both initially and subsequently at cost.
2.4.1 Held to Maturity (HTM)
Investments which are intended to be held till maturity are classified as ‘Held to Maturity’ (HTM). These are measured at
amortized cost at each year end by taking into account any discount or premium on acquisition. Premiums are amortized and
discounts are accredited, using the effective or historical yield. Any increase in value of such investments is booked to equity
but decrease to profit and loss account.
2.4.2 Investment- Initial recognition and subsequent measurement
Measurement after initial Recording of Changes

Investment class Initial Recognition
recognition
Govt. treasury securities - Cost Cost None

BGIIB/Sukuk
Debenture/Bond Cost Cost None
Shares (Quoted) Cost Lower of cost or market value Loss (net off gain) to profit and
(overall portfolio) loss account but no unrealized
gain booking.
Shares (Unquoted) Cost Lower of cost or Net Asset Value Loss to profit and loss account
(NAV) of last audited financial but no unrealized gain booking.
statements
2.5 Investments
Investments are recognized at gross amount on the date on which they are originated. After initial recognition investments are
stated in the Balance Sheet net off profit receivable and unearned income. However, provision for investments are not net-off
with investments.
Profit Receivable – the amount of unexpired portion of profit charged on Bai-Murabaha investment at the time of sale of goods/
services to customer/ client.
Unearned Income - the amount of unrealized portion of profit/ value addition of fixed assets [property, plant and equipment]
under Hire Purchase Under Shirkatul Melk (HPSM) investment for gestation period.
2.6 Fixed assets [Property, plant & equipment and intangibles]
Property, plant and equipment
2.6.1 Recognition
The cost of an item of property, plant and equipment is recognized as an asset if, and only if, it is probable that future economic
benefits will flow to the Bank and the cost of the item can be measured reliably.
2.6.2 Measurement at recognition
An item of property, plant and equipment that qualifies for recognition as an asset is measured at its cost. The cost of an item
of property, plant and equipment is the cash price equivalent at the recognition date. The cost of a self-constructed asset is
determined using the same principles as for an acquired asset.
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2.6.3 Elements of costs and subsequent costs
Cost includes purchase price (including import duties and non-refundable purchase taxes), directly attributable costs to
bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the
management and the initial estimate of the cost of dismantling and removing the item and restoring the site on which it is
located. Costs of day to day servicing (repairs and maintenance) are recognized as expenditure as incurred. Replacement
parts are capitalized, provided the original cost of the items they replace is derecognized.
2.6.4 Measurement of property, plant & equipment after recognition
Cost model
"After recognition as an asset, an item of property, plant and equipment shall be carried at its cost less any accumulated
depreciation and any accumulated impairment losses.
Revaluation model
The revaluation model requires an asset, after initial recognition, to be measured at a revalued amount, which is its fair value
less subsequent accumulated depreciation and impairment accumulated losses.
Where an asset’s carrying amount is increased as a result of a revaluation, the increase is recognized in equity under the
heading of revaluation surplus. However, the increase is recognized in profit or loss to the extent that it reverses a revaluation
decrease of the same asset previously recognized in profit or loss.
Where an asset’s carrying amount is decreased as a result of a revaluation, the decrease is recognized in profit or loss. However,
the decrease is recognized in equity to the extent of any credit balance existing in the revaluation surplus in respect of that
asset. The decrease recognized in equity reduces the amount accumulated under the heading of revaluation surplus.
The revaluation surplus included in equity in respect of an item of property, plant and equipment is transferred directly to
retained earnings when the asset is derecognized. However, some of the surplus is transferred as the asset is used by the Bank.
In such a case, the amount of the surplus transferred would be the difference between depreciation based on the revalued
carrying amount of the asset and depreciation based on the asset’s original cost.
2.6.5 Derecognition of property, plant and equipment
The carrying amount of an item of property, plant and equipment is derecognized on disposal or when no future economic
benefits are expected from its use or disposal. The gain or loss arising from the derecognition of an item of property, plant and
equipment is included as other income in profit or loss when the item is derecognized.
2.6.6 Depreciation
The depreciation charge for each period is recognized in profit or loss unless it is included in the carrying amount of another
asset. Depreciation of an asset begins when it is installed and available for use, i.e. when it is in the location and condition
necessary for it to be capable of operating in the manner intended by management. Depreciation of an asset ceases at the
earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. The residual value and
the useful life of an asset is reviewed at least at each financial year-end and, if expectations differ from previous estimates, the
change(s) shall be accounted for as a change in an accounting estimate.
Depreciation is calculated based on the cost/revalued amount of items of fixed assets [property, plant & equipment] less their
estimated residual values using either of straight-line method (SLM) or reducing balance method (RBM) over their estimated
useful lives and recognized in profit and loss. Land is not depreciated. Rates of depreciation considering the useful life of
respective assets are as follows:
Items Method Rates Estimated useful life (Years)

Furniture & Fixtures Straight-line 10% 10
Machineries and equipment Straight-line 20% 5
Motor vehicle Straight-line 20% 5
Computer and peripheral Straight-line 20% 5
Automated Teller Machines Straight-line 20% 5
Books and journals Straight-line 20% 5
2.7 Intangible assets
2.7.1 Recognition
The recognition of an item as an intangible asset requires the Bank to demonstrate that the item meets the definition of an
intangible asset and the recognition criteria. An intangible asset is recognized as an asset if, and only if, it is probable that
expected future economic benefits that are attributable to the asset will flow to the Bank and the cost of the item can be
measured reliably.
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REPORT 2022 397
2.7.2 Measurement
An intangible asset is measured at cost less any accumulated amortizations and any accumulated impairment losses.
Subsequent expenditures are likely to maintain the expected future economic benefits embodied in an existing intangible asset
rather than meet the definition of an intangible asset and the recognition criteria. Therefore, expenditure incurred after the initial
recognition of an acquired intangible asset or after completion of an internally generated intangible asset is usually recognized
in profit or loss as incurred.
2.7.3 Amortization
The depreciable amount of an intangible asset with a finite useful life shall be allocated on a systematic basis over its useful life.
Amortization begin when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable
of operating in the manner intended by management. Amortization ceases at the earlier of the date that the asset is classified
as held for sale and the date that the asset is derecognized. An intangible asset with an indefinite useful life is not amortized.
2.7.4 Impairment of Fixed assets [property, plant & equipment and intangibles]
Recognizing and measuring impairment loss
Where the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its
recoverable amount. That reduction is an impairment loss. An impairment loss on a non-revalued asset is recognized in profit or
loss. However, an impairment loss on a revalued asset is recognized directly in equity to the extent that the impairment loss does
not exceed the amount in the revaluation surplus for that same asset. Such an impairment loss on a revalued asset reduces the
revaluation surplus for that asset.
The Bank assesses at the end of each reporting period whether there is any indication that an asset may be impaired. If any such
indication exists, the Bank estimates the recoverable amount of the asset. Irrespective of whether there is any indication of
impairment, the Bank tests an intangible asset with an indefinite useful life or an intangible asset not yet available for use for
impairment annually.
2.8 Other assets
Other assets include all other financial assets, other income receivable, advance against expenses etc.
2.9 Non-banking assets
Non-banking assets are acquired on account of the failure of a client to repay the investment in time after receiving the decree
from the court regarding the right and title of the mortgaged property.
2.10 Placement from banks and other financial institutions
Placement from banks and other financial institutions are stated in the financial statement at principal amount of the
outstanding balance.
2.11 Deposits and other accounts
Deposit and other accounts include Al Wadeeah current deposit as well as savings, term and other Mudaraba deposits.
Deposits by customers and banks are recognized when the Bank enters into contractual agreements with the counterparties.
These items are brought to Financial Statements at the gross value of the outstanding balance.
2.12 Provisions
2.12.1 Provision for investments
Provision for investments is made on the basis of quarter-end review by the management and instructions contained in BRPD
Circular no. 14 dated 23 September 2012, BRPD Circular no. 04 dated 29 January 2015, BRPD Circular no. 08 dated 02 August
2015, BRPD Circular No.12, dated 20 August, 2017, BRPD Circular No. 12 dated 20 August, 2017, BRPD Circular No. 01 dated 20
February, 2018, BRPD Circular No. 01 dated 20 February, 2018, BRPD circular no. 03 dated 21 April 2019, BRPD circular no. 07
dated 19 March 2020 BRPD circular no. 56 dated 10 December 2020,BRPD circular no. 05 dated 24 March 2021 & BRPD circular
no. 19 dated 26 August 2021 Details are given below:
Classification/Percentage (%) of provision requirement

Particulars 31 December 2022 31 December 2021
Standard SMA SS DF BL Standard SMA SS DF BL
Small and Medium

Enterprise (SME) Financing 0.25% 0.25% 20% 50% 100% 0.25% 0.25% 20% 50% 100%
Consumer Investment
for Housing 1% 1% 20% 50% 100% 1% 1% 20% 50% 100%
Finance
Investment
for 2% 2% 20% 50% 100% 2% 2% 20% 50% 100%
Professionals
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Classification/Percentage (%) of provision requirement
Particulars 31 December 2022 31 December 2021
Standard SMA SS DF BL Standard SMA SS DF BL
Consumer Other than
Investment
for Housing 2% 2% 20% 50% 100% 5% 5% 20% 50% 100%
Finance &
Professionals
All Other (Except Short-term
Agricultural and 1% 1% 20% 50% 100% 1% 1% 20% 50% 100%
Micro-Credits)
Short-term Agricultural and

1% 5% 100% 1% 5% 100%
Micro-Credits
Investment to Stock Dealers & 2% 20% 50% 100% 2% 20% 50% 100%
Stock Broker
Special general provision for
COVID 19: Unclassified 2% 1%
loans/investments &
advances
2.12.2 Provision for off-balance sheet exposures
In compliance with BRPD circular no. 14 dated 23 September 2012, BRPD Circular No.7 dated 21 June 2018 and BRPD Circular
No.13 dated 18 October 2018 the Bank has been maintaining provision against off-balance sheet exposures (mainly contingent
assets/liabilities) Note-13.1 (e)
2.12.3 Provision for other assets
Provision for other assets is made as per the instructions made in the BRPD circular No. 14 dated 25 June 2001 and other
instructions made by Bangladesh Bank. (Note- 13)
2.12.4 Provision for nostro accounts
According to Foreign Exchange Policy Department of Bangladesh Bank vide the circular letter No. (FEPD)/01/2005-677 dated
13 September 2005, Bank is not required to make provision regarding the unreconciled debit balance of nostro account as on
the reporting date in these financials as there are no unreconciled outstanding entries for more than three months.
2.12.5 Other provisions, accruals and contingencies
2.12.6 Recognition of provisions, accruals and contingencies
A provision is recognized when the Bank has a present obligation (legal or constructive) as a result of a past event; it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation; a reliable estimate can be
made of the amount of the obligation. Accruals are liabilities to pay for goods or services that have been received or supplied
but have not been paid, invoiced or formally agreed with the supplier, including amount due to employees.
Contingent liabilities are not recognized in the financial statements. Disclosure on contingent liabilities has been made on the
face of balance sheet under 'Off-balance Sheet Items' as per BRPD circular No. 14 dated 25 June 2003 and BRPD 15 dated 09
November 2009.
2.12.7 Measurement of provision
The amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the end
of the reporting period.
2.12.8 Changes and uses of provisions
Provisions is reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer
probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is
reversed. A provision is used only for expenditures for which the provision was originally recognized. Only expenditures that relate
to the original provision are set against it. Setting expenditures against a provision that was originally recognized for another
purpose would conceal the impact of two different events.
2.13 Employee benefits
The Bank provides various long-term and short-term benefits to the employees under different schemes. Details of the benefits
plans are given below:
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REPORT 2022 399
2.13.1 Provident fund
A “Defined Contribution Plan” is a post-employment benefit plan under which an entity pays fixed contribution into a separate
entity and will have no legal constructive obligation to pay further amounts. Provident fund benefit is given to the eligible staffs
of the Bank in accordance with the rules of the provident fund duly recognized by the National Board of Revenue of
Bangladesh. The Fund is administered by the Board of Trustees and is funded by fixed contributions equally from the employees
and the Bank. The fund is managed separately from the Bank’s assets, as per rules of the fund & section 399 of the Companies
Act 1994.
2.13.2 Gratuity fund
Gratuity benefits are given to the staff of the Bank in accordance with the approved Gratuity Fund Rules. National Board of
Revenue has approved the gratuity fund as a recognized gratuity fund and the fund is operated by a separate Board of
Trustees. Employees are entitled to get the benefit after completion of minimum 06 (six) years of service in the Bank. The gratuity
is calculated on the basis of last basic pay of every employee in service as per IAS-19 “Employee Benefits”. Gratuity fund is a
“Defined Benefit Plan” and payable as per the modalities of the rules. Gratuity so calculated is transferred to the fund and
charged to expenses of the Bank.
2.13.3 Other Employee Benefits
Other employee benefits include which are not included in short-term employee benefits, post-employment benefits and other
termination benefits.
2.13.4 Benevolent Fund
The Benevolent Fund for the regular and confirmed employee’s of Global Islami Bank Limited. This fund is mainly used for
payment of scholarship to the meritorious students among the children of GiBL’s officers and sub-staff, to allow short-term
quard/grant for the unexpected and certain needs of the staff of GiBL and their family like accident, clinical treatment,
marriage ceremony, etc.
2.13.5 Workers' Profit Participation Fund (WPPF)
SRO-336-AIN/2010 dated 5-10-2010 issued by the ‘Ministry of Labour and Employment’ declares the status of business of certain
institutions and companies along with Bank & insurance companies as “Industrial Undertakings” for the purposes of Chapter-XV
of the Bangladesh Labour Act, 2006 (as amended up to 2013) which deals with the workers’ participation in company’s profit
by way of ‘Workers Participation Fund’ and ‘Welfare Fund’. This Act requires the “Industrial Undertakings” to maintain provision
for workers’ profit participation fund @ 5% on net profit. Since this requirement contradicts with the ‘Section 11’ of the ‘Bank
Company Act 1991 (as amended up to 2018)’, Banks in Bangladesh took up the issue collectively and sought opinion from
‘Association of Bankers Bangladesh Limited (ABB)’ on the same. ABB wrote a letter to the ‘Ministry of Finance’ of Government of
People’s Republic of Bangladesh on 09.03.2016 to draw attention of the honorable Finance Minister regarding relevance and
applicability of Chapter XV of the Bangladesh Labour Act, 2006 (as amended up to 2013) for Bank Companies and to obtain a
direction on the issue. The ‘Ministry of Finance’ revealed their opinion that WPPF should not be relevant for Bank Companies and
therefore, it should not be applied there. They also sought for an opinion on this issue from Bangladesh Bank. Subsequently,
Bangladesh Bank agreed on all the logics and legal opinion collected by the ABB and expressed their consensus with them on
29.11.2016. In this backdrop, the ‘Ministry of Finance’ has given their instruction, vide letter no. 53.00.0000.311.22.002.17.130
dated 14.02.2017, for not applying Chapter XV of the Bangladesh Labour Act, 2006 (as amended up to 2013) in Bank
Companies. Therefore, no provision in this regard has been made in the financial statements for the period ended on 31
December 2022.
2.14 Taxation
The tax expense for the period comprises current tax and deferred tax. Tax is recognized in the income statement, except in the
case it relates to items recognized directly in equity. In this case, the tax is also recognized directly in equity.
2.14.1 Current tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted
at the reporting date and any adjustment to the tax payable in respect of previous years. Provision for current income tax has
been made on taxable income of the Bank.
2.14.2 Deferred tax
Principle of recognition
Deferred tax is recognized as income or an expense amount within the tax charge, and included in the net profit or loss for the
period. Deferred tax relating to items dealt with directly in equity is recognized directly in equity.
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Recognition of taxable temporary difference
A deferred tax liability is recognized for all taxable differences, except to the extent that the deferred tax liability arises from the
initial recognition of goodwill; or the initial recognition of an asset or liability in a transaction which is not a business combination;
and at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
Recognition of deductible temporary difference

A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that taxable profit
will be available against which the deductible temporary difference can be utilized, unless the deferred tax asset arises from the
initial recognition of an asset or liability in a transaction that is not a business combination; and at the time of the transaction,
affects neither accounting profit nor taxable profit (tax loss).
Measurement
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is
realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end
of the reporting period.
2.15 Share capital and reserves
2.15.1 Capital
Authorized Capital
Authorized Capital is the maximum amount of share capital that the Bank is authorized to raise as per its Memorandum and
Articles of Association.
Paid-up Capital
Paid-up Capital represents total amount of shareholders’ capital that has been paid in full by the shareholders. Shareholders are
entitled to receive dividend as approved from time to time in the Annual General Meeting.
2.15.2 Statutory reserve
As per section 24 of the Bank Companies Act, 1991 as amended, at least 20% of the net profit before tax is transferred to
statutory reserve each year until the cumulative balance of the reserve equal to the paid-up capital.
2.15.3 Assets revaluation reserve
This represents the difference between the book value and the re-valued amount of premises (Land and Building) of the Bank
as assessed by professional valuers in the year 2000, 2002, 2003, 2004, 2005, 2006, 2009 and 2012 which were reviewed by the
then statutory auditors. To calculate Capital to Risk Weighted Assets Ratio (CRAR), 50% of the same was considered as a
component of supplementary capital as per Bangladesh Bank BRPD Circular No. 24 dated 03 August 2010 up to 2014. However,
as per BRPD circular 18 dated December 21, 2014, the revaluation reserve for Fixed assets [property, plant & equipment]already
have been deducted from Tier-2 capital with a phase in manner from 2015 to 2019.
2.15.4 Revaluation reserve of securities
Investment in shares of Bangladesh Shipping Corporation qualified for Statutory Liquidity Reserve (SLR) as per Bangladesh Bank
Letter No. BCD (P)744(23)(II)/1030 dated 08.11.1983, BRPD Circular No.15 dated 31.10.2005, DOS Circular Letter No.10 dated
11.09.2006, BRPD Circular No.03 dated 12.03.2008 and DOS Circular Letter No.05 dated 26.05.2008. The shares have been
revalued as on 30.12.2017 on the basis of closing market price of Dhaka Stock Exchange Limited (DSE). The surplus is credited to
Revaluation Reserve on securities account and 50% of the revaluation reserve upto 2014 has been taken as a component of
Supplementary Capital as per Bangladesh Bank BRPD Circular No. 24 dated 03 August 2010. and shown in the Statement of
Changes in Equity as per Bangladesh Bank guidelines up to 2014. As per BRPD circular 18 dated December 21, 2014, the
revaluation reserve for securities has been deducted from Tier-2 capital from 2015 to 2019.
2.15.5 Non-controlling interest
Non-controlling interest is the equity in the subsidiaries that is not attributable, directly or indirectly to the parent. The Bank
attributes the profit or loss and each component of equity to the owners of the parent and to the non-controlling interests. When
the proportion of the equity held by non-controlling interests changes, the Bank adjusts the carrying amounts of the controlling
and non-controlling interests to reflect the changes in their relative interests in the subsidiaries.
The Bank presents non-controlling interests in the consolidated statement of financial position (Balance Sheet) within equity,
separately from the equity of the owners of the Bank. Changes in the Bank ownership interest in a subsidiary that do not result in
losing control of the subsidiary are equity transactions (i.e. transactions with owners in their capacity as owners).
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2.15.6 Regulatory capital in line with Basel-III
Till December 2014, as per Revised Regulatory Capital Framework in line with Basel III, full amount of general provision for
unclassified investments and off-balance sheet items & Mudaraba Subordinated Bond as capital gone-concern. However, as
per Guidelines on Risk Based Capital Adequacy (Revised Regulatory Capital Framework for Banks in line with Basel-III), BRPD
No.18, dated 21 December 2014, Assets Revaluation Reserve and Revaluation Reserve of Securities has gradually been
deducted in a transitional arrangement starting from January 2015 to December 2019 (20% each year). Accordingly regulatory
capital for the period has been calculated complying with all of these changes as per Revised Regulatory Capital Framework
for Banks in line with Basel-III.
2.16 Income
2.16.1 Investment income
Income from general investments is accounted for on accrual basis except for investments under Musharaka, Mudaraba,
Bai-Salam, Bai-as-Sarf and Ujarah modes of Investment where the investment income is accounted for on realization basis. The
Bank does not charge any rent during the gestation period of investment against Hire Purchase under Shirkatul Melk (HPSM)
mode of investment but it fixes the sale price of the assets at a higher level in such a way to cover its expected rate of return.
Such income is recognized on realization basis.
Profit/Rent/Compensation accrued on classified investments are suspended and accounted for as per circulars issued by
Bangladesh Bank in this regard from time to time. At the time of recovery or regularization of those investments the related
income which was suspended and shown as a liability is taken as investment income (except compensation) as per circulars
issued by Bangladesh Bank. As a result, all the transferred amount to investment income from suspense during the year has
already been included in the investment income of the Bank.
Profit on deposits with other banks & financial institutions is accounted for on accrual basis.
2.16.2 Sharing of investment income
In case of investment, Mudaraba fund gets preference over cost free fund. The investment income earned through deployment
of Mudaraba Fund is shared by the Bank and the Mudaraba depositors at the pre-agreed ratio.
2.16.3 Income from investment in Bangladesh Government Islamic Investment Bond (BGIIB)
Profit from investment in Bangladesh Government Islamic Investment Bond (BGIIB) is accounted for on an accrual basis.
2.16.4 Income from investment in subordinated bond

Profit from investment in subordinated bond is accounted for on an accrual basis.
2.16.5 Fees, commission and exchange income
Fees, commission and exchange income on services provided by the Bank are recognized as and when the related services
are rendered. Commission charged to customers on letter of credit and letter of guarantee are credited to Income at the time
of effecting the transactions.
2.16.6 Dividend income
Dividend income from investments is accounted for when the right to receive income is established.
2.17 Expenses
2.17.1 Management and other expenses
Expenses incurred by the Bank are recognized on an accrual basis.
2.17.2 Profit paid on deposits
As per agreement between the Mudaraba depositors and the Bank in line with Mudaraba Principle Profit is paid/provided to
Mudaraba Deposit accounts at provisional rate on half-yearly/yearly/anniversary basis considering overall projected growth,
performance and profitability of the Bank during the year. Final Rates of profit of any accounting year are declared after
finalization of Shari’ah Inspection report and certifying the Investment Income of the Bank by the statutory auditors.
2.17.3 Zakat
Zakat is paid by the Bank at the rate of 2.58% (instead of 2.50% as the Bank maintains its Accounts following Gregorian Year) on
the closing balances of Statutory Reserve, General Reserve (Retained Earning).
Zakat is chargeable in the Profit & Loss account of the Bank as per “Guidelines for Islamic Banking” issued by Bangladesh Bank
through BRPD Circular No.15 dated 09 November 2009.
2.17.4 Dividend payments

Final dividend is recognized when it is approved by the shareholders in Annual General Meeting (AGM). . Dividend payable to
the Bank’s shareholders is recognized as a liability and deducted from the shareholders’ equity in the period in which the
shareholders’ right to receive the dividend is established.
2.17.5 Revenue, gains, expenses and losses prohibited by Shari’ah
Income (doubtful, compensation & other earnings) which is prohibited by shari'ah are not being included in the distributable
income of the Bank.
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REPORT 2022
2.18 Compensation
Profit/Compensation accrued on overdue/classified investments is suspended and accounted for as per Circulars issued by the
Bangladesh Bank.
Moreover, incomes which are irregular (doubtful) as per Shariah are also not included in the distributable income of the Bank.
Bank charges compensation on unclassified overdue investments. Such compensation is not permissible as regular income of
the Bank as per Shariah.
"Interest received from the balances held with Foreign Banks abroad and from Foreign Currency Clearing Account with the
Bangladesh Bank and also other interest based Banks are also not credited to regular income since it is not permissible as per
Shariah.
2.19 Other earnings
Interest received from the balances held with foreign banks and from foreign currency clearing account with Bangladesh Bank
are not credited to income, since it is not permissible as per Shari’ah. These are expended for charitable purposes after payment
of corporate income tax thereon.
2.20 Inter-branch transactions
Transactions with regard to inter-branches and units are reconciled regularly and efforts are taken to minimize the unreconciled
entries at the end of the year.
2.21 Earnings per share (EPS)
Measurement
Basic EPS
The Bank calculates basic earnings per share amounts for profit or loss attributable to ordinary equity holders of the parent entity.
Basic earnings per share is calculated by dividing profit or loss attributable to ordinary equity holders of the parent entity (the
numerator) by the weighted average number of ordinary shares outstanding (the denominator) during the period.
Diluted EPS
The Bank calculates diluted earnings per share amounts for profit or loss attributable to ordinary equity holders of the parent
entity. For the purpose of calculating diluted earnings per share, the Bank adjusts profit or loss attributable to ordinary equity
holders of the parent entity, and the weighted average number of shares outstanding, for the effects of all dilutive potential
ordinary shares. Dilution of EPS is not applicable for these financial statements as there was no dilutive potential ordinary shares
during the relevant periods. Hence no Diluted EPS has been calculated. Consolidated basic EPS has also been calculated and
presented in the same manner.
Presentation
The Bank presents basic and diluted earnings per share in the statement of profit or loss. The Bank presents basic and diluted
earnings per share with equal prominence for all periods presented. The Bank presents basic and diluted earnings per share,
even if the amounts are negative (i.e. a loss per share).
2.22 Events after the reporting period
All material events after the reporting period that provide additional information about the Companies'/Bank's position at the
balance sheet date are reflected in the financial statements as per IAS-10 "Events after the Reporting Period".
All other material events after the reporting period have been considered and appropriate adjustments/disclosures have been
made in the financial statements as per IAS-10 "Events after the reporting period".
2.23 Risk management
The Bank Companies Act, 1991 as amended and the Bangladesh Bank Regulations require the Management to ensure
effective internal audit, internal control and risk management functions of the Bank. The Management is also required to make
a self-assessment on the effectiveness of anti-fraud internal controls and report to Bangladesh Bank on instances of fraud and
forgeries.
Bangladesh Bank (BB) is giving priority to the risk management of the bank and issued a revised Risk Management Guidelines
for Banks by the DOS Circular No.-04 dated October 08, 2018 (Annexure-01) The previous DOS circular No. 02 dated February 15,
2012 (Annexure-03) and DOS circular letter no. 13 dated September 9, 2015 (Annexure-02) hereby superseded by this DOS
Circular No.-04 dated October 08, 2018. As per the instructions of this circular, the Additional Managing Director (AMD) of GIB
has been nominated as Chief Risk Officer (CRO) to ensure the highest priority in risk management activities. GIB has Executive
Risk Management Committee (ERMC) at management level consisting of member from the different core risks and other
divisions under the chairmanship of CRO. GIB has also a high powered Board Risk Management Committee (BRMC). In addition,
the Bank is also following relevant Bangladesh Bank guidelines on risk based capital adequacy, supervisory review process,
stress testing and managing the Banking risks in other core risk areas.
ANNUAL
REPORT 2022 403
The risk of a Bank is defined as the possibility of losses, financial or otherwise. The Risk Management of the Bank covers 6 (six) Core
Risk Areas of Banking industry i.e. i) Internal Audit and Compliance Risk; ii) Foreign Exchange Risk; iii) Investment (Credit) Risk; iv)
Asset Liability Management Risk; v) Money Laundering Risk; and vi) Information & Communication Technology Security Risk. The
risk management procedures in the core risk areas have been devised in line with the core risk management guidelines of
Bangladesh Bank. Core Risk Management Guidelines are periodically reviewed by the Bank and Bangladesh Bank periodically
inspects the implementation status of these guidelines and as per the reports of Bangladesh Bank, Global Islami Bank Limited is
well compliant in Core Risk Management activities.
In line with instruction of Bangladesh Bank, GIB formed a Risk Management Division (RMD) to formulate and implement risk
assessment and management policies, methodologies, guidelines and procedures for risk identification, risk measurement, risk
monitoring, deciding acceptable level of risk and risk controlling by taking steps of mitigating risks, Comprehensive Risk
Management Report (CRMR), conducting monthly risk management meeting, stress testing and reporting to the competent
authority from time to time. It also reports to Bangladesh Bank on quarterly basis along with the CRMR, minutes of the monthly
meeting and all other required supporting papers. Moreover, in compliance with the “Bank Company Act 1991 as amended”,
Section 15 (Kha) and BRPD Circular No. 11 dated 27 October, 2013 of Bangladesh Bank, the Bank has constituted a Risk
Management Committee comprising of 4 (four) directors from the Board to formulate and implement risk management policies,
procedures and oversee the risk management activities of the Bank.
The prime objective of the Risk Management is that the Bank takes well calculative Business Risk Policy for safeguarding the
Bank’s capital, its financial resources and profitability from various risks. In this context, the Bank implemented all the guidelines
of Bangladesh Bank as under:
2.23.1 Internal Audit and Compliance Risk Management
Internal audit is an effective mechanism to provide reasonable assurance on the attainment of the organizational objectives
through achieving efficiency in operations, reliability of financial reporting and compliance with applicable laws, regulations
and internal policies. Primary objective of Internal Audit and Compliance of Global Islami Bank, is to enable the bank to perform
better and add value through proper and adequate use of infrastructure and resources.
GIB has established the Internal Audit and Compliance Division (IACD) with the mission to provide independent objective
assurance and advice designed to add value and improve the banks' operations. Depending on the size and complexity of the
operations of the Bank, IACD of GIB comprises of three units namely Internal Audit Unit, Compliance Unit and Monitoring Unit.
As a guidance in performing above duties, Global Islami Bank has prepared ‘Internal Audit and Compliance Manual’ following
the prevailing BB guidelines “Guidelines on Internal Audit & Compliance in Banks” and accommodating Bank’s internal rules
and practices. The manual is being reviewed from time to time.
2.23.2 Foreign Exchange Risk Management
The Financial Institutions’ performance is directly related to Foreign Exchange Market. To ensure effective Foreign Exchange Risk
Management, the Bank has wide scope in establishing organizational structure and formulating Manual as per Guidelines of
Bangladesh Bank. However, the Bank has already formulated a comprehensive manual. Bank maintains various NOSTRO
accounts in order to conduct operations in different currencies including BDT.
2.23.3 Foreign Currency Transactions
Functional and Presentation Currency
The Financial Statements has been presented based on the Bank’s functional currency, Bangladesh Taka (BDT).
Foreign Currency Transaction
The transactions in foreign currencies are converted into equivalent Taka currency using the ruling exchange rates on the dates
of such transactions as per IAS 21 “The Effects of Changes in Foreign Exchange Rates”. At the Balance Sheet date related assets
and liabilities are converted to Taka using exchange rates prevailing on that date.
2.23.4 Investment (Credit) Risk Management
The Management of specific investment risk is developed according to associated risk with individual business units. The
investment risk management function ensures that appropriate policies are established and ensures compliance with the
related sanction, monitoring procedures and controls at the business unit level. Investment exposures are aggregated from
individual business units and are monitored on a regular basis.
Investment risks may be summarized as under:

• Difficulty in choosing core business;
• Failure in business of the customer;
• Encompassing a blend of Banking and non-Banking service;
• Investment either too liquid or of questionable quality;
• Competition from other commercial Banks;
• Security Control Risk;
• Market volatility both local and global, etc.
404
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REPORT 2022
Portfolio monitoring is carried out by asset quality, background of the customer, soundness and viability of his/her business and
cash flow, etc. sector of the economy, cost of long-term financing to match with the return on long-term investment.
The Bank pays adequate emphasis on business risk than analysis of security risk because the security reduces the risk but does
not always improve the quality of investment. Besides, the Bank addresses the Investment (Credit) risk guideline cited by the
Bangladesh Bank.
As regards to other parts of the Banking business, the control staffs follow a pragmatic program of regular monitoring and
follow-up.
2.23.5 Asset Liability Risk Management
The goal of asset/liability management (ALM) is to properly manage the risk related to changes in profit rates, the mix of
balance sheet assets and liabilities, the holding of foreign currencies, and the use of derivatives. These risks should be managed
in a manner that contributes adequately to earnings and limits risk to the financial margin.
The Asset Liability Management Committee (ALCO) that is formed with the senior executives headed by Managing Director
conducted 12 meetings during the year 2022. The key agenda of the meetings were liquidity position, pricing, risk related to the
Balance Sheet, maintaining CRR & SLR, Economic outlook & Market Status and rate of profit (interest). For managing Balance
Sheet risk properly, the Bank prepared a Manual of the Asset Liability Management according to the guidelines of Bangladesh
Bank and sincerely implementing the same.
3.23.6 Money Laundering Risk Management
Global Islami Bank limited is taking preventive measures against money laundering and terrorist financing in line with the Money
Laundering Prevention Act 2012 (amended 2015), Anti-Terrorism Act 2013 (amended 2012 & 2013) and guidelines issued by the
Bangladesh Financial Intelligence Unit (BFIU) from time to time. Global Islami Bank applies risk sensitive customer due diligence
measures, monitor business relationship and record in line with regulations. The Bank regularly collects the accurate and
complete documentation of Know Your Customer (KYC) which enables the prudential prevention of money laundering. Global
Islami Bank has formed Central Compliance Committee (CCC) headed by the Additional Managing Director as Chief
Anti-Money Laundering Compliance Officer & the committee regularly monitors and ensures the compliance of issues relating
to money laundering and terrorist financing through the trained personnel of head office & branches.
2.23.7 Information and Communication Technology Risk Management
ICT risk is the risk associated with the use, ownership, operation, involvement, influence and adoption of ICT within a Bank. It
consists of ICT related events and conditions that could potentially impact the business. It can occur with both uncertain
frequency and magnitude and it creates challenges in meeting strategic goals and objectives.
According to BRPD Circular No. 14 dated 23 October 2005 regarding “Guideline on Information and Communication
Technology for Scheduled Banks”, BRPD Circular No. 21 dated 20 May 2010 and BRPD Circular No. 09 dated 17 September 2015,
the Bank has followed IT Manual which deals operational risk, physical security control, potential for wide area disaster, data
center disaster, recovery plan and backup/restore plan. The customers of GiB are enjoying 24 hours Banking facilities through
using Internet Banking and Mobile Application with different services like other bank fund transfer, utility bill payment, transfer to
Mobile Financial Services (MFS) etc. In addition, SWIFT, REUTERS, GiB Visa Debit Card, Push-Pull Services & SMS Banking facilities
are also available. . Recently The Bank has introduced Agent Banking Services around all over the country targeting unbanked
rural people to bring under formal banking services.
2.23.8 Internal audit
The Internal Audit independently and objectively evaluate and report on the effectiveness of the Bank’s risk management,
control, and governance processes. The Head of Audit Unit although being a part of IACD administratively, is reporting directly
to the Audit Committee of the Board and is responsible to the Audit Committee of the Board. Internal Audit of GIB is being
conducted based on Annual Audit Plan structured on a risk based approach and approved by the Audit Committee of the
Board of Directors to provide vital information about risks and controls to assist the management in the following ways:
a. Identification of gap in policy and procedures with the Business and its Operation.
b. Identification of breach in policy and procedures against internal and regulatory policies & procedures.
c. Assessment of qualitative and quantitative risk of the Business.
d. Recommending remedial course of actions, where necessary.
Irregularities detected in the bank's internal control and compliance report as well as external auditor's report of the previous
year have so far been rectified properly.
ANNUAL
REPORT 2022 405
2.23.9 Fraud and forgeries
The Bank is operating its business by dealing with the public money. As a custodian of such money, Bank have to set up strong
internal control structure, introduced corporate governance, practicing ethical standards in the Bank for safeguard & interest
of the Stakeholders. Public confidence has been shaken when different types of malpractice, fraud and forgeries occurred in
the Bank. Global Islami Bank is fully aware of its responsibility towards stakeholders specially depositors.
Global Islami Bank follows a stringent screening process while recruiting officers and staff. The prospective employee’s family
background/employment history/ association are checked/cross checked in terms of integrity, attitude and behavioral
pattern. The Bank has started to collect Police Clearance to know if the candidate had ever engaged in anti-social or anti state
or detrimental/subversive activities. Check with Bangladesh Bank’s Corporate Memory Management Systems for background
check of experienced Bankers, Financial Institution`s employees and verify National ID on-line. As a result, the Bank since its
inception has seen comparatively very few cases of fraud and forgeries. Moreover, the Internal Audit and Compliance Division
(IACD) have been strengthened to remain ever vigilant. These have reduced the chances of fraudulent activities in Global
Islami Bank.
2.23.10 Credit rating report
As per the BRPD instruction circular no.6 dated 5 July 2006, the Bank has done its credit rating by Alpha Rating based on the
financial statements dated 31 December 2021.
Particulars Date of rating Long Term Short term Rating valid
Alpha Rating 12 June 2022 A+ ST-2 11 June 2023
2.24 Compliance with Financial Reporting Standards as applicable in Bangladesh
The Bank complied, as per Para 12 of Securities & Exchange Rule 1987, with the following International Financial Reporting
Standards (IFRSs) and International Accounting Standards (IASs) as adopted by The Institute of Chartered Accountants of
Bangladesh (ICAB) in preparing the financial statements of the Bank subject to departure described in note - 2.1, where we
have followed Bangladesh Bank guidelines:
Sl. No. IFRS/IAS No. IFRS/IAS Title Compliance Status

1 1 First-time adoption of International Financial Reporting Standards Not Applicable
2 2 Share-based Payment Not Applicable
3 3 Business Combinations Complied
4 4 Insurance Contracts Not Applicable
5 5 Non-current Assets Held for Sale and Discontinued Operations Not Applicable
6 6 Exploration for and Evaluation of Mineral Resources Not Applicable
7 7 Financial Instruments: Disclosures Complied
8 9 Financial Instruments Complied
9 11 Joint Arrangements Not Applicable
10 12 Disclosure of Interests in other Entities Not Applicable
11 13 Fair Value Measurement Complied
12 14 Regulatory deferral accounts Not Applicable
13 15 Revenue from contracts with customers Complied
14 16 Lease Complied
15 1 Presentation of Financial Statements Complied
16 2 Inventories Not Applicable
17 7 Statement of Cash Flows Complied
18 8 Accounting Policies, Changes in Accounting Estimates and Errors Complied
19 10 Events after the Reporting Period Complied
406
ANNUAL
REPORT 2022
Sl. No. IFRS/IAS No. IFRS/IAS Title Compliance Status
20 12 Income Taxes Complied
21 16 Property, Plant & Equipment Complied
22 19 Employee Benefits Complied
23 20 Accounting for Government Grants and Disclosure of Government Assistance Not Applicable
24 21 The Effects of Changes in Foreign Exchange Rates Complied
25 23 Borrowing Costs Not Applicable
26 24 Related Party Disclosures Complied
27 26 Accounting and Reporting by Retirement Benefit Plans Not Applicable
28 27 Separate Financial Statements Complied
29 28 Investments in Associates and Joint Ventures Not Applicable
30 29 Financial Reporting in Hyperinflationary Economics Not Applicable
31 32 Financial Instruments: Presentation Complied
32 33 Earnings Per Share Complied
33 36 Impairment of Assets Complied
34 37 Provisions, Contingent Liabilities and Contingent Assets Complied
35 38 Intangible Assets Complied
36 39 Financial Instruments: Recognition and Measurement Complied
37 41 Agriculture Not Applicable
ANNUAL
REPORT 2022 407
Amount in Taka
Note(s)
2022 2021
3 Cash in hand
Cash in hand (including foreign currency) (Note-3.1) 1,453,484,090 1,094,962,589
Balance with Bangladesh Bank and it's agent banks (Note-3.2) 10,676,712,559 5,112,676,296
(Including foreign currency) 12,130,196,649 6,207,638,885
3.1 Cash in hand (including foreign currency)

In local currency 1,351,849,089 1,009,582,640
Cash at ATM (in local currency) 88,160,000 59,528,600
In foreign currency 13,475,001 25,851,349
1,453,484,090 1,094,962,589
3.2 Balance with Bangladesh Bank and it's agent bank(s) (including foreign currency)
Balance with Bangladesh Bank
in local currency 10,359,102,269 4,957,472,428
In foreign currency 235,764,840 45,152,639
10,594,867,110 5,002,625,067
Balance with Sonali Bank Limited (as agent of Bangladesh Bank)
In local currency 81,845,449 110,051,229
In foreign currency - -
81,845,449 110,051,229
10,676,712,559 5,112,676,296
3.3 Cash Reserve Requirement (CRR) and Statutory Liquidity Ratio (SLR)
Cash Reserve Requirement and Statutory Liquidity Ratio have been calculated and maintained in accordance with section 33
of The Bank Company Act, 1991 (amended upto 2018) and MPD circular nos.01 & 02, dated June 23, 2014 and December 10,
2013 & DOS circular no.1 dated 19 January 2014 and MPD Circular no.01 dated April 03, 2018 and DOS circular letter no.26
dated 19 August 2019 and subsequently MPD circular no.3 dated April 09, 2020.
The Cash Reserve Requirement on the Bank's time and demand liabilities at the rate of 4.00% has been calculated and
maintained with Bangladesh Bank and 5.50% Statutory Liquidity Ratio for Islamic banking, excluding CRR, on the same liabilities
has also been maintained in the form of treasury bills, bonds and debentures including FC balance with Bangladesh Bank. Both
the reserves maintained by the Bank are in excess of the statutory requirements, as shown below:
a) Cash reserve requirement
Bi-weekly requirements
Required reserve 4,470,924,000 4,173,278,411

Actual reserve maintained 10,353,296,460 4,940,566,034
Surplus / (deficit) 5,882,372,460 767,287,623
Daily Requirements
Surplus / (deficit) 6,441,237,460 1,288,947,425
b) Statutory liquidity ratio

Surplus / (deficit) 6,521,380,999 3,537,260,680
c) Components of SLR
Cash in hand 1,453,484,090 1,094,962,589
Balance with Sonali bank as agent of Bangladesh Bank 81,845,449 110,051,229
Surplus of CRR 5,882,372,460 767,287,623
Govt. securities 5,251,200,000 7,303,217,054
12,668,901,999 9,275,518,495
Total required reserve 10,618,445,000 9,911,536,226

Actual reserve held 23,022,198,459 14,216,084,529
Surplus / (deficit) 12,403,753,459 4,304,548,303
408
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
3.4 Maturity grouping of cash
Payable on demand 1,453,484,090 1,094,962,589

Up to 1 month - -
Over 1 month but not more than 3 months 10,676,712,559 5,112,676,296
Over 3 months but not more than 6 months - -
Over 6 months but not more than 1 year - -
Over 1 year but not more than 5 years - -
Over 5 years - -
12,130,196,649 6,207,638,885
4 Balance with other bank and financial institutions
Inside Bangladesh (Note-4.1) 642,520,126 165,835,732

Outside Bangladesh (Note-4.2) 586,823,679 426,689,134
1,229,343,805 592,524,866
4.1 In Bangladesh
Current deposits
EXIM Bank Limited Gulshan Branch 6,940,677 9,107,790
Trust Bank Limited Gulshan Branch 14,995,957 23,339,738
21,936,634 32,447,528
Special notice deposits
First Security Islami Bank Limited Gulshan Branch 525,725,338 99,876,322

First Security Islami Bank Limited Corporate Branch 489,885 -
Islami Bank Bangladesh Limited Gulshan Circle 1 Br. 5,700,000 -
Islami Bank Bangladesh Limited Local Office Br. 63,798,931 -
Social Islami Bank Limited Corporate Branch 8,000,000 -
Union Bank Limited Gulshan Branch 15,304,840 33,005,741
Union Bank Limited Agrabad Branch 405,219 396,644
First Security Islami Bank Limited Agrabad Branch 1,159,279 109,497
620,583,492 133,388,204
642,520,126 165,835,732
4.2 Outside Bangladesh (NOSTRO Accounts) (Annexure-A)
Mashreq Bank, New York 354,353,971 294,868,485

Aktif Bank , Istanbul, Turkey 6,221,267 23,773,718
Aktif Bank , Istanbul, Turkey 715,763 654,480
kookmin Bank, Seoul, korea 2,998,806 2,660,025
United Bank of India, Kolkata, India 6,336,575 4,137,098
AB Bank, Mumbai, India 64,523,977 21,639,327
MCB Bank, Karachi, Pakistan 192,633 154,673
kookmin Bank, Seoul, Korea 135,668,258 78,801,330
kookmin Bank, Seoul, Korea 1,180,399 -
Axis Bank Limited, Mumbai, India 14,632,029 -
586,823,679 426,689,134
4.3 Maturity grouping of balance with other bank and financial institution
Payable on demand 608,760,313 459,136,663
Up to 1 month 620,583,492 133,388,204
Over 1 month but not more than 3 months - -
Over 3 months but not more than 6 months - -
Over 6 months but not more than 1 year - -
Over 5 years - -
1,229,343,805 592,524,866
ANNUAL
REPORT 2022 409
Amount in Taka
Note(s)
2022 2021
5 Placement with bank and other financial institutions

Aviva Finance Limited 2,945,000,000 2,993,177,219
Union Bank Limited 300,000,000 300,000,000
3,245,000,000 3,293,177,219
Due to severe impact of Covid 19, Government has taken various measures to facilitate the affected NBFIs to regenerate its
regular operation. The Bank assess the recoverability of the balance of the NBFI and conclude that no additional impairment
provision is required. However, using prudence, the Bank has not accrued interest for the period if not realized. In addition to
above, Banker's meeting held on January 14, 2020 [Letter Ref. BRPD (P-2)/748/2020-1541 dated February 09, 2020] presiding by
the honorable Governor of Bangladesh Bank, decided that Bank will not encash their deposits with FIs before maturity as well
as they should keep assisting FIs by renewing their existing investment to the affected FIs.
6 Investments in shares and securities (Annexure-B)
Investment classified as per Bangladesh Bank Circular
Claim-wise
Government securities (6.1) 5,251,200,000 7,303,217,054
Other investments (6.2) 1,951,233,690 1,507,758,431
7,202,433,690 8,810,975,484
Nature-wise
Held to Maturity (HTM) 5,251,200,000 7,303,217,054
Other than those classified under HFT and HTM 1,951,233,690 1,507,758,431
7,202,433,690 8,810,975,484
Revaluation of shares and securities
All Shares and Securities are shown at cost price which have been recognized at closing market price as on 31 December 2022
of Dhaka Stock Exchange Ltd. (DSE) as per BRPD Circular No.14 dated 25.06.2003 and DOS Circular No. 05 dated 26 May 2008.
Netting-off un-realized gain and diminution of values in securities as per DOS Circular No-4 dated 24.11.2011.
6.1 Government securities

Treasury bills - -
Government notes/ bonds 5,251,200,000 7,303,217,054
5,251,200,000 7,303,217,054
6.2 Other investments
Debenture and Bond 1,567,778,750 1,344,060,000
Preference Shares 36,614,138 38,614,138
Share subscription 37,500,000 37,500,000
Secondary share 309,340,802 87,584,292
1,951,233,690 1,507,758,431
6.3 Held to maturity
Bangladesh Government Islamic Bonds
3 months Bangladesh Government Islamic Bonds - 550,000,000
6 months Bangladesh Government Islamic Bonds - 1,500,000,000
3 years Bangladesh Government Bonds - 2,017,054
5 years Bangladesh Government Sukuk Bonds 5,251,200,000 5,251,200,000
5,251,200,000 7,303,217,054
6.4 Maturity grouping of investments
Payable on demand 309,340,802 87,584,292
Up to 1 month - -
Over 1 month but not more than 3 months - 550,000,000
Over 3 months but not more than 6 months - 1,500,000,000
Over 6 months but not more than 1 year 1,567,778,750 1,346,077,054
Over 1 year but not more than 5 years 5,325,314,138 5,327,314,138
Over 5 years - -
7,202,433,690 8,810,975,484
410
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
7 Investments
In Bangladesh
Gross Murabaha, Bai-Muajjal, etc. 121,603,102,112 112,383,234,291
Less: Profit receivable on Murabaha, Bai-Muajjal etc. 2,982,843,468 6,600,552,870
(Mark-up profit on unearned income)
Net Murabaha, Bai-Muajjal, etc. (Note 7.1) 118,620,258,644 105,782,681,421
Bills purchased and discounted 60,561,934 1,304,728,444
Less: Profit receivable on Murabaha, Bai-Muajjal etc. 278,439 436,555
(Mark-up profit on unearned income)
Bills purchased and discounted-net 60,283,496 1,304,291,889
Outside Bangladesh (Note-7.2) - -
118,680,542,140 107,086,973,310
7.1 Net Murabaha, Bai-Muajjal, etc.
Bai Murabaha continuous investments 109,863,655,561 101,479,074,129

Less: Mark-up profit 2,767,970,138 6,439,051,616
107,095,685,423 95,040,022,513
Bai Muajjal continuous investments 1,512,106,624 1,291,823,127
Less: Mark-up profit 105,040,725 96,784,373
1,407,065,898 1,195,038,754
Quard Mode 771,036 599,036
Less: Mark-up profit - -
771,036 599,036
Bai Murabaha (Import) 119,294,847 136,431,770
117,718,280 132,269,399
Investment in Murabaha (Export) 623,219,883 -
Less: Mark-up profit 3,325,998 -
619,893,886 -
Bai Murabaha Forced Investment 389,446,155 308,354,107
307,520,823 285,036,122
Bai Murabaha term investments 378,113,392 496,504,336
367,168,107 474,107,795
Bai Muajjal term investments 197,299,703 216,671,344
191,561,543 208,273,169
Staff investment 366,276,807 359,676,844
359,955,543 353,235,037
Investment in card 74,101,109 52,051,551
74,101,109 52,051,551
HPSM term investment 8,078,816,996 8,042,048,046
8,078,816,996 8,042,048,046
118,620,258,644 105,782,681,421
7.2 Bills purchased and discounted
Payable inside Bangladesh
Local bills/ documents 53,961,922 1,304,728,444
Foreign bills/ documents 6,600,013 -
60,561,934 1,304,728,444
Less: Profit receivable on Murabaha, Bai-Muajjal etc.
(Mark-up profit on unearned income) 278,439 436,555
60,283,496 1,304,291,889
Payable outside Bangladesh - -
60,283,496 1,304,291,889
ANNUAL
REPORT 2022 411
Amount in Taka
Note(s)
2022 2021
7.3 Performing investments
Gross Investments Note- 7 118,680,542,140 107,086,973,310

Less: Non-performing investments Note- 7.13 5,322,351,781 2,386,107,553
113,358,190,359 104,700,865,757
7.4 Residual maturity grouping of investments including bills purchased and discounted
Repayable on demand 26,730,407,266 26,500,537,840
Not more than 3 months 33,085,517,432 26,782,452,025
Over 5 years 4,723,485,577 4,444,109,392
118,680,542,140 107,086,973,310
7.5 Residual maturity grouping of bills purchased and discounted

Payable within 1 month 60,139,481 1,300,896,214
Over 1 month but less than 3 months 89,306 2,150,923
Over 3 months but less than 6 months 39,203 923,979
6 months or more 15,506 320,773
60,283,496 1,304,291,889
7.6 Investments under the following broad categories

Bai Murabaha continuous investments net 107,095,685,423 95,040,022,513
Bai Muajjal net 1,407,065,898 1,195,038,754
Term Investments net 9,071,603,298 9,129,715,598
Others net 1,045,904,025 417,904,556
118,620,258,644 105,782,681,421
Bills purchased and discounted Note- 7.2 60,283,496 1,304,291,889
118,680,542,140 107,086,973,310
7.7 Investments on the basis of significant concentration

a) Investments to directors and allied concerns of the directors 59,872,046 68,029,252
b) Investments to staff
Chief executive and other senior executives 280,256,321 276,867,096
Other employees 79,496,185 76,206,038
359,752,506 353,073,135
c) Investments in industries
Agriculture 393,271,837 332,285,632
Commercial real estate financing 64,327,190 47,174,585
Construction 2,679,796,313 2,484,262,437
Consumer finance 176,557,302 137,422,110
Residential real estate financing 223,819,324 169,252,184
Capital market institution 695,445,688 593,325,144
Transport, storage and communication 305,655,556 242,836,987
Retail investments 2,252,762,886 1,972,287,128
Commercial and trading services 97,583,083,264 88,435,616,685
Ready Made Garments-RMG 2,107,454,457 1,852,296,524
Small and Medium Enterprise investments 4,695,715,085 3,955,588,248
Textile industries 2,747,516,259 2,502,487,930
Other manufacturing industries 4,335,512,428 3,941,035,330
118,260,917,588 106,665,870,923
118,680,542,140 107,086,973,310
7.8 Sector-wise Investments including bills purchased and discounted

Public sector - -
Private sector 118,680,542,140 107,086,973,310
118,680,542,140 107,086,973,310
412
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
7.9 Geographical Location-wise Investments

Area As at 31 December 2022 As at 31 December 2021
i) Inside Bangladesh Amount Composition Amount Composition
a) In Urban Areas
Dhaka 31,382,613,571 32.35% 29,262,290,884 33.43%
Chattogram 65,326,281,232 67.34% 58,043,150,120 66.31%
Sylhet 38,803,850 0.04% 26,259,908 0.03%
Rajshahi 77,607,700 0.08% 61,273,119 0.07%
Rangpur - 0.00% - 0.00%
Khulna 145,514,437 0.15% 113,792,935 0.13%
Barishal 38,803,850 0.04% 26,259,908 0.03%
Mymensingh - 0.00% - 0.00%
Sub-total 97,009,624,639 100% 87,533,026,874 100%
b) In Rural Areas Amount Composition Amount Composition

Dhaka 2,929,927,041 13.52% 2,547,896,360 13.03%
Chattogram 18,734,198,077 86.45% 17,001,876,617 86.95%
Sylhet - 0.00% - 0.00%
Rajshahi 6,792,382 0.03% 4,173,458 0.02%
Rangpur - 0.00% - 0.00%
Khulna - 0.00% - 0.00%
Barishal - 0.00% - 0.00%
Mymensingh - 0.00% - 0.00%
Sub-total 21,670,917,501 100% 19,553,946,436 100%
ii) Outside Bangladesh - - - -
Total 118,680,542,140 100% 107,086,973,310 100%
7.10 Details of large investments
Disclosure on large investment i.e. investment sanctioned to any individual or enterprise or any organization of a
group amounting to 10% or more of the Bank's total capital and classified amount therein and measures taken for
recovery of such loan have been furnished as under. Total capital of the Bank was Taka 14,327,882,499 as on 31
December 2022 and 8,837,057,266 as on 31 December 2021.
Number of clients 38 30
Amount of outstanding investments 40,676,748,292 35,322,347,133
Amount of classified investments - 891,627,509
Measures taken for recovery Note: 7.13.1 Note: 7.13.1
Outstanding
Number of clients Total Total
Funded Non-funded
Nassa Group 995,302,730 - 995,302,730 995,302,730
Givensee Garments Accessories Ltd 999,014,746 6,881,172 1,005,895,919 889,736,428
SS Power Limited - 3,483,259,200 3,483,259,200 3,483,259,200
Md. Tamizuddin 1,282,330,825 - 1,282,330,825 1,050,411,750
Trade Exposure Link 1,209,798,956 - 1,209,798,956 1,330,057,616
Powerpac Mutiara Jamalpur Power - - - 927,000,454
MH Trading 1,188,050,972 - 1,188,050,972 1,062,255,026
Hotel Sarina Ltd (Syndicate) - - - 891,627,509
M/s. Ahsan Azad 1,220,377,248 - 1,220,377,248 1,000,669,900
M/S Modern Trade & Business House 1,190,806,594 - 1,190,806,594 1,188,673,605
M/S Nabir Trading Corporation 1,275,386,801 - 1,275,386,801 1,277,628,687
M/S Reasonable Traders 1,124,712,652 - 1,124,712,652 1,234,445,216
M/S Imperial Corporation - - - 1,188,457,115
ANNUAL
REPORT 2022 413
Amount in Taka
Note(s)
2022 2021
Delegate Trade International 1,156,242,190 - 1,156,242,190 1,020,748,852

Echo Trade Corner - - - 926,079,606
Amin Traders 1,156,083,715 - 1,156,083,715 1,030,196,172
NOB Trade International 1,158,258,136 - 1,158,258,136 927,564,018
Rainbow Corporation 1,224,377,790 - 1,224,377,790 1,091,742,237
Huda Enterprise 1,177,019,375 - 1,177,019,375 1,059,728,235
Minhaj Corporation 1,361,828,750 - 1,361,828,750 1,102,515,385
Shah Amanat Traders 1,284,604,432 - 1,284,604,432 1,073,291,432
M/S Jupitar Trade International 1,249,490,975 - 1,249,490,975 1,240,293,418
M/S Modern Trade & Busin - - - 1,188,673,605
Invention Trade International 1,204,892,019 - 1,204,892,019 1,142,741,610
Indigo Trading Corporation 1,220,557,645 - 1,220,557,645 980,965,000
Crystal Clear Trade Link 1,195,451,811 - 1,195,451,811 920,910,000
Rockland Trading House 1,117,274,289 - 1,117,274,289 980,965,000
Titan International 1,116,472,591 - 1,116,472,591 980,490,000
View Point Corporation 1,225,701,381 - 1,225,701,381 946,782,155
M H Trading - - - 1,062,255,026
Monir Trade International 1,048,499,687 - 1,048,499,687 1,126,880,147
Broadway Traidng Corner 954,224,359 - 954,224,359 -
Event International 1,207,982,230 - 1,207,982,230 -
Python Trading Corner 1,202,960,069 - 1,202,960,069 -
Galaxy Trade International 1,207,005,677 - 1,207,005,677 -
Green Castle Trading House 1,160,565,636 - 1,160,565,636 -
Blue Diamond International 1,198,717,375 - 1,198,717,375 -
Radiance Business House 1,251,563,951 - 1,251,563,951 -
S.Alam Cold Rolled Steels LTD. - 621,052,313 621,052,313 -
36,565,555,607 4,111,192,685 40,676,748,292 35,322,347,133
7.11 Security/collateral-wise concentration of investments (including bills purchased and discounted)
Collateral of movable / immovable assets 99,334,814,770 85,578,589,810

Fixed deposit receipts 836,040,041 1,165,245,534
Personal and corporate guarantee 8,558,022,930 6,425,156,984
Other securities 9,951,664,399 13,917,980,983
118,680,542,140 107,086,973,310
414
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
7.12 Grouping of Investments as per Classification Rules of Bangladesh Bank
As at 31 December 2022 As at 31 December 2021
Status
Amount Composition Amount Composition
Unclassified:
Standard (including staff Investment) 113,348,409,062 95.51% 104,647,257,194 97.72%
Special Mention Account (SMA) 9,781,297 0.01% 53,608,563 0.05%
Sub-total 113,358,190,359 104,700,865,757
Classified
Substandard 790,571,813 0.67% 331,353,729 0.31%
Doubtful 144,635,331 0.12% 949,954,111 0.89%
Bad or loss 4,387,144,637 3.70% 1,104,799,713 1.03%
Sub-total 5,322,351,781 2,386,107,553
Grand Total 118,680,542,140 100.00% 107,086,973,310 100.00%
7.13 Movement of classified investments
Opening balance 2,386,107,553 1,884,542,276

Addition/reduction during the period 2,936,244,228 501,565,277
Closing balance 5,322,351,781 2,386,107,553
7.13.1 Measures taken for recovery of investments

Bank as a whole has taken following steps to recover its classified investments
a) Sending letters and reminders to customers;
b) Special assets management department is responsible for holding discussion with the clients
to recover the investments;
c) Disposal /encashment of security through legal action;
d) Legal proceedings and settlemen;
e) Rescheduling or restructuring as and when required;
f) Negotiation and settlement with approval from competent authority, etc
7.14 Particulars of required provision for investments

General Provision
Base for Provision Provision

Status provision Rate Amount Amount
Standard 107,513,279,782 906,856,922 905,762,091
Special mention account 6,861,977 562,981 24,232,748
Various**
107,520,141,759 907,419,903 929,994,839
Special provision for COVID 5,835,129,281 114,151,997 139,453,660
**General provision is kept @ 1% on general investments and 0.25% on small and medium enterprises financing,
2% on certain other types of lending and 2 % on consumer financing.
Specific Provision
Specific Provision Base for Provision Provision
Status provision Rate
Amount Amount
Sub-standard-SME 14,438,714 5% 1,307,538 252,538
Sub-standard 110,393,987 20% 22,004,661 31,817,238
Doubtful-SME 2,998,990 20% 1,005,620 2,586,026
Doubtful 53,574,910 50% 19,615,844 358,032,048
Bad / Loss 1,449,952,075 100% 1,449,952,075 287,365,771
1,631,358,676 1,493,885,738 680,053,621
Required provision for investments etc. 2,515,457,638 1,749,502,120
Total provision maintained (note-13.1) 2,515,457,638 1,749,502,120
Excess / (short) provision at 31 December - -
ANNUAL
REPORT 2022 415
Amount in Taka
Note(s)
2022 2021
7.15 Particulars of required provision on Off-balance Sheet Exposures

Base for Provision at Provision at
Particulars provision 1.00% 1.00%
Acceptances and endorsements Note:17.1 40,862,105 408,622 918,036
Letter of guarantee Note:17.2 4,883,114,688 48,831,147 42,554,861
Letter of credit Note:17.3 904,314,792 9,043,148 10,861,951
Required provision on Off-balance 5,828,291,585 58,282,917 54,334,848
heet Exposures
Total provision maintained 58,282,917 54,334,848
Excess / (short) provision at 31 December - -
7.16 Particulars of Investments
(i) Investments considered good in respect of which the banking

company is fully secured 91,672,629,504 88,742,472,378
(ii) Investments considered good for which the banking company

holds no other security than the debtor's personal security 5,877,460,493 5,179,001,392
(iii) Investments considered good and secured by personal security

of one or more parties in addition to the personal security of the
debtors 21,130,452,143 13,165,499,540
(iv) Investments considered bad or doubtful not provided for - -

118,680,542,140 107,086,973,310
(v) Investments due by directors or officers of the banking company
or any of them either severally or jointly with any other person 419,624,552 421,102,387
(vi) Investments due by companies or firms in which the directors of

the banking company are interested as directors, partners or
managing agents or, in the case of private companies as
members - -
(vii) Maximum total amount of investments, including temporary

investments made at any time during the period to directors or
managers or officers of the banking company or any of them
either severally or jointly with any other persons. 8,382,323 10,064,111
(viii) Maximum total amount of investments including temporary

investments granted during the period to the companies or firms
in which the directors of the banking company are interested as
directors, partners or managing agents or in the case of private
companies as members 34,596,638 34,596,638
ix) Due from banking companies - -
x) Classified investments
a) Classified investments on which interest/profit has not been

charged 5,322,351,781 2,386,107,553
b) Provision on classified investments 1,493,885,738 680,053,621
c) Provision kept against investments classified as bad debts 1,449,952,075 287,365,771
d) Amount credited to profit/Rent/Compensation suspense account 752,698,447 556,811,579
xi) Cumulative amount of written off investments

Opening Balance - -
Amount written off during the period - -
Amount realized against investments previously written off - -
The amount of written off / classified investments for which law suits
have been filed 1,891,386,476 864,360,774
416
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
8 Fixed Assets including Premises (Annexure-C)
Tangible assets:
Cost
Furniture and fixture 891,990,896 863,110,275
Machineries and equipment 638,340,491 596,546,868
Motor vehicle 162,240,480 124,620,742
Computer and peripheral 579,425,244 514,733,599
Right of use assets 1,862,301,139 1,713,342,475
Automated Teller Machine (ATM) 132,628,509 129,458,960
Books and journals 805,000 805,000
4,267,731,759 3,942,617,919
Less:
Accumulated depreciation 2,170,659,966 1,684,981,470
Adjustment of assets 40,469,530 14,252,471
Written Down Value 2,056,602,262 2,243,383,977
Intangible assets:
Cost
Software 235,692,351 234,792,351
235,692,351 234,792,351
Less:
Amortization 133,954,876 103,262,256
Written Down Value 101,737,475 131,530,095
Total Written Down Value 2,158,339,737 2,374,914,072
*Right of use Assets (RoU) are measured at cost less any accumulated depreciation and adjusted for any
measurement of lease liabilities
8.1 Maturity grouping of Fixed Assets including Premises
Payable on demand - -
Up to 1 month 298,073,122 319,195,498
Over 1 month but within 3 months 289,245,448 298,794,915
Over 3 months but within 1 year 411,811,222 457,555,417
Over 1 year but within 5 years 699,448,336 780,648,226
Over 5 years 459,761,609 518,720,015
2,158,339,737 2,374,914,072
9 Other assets
Income generating other assets
Profit Receivable (Note-9.2) 4,309,595,296 1,421,824,594
Non Income Generating
Stock of Stationery, printing, and materials etc.(valued at cost) 36,069,764 36,176,942
Stamps (valued at cost) 2,489,140 1,895,440
Advance rent 280,604,252 239,626,265
Tax deducted at source (AIT) 310,748,078 294,201,464
Other Prepayments 9,785,075 12,045,246
Advance to suppliers* 572,009,827 22,728,127
Receivable from Bangladesh Bank for Sanchay Patra payment 6,970,940 24,043,287
Advance tax paid (Note-9.3) 3,457,263,403 2,300,490,988
Balance with First Security Islami Capital & Investment Limited 11,773,929 2,971
Balance with Prime Bank Investment Limited 20,727,986 12,074,443.54
Balance with Lanka Bangla Securities Limited 472,037 61,294.36
Other Receivables 60,123,866 31,544,810
4,769,038,296 2,974,891,277
9,078,633,591 4,396,715,871
* Advance to supplier includes partial amount paid to vendor on account of purchasing of furniture & fixture and
interior decoration to be finalized and hence not yet transferred to fixed assets.
ANNUAL
REPORT 2022 417
Amount in Taka
Note(s)
2022 2021
9.1 General Account

Un-reconciled entries of Inter Branch Transactions in Bangladesh as on 31 December 2022
Age
i) Up to 3 months - -
ii) Over 3 months but not more than 6 months - -
iii) More than 6 months - -
Total (i+ii+iii) - -
Un-reconciled entries of Inter Branch Transactions Outside Bangladesh as on 31 December 2022

iv) Up to 3 months
v) Over 3 months but not more than 6 months - -
vi) More than 6 months - -
Total (iv+v+vi) - -
Grand Total (I to vi) - -
- -
9.2 Profit Receivable
Placement to Other Bank-MTDR 289,780,668 86,024,549

Profit on Bond 91,192,629 3,141,250
Profit on SND 3,098,000 -
Profit on Investment 3,925,523,998 1,332,658,795
4,309,595,296 1,421,824,594
9.3 Advance tax paid
Balance at the beginning of the year 2,300,490,988 2,106,189,486

Add: addition during the period 1,156,772,415 905,121,341
Less: adjustment during the period - 710,819,839
3,457,263,403 2,300,490,988
10 Non-banking assets - -
- -
No non-banking asset is under the possession of the Bank as per BRPD circular no. 14 dated 25 June 2003 which
is acquired as claims. Global Islami Bank Limited did not acquire any such asset till 31 December 2022.
11 Placement from bank and other financial institutions
In Bangladesh Note - 11.1 12,821,722,120 219,871,604

Outside Bangladesh Note - 11.2 - -
12,821,722,120 219,871,604
11.1 In Bangladesh
Refinance against COVID of Bangladesh Bank 158,183,154 136,540,291

Short term borrowing 11,970,000,000 -
Refinance against Ten Taka account from Bangladesh Bank 392,500 -
Stimulus fund from Bangladesh Bank 58,489,695 67,949,406
Refinance against Woman Enterprise loan from Bangladesh Bank 9,000,000 6,675,000
Refinance against EDF loan from Bangladesh Bank 625,656,771 8,706,907
12,821,722,120 219,871,604
11.2 Outside Bangladesh
Outside Bangladesh - -
- -
11.3 Security against borrowings from other banks, financial institutions and agents
Secured - -
Unsecured 12,821,722,120 219,871,604
12,821,722,120 219,871,604
418
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
11.4 Maturity grouping of borrowings from other banks, financial institutions and agents
Up to 1 month - -
Over 1 month but within 3 months 11,979,392,500 6,675,000
Over 3 months but within 1 year 216,672,849 204,489,697
Over 1 year but within 5 years 625,656,771 8,706,907
Over 5 years - -
12,821,722,120 219,871,604
As at the reporting date of these financial statements, the Bank had no assets pledged as security except the
Balance with Bangladesh Bank (local & foreign currency) against liability of refinance facility availed from
Bangladesh Bank under the Agro based industries financing, Green industries financing, Small & Medium
Enterprising Financing, 10 Taka Account Fund and Export Development Fund by the Bank.
12 Deposit and other accounts

Mudaraba Savings Deposits (Note - 12.1) 7,420,619,942 6,506,906,127
Mudaraba Term Deposits (Note - 12.2) 103,684,999,335 105,282,008,914
Other Mudaraba Deposits (Note - 12.3) 13,313,464 6,549,212
Al-Wadiah Current Deposit & Other Accounts (Note - 12.4) 6,921,334,369 5,453,125,751
Bills Payable (Note - 12.5) 768,956,339 556,872,224
118,809,223,449 117,805,462,228
12.1 Mudaraba Savings Deposits
General Deposits 7,420,619,942 6,506,906,127
7,420,619,942 6,506,906,127
12.2 Mudaraba Term Deposits
Special Notice Deposit (SND) account 6,005,735,842 5,646,467,032
Term deposit/ Mudaraba term deposit account 60,653,479,387 64,250,663,137
Scheme deposit 37,025,784,106 35,384,878,745
103,684,999,335 105,282,008,914
12.3 Other Mudaraba Deposits
Other Mudaraba Deposits 13,313,464 6,549,212
13,313,464 6,549,212
12.4 Al-Wadiah Current Deposit and Other Accounts
Current/ Al-wadeeah deposits 2,071,520,350 2,229,529,950
Deposit margin on letter of credit 337,337,919 199,819,116
Deposit margin on letter of guarantee 200,853,770 56,825,253
Deposit margin on pay order - 300,000
Profit payable on deposit 3,657,956,478 2,412,580,085
Withholding VAT/Tax/Excise duty payable to Government authority 245,564,301 209,174,352
Foreign currency deposit 99,752,609 68,440,588
Security deposit and others 308,348,941 276,456,407
6,921,334,369 5,453,125,751
12.5 Bills Payable
Payable inside Bangladesh 768,862,143 556,865,171
Payment Order Issued 94,196 7,053
Demand Draft Payable 768,956,339 556,872,224
118,809,223,449 117,805,462,228
Total deposits and other accounts
12.6 Savings bank/Mudaraba savings deposit

GIB Mudaraba Savings Account 7,011,456,615 6,201,987,045
GIB Mudaraba Savings (Staff) 86,939,966 88,694,427
GIB Mudaraba Freshers Savings 8,911,114 9,664,228
GIB Mudaraba Perfect Savings 65,308,732 44,041,844
GIB Mudaraba Farmers Savings 11,402,775 8,162,158
GIB Mudaraba Salary Savings 71,602,974 58,064,805
GIB Mudaraba Queen Savings 36,677,945 22,350,496
GIB Mudaraba Junior Savings 38,464,869 32,615,959
GIB Mudaraba Swadesh Savings 89,854,951 41,325,165
7,420,619,942 6,506,906,127
ANNUAL
REPORT 2022 419
Amount in Taka
Note(s)
2022 2021
12.7 Sector-wise break-up of deposits and other accounts
Government 9,210,085,796 8,276,759,058

Deposit from banks 7,600,370,698 7,921,083,181
Other public 27,219,934,672 33,233,368,109
Foreign currency 99,752,609 68,440,588
Private 74,679,079,674 68,305,811,293
118,809,223,449 117,805,462,229
12.8 Deposit from banks inside Bangladesh

Bangladesh Development Bank Limited
BRAC Bank Limited 162,202,083 210,000,000
First Security Islami Bank Limited 1,199,885 1,000,000
Islami Bank Bangladesh Limited 9,782,310 -
National Credit and Commerce Bank Limited 4,813,097,186 4,895,919,528
Agrani Bank Limited - 249,763,021
Sonali Bank Limited 306,400,000 -
Trust Bank Limited 554,810,361 40,056,787
Bank Asia Limited 204,542 202,857
Rajshahi Krishi Unnayan Bank 509,506,944 -
Union Bank Ltd. - 60,000,000
National Bank Limited 11,019,605 7,204,283
Social Islami Bank Limited - 1,500,000,000
EXIM Bank Limited 720,732,782 756,936,705
NRB Bank Limited 511,375,000 -
40,000 200,000,000
7,600,370,698 7,921,083,181
12.9 Payable on demand and time deposits
a) Demand deposits
Current/ Al-wadeeah deposits 2,071,520,350 2,229,529,950

Mudaraba Savings Deposits 667,855,795 585,621,551
Foreign currency deposits 99,752,609 68,440,588
Security deposit and others 308,348,941 276,456,407
Sundry deposits 9,919,175,873 12,360,628,820
Bills payable 768,956,339 556,872,224
13,835,609,908 16,077,549,541
b) Time deposits
Mudaraba savings deposits 6,752,764,147 5,921,284,576

Term deposit/ Mudaraba term deposit account 9,332,719,616 5,138,284,999
Special Notice Deposit (SND) account 55,194,666,242 58,468,103,454
Deposits under schemes 33,693,463,537 32,200,239,658
104,973,613,542 101,727,912,687
118,809,223,449 117,805,462,229
420
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
12.10 Maturity wise classification of Deposits are as under

b) Maturity analysis of deposits from bank
Repayable on demand 1,256,353 1,150,945
Within 1 month 2,453,097,607 2,578,789,883
Over 1 months but not more than 3 months 4,883,438,846 5,075,405,555
Over 3 months but not more than 1 year 262,577,893 265,736,797
Over 5 years but not more than 10 years - -
Over 10 years - -
7,600,370,698 7,921,083,181
b) Maturity analysis of customer deposits
Repayable on demand 2,179,849,493 2,044,006,516
Within 1 month 21,170,916,326 21,028,688,203
Over 1 months but not more than 3 months 29,512,141,634 28,764,964,223
Over 5 years but not more than 10 years 2,307,400,774 2,301,900,115
Over 10 years 38,792,732 38,330,771
111,208,852,751 109,884,379,048
118,809,223,449 117,805,462,229
13 Other Liabilities
Provision for Investment {Note - 13.1 (b&c)} 2,401,305,641 1,610,048,460

Special general provision-COVID-19 {Note - 13.1 (d)} 114,151,997 139,453,660
General provision for Off-Balance Sheet items {Note - 13.1 (e)} 58,282,916 54,237,205
Provisions on investment in securities {Note - 13.1 (f)} 15,985,133 19,953,800
Provision for other Assets {Note - 13.1 (g)} 137,200,000 20,773,188
Provision for Taxation (Note - 13.3) 4,373,532,153 3,275,354,829
Profit Suspense Account {Note - 13.2} 752,698,447 556,811,579
Compensation Realizable and Suspense Account 29,541,125 -
Payable for sanchay patra 3,450,015 37,950,015
Provision for Start-up fund (Note - 13.6) 33,118,325 23,486,753
Leased Liabilities as per IFRS - 16* (Note - 2.1.14) 1,110,910,133 1,160,134,174
Expenditure and other payable 185,497,923 126,010,650
9,215,673,808 7,024,214,312
*As per note 2.2, in accordance with IFRS-16, the Bank has recognised the lease liabilities
13.1 Provision for Investments including Bad and Doubtful Investments

(a) Current Year Provision for Investments
Unclassified Investments 906,856,922 905,762,091
Special mention account 562,981 24,232,748
Special general provision-COVID-19 114,151,997 139,453,660
Substandard 23,312,199 32,069,776
Doubtful 20,621,464 360,618,074
Bad & Loss 1,449,952,075 287,365,771
Total (a) 2,515,457,638 1,749,502,120
(b) Specific Provision on Classified Investment

Provision held at the beginning of the year 680,053,621 436,772,845
Add: Addition during the year 813,832,117 243,280,776
Less: Adjustment during the year - -
Provision held at the end of the year 1,493,885,738 680,053,621
(c) General Provision on Unclassified Investment

Add: Addition during the year - -
Less: Adjustment during the year (22,574,936) (26,386,911)
Provision held at the end of the year 907,419,903 929,994,839
ANNUAL
REPORT 2022 421
Amount in Taka
Note(s)
2022 2021
(d) Special general provision-COVID-19
Add: Addition during the year - -
Less: Adjustment during the year (25,301,663) (1,359,100)
Total Provision for Investments 2,515,457,638 1,749,502,120
(e) General Provision on Off-Balance Sheet items

Add: Addition during the year 4,045,711 816,981
Total Provision for Investments & Off-Balance Sheet 2,573,740,554 1,803,739,325
(f) Provisions on Investment in Securities
Provision held at the beginning of the year 19,953,800 -
Add: Addition during the year - 19,953,800
Less: Adjustment during the year (3,968,667) -
(g) Provision for other Assets
Provision held at the beginning of the year 20,773,188 -
Add: Addition during the year 116,426,812 20,773,188
13.2 Profit Suspense Account

Balance at the beginning of the year 556,811,579 330,564,620
Amount transferred to suspense account during the year 195,886,868 226,246,959
Amount recovered from suspense account during the year - -
Amount written off/ waived during the year - -
Balance at the end of the year 752,698,447 556,811,579
13.3 Provision for Taxation
Provision for Current tax
Balance at the beginning of the year 3,275,354,829 2,941,157,983
Add: Addition during the year 1,098,177,324 1,139,710,520
Less: Adjustment during the year - (805,513,674)
Balance at the end of the year 4,373,532,153 3,275,354,829
13.3(a) Provision for Current Tax made during the period
Net Profit before tax and provision 2,904,766,944 2,683,106,318
Items to be considered separately
Gain on Government Securities - -
Dividend from preference share 24,627,879 1,033,475
24,627,879 1,033,475
Add: Inadmissible expenses
Accounting depreciation 286,898,498 230,228,607
Perquisites u/s 30(e) of the Ordinance 26,354,140 86,304,046
Depreciation on Lease assets 296,159,208 306,656,498
Profit on lease obligation 55,261,278 58,225,485
Entertainment expenses 19,755,332 13,588,237
684,428,457 695,002,873
Less: Admissible expenses:
Tax depreciation 232,435,989 264,991,495
Office Rent 397,038,206 249,736,420
Allowable entertainment expenses 19,755,332 13,588,237
Total Taxable Income 649,229,528 528,316,153
2,915,337,995 2,848,759,563
Heads of income Rate
Income tax 37.50% 1,093,251,748 1,139,503,825
Income tax on Dividend from preference share 20.00% 4,925,576 206,695
Net Tax Payable 1,098,177,324 1,139,710,520
Effective tax rate 37.81% 42.48%
Now the bank is listed with both the Stock Exchanges of the country.
This year income tax rate is 37.50%, previous year it was 40%
422
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
13.4 Deferred tax assets/liability

Deferred tax has been calculated based on deductible/taxable temporary difference arising due to difference
in the carrying amount of the assets and its tax base in accordance with the provision of International
Accounting Standard (IAS)12 'Income Taxes
Deferred tax assets/ liability is arrived at as follows:
Taxable
Carrying amount temporary
of balance sheet Tax base
Particulars difference
Taka Taka Taka
Assets
Fixed assets net of depreciation as on 31 December 2022 1,171,822,228 (1,277,862,085) (106,039,857)
Right of use assets 986,517,508 - 986,517,508
Lease obligation 1,110,910,133 - (1,110,910,133)
Total 3,269,249,870 (1,277,862,085) 230,432,482
Assets
Fixed assets net of depreciation as on 31 December 1,241,196,020 (1,333,242,898) (92,046,878)
2021
Total 1,241,196,020 (1,333,242,898) (92,046,878)
Applicable tax rate 37.50%
Deferred tax assets as on 31 December 2022 86,412,181
Deferred tax assets as on 31 December 2021 47,385,200
Deferred tax income accounted for during the year 39,026,980
13.5 Deferred tax asset
Addition/(Deduction) during the year 39,026,980 33,071,839
86,412,181 47,385,200
13.6 Provision for Start-up fund

Addition for the year 2021 - 13,193,889
Addition for the year 2022 9,631,572 -
33,118,325 23,486,753
After finalization of the financial statements for the year ended 31 December 2022, Bangladesh Bank vide its
SMESPD Circular No. 04 dated 23 March 2021 as well as SMESPD Circular Letter No. 05 dated 26 April 2021
instructed all scheduled banks to build-up a Start-up Fund under Other Liabilities @1% out of net profit starting for
the year 2021 in order to make disbursement to make new entrepreneurs and self-employment. In response to
that, Global Islami Bank Limited started to build-up the Start-up Fund out of net profit for the year 2022.
13.7 Status of income tax assessment
Accounting Year Assessment Year Status
2013 2014-2015 Has been settled

2014 2015-2016 Application made to High Court
2016 2017-2018 Tribunal order received, reference application to be made to Hon'ble HC
2021 2022-2023 Just submitted
ANNUAL
REPORT 2022 423
Amount in Taka
Note(s)
2022 2021
13.8 Maturity wise classification of other liabilities

Up to 1 month 2,748,595,181 2,113,535,157
Over 1 month but within 3 months 2,177,665,236 1,753,813,931
Over 3 months but within 1 year 1,975,496,249 1,403,051,144
Over 1 year but within 5 years 1,392,358,158 1,052,288,358
Over 5 years 921,558,984 701,525,721
9,215,673,808 7,024,214,312
14 Capital
14.1 Authorized Capital:

2,000,000,000 ordinary shares of Taka 10 each 20,000,000,000 12,000,000,000
Authorized capital is the maximum amount of share capital that the bank is authorized to issue to shareholders by
its memorandum & articles of association.
14.2 Issued, Subscribed and Paid up Capital
The issued share capital of the Bank is the total nominal value of the shares of the Bank which have been issued
to the shareholders and remaining outstanding as on the reporting date.
490,875,000 and 490,875,000 ordinary shares of Taka 10 each 5,154,187,500 4,908,750,000
Bonus Share 24,543,750 ordinary shares of Tk 10.00 each - 245,437,500
Raised through IPO subscription 4,250,000,000 -
9,404,187,500 5,154,187,500
14.3 Movement of share capital

Particulars
No. of shares Amount No. of shares Amount
Balance at the beginning of the year 515,418,750 5,154,187,500 490,875,000 4,908,750,000
Add: Bonus shares issued - - 24,543,750 245,437,500
Add: Raised by IPO 425,000,000 4,250,000,000 24,543,750 245,437,500
Closing at the end of the period 940,418,750 9,404,187,500 515,418,750 5,154,187,500
14.4 Percentage of shareholdings at the closing date

Particulars
Amount % Amount %
Sponsors/Directors 427,843,858 45.50% 427,843,858 83.01%
Institutions 281,472,828 29.93% 65,968,892 12.80%
Government - - - 0.00%
Foreign investors 1,000 0.00% - 0.00%
Non-Resident Bangladeshi (NRB) 29,358,420 3.12% 21,606,000 4.19%
General public 201,742,644 21.45% - 0.00%
940,418,750 100.00% 515,418,750 100.00%
14.5 Shareholding range on the basis of shareholdings as at 31 December 2022

Number of Shareholding
Shareholding range
shareholders No. of shares Percentage
Less than 500 1,357 346,052 0.04%
500- 5,000 106,714 169,709,065 18.05%
5,001 - 10,000 510 3,757,195 0.40%
10,001 - 20,000 187 2,775,670 0.30%
20,001 - 30,000 66 1,670,965 0.18%
30,001 - 40,000 28 1,009,292 0.11%
40,001 - 50,000 26 1,230,595 0.13%
50,001 - 100,000 45 3,574,866 0.38%
100,001 - 1,000,000 112 43,921,719 4.67%
Over 1,000,000 158 712,423,331 75.76%
109,203.00 940,418,750 100%
424
ANNUAL
REPORT 2022
14.6 Directors' shareholding as at 31 December 2022
Sl Name of the directors Status Closing Percentage of

No. position shareholding
1 Mr. Nizam Chowdhury Chairman 24,255,000 6.52%
2 Mrs. Maimuna Khanam Vice 25,770,938 6.93%

Chairperson
3 Dr. Mohammed Faruque Director 19,627,500 5.28%
4 Mr. Arif Ahmed Director 19,387,021 5.21%

representing Hasan Abasan (Pvt.) Limited
5 Mrs. Farzana Begum

Director 24,406,594 6.56%
representing Shah Amanat Prakritik Gas Company Limited
6 Mr. Shahidul Alam

Director 19,404,000 5.22%
representing Fatehabad Farm Limited
7 Mr. Subrata Kumar Bhowmick 19,233,377 5.17%

Director
representing Karnaphuli Prakritik Gas Limited
8 Mr. Md. Mostan Billah Adil Director 24,255,000 6.52%

repsenting WESCO Limited
9 Ms. Shahana Ferdous 35,521,447 9.55%

Director
representing Portman Cements Limited
10 Mr. Mohammad Shahjahan Meah Director 19,627,500 5.28%
11 Mr. Bourhanul Hasan Chowdhury Director 21,799,181 5.86%

representing Modern Properties Limited
12 Ms. Rokea Yesmin 40,020,750 10.76%

Director
representing Prasad Paradise Resorts Limited
13 Mr. Hasan Mansur 19,293,750 5.19%

Director
representing Unitex Tyre Limited
14 Mr. Wahidul Alam Seth Director 40,221,924 10.81%

representing Global Trading Corporation Limited
15 Mr. Mohammed Oheidul Alam Director 19,233,376 5.17%

representing Bangladesh Petro Chemicals Limited
Independent - 0.000%
16 Dr. Md. Nizamul Hoque Bhuiyan
Director
17 Mr. Ahmed Muktadir Arif
Director
18 Mr. Hasan Iqbal *
Director
19 Dr. Mehe Zebunnesa Rahman * Independent - 0.000%

Director
20 Mr. Mohammed Kutub Uddowllah ** Independent - 0.000%
Director
21 Mr. S.A.M Salimullah ** ndependent - 0.000%

Director
372,057,358 100.00%
Note: (*) To comply the BSEC Corporate Governance Code-2018, the Board of Directors in its 68th meeting held on November 28, 2022,
approved the appointment of 2 (two) new Independent Directors naming Mr. Hasan Iqbal and Dr. Mehe Zebunnesa Rahman subject to
approval of the regulators.
Note: (**) In compliance with the BSEC Corporate Governance Code-2018, Independent Directors Mr. Mohammed Kutub Uddowllah and
Mr. S A M Salimullah retired on December 26, 2022 from the Board of Directors of GIB after completing the tenure for the 2nd and final term
(consecutively 06 years).
ANNUAL
REPORT 2022 425
14.7 Capital adequacy ratio as per BASEL - III
As per Section 13 of the Bank Companies Act, 1991 (Amended upto 2018) and instructions contained in BRPD
Circular Letter No. 11 dated 14 August 2008, BRPD Circular No. 10 dated 10 March 2010, BRPD Circular No. 35 dated
29 December 2010, BRPD"&" Circular No. 18 dated 21 December 2014 [Guidelines on Risk Based capital Adequacy
(Revised Regulatory Capital Framework for banks in"&" line with Basel III)], the risk based capital (eligible regulatory
capital) of the Bank as on 31 December 2022 stood at Taka 13,957,725,051 against the risk based capital
requirement of Taka 10,581,017,567. As a result, there was a capital surplus of Taka 3,376,707,484 in risk based capital
adequacy as on 31 December 2022.
As per Section 13(2) of the Bank Companies Act, 1991 (Amended upto 2018) and instructions contained in BRPD
Circular Letter No. 11 dated 14 August 2008, the paid-up share capital, statutory reserve and retained earnings
should be at least Taka 4,000 million in which, the paid-up share capital should be at lease Taka 2,000 million.
Against that, the paid-up share capital, statutory reserve and retained earnings of the Bank was Taka
12,964,282,416.
Amount in Taka
Note(s)
2022 2021
Common Equity Tier-1 (Going-Concern Capital)
Fully paid up capital (Note-14.2) 9,404,187,500 5,154,187,500

Non-repayable share premium account - -
Statutory reserve (Note-15) 2,020,644,859 1,616,183,345
General reserve - -
Retained earnings (Note-17) 1,539,450,057 990,385,917
Dividend equalization account - -
Minority interest in subsidiaries - -
Share money deposit - -
Non-cumulative irredeemable preference share - -
12,964,282,416 7,760,756,762
Regulatory adjustments from Tier - 1
Shortfall in provision required against non performing loan - -

Shortfall in provision required against investment in share - -
Deferred tax assets 86,412,181 47,385,200
Goodwill and all other Intangible Assets - -
Reciprocal Crossholdings in the CET-1 Capital of Banking, - -
Financial and Insurance Entities - -
Any investment exceeding the approved limit under section 26 - -
ka(1) of Bank Company Act, 1991 (50% of Investment) - -
Investments in subsidiaries which are not consolidated (50% of
Investment)
Others (if any)
Total deduction 86,412,181 47,385,200
Total Common Equity Tier-1 Capital (a) 12,877,870,235 7,713,371,562
Additional Tier-1 Capital
Total additional Tier-1 capital - -
- -
Total Tier - I Capital 12,877,870,235 7,713,371,562
Tier-2 Capital (Gone-Concern Capital)
General provision on unclassified loans and advances {Note-13.1 (c &d)} 1,021,571,900 1,069,448,499
General provision on off balance sheet exposure {Note-13.1 (e.)} 58,282,916 54,237,205
Revaluation Reserves as on 31 December, 2014 (50% of Fixed Assets and
Securities & 10% of Equities) - -
All Other preference shares - -
Subordinated debt/Instruments issued by the banks that meet the qualifying - -
Others (if any item approved by Bangladesh Bank) - -
1,079,854,816 1,123,685,704
426
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
Regulatory adjustments
Revaluation Reserves for Fixed Assets, Securities & Equity Securities (follow
Phase-in deductions as per Basel III Guidelines) - -
Investment in own T-2 Instruments/Shares (as per Para 3.4.7 of Basel III Guidelines) - -
Reciprocal crossholdings in the T-2 Capital of Banking, Financial and Insurance Entities - -
Any investment exceeding the approved limit under section 26 ka(1) of Bank - -
Company Act, 1991 (50% of Investment) - -
Investments in subsidiaries which are not consolidated (50% of Investment) - -
Others if any - -
- -
Total admissible Tier - 2 capital (b) 1,079,854,816 1,123,685,704
Total regulatory capital (a+b) 13,957,725,051 8,837,057,266
Total assets including off balance sheet exposures 159,101,001,688 137,987,145,171
Total Risk weighted assets (RWA) 84,648,140,534 82,922,165,256
Required capital based on risk weighted assets (12.5% of RWA) 10,581,017,567 10,365,270,657
Shortfall/Surplus Capital 3,376,707,484 (1,528,213,391)
Capital to risk weighted assets ratio (CRAR) 16.49% 10.66%
Common equity Tier-I to risk weighted assets ratio 15.21% 9.30%
Tier-I capital to risk weighted assets ratio 15.21% 9.30%
Tier-II capital to risk weighted assets ratio 1.28% 1.36%
Breakdown of gross Risk-Weighted Assets (RWA) in the various categories of risk-weights
15 Statutory reserve
Opening balance 1,616,183,345 1,130,977,828
Add: Addition during the period 404,461,514 485,205,517
2,020,644,859 1,616,183,345
As per section 24(1) of the Bank Companies Act, 1991, an amount equivalent to 20% profit before taxes for the
year has been transferred to the statutory reserve fund.
16 Other reserve
a) General reserve - -
Add: additional/adjustment made this period - -
Sub Total (i) - -
b) share premium - -
c) investment loss offsetting reserve (if any) - -
d) exchange equalization account - -
e) asset revaluation reserve (16.1) - -
f) dividend equalization - -
Sub Total (ii) - -
Grand Total (i+ii) - -
16.1 Asset revaluation reserve
Opening balance - -
Addition/(adjustment) during the period - -
Closing balance - -
17 Retained earnings
Balance on 1 January 990,385,917 660,271,419
Addition during the year 963,157,226 1,319,388,904
Transfer to statutory reserve 404,461,514 485,205,517
Transfer to start-up fund 9,631,572 13,193,889
Cash dividend payable - 245,437,500
Issue of bonus shares - 245,437,500
1,539,450,057 990,385,917
ANNUAL
REPORT 2022 427
Amount in Taka
Note(s)
2022 2021
18 Contingent liabilities
18.1 Acceptances and endorsements

Back to back bills (Foreign) 7,912,284 30,144,083
Back to back bills (Local) 31,171,527 40,289,053
Back to back bills (EPZ) 1,778,293 (7,919)
Cash bills deferred (Foreign) - 6,894,408
Cash bills deferred (Local) - 14,483,937
40,862,105 91,803,562
Less: Margin - -
40,862,105 91,803,562
18.2 Letters of guarantee

Letter of guarantee (Local) 714,867,475 143,745,718
Counter guarantee (Local) 94,983,692 70,387,298
Performance Guarantee 4,073,263,521 4,041,352,983
4,883,114,688 4,255,486,000
Less: Margin 200,853,770 56,825,253
4,682,260,918 4,198,660,748
Money for which the bank is contingently liable in respect of guarantees given favoring
Directors - -
Government - -
Banks and other financial institutions - -
Others 4,883,114,688 4,255,486,000
4,883,114,688 4,255,486,000
18.3 Irrevocable letters of credit

Letter of credit sight (Foreign) 690,975,125 984,660,138
Letter of credit sight (local) 23,628,566 22,062,914
Back to back letter of credit sight (local) 156,799,175 -
Back to back letter of credit (Foreign) - 6,087,087
Letter of credit (EPZ) - 19,644,892
Back to back letter of credit (EPZ) 724,125 (10,303)
Back to back letter of credit (Local) 28,119,633 27,070,217
Letter of credit deferred (Foreign) 4,068,167 26,680,126
904,314,792 1,086,195,070
Less: Margin 337,337,919 199,819,116
566,976,872 886,375,955
19 Particulars of profit and loss account

Income:
Profit on Investment (Note-20) 13,862,957,352 13,029,982,174
Income from Investment in securities (Note-22) 335,402,042 209,053,550
Dividend income (Note-22) 24,627,879 1,033,475
Commission, Exchange and Brokerage (Note-23) 300,399,564 59,592,117
Other operating income (Note-24) 132,061,563 133,406,140
14,655,448,399 13,433,067,456
Expenses:
Profit paid on Deposits 8,274,740,425 8,013,886,814
Administrative expenses (Note-21) 2,323,387,058 1,789,429,413
Other operating expenses 569,496,265 409,759,806
Depreciation on banking assets 583,057,706 536,885,105
11,750,681,455 10,749,961,138
Profit / (Loss) before Provision 2,904,766,944 2,683,106,318
428
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
20 Investment income
Profit on Bai Murabaha continuous investments 12,785,973,461 11,176,456,344
Profit on Bai Muajjal continuous investments 141,494,469 152,302,824
Service charge on Quard Mode 132,221 60,656
Profit on Bai Murabaha (Import) 21,734,428 13,917,955
Profit on Investment in Murabaha (Export bill) 69,793,067 689,243,158
Profit on Bai Murabaha Forced Investment - 6,033,451
Profit on Bai Murabaha term investments 50,020,047 46,675,297
Profit on Bai Muajjal term investments 16,374,096 10,957,831
Profit on Staff investment 16,021,651 15,935,778
Profit on HPSM term investment 489,997,934 624,418,970
Profit on Investment against Deposit with Financial Institutions 257,289,334 270,850,683
Profit on Investment with other Banks 5,897,609 17,409,514
Income From Cards 8,229,034 5,719,714
13,862,957,352 13,029,982,174
20.1 Profit on Investment derived from the fund deployed

Inside Bangladesh
Mudaraba deposits 11,610,226,782 10,912,610,071
Other deposits/Fund 2,252,730,570 2,117,372,103
13,862,957,352 13,029,982,174
Outside Bangladesh - -
13,862,957,352 13,029,982,174
21 Profit paid on deposits
Profit paid on deposits (Note-21.1) 8,147,897,591 7,940,411,749
Profit paid on borrowings (Note-21.2) 126,842,834 73,475,064
8,274,740,425 8,013,886,814
21.1 Profit paid on deposits
Profit paid on Mudarabah 8,147,878,746 7,940,393,721
Profit paid on foreign currency deposit account 18,845 18,028
8,147,897,591 7,940,411,749
21.2 Profit paid on borrowings
Profit paid on borrowings 71,581,556 15,249,580
Profit expenses of lease liabilities (as per IFRS-16) 55,261,278 58,225,485
126,842,834 73,475,064
22 Income from investment in shares/securities
Income from Investment in Bond - 15,330,000
Income from Investment in Bangladesh Bank bills 15,730,758 53,923,887
Income from Investment in coupon 29,260 41,325
Income from Investment in perpetual bond 66,773,280 -
Gain on Investment in Govt. SUKUK Bond 252,868,744 139,074,330
Dividend income 24,627,879 1,033,475
Gain on sale of shares - 684,009
360,029,920 210,087,025
23 Commission, exchange and brokerage
Commission on L/Gs 32,795,966 11,026,592
Commission on bills and remittance 5,336,790 5,584,041
Commission on letter of credit 28,959,269 22,947,755
Exchange earnings (75,821,941) 13,398,341
Commission on others 2,169,111 3,235,549
Gain on revaluation from foreign currency 306,960,369 3,399,839
300,399,564 59,592,117
24 Other operating income
Postage, Telex, SWIFT & REUTERS 4,153,321 4,396,459
Gain on sale of fixed assets (Note-24.1) 16,544,820 1,322,310
Other fee and charges 111,363,422 127,687,371
132,061,563 133,406,140
ANNUAL
REPORT 2022 429
Amount in Taka
Note(s)
2022 2021
24.1 Other fee and Charges

Income from ATM Operation 14,804,694 9,311,115
Charges on GIB cards 4,596,378 3,203,382
Rent receipts- locker 1,071,356 610,000
Account maintenance fee 73,922,597 54,623,782
Service and other charges 2,727,031 1,619,597
Miscellaneous income 14,241,366 58,319,495
111,363,422 127,687,371
25 Salaries and allowances
Basic pay 567,174,514 441,503,571
House rent 278,891,996 255,525,899
Medical allowances 85,022,166 65,814,003
Allowances 205,817,252 126,754,118
Bonus 285,313,848 243,919,952
Bank's contribution to provident fund 55,771,814 43,313,702
Consolidated 142,749,366 107,519,226
Leave encashment salary 7,794,762 3,086,751
Gratuity 73,199,045 49,691,667
Group life insurance premium 1,988,280 1,466,640
Arrear salary 8,907,005 3,968,371
Salary to casual employees 121,565,256 73,391,182
1,834,195,304 1,415,955,082
26 Rent, taxes, insurances, electricity, etc.
Rent, rates and taxes 108,981,691 69,770,366
Insurance 90,742,595 76,710,533
Gas, water, electricity and lighting, etc. 63,556,241 46,954,565
263,280,526 193,435,465
27 Legal expenses
Legal Fees & Charge 451,880 7,858,214
Other Legal Expenses 4,804,064 4,131,030
5,255,944 11,989,243
28 Postage, stamps, telecommunication, etc.

Postage 13,042,615 9,275,133
Data communication 33,197,305 31,340,187
Telegram, Fax, Telex and Internet charge 40,749 500
Telephone charges 704,148 570,527
Mobile phone charges 3,682,880 3,239,693
50,667,697 44,426,040
29 Stationery, printings, advertisements, etc.

Table Stationery 7,373,769 6,284,666
Printing Stationery 8,613,561 10,474,174
Security Stationery 5,555,992 4,268,888
Computer Stationery 5,836,191 4,185,944
Publicity and Advertisement 27,374,243 16,302,003
54,753,756 41,515,676
30 Chief executive's salary and fees

Basic Salary 7,962,500 6,953,000
Allowances 5,361,000 5,424,006
Bonus 1,430,000 3,213,800
14,753,500 15,590,806
31 Directors' fees and expenses
Directors' Fee 1,786,400 2,367,200
Meeting Expenses 368,283 161,380
Directors travelling expenses 5,702,165 5,824,376
7,856,848 8,352,956
430
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
32 Shariah supervisory committee's fees and expenses

Shariah Council Meeting Expenses 278,760 190,000
278,760 190,000
33 Auditors' fees
Auditors Fees 460,165 1,955,000
460,165 1,955,000
34 Depreciation and repairs of bank's assets
a) Depreciation of Assets (Annexure-C)
Furniture & Fixtures 84,636,004 65,551,002

Office Equipment 83,060,714 64,281,007
Computer & Network Equipment 62,629,316 62,929,659
Vehicles 12,019,634 9,996,935
Right of use Assets (ROU)* 296,159,208 306,656,498
Automated Teller Machine 13,860,210 11,060,978
b) Amortization of Assets (Annexure C)
Software-Core Banking 30,692,620 16,409,026

583,057,706 536,885,105
c) Repair on Assets
Office Equipment 22,999,457 7,812,908
Office Furniture & Fixtures 1,699,451 566,430
Vehicles 14,360 1,425,577
24,713,268 9,804,915
607,770,974 546,690,020
* As per note 2.1.14, in accordance with IFRS - 16, the Bank has recognized Right of use Assets (ROU) and related
depreciation is shown above.
35 Zakat expenses
Zakat Expenses 67,171,290 46,214,231
67,171,290 46,214,231
ANNUAL
REPORT 2022 431
Amount in Taka
Note(s)
2022 2021
36 Other expenses
Petrol, Oil and Lubricants 14,288,192 7,710,772
Entertainment 19,755,332 13,588,237
Donation and Subscription 7,553,649 3,858,736
Traveling and Conveyance 24,204,996 9,397,504
Expenses on Training, Seminar and Workshop 6,194,256 2,612,055
Car expenses 47,350,453 37,810,790
Computer software maintenance 56,524,107 48,154,166
Expenses for corporate social responsibility 41,737,797 21,185,745
SWIFT Charge 4,303,429 4,831,993
Service and other charges 26,954,374 24,770,637
ATM operation expenses 18,723,259 16,526,459
Wages to casual labor 1,062,744 452,460
Expenses for honorarium 2,934,888 435,000
Holiday banking allowances 8,755,556 7,485,300
Expenses for IPO 58,304,968 26,210
Medical expenses 11,037,515 8,350,705
Expenses for sponsorship 997,887 393,323
Cash carrying charge 7,381,136 5,145,152
Papers & Periodicals 492,212 460,547
Uniform & Liveries 3,484,198 2,259,821
Bank and NBFI Charges 240,100 1,206,725
Business development and Promotion 14,483,508 7,420,142
Security Service- Out-sourcing 119,142,681 90,433,271
Branch Opening Expenses 7,563,073 8,320,020
GIB Card expenses 13,389,594 9,811,760
Annual General Meeting expenses 1,125,915 -
Laundry, Washing and Cleaning 11,508,726 9,026,133
Loss on disposal of fixed assets 3,059,106 5,153,945
Loss on Disposal of Securities 500 1,791,473
Tax expenses for the settlement of income year 2015 & 2017 - 47,694,919
Miscellaneous Expenses 36,942,116 13,445,805
569,496,265 409,759,806
37 Provision for investment, off-Balance sheet and others
Specific provision on classified investments 813,832,117 243,280,776
General provision on unclassified investments (22,574,936) (26,386,911)
General provision on off-balance sheet items 4,045,711 816,981
Special general provision-COVID-19 (25,301,663) (1,359,100)
Provisions on investment in securities (3,968,667) 19,953,800
Provisions-other assets 116,426,812 20,773,188
882,459,374 257,078,734
38 Deferred tax
Closing deferred tax asset 86,412,181 47,385,201
Opening deferred tax asset Note-13.4 47,385,201 14,313,361
Deferred tax Expenses/(Income) during the period (39,026,980) (33,071,840)
38(a) Tax expenses

Deferred tax Note-13.4 (39,026,980) (33,071,840)
Current tax Note-13.3 1,098,177,324 1,139,710,520
1,059,150,344 1,106,638,680
432
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
39 Earnings per share (EPS) [previous year's figure restated]

Calculation of Earnings Per Share Note- 2.21 963,157,226 1,319,388,904
Net Profit after Tax 940,418,750 940,418,750
Number of Ordinary Shares outstanding 1.02 1.40
Earnings Per Share (EPS) [previous year's figure restated]
Earnings per share has been calculated in accordance with IAS - 33: "Earnings Per Share (EPS)".
Total provision has been increased by the amount of Tk. 62.54 crore for the year ended 31 December 2022
compare to the previous year. As a result, Earnings per share (EPS) has been decreased by Tk. 0.38 per share for
the year ended 31 December 2022 compared to the previous year.
39(a) Net asset value (NAV) per share

Net Assets Value (Banks') 12,964,282,416 7,760,756,762
No. of Outstanding Share 940,418,750 940,418,750
Net Asset Value (NAV) Per Share [previous year's figure restated] 13.79 8.25
Net Asset Value Per Share (NAV) increased by Taka 5.53 for the year ended 31 December 2022 compared to the
previous year due to paid up capital raised by Taka 425 crore through Initial Public Offering (IPO).
39(b) Net operating cash flows per share (NOCFPS):

Net cash flows from operating activities 3,057,672,402 (2,592,808,482)
No. of Outstanding Share 940,418,750 940,418,750
Net Operating Cash Flow per Share (NOCFPS) [previous year's figure restated] 3.25 (2.76)
Investment and advances to customers has been decreased by the amount of Tk. 258.42 crore for the year
ended 31 December 2022, deposits from other bank/borrowings have been increased by the amount of Tk.
1,376.44 crore for the year ended 31 December 2022 compare to the previous year. As a result, the net operating
cash flows per share has been increased to Tk. 3.25 per share for the year ended 31 December 2022 compared
to Tk. (2.76) per share for the previous year.
40 Receipt from other operating activities

Postage & Telex Charge Recovery (Note-24) 4,153,321 4,396,459
Other charges (except income from sale of fixed assets) 111,363,422 127,687,371
115,516,743 132,083,830
41 Payment for other Operating activities
Rent, Taxes, Insurance, Lighting etc. (Note-26) 263,280,526 193,435,465

Legal Expenses (Note-27) 5,255,944 11,989,243
Postage, Stamp, Telegram & Telephone (Note-28) 50,667,697 44,426,040
Directors' Fee & Expenses (Note-31) 7,856,848 8,352,956
Shariah Supervisory Committee's Fees & Expenses (Note-32) 278,760 190,000
Auditors' Fee (Note-33) 460,165 1,955,000
Repair, Maintenance of Bank's Assets (Note-34.c) 24,713,268 9,804,915
Zakat Expenses (Note-35) 67,171,290 46,214,231
Other Expenses * 566,437,159 404,605,861
986,121,657 720,973,711
* Total other expenses except loss on disposal of fixed assets
ANNUAL
REPORT 2022 433
Amount in Taka
Note(s)
2022 2021
42 Cash Increase/ Decrease in Other Assets of the Bank (Note-9)

Closing-
Advance rent 280,604,252 239,626,265
Advance to suppliers 572,009,827 22,728,127
Balance with First Security Islami Capital & Investment Limited 11,773,929 2,971
Balance with Prime Bank Investment Limited 20,727,986 12,074,444
Balance with Lanka Bangla Securities Limited 472,037 61,294
1,001,026,814 380,198,825
Opening-
Advance rent 239,626,265 246,457,670
Advance to suppliers 22,728,127 131,365,033
Receivable from provident fund account - 6,366,830
Balance with First Security Islami Capital & Investment Limited 2,971 4,321
Balance with Prime Bank Investment Limited 12,074,444 -
Balance with Lanka Bangla Securities Limited 61,294 -
380,198,825 552,052,545
Cash (Increase)/ Decrease in Other Assets (620,827,989) 171,853,720
43 Cash Increase/ Decrease in Other Liabilities(Note-13)

Closing-
Profit Suspense Account 752,698,447 556,811,579
Compensation Realizable and Suspense Account 29,541,125 -
Leased Liabilities as per IFRS - 16 1,110,910,133 1,160,134,174
2,082,097,643 1,880,906,417
Opening-
Profit Suspense Account 556,811,579 330,564,620
Compensation Realizable and Suspense Account - -
Leased Liabilities as per IFRS - 16 1,160,134,174 1,121,761,503
1,880,906,417 1,531,412,579
Cash Increase/ (Decrease) in Other Liabilities 201,191,225 349,493,839
44 Cash and Cash Equivalent

Cash in Hand 1,453,484,090 1,094,962,589
Balance with Bangladesh Bank & Sonali Bank Ltd (as agent of 10,676,712,559 5,112,676,296
Bangladesh Bank)
Balance with Other Banks & Financial Institutions 4,474,343,805 3,885,702,085
16,604,540,454 10,093,340,970
434
ANNUAL
REPORT 2022
Amount in Taka
Note(s)
2022 2021
45 Reconciliation of Net Profit after Taxation & Operating Profit before changes in operating assets and liabilities
Cash flows from operating activities

Net Profit after Taxation 963,157,226 1,319,388,904
Provision for Tax 1,059,150,344 1,106,638,680
Provision for Investment, Share & Contingent Liability 882,459,374 257,078,734
(Increase)/Decrease profit receivable (2,887,770,702) (1,153,451,178)
Increase/(Decrease) Profit Payable on Deposits 1,245,376,393 1,076,989,053
Depreciation & Amortization of Fixed Assets 583,057,706 536,885,105
Income tax paid (1,173,319,030) (897,590,133)
Loss/Profit on sale of property, plant and equipment (13,485,714) 3,831,635
Operating Profit before changes in operating assets & liabilities 658,625,598 2,249,770,800
46 Number of employees and support staffs
Regular employee
Officer and executives 1,707 1,534
Contractual
Officer and executives 21 27
Support staff 495 451
Total 2,223 2,012
As per the Schedule XI of the Companies Act, 1994, the number of employees (including contractual employees)
engaged for the whole year or part thereof who received more than total remuneration of Tk 36,000 per annum
or Tk 3,000 per month were 2,223 as at 31 December 2022.
47 Disclosure on Audit Committee

a) Particulars of Audit Committee
The audit committee of the Board was duly constituted by the Board of Directors of the Bank in accordance with
the BRPD circular no. 11 dated 27 October 2013 of Bangladesh Bank. Pursuant to the BRPD circular no. 08 dated 19
June 2011 and BSEC notification no. BSEC/CMRRCD/2006-158/207/Admin/80 dated June 03, 2018 on Corporate
Governance, the current Committee is Constituted with the following 05 (Five) members of the Board:
Sl Name Status with Status with Educational

No. bank committee Qualification
Independent Executive Master of
1 Mr. Hasan Iqbal * Director Chairman Business Administration
(EMBA)
2 Mr. Arif Ahmed Director Member Master of Science (M.Sc) in
C.E.M & AP-C.I.M
3 Mr. Subrata Kumar Bhowmick, FCA Director Member M.Com, FCA
4 Mr. Mohammad Shahjahan Meah Director

Member Graduate
5 Dr. Mehe Zebunnesa Rahman * Independent Member Ph.D in Management

Director
Note: (*) Mr. Hasan Iqbal and Dr. Mehe Zebunnesa Rahman has been appointed as Independent Directors in the Board of
Directors in its 68th meeting held on November 28, 2022 in place of Independent Directors Mr. Mohammed Kutub Uddowllah
and Mr. S. A. M. Salimullah (both have completed the 2nd and final term) subject to approval of the regulators.
b) Meetings held by the Audit Committee during the year by date:
Sl No. Meeting no. Holding Date
1 33 rd
24-March-2022
2 34th 21-June-2022
3 35th 19-October-2022
4 36th 08-December-2022
5 37th 22-December-2022
ANNUAL
REPORT 2022 435
c) Review by the Audit Committee and Recommendation thereof:
a) Reviewed the Summary Report on Comprehensive Inspection of different branches of the Bank conducted
by the Bangladesh Bank Inspection Team;
b) Oversee the financial reporting process and Monitor choice of accounting policies & principles;
c) The Committee hold meeting with the external or statutory auditors for review of the year end annual financial
statements before submission to the Board for approval or adoption;
d) The Committee review along with the management, the annual financial statements before submission to the
Board for approval;
e) Review along with the management, the quarterly and half yearly financial statements before submission to
the Board for approval;
f) Scrutinized and evaluated the performance of the existing external auditors of the bank before
recommending to the Board for onward placing of the names in the AGM for appointment;
g) The Committee reviewed the Management Report on the financial statements of the Bank;
h) Monitor Internal Audit and Compliance process to ensure that it is adequately resourced, including approval
of the ICCD Plan and review of the Internal Audit and Compliance Report;
i) Review the adequacy of internal audit function and its process to strengthened and creation of a sound
compliance culture in the Bank;
j) Review the Management’s Discussion and Analysis of Annual Report before disclosing for the Members and
other Stakeholders;
k) Review statement of all related party transactions submitted by the management;
l) Review Management Letters or Letter of Internal Control weakness issued by statutory auditors;
m) Whether the rules & regulations of Bangladesh Bank and all other authorities and Bank’s policy guidelines
approved by the Board of Directors of the Bank duly complied with or not;
n) Review periodic progress report of Internal Audit & Compliance report of the Bank; and
o) Oversee the determination of audit fees based on scope and magnitude, level of expertise deployed and
time required for effective audit and evaluate the performance of external auditors;
48 Related Party Disclosures
As per IAS-24 “Related Party Disclosures”, a related party is a person or entity that is related to the entity (i.e. GIB)
that is preparing its financial statements. Related party transaction is a transfer of resources, services or obligations
between a reporting entity and a related party, regardless of whether a price is charged as per IAS-24.
Related Parties include the Bank's Directors, key management personnel, associates, companies under common
directorship etc. as per IAS-24 “Related Party Disclosures”. All transactions involving related parties arising in the
normal course of business are conducted at arm’s length at normal commercial rates on the same terms and
conditions as third party transactions using valuation modes, as admissible.
a) Disclosure of transaction regarding Directors and their related concerns Annexure-E
b) Shares issued to Directors and Executives without consideration or exercisable at a discount. Nil
c) Lending Policies to Related Parties

Transactions with Bank related person/related parties including Directors are made as per rules and regulations of
the Bank Company Act, 1991 as amended and as per circulars issued by Bangladesh Bank time to time including
the following general rules:
i) Terms & conditions for financial transaction with bank related person/related parties will not be easier than other
persons i.e. other investment clients.
ii) Prior approval from the majority of Board of Directors shall be required for all financial transactions with bank
related person/related parties.
iii) The Bank shall not allow funded facilities exceeding 10% of Tier-I capital to the Bank related persons/related
parties; real investment facilities shall be considered deducting encashable securities from funded investment.
49 Financial highlights as on 31 December 2022 are shown in Annexure-F
50 Events after the reporting period
The Board of directors in its 72nd meetings held on 27 April 2023 has approved to paid cash dividend @5% and
stock dividend @5% (total @10%) its shareholders for the year ended 31 December 2022.
51 Approval of the financial statements
The financial statements of the Bank has been approved by the Board of Directors at its 72nd Board meeting held
on 27 April 2023.
436
ANNUAL
REPORT 2022
52 General
i) Figures appearing in these financial statements have been rounded off to the nearest to Taka.
ii) The expenses, irrespective of capital or revenue nature, accrued/due but not paid have been provided for in
the books of the Bank.
iii) Figures of the last year have been re arranged as per current year's presentation.
iv) All types of financing made to the clients have been shown under the head ‘Investment’ whereas investment
made in different shares and securities of Government and others companies are shown as investment shares
and securities.
v) The Bank incurs expenditure in relation to its Corporate Social Responsibility (CSR) throughout the year. The
budget for the CSR expenditures are met up from various sources.
ANNUAL
REPORT 2022 437
438
Balance with other banks-outside Bangladesh (Nostro Account)
As on 31 December 2022
Annexure - A

Name of the Bank Account Currency FC Exchange Equivalent FC Exchange Equivalent
Type Type
Amount Rate Taka Amount Rate Taka
Mashreq Bank, New York CD US $ 3,314,197 106.9200 354,353,971 3,434,694 85.85 294,868,485
Aktif Bank , Istanbul, Turkey CD EURO € 55,913 111.2672 6,221,267 241,289 98.53 23,773,718
Aktif Bank , Istanbul, Turkey CD GBP£ 5,694 125.6950 715,763 5,694 114.93 654,480
kookmin Bank, Seoul, korea CD GBP£ 23,858 125.6950 2,998,806 23,144 114.93 2,660,025
United Bank of India, Kolkata, India CD ACU $ 59,265 106.9200 6,336,575 48,190 85.85 4,137,098
AB Bank, Mumbai, India CD ACU $ 603,479 106.9200 64,523,977 252,060 85.85 21,639,327
MCB Bank, Karachi, Pakistan CD ACU $ 1,802 106.9200 192,633 1,802 85.85 154,673
kookmin Bank, Seoul, Korea CD US $ 1,268,876 106.9200 135,668,258 917,896 85.8500 78,801,330
kookmin Bank, Seoul, Korea CD YEN 1,508,690 0.7824 1,180,399 - - -
Axis Bank Limited, Mumbai, India CD ACU $ 136,850 106.9200 14,632,029 - - -
Total 6,978,624 586,823,679 4,924,769 426,689,134
REPORT
ANNUAL
2022
REPORT
ANNUAL
Investments in shares and securities
2022
Annexure-B
No. of share Face
Particulars as at 31 Value/ Total Cost Market Un-realized
December Average price Value gain/Loss Remarks
2022 cost
Government
Bangladesh Government Islamic Sukuk Bond - - 5,251,200,000 5,251,200,000 - Un-Quoted
(A) Sub Total - - 5,251,200,000 5,251,200,000 -
Investment in Subsidiary Companies - - - - - -
(B) Sub Total - - - - - -
Others
(i) Investment under special fund
Grameenphone Ltd 27,000 359.95 9,718,650 7,738,200 (1,980,450) Quoted
Square Pharmaceuticals Ltd 128,500 230.45 29,612,424 26,959,300 (2,653,124) Quoted
Singer Bangladesh Ltd 152,000 179.96 27,353,692 23,088,800 (4,264,892) Quoted
BRAC Bank Ltd. 236,500 45.03 10,650,773 9,105,250 (1,545,523) Quoted
The City Bank Ltd 247,500 26.06 6,449,670 5,395,500 (1,054,170) Quoted
IDLC 157,000 51.49 8,083,553 7,300,500 (783,053) Quoted
United Power Generation & Distribution Company Ltd 30,000 289.16 8,674,867 7,011,000 (1,663,867) Quoted
Dutch Bangla Bank Ltd 77,000 75.51 5,814,048 4,820,200 (993,848) Quoted
Doreen Power Generation & systems Limited 33,600 72.38 2,432,035 2,295,552 (136,483) Quoted
Beximco Green Sukuk 5,000,000 100 500,000,000 445,000,000 (55,000,000) Quoted
Sub Total 608,789,711 538,714,302 (70,075,409)
(ii) Investment other than special fund
Grameenphone Ltd 100,000 311.50 31,149,994 28,660,000 (2,489,994) Quoted
Square Pharmaceuticals Ltd 361,710 221.78 80,218,751 75,886,758 (4,331,993) Quoted
Beximco Pharmaceuticals Ltd 116,000 166.70 19,336,793 16,959,200 (2,377,593) Quoted
BRAC Bank Ltd. 400,000 41.20 16,480,066 15,400,000 (1,080,066) Quoted
The City Bank Ltd 700,000 23.73 16,610,109 15,260,000 (1,350,109) Quoted
LafargeHolcim Bangladesh Limited 500,000 73.51 36,755,377 32,400,000 (4,355,377) Quoted
439
440
Annexure-B
No. of share Face
2022 cost
Subordinated bond of Reliance Finance Limited 9 10,000,000.00 68,933,750 68,933,750 - Un-Quoted
Perpetual Mudaraba Bond of IBBL 99,769 5,000.00 498,845,000 498,845,000 - Quoted
Perpetual Mudaraba Bond of SJIBL 50,000 5,000.00 250,000,000 250,000,000 - Un-Quoted
Perpetual Bond of EXIM Bank Ltd. 250 1,000,000.00 250,000,000 250,000,000 - Un-Quoted
Preference Shares of Regent Energy and Power Limited 200,000 100.00 27,777,356 27,777,356 - Un-Quoted
Preference Shares of Union Capital Limited 2 10,000,000.00 8,836,782 8,836,782 - Un-Quoted
Share subscription 37,500,000 37,500,000 - Un-Quoted
Sub Total 1,342,443,979 1,326,458,846 (15,985,133)
© Total 1,951,233,690 1,865,173,148 (86,060,542)
Grand Total (A+B+C) 7,202,433,690 7,116,373,148 (86,060,542)
No. of share Face
2021 cost
Government
Bangladesh Government Islamic Sukuk Bond - - 5,251,200,000 5,251,200,000 - Un-Quoted
Bangladesh Government Islamic Investment Bond (Islamic Bond) - - 2,050,000,000 2,050,000,000 - Un-Quoted
3 years Treasury Bonds 2,017,054 2,017,054 - Un-Quoted
(A) Sub Total - - 7,303,217,054 7,303,217,054 -
Investment in Subsidiary Companies - - - - - -
(B) Sub Total - - - - - -
Others
(i) Investment under special fund
Grameenphone Ltd 27,000 360 9,718,650 9,436,500 (282,150) Quoted
Singer Bangladesh Ltd 80,000 188 15,006,389 13,592,000 (1,414,389) Quoted
Square Pharmaceuticals Ltd 125,000 231 28,837,863 26,787,500 (2,050,363) Quoted
REPORT
ANNUAL
Doreen Power Generation & systems Limited 33,600 72 2,432,037 2,278,083 (153,954) Quoted
United Power Generation & Distribution Company Ltd 30,000 289 8,674,867 7,326,000 (1,348,867) Quoted
BRAC Bank Ltd. 220,000 48 10,650,772 12,166,000 1,515,228 Quoted
2022
REPORT
ANNUAL
2022
Annexure-B
No. of share Face
Remarks
December Average price Value gain/Loss
2021 cost
Dutch Bangla Bank Ltd 70,000 83 5,814,048 5,467,000 (347,048) Quoted
The City Bank Ltd 220,000 29 6,449,667 6,006,000 (443,667) Quoted
Beximco Green Sukuk 5,000,000 100 500,000,000 500,000,000 - Quoted
Sub Total 587,584,293 583,059,083 (4,525,210)
(ii) Investment other than special fund
Preference Shares of Regent Energy and Power Limited 200,000 100 20,000,000 20,000,000 - Un-Quoted
Preference Shares of Union Capital Limited 2 10,000,000 18,614,138 18,614,138 - Un-Quoted
Subordinated bond of Reliance Finance Limited 9 10,000,000 95,215,000 95,215,000 - Un-Quoted
Perpetual Mudaraba Bond of IBBL 99,769 5,000 498,845,000 491,412,209 (7,432,791) Quoted
Perpetual Mudaraba Bond of SJIBL 50,000 5,000 250,000,000 250,000,000 - Un-Quoted
Share subscription - - 37,500,000 37,500,000 - Un-Quoted
Sub Total 920,174,138 912,741,347 (7,432,791)
© Total 1,507,758,431 1,495,800,430 (11,958,001)
Grand Total (A+B+C) 8,810,975,484 8,799,017,484 (11,958,001)
441
442
Schedule of Fixed Assets
Annexure - C
Amount in Taka
Name of Assets Cost Depreciation

Rate Written Down
Opening Addition During Adjustment Closing Opening Dep. During the Adjustment Closing Value
Balance the Year During the Year Balance Balance Year During the Year Balance
Tangible assets
Furniture and fixture 863,110,275 40,575,188 11,694,567 891,990,896 10% 267,717,408 84,636,004 8,588,421 343,764,991 548,225,904
Machineries and equipment 596,546,868 47,720,095 5,926,472 638,340,491 20% 323,212,021 83,060,714 5,859,802 400,412,933 237,927,558
Motor vehicle 124,620,742 62,743,590 25,123,852 162,240,480 20% 104,368,784 12,019,634 25,066,054 91,322,364 70,918,116
Computer and peripheral 514,733,599 65,674,186 982,540 579,425,244 20% 341,473,114 62,629,316 955,253 403,147,176 176,278,068
Right of use assets 1,713,342,475 148,958,664 - 1,862,301,139 - 579,624,423 296,159,208 - 875,783,631 986,517,508
Automated Teller Machine (ATM) 129,458,960 3,169,550 - 132,628,509 20% 82,033,191 13,860,210 - 95,893,401 36,735,108
Books and journals 805,000 - - 805,000 20% 805,000 - - 805,000 -
3,942,617,919 368,841,272 43,727,431 4,267,731,759 1,699,233,941 552,365,086 40,469,530 2,211,129,497 2,056,602,262
Intangible assets
Software 234,792,351 900,000 - 235,692,351 20% 103,262,256 30,692,620 - 133,954,876 101,737,475

234,792,351 900,000 - 235,692,351 103,262,256 30,692,620 - 133,954,876 101,737,475
Total as at 31 December 2022 4,177,410,269 369,741,272 43,727,431 4,503,424,110 1,802,496,197 583,057,706 40,469,530 2,345,084,373 2,158,339,737
REPORT
ANNUAL
2022
Name of Directors and their interest in different entities
Annexure - D
Sl # Name of Directors Status with GIB Entities where they have interest Status % of Interest
Trade Balance USA Corporation (INC) President 100.00%
Kushiara Power Limited Director 15.00%
1 Mr. Nizam Chowdhury Chairman Trade Balance Bangladesh Limited Chairman 100.00%
US Pharma Director 55.50%
Aviva Finance Limited Shareholder 5.28%
Genesis Textiles Accessories & Apparels Limited Director 19.00%
Northern Islami Insurance Limited Shareholder 1.82%
Unitex Steel Mills Limited Chairperson 50.00%
Western Designers Limited Director 1.48%
Global Synthetic Limited Managing Director 95.00%
Unitex LP Gas Limited Shareholder 18.00%
Unitex Petroleum Limited Chairperson 95.00%
Maimuna Trading Proprietress 100.00%
Unitex Power Plant Limited Chairperson 40.00%
Shahella Spinning Mills Limited Director 20.00%
UNI Paint Industries Limited Chairperson 40.00%
Omnibus Logistics Limited Managing Director 18.00%
First Security Islami Bank Limited Shareholder 0.84%
C&A Fabrics Limited Director 4.10%
C&A Accessories Limited Director 0.33%
Blythe Limited Director 14.29%
Vice
Grand Spinning Mils Limited Shareholder 18.00%
2 Mrs. Maimuna Khanam Chairperson
BAMK Holdings Limited Chairperson 40.00%
Unitex Jute Industries Limited Shareholder 15.00%
Perfect Care Limited Shareholder 18.00%
Simple Consumer Products Limited Shareholder 18.00%
Crest Holdings Limited Director 40.00%
Marina Assets Limited Director 14.29%
Stirling Trade International Limited Director 14.29%
Disney Business Solution Limited Director 14.29%
Kraft Holdings Company Limited Director 14.29%
Dewan Assets Limited Director 14.29%
Artsy Holdings Limited Director 10.00%
Shining Assets Limited Director 10.00%
BAMK International Limited Chairperson 40.00%
Aspire International Limited Chairperson 40.00%
Sonali Fibre Industries Limited Shareholder 18.00%
Eco Oxygen Plant Limited Shareholder 18.00%
South Recycle Plant Limited Shareholder 18.00%
Platinum Spinning Mills Limited Shareholder 18.00%
Trident Spining Limited Shareholder 18.00%
Orchard Sweaters Limited Managing Director 97.45%
Hotel Orchard Plaza Limited Chairman 14.30%
Orchard Developer & Construction Limited Managing Director 70.00%
Bengal Telecom Company Limited Managing Director 80.00%
ANNUAL
REPORT 2022 443
Annexure - D
Orchard Hotels & Resorts Limited Managing Director 66.67%

Orchard Industries Limited Managing Director 66.67%
Mecca Cola Limited Managing Director 71.50%
3 Dr. Mohammed Faruque Director Gulf Aviation Limited Managing Director 64.17%
Indigo Biopharma Limited Director 55.00%
Royal Aviation Services Limited Managing Director 58.33%
M/s Arif Enterprise Propritor 100.00%

Sparrow Textiles Limited Managing Director 80.00%
Mr. Arif Ahmed Union Bank Limited Shareholder 2.78%
4 representing Hasan Abasan Director Baraka Farm House Limited Managing Director 75.00%
(Pvt.) Limited
Marquis Holdings Limited Managing Director 2.00%
Ardent Spinning Mils Limited Managing Director 50.00%
M/s. Farzana Trading Enterprise Proprietress 100.00%

Shah Amanat Prakritik Gas Company Limited Managing Director 30.00%
Mrs. Farzana Begum Lion Securities & Investments Limited Managing Director 0.25%
5 representing Shah Amanat Director Infinity C.R. Strips Industries Limited Director 45.00%
Prakritik Gas Limited
Union Bank Limited Shareholder 2.86%
Kingston Flour Mills Limited Director 45.00%
Galco Steel (BD) Limited Director 36.00%

S. Alam Vegetable Oil Limited Managing Director 30.00%
Sonali Traders Proprietor 100.00%
Mr. Shahidul Alam Union Bank Limited Shareholder 2.01%
6 representing Fatehabad Director Social Islami Bank Limited Shareholder 0.37%
Farm’s Limited
Al-Arafah Islami Bank Limited Shareholder 0.28%
Fatehabad Farm Limited Director 6.00%
First Security Islami Capital Investment Limited Shareholder 2.57%
Norinco Engineering Limited Managing Director 15.00%
Mr. Subrata Kumar

Bhowmick Not
7 Director Not Applicable Not Applicable
representing Karnaphuli Applicable
Prakritik Gas Limited
M/s. Adil Corporation Proprietor 100.00%
Sparrow Spinning Limited Managing Director 70.00%
Mr. Md. Mostan Billah Adil Infinia Spinning Mills Limited Director 5.00%
8 representing WESCO Director Union Bank Limited Shareholder 2.65%
Limited
Platinum Endeavors Limited Managing Director 50.00%
Priority Security & Other Services Limited Managing Director 50.00%
M/s. Shahnaj Trading Proprietress 100.00%

S Alam Super Edible Oil Limited Director 30.00%
Ms. Shahana Ferdous Galco Steel (BD) Limited Managing Director 51.41%
9 representing Portman Director Union Bank Limited Shareholder 2.78%
Cements Limited
Al-Arafah Islami Basnk Limited Shareholder 0.07%
Aviva Finance Limited Shareholder 8.44%
AIBL Capital & Investments Limited Shareholder 0.25%
Mr. Mohammad Shahjahan Rashad Establishment (Sultanate of Oman) General Manager 10.00%
10 Director Rashad Industries (Pvt) Limited Chairman 25.00%
Meah
H.N. Automobiles Limited Director 25.00%
444
ANNUAL
REPORT 2022
Annexure - D
Muscat Holiday Resort Limited Director 25.00%
Greenvest Construction Limited Managing Director 25.00%

Bijoy TV Limited Director 25.00%
Property Consortium Limited Director 20.00%
Idea Infinity Proprietor 100.00%
Café Milano Managing Partner 50.00%
Mr. Bourhanul Hasan
Premier University Trustee N/A
11 Chowdhury representing Director
Milano Express Managing Partner 50.00%
Modern Properties Limited Little Asia Managing Partner 25.00%
Black Hawk Security Service Proprietor 100.00%
Metropolitan Chamber of Commerce Director N/A
Khaja Ajmiri School and College Trustee N/A
Milano Bakery Managing Partner 33.30%
Green Harvest Agro Proprietor 100.00%
JMC Builders (Private) Limited Director 30.00%

Ms. Rokea Yesmin Mostafa Salt Industries (Private) Limited Director 50.00%
12 representing Prasad Director Moon Express (Private) Limited Chairperson 33.00%
Paradise Resorts Limited JMC Shipping Lines (Pvt.) Limited Vice Chairperson 4.00%
Chittagong Export Proprietress 100.00%
Mr. Hasan Mansur H.M International Proprietor 100.00%

13 representing Unitex Tyre Director Padma Canada Director 50.00%
Limited
INTRA Proprietor 100.00%

Mr. Wahidul Alam Seth
Staple Food Proprietor 100.00%
14 representing Global Trading Director
Global City HVAC Proprietor 100.00%
Corporation Limited Excel Dyeing & Printing Limited Managing Director 18.00%
Land Mark Hotel & Restaurant Proprietor 100.00%

Mr. Mohammed Oheidul Alam Taysir Trade Proprietor 100.00%
15 representing Bangladesh Director C&A Real Estate Limited Director 25.00%
Petro Chemicals Limited Blue Touch Partner 60.00%

Orchid Business Hotel Partner 50.00%
Anousha Trade Proprietor 100.00%
Independent Not
16 Mr. Hasan Iqbal * Not Applicable Not Applicable Applicable
Director
Independent Not
17 Dr. Md. Nizamul Hoque Bhuiyan Not Applicable Not Applicable Applicable
Director
Independent Not
18 Mr. Ahmed Muktadir Arif Not Applicable Not Applicable Applicable
Director
Not
19 Dr. Mehe Zebunnesa Independent
Not Applicable Not Applicable Applicable
Rahman *
Director
Note: (*) Mr. Hasan Iqbal and Dr. Mehe Zebunnesa Rahman has been appointed as Independent Directors in the Board
of Directors in its 68th meeting held on November 28, 2022 in place of Independent Directors Mr. Mohammed Kutub
Uddowllah and Mr. S. A. M. Salimullah (both have completed the 2nd and final term) subject to approval of the
regulators.
ANNUAL
REPORT 2022 445
Statement of Related Party transactions and their related concerns
Annexure - E
Name Relationship Nature of Transaction Outstanding
Aviva Finance Limited (Reliance) Shareholder Fixed deposit 2,945,000,000
Rashad Industries (Pvt.) Limited Mrs. Sajeda Noor Begum Bai Muajjal Worker Salary
(Shareholder & Spouse of Stimulus Package &
Director Mr Mohammad Working Capital 20,179,192
Shahjahan Meah)
M/s. A. Hoque Traders Mr Mohammad Shahjahan Bai Muajjal-Uddom-Trading

1,342,733
Meah (Director) (Guarantor)
H.N. Automobiles Limited Mr Mohammad Shahjahan Bank Guarantee
Meah (Director) & Mr Md. Kamal 34,596,638
Pasha (Shareholder)
Ms. Danny Chowdhury Sponsor shareholder Credit Card -

Mr. Rashed Uddin Mahmud Sponsor shareholder Credit Card 66,435
Ms. Khodeza Begum Family member of Sponsor Director Credit Card -

Mr. Nizam Chowdhury Director Credit Card -
Mr. Mohammad Zakaria Chowdhury Family member of Director Credit Card -
Ms. Shahana Ferdous Director Credit Card 4,342
Mr. Abdus Samad Family member of Director Credit Card 4,692
Mr. Jawadul Alam Chowdhury Family member of Director Credit Card -
Mr. Atiqul Alam Chowdhury Family member of Director Credit Card -
Mr. Shahidul Alam Director Credit Card 288,251

Ms. Sharmin Fatema Family member of Director Credit Card 9,203
Mr. Md. Abdullah Hassan Family member of Director Credit Card 110,893
Mr. Md. Rasedul Alam Family member of Director Credit Card 592,395
Mr. Mohammad Mostan Billah Adil Director Credit Card 143,963
Mr. Arif Ahmed Director Credit Card -
Mr. Mohammad Shajahan Meah Director Credit Card 1,075,131
Ms. Shajada Noor Begum Family member of Director Credit Card 768,038
Dr. Mohammad Faruque Director Credit Card -
Mr. Osman Goni Director Credit Card 583,080
Ms. Farzana Begum Family member of Director Credit Card 21,285
Mr. Belal Ahmed Family member of Director Credit Card -
Mr. Ahsanul Alam Family member of Director Credit Card -
Mr.Wahidul Alam Seth Director Credit Card 76,218
Ms. Badrun Nessa Alam Family member of Director Credit Card -
Mr. Hasan Mansur Director Credit Card 9,557
446
ANNUAL
REPORT 2022
Highlights
Annexure - F
(Taka in million)
SL Particulars
2022 2021
1 Paid up Capital 9,404.19 5154.19
2 Total Regulatory Capital 13,957.73 8,837.06
3 Capital Surplus 3,376.71 (1,528.21)
4 Total Assets 153,810.90 132,810.30
5 Total Deposit 118,809.22 117,805.46
6 Total Investment (Loans & Advance) 118,680.54 107,086.97
7 Total Contingent Liabilities and Commitment 5,290.10 5,176.84
8 Investment Deposit Ratio ( % ) 89.10% 90.71%
9 Percentage of Classified Investment against total Investments 4.48% 2.23%
10 Profit after Tax and Provision 963.16 1,319.39
11 Amount of Classified Investment 5,322.35 2,386.11
12 Provisions kept against classified Investment 1,493.89 680.05
13 Provisions surplus - -
14 Cost of Fund 8.28% 8.72%
15 Profit Earning Assets 128,757.74 118,392.68
16 Non-Profit Earning Assets 25,053.16 14,417.63
17 Return on Investment in Securities (ROI) 4.47% 2.56%
18 Return on Assets (ROA) 0.67% 1.04%
19 Income from Investment in Securities 360.03 210.09
20 Earnings Per Share [previous year's figure restated] 1.02 2.56
21 Net Income Per Share [previous year's figure restated] 1.02 2.56
22 Price Earning Ratio (Times) 8.82 N/A
ANNUAL
REPORT 2022 447
448
ANNUAL
REPORT 2022
GIB GLOBAL CORRESPONDENTS
NETWORK
RUSSIA
● ALFA Bank
● JSC Rosselkhoz Bank
SAUDI ARABIA
● Islamic Development Bank
SERBIA
● Banca Intesa Ad, Beograd Branch
SINGAPORE
● AXIS Bank Limited ● Wells Fargo Bank, N.A., Singapore Branch
SOUTH AFRICA
● Firstrand Bank Limited
SRI LANKA
● Commercial Bank of Ceylon PLC ● AXIS Bank Limited
SWITZERLAND
● Deutsche Bank (Suisse) SA - Private Banking ● EFG Bank AG
● Migros Bank
TAIWAN
● Mizuho Bank, Limited., Taipei Branch ● Wells Fargo Bank, N.A., Taipei Branch
THAILAND
● Mizuho Bank Limited, Bangkok Branch
● TMB thanachart Bank Public Company Limited
TURKEY
● Albaraka Turk Participation Bank ● Turkiye Vakiflar Bankasi T.A.O.
● Aktif Yatirim Bankasi A.S.
UKRAINE
● JSC 'Bank Credit Dnepr'
UNITED ARAB EMIRATES

● Mashreq Bank PSC. ● AXIS Bank Limited, DIFC Branch
UNITED KINGDOM
● Mashreq Bank PSC ● Wells Fargo Bank, N.A., London Branch
● Sonali Bank (UK) Limited ● EXIM Exchange Company (U.K.) Limited
UNITED STATES OF AMERICA

● Kookmin Bank, New York Branch ● Mashreq Bank PSC., New York Branch
● Habib American Bank ● Wells Fargo Bank, N.A.
VIETNAM
● Asia Commercial Bank
ANNUAL
REPORT 2022 457
GLOBAL REPORTING
INITIATIVES
GRI GENERAL STANDARD
ASPECT GRI CODE INDICATORS OUR STATUS

Strategy and Analysis G4-1 Statement from the most senior decision-maker of the organization
addressing sustainability Complied
G4-3 Name of the organization Complied

G4-4 Primary brands, products, and services Complied
G4-5 Location of the organization’s headquarters Complied
G4-6 Countries where the organization operates Complied
G4-7 Nature of ownership and legal form Complied
G4-8 Markets served Complied
G4-9 Scale of the organization Complied
Organisational Profile G4-10 Employment Complied
G4-11 Collective bargaining Complied
G4-12 Supply chain Complied
G4-13 Organisational changes Complied
G4-14 Precautionary approach Complied
G4-15 Externally developed economic, environmental and social charters Complied
G4-16 Memberships of associations Complied
G4-17 Entities Complied
Identifies Material G4-18 Process for defining the report Complied
Aspects G4-19 Material aspects identified Complied
and Boundaries G4-20 Material aspect within the organization Complied
G4-21 Material aspect outside the organization Complied
G4-24 Stakeholder groups Complied
Stakeholder G4-25 Identification and selection of stakeholders Complied
Engagement G4-26 Approach to stakeholder engagement Complied
G4-27 Key topics and concerns raised Complied
G4-28 Reporting period Complied
G4-30 Reporting cycle Complied
Report Profile G4-31 Contact point Complied
G4-32 Chosen content Complied
G4-33 External assurance for the report Complied
Governance,
Commitments G4-34 Governance structure Complied
and Engagements
Ethics and Integrity G4-56 Organization’s values, principles, standards and norms of behavior Complied
458
ANNUAL
REPORT 2022
GLOBAL REPORTING
INITIATIVES
GRI SPECIFIC STANDARD
ASPECT GRI CODE INDICATORS OUR STATUS

ECONOMIC
G4-EC1 Direct economic value generated and distributed Complied
Economic
Performance G4-EC2 Financial implications and other risks and opportunities for Complied
activities due to climate change
Ratios of standard entry level wage by gender compared to
G4-EC5 Complied
local minimum wage at significant locations of operation
Market Presence
G4-EC6 Proportion of senior management hired from the local
Complied
community at significant locations of operation
Development and impact of infrastructure investments and Complied
G4-EC7
Indirect Economic services supported
Impacts Significant indirect economic impacts, including the extent of
G4-EC8 Complied
impacts
ENVIRONMENT
G4-EN3 Energy consumption within the organization Complied
Energy
G4-EN6 Reduction of energy consumption Complied
Products and Extent of impact mitigation of environmental impacts of
G4-EN27 products and services
Services Complied
LABOR PRACTICES AND DECENT WORK

Average hours of training per year per employee by gender, Complied
G4-LA9 and by employee category
Training &
Programs for skills management & lifelong learning that support
Education
G4-LA10 the continued employability of employees and assist them in Complied
managing career
Composition of governance bodies and breakdown of
Diversity & Equal employees per employee category according to gender, age
G4-LA12 Complied
Opportunity group, minority group membership, and other indicators of
diversity
SOCIETY
FS-13 Access points in low-populated or economically
disadvantaged areas by type Complied
Local
Communities
Initiatives to improve access to financial services for
FS-14 Complied
disadvantaged people
Communication and training on anticorruption policies and
Anti-Corruption G4-SO4 Complied
procedures
Compliance G4-FS6 Percentage of the portfolio for business lines by specific region, Complied
size and by sector
Monetary value of products and services designed to deliver a
G4-FS7 specific social benefit for each business line broken down by Complied
purpose
Monetary value of products and services designed to deliver a
Complied
G4-FS8 specific environmental benefit for each business line broken
Product Portfolio
down by purpose
Coverage and frequency of audits to assess implementation of
environmental and social policies and risk assessment Complied
G4-FS9
procedures
ANNUAL
REPORT 2022 459
SAFA
CG DISCLOSURE
PARTICULATS OUR STATUS

1. BOARD OF DIRECTORS, CHAIRMAN AND CEO
1.1 Company's policy on appointment of directors disclosed Complied
Adequate representation of non-executive directors i.e., one third of the board, subject to a
1.2 Complied
minimum of two
At least one independent director on the board and disclosure/affirmation of the board on Complied
1.3 such director's independence
1.4 Chairman to be independent of CEO Complied
1.5 Responsibilities of the Chairman of the Board appropriately defined and disclosed. Disclosure of Complied
independence of Non-Executive Directors
1.6 Existence of a scheme for annual appraisal of the board's performance and disclosure of the same Complied
1.7 Disclosure of policy on annual evaluation of the CEO by the Board Complied
Disclosure of policy on training (including details of the continuing training program) of directors
1.8 and type and nature of training courses organized for directors during the year Existence of a Complied
scheme for annual appraisal of the boards performance
At least one director having thorough knowledge and expertise in finance and accounting to
1.9 provide guidance in the matters applicable to accounting and auditing standards to ensure Complied
reliable financial reporting
Disclosure of number of meetings of the board and participation of each director (at least 4
1.10 Complied
meetings are required to be held)
1.11 Directors issue a report on compliance with best practices on Corporate Governance that is Complied
reviewed by the external auditors
2. VISION, MISSION AND STRATEGY

2.1 Company's vision, mission statements are approved by the board and disclosed in the annual report Complied
2.2 Identification of business objectives and areas of business focus disclosed Complied
2.3 General description of strategies to achieve the company's business objectives Complied
3. AUDIT COMMITTEES
3.1 Appointment and Composition Complied
Whether the Audit Committee Chairman is an independent Non-Executive Director and
3.1.1 Professionally Qualified Complied
Whether it has specific terms of reference and whether it is empowered to investigate / question
3.1.2 Complied
employees and retain external counsel
3.1.3 More than two thirds of the members are to be Non-Executive Directors Complied
All members of the audit committee to be suitably qualified and at least one member to have expert
3.1.4 Complied
knowledge of finance and accounting
3.1.5 Head of internal audit to have direct access to audit committee Complied
The committee to meet at least four times a year and the number of meetings and attendance by
3.1.6 Complied
individual members disclosed in the annual report
3.2 Objectives & Activities Complied
Statement on Audit Committee's review to ensure that internal controls are well conceived properly
3.2.2 Complied
administrated and satisfactorily monitored
3.2.3 Statement to indicate audit committee's role in ensuring compliance with Laws, Regulations and Complied
timely settlements of Statutory dues
Statement of Audit committee involvement in the review of the external audit function
● Ensure effective coordination of external audit function
● Ensure independence of external auditors.
● To review the external auditors' findings in order to be satisfied that appropriate Complied
3.2.4 action is being taken
● Review and approve any non-audit work assigned to the external auditor and
ensure that such work does not compromise the independence of the external
auditors Recommend external auditor for appointment/ reappointment
460
ANNUAL
REPORT 2022
SAFA
CG DISCLOSURE
PARTICULATS OUR STATUS

3.2.5 Statement on Audit committee involvement in selection of appropriate accounting policies Complied
that are in line with applicable accounting standards and annual review
3.2.6 Statement of Audit Committee involvement in the review and recommend to the board of
Complied
directors, annual and interim financial releases
3.2.7 Reliability of the management information used for such computation Complied
4. INTERNAL CONTROL AND RISK MANAGEMENT
4.1 Statement of Director's responsibility to establish appropriate system of internal control Complied
Narrative description of key features of the internal control system and the manner in which the
4.2 system is monitored by the Board, Audit Committee or Senior Management Complied
4.3 Statement that the Director have reviewed the adequacy of the system of internal controls Complied
4.4 Disclosure of the identification of risks the company is exposed to both internally & externally Complied
4.5 Disclosure of the strategies adopted to manage and mitigate the risks Complied
5. ETHICS AND COMPLIANCE
5.1 Disclosure of statement of ethics and values, covering basic principles such as integrity, conflict Complied
of interest, compliance with laws and regulations etc.
5.2 Dissemination/ communication of the statement of ethics & business practices to all directors
Complied
and employees and their acknowledgement of the same
Board's statement on its commitment to establishing high level of ethics and compliance within Complied
5.3 the organization.
Establishing effective anti-fraud programs and controls, including effective protection of whistle
5.4 blowers, establishing a hot line reporting of irregularities etc. Complied
6. REMUNERATION COMMITTEE
6.1 Disclosure of the charter (role and responsibilities) of the committee Complied
Disclosure of the composition of the committee (majority of the committee should be
6.2 Complied
non-executive directors, but should also include some executive directors)
Disclosure of key policies with regard to remuneration of directors, senior management and
6.3 Complied
employees
6.4 Disclosure of number of meetings and work performed Complied
6.5 Disclosure of Remuneration of directors, chairman, chief executive and senior executives Complied
7. HUMAN CAPITAL
7.1 Disclosure of general description of the policies and practices codified and adopted by the
company with respect of Human Resources Development and Management, including Complied
succession planning. merit-based recruitment, performance appraisal system, promotion and
reward and motivation, training and development, grievance management and counselling
7.2 Organizational Chart Complied
8. COMMUNICATION TO SHAREHOLDERS & STAKEHOLDERS
8.1 Disclosure of the Company's policy/strategy to facilitate effective communication with share-
Complied
holders and other stakeholders
Disclosure of Company's policy on ensuring participation of shareholders in the Annual General Complied
8.2
Meeting and providing reasonable opportunity for the shareholder participation in the AGM.
9. ENVIRONMENTAL AND SOCIAL OBLIGATIONS
9.1 Disclosure of general description of the company's policies and practices relating to social and
Complied
environmental responsibility of the entity
Disclosure of specific activities undertaken by the entity in pursuance of these policies and Complied
9.2
practices
ANNUAL
REPORT 2022 461
KEY FINANCIAL INDICATORS
DISCLOSURE
AREA KEY COMPONENTS OUR STATUS

1. Capital Adequacy Capital Adequacy Ratio (CAR) Disclosed
Internal Capital Generation Ratio Disclosed
Leverage Ratio Disclosed
Capital Conservation Buffer Disclosed
2. Asset Quality Gross Non-Performing Investment (NPI) Ratio Disclosed
Net Non-Performing Investment (NPI) Ratio Disclosed
Gross Non-Performing Investment Coverage Disclosed
Large Investment Exposure Disclosed
SME Portfolio Disclosed
Corporate Portfolio Disclosed
3. Profitability Return on Average Assets (ROAA) Disclosed
Return on Average Equity (ROAE) Disclosed
Return on Average Risk Weighted Assets (RRWA) Disclosed
Net Interest Margin Disclosed
4. Liquidity & Funding Liquid Assets Ratio Disclosed
Investment to Deposit Ratio Disclosed
Liquidity Coverage Ratio Disclosed
Net Stable Funding Ratio Disclosed
5. Performance for shareholders Dividend yield Disclosed
Net Asset Value (Growth) Disclosed
Capital Appreciation Disclosed
6. External Credit Ratings Short Term Disclosed
Long Tern Disclosed
7. Financial Inclusion Number of Branches Disclosed
Number of Sub-Branches Disclosed
Number of ATMs Disclosed
Web based Services Disclosed
Internet Banking Disclosed
Agent Banking Services Disclosed
Call Centers Services Disclosed
8. Corporate Governance Non-Shareholding/ Independent Director Disclosed
Single Family Domination Disclosed
Free Float Disclosed
Audit Committee led by Independent Director Disclosed
Director’s Minimum Shareholding Disclosed
Auditors’ Opinion Disclosed
9. Environmental Care Sustainable Financing/ Green Banking Initiatives Disclosed
Sustainable/ Integrated Reporting Disclosed
10. Focus for Employee Net Employee Turnover Disclosed
Employee Compensation and Benefits Disclosed
Gender Diversity Disclosed
Training and Development Spending Disclosed
11. Corporate Social Responsibility Amount of CSR Expenditure Disclosed
Quality of CSR Activities Disclosed
12. Contribution to National Exchanger Direct and Indirect Tax Disclosed
462
ANNUAL
REPORT 2022
RELATED
GLOSSARY
ACCRUAL BASIS DIVIDEND

Recognizing the effects of transactions and other events Distribution of a portion of a company's earnings,
when they occur without waiting for the receipt or decided by the board of directors, to a class of its
payment of cash or its equivalent. shareholders.
BILLS FOR COLLECTION EARNINGS PER SHARE (EPS)

A bill of exchange drawn by an exporter usually at a term, Profit attributable to ordinary shareholders divided by
on an importer overseas and brought by the exporter to the number of ordinary shares in issue.
his bank with a request to collect the proceeds.
BONUS ISSUE ECONOMIC VALUE ADDED (EVA)

The issue of new shares existing shareholders in EVA is a profitability measure designed to recognize the
proportion to their shareholdings. It is a process for requirement to generate a satisfactory return on the
converting a company's reserves (in whole or part) into economic capital invested in the business. If the business
stated capital and hence does not involve all infusion of produces profit in excess of its cost of capital then value
cash. is created for shareholders.
CAPITAL ADEQUACY RATIO FAIR VALUE

A measurement of a bank's capital. It is expressed as a Fair value, also called fair price, is a concept used in
percentage of a bank's risk weighted asset exposures. finance and economics, defined as a rational and
unbiased estimate of the potential market price of a
good, service, or asset.
CASH BASIS FINANCE LEASE

Recognizing the effects of transactions and events A contract whereby a lessor conveys to the lessee the right
when receipt or payment of cash or cash equivalent to use all asset for rent over an agreed period of time which
occurs. is sufficient to amortize the capital outlay of the lessor. The
lessor retains ownership of the asset but transfers substantially
all the risks and rewards of ownership to the lessee.
COMMITMENTS FOREIGN EXCHANGE EARNINGS

Credit facilities approved but not yet utilized by the Profit earned on foreign currency transactions arising
client as at the balance sheet date. from the difference in foreign exchange rates between
the transaction/last balance sheet date and the
settlement/ balance sheet date. Also arises from trading
in foreign currencies.
CONSOLIDATED FINANCIAL STATEMENTS GENERAL PROVISION

Financial statements of a group presented as those of a General provision is made on outstanding loan and
single company. advance without considering the quality of loans and
advances according to the prescribed rate of
Bangladesh Bank.
CONTINGENCIES GUARANTEE
A condition or situation existing at balance sheet date Three party agreement involving a promise by one party
where the outcome will be confirmed only by (the guarantor) to fulfill the obligation of a personal
occurrence or non-occurrence of one or more future owing a debt if that person fails to perform.
events.
COST TO INCOME RATIO INTANGIBLE ASSETS

Operating expenses as a percentage of total income. An intangible asset is as identifiable non-monetary asset
without physical substance.
CORPORATE GOVERNANCE INVESTMENT LOSSES & PROVISION

The set of processes, customs, policies, laws and Amount set aside against possible losses on investments,
institutions affecting the way a corporation is directed, advances and other credit facilities as a result of such
administered or controlled. facilities becoming partly or wholly uncollectible.
ANNUAL
REPORT 2022 463
RELATED
GLOSSARY
ICAB PRICE EARNINGS RATIO (P/E RATIO)

The Institute of Chartered Accountants of Bangladesh P/E ratio is calculated as market price of a share divided
(ICAB) is a National Professional Accounting Body in by earnings per share.
Bangladesh established in year 1973.
RELATED PARTIES
ICSB
Parties where one party has the ability to control the
ICSB was established under an Act of Parliament i.e.
other party or exercise significant influence over the
Chartered Secretaries Act 2010 is the only recognized
other party in making financial and operating decisions,
professional body for CS in Bangladesh.
directly or indirectly as per International Accounting
Standard (IAS)-24 on "Related Party Disclosures".
INITIAL PUBLIC OFFER (IPO) RETURN ON ASSETS (ROA)

An initial public offer or stock launch is a public offer in Profit after tax divided by the average assets.
which shares of a company are sold to institutional
investors and usually also individual investors.
MARKET CAPITALIZATION RETURN ON EQUITY (ROE)

Number of ordinary shares in issue multiplied by the Profit after tax divided by the average shareholders'
market value of a share as at the year end. equity.
MARKED-TO-MARKET RISK WEIGHTED ASSETS (RWA)

The valuation of certain financial instruments at fair On balance sheet assets and the credit equivalent of off
value as of the balance sheet date. balance sheet assets multiplied by the relevant risk
weighting factors, Trading book multiplied by the
relevant risk factor and 15% of operating income.
MATERIALITY SEGMENT REPORTING

The relative significance of a transaction or all events Analysis of information by segments of an enterprise,
the omission or misstatement of which could influence specifically the different industries and the different
the economic decisions of users of financial statements. geographical areas in which it operates.
NET PROFIT MARGIN STATUTORY RESERVE

Net Profit income, on a taxable equivalent basis, Capital reserve created as per provisions of section 24 of
expressed as a percentage of average total assets. the Bank Company Act, 1991 (Amendment up to 2018).
NON PERFORMING INVESTMENTS TIER-I CAPITAL

All Investments are classiffied as non-performing as per Core capital representing permanent shareholders'
circulars/ guidelines of Bangladesh Bank. equity and reserves created or' increased by
appropriations of retained earnings or other surpluses.
NET ASSET VALUE PER SHARE TIER-II CAPITAL

Shareholders' funds excluding preference shares if any, Supplementary capital representing general provisions,
divided by the number of ordinary shares in issue. preference share, exchange equalisation fund and
other capital instruments which combine certain
characteristics of equity and debt such as hybrid capital
instruments and subordinated term debts.
NET PROFIT INCOME UNIFORM COMMERCIAL CODES

The difference between what a bank earns on assets The Uniform Commercial Code (UCC), first published in
such as loans and securities and what it pays on liabilities 1952, is one of a number of Uniform Acts that have been
such as deposits, refinance funds and inter bank established as law with the goal of harmonizing the laws
borrowings. of sales and other commercial transactions.
OFF BALANCE SHEET TRANSACTION VALUE ADDED

Transactions that are not recognized as assets or Value added statement shows the total wealth created,
liabilities in the balance sheet but which give rise to how it was distributed to meet certain obligations and
contingencies and commitments. reward those responsible for its creation and the portion
retained for the continued operation and expansion.
464
ANNUAL
REPORT 2022
RELATED
ACRONYMS
ABB Association of Bankers, Bangladesh IAS International Accounting Standards
ACB Audit Committee of the Board IBB Institute of Bankers, Bangladesh
AD Authorized Dealer ICAB Institute of Chartered Accountants of Bangladesh
ADC Alternative Delivery Channel ICRR Internal Credit Risk Rating
ADR Advance Deposit Ratio ICSB Institute of Chartered Secretaries of Bangladesh
AGM Annual General Meeting ICT Information and Communications Technology
AMD Additional Managing Director IFRS International Financial Reporting Standards
AML Anti-Money Laundering IMF International Monetary Fund
ALCO Asset Liability Committee IPO Initial Public Offer
ATM Automated Teller Machine ISA International Standards on Auditing
BACH Bangladesh Automated Clearing House ISA Interest Rate Sensitive Assets
BAS Bangladesh Accounting Standards ISL Interest Rate Sensitive Liabilities
BB Bangladesh Bank KPI Key Performance Indicators
BBS Bangladesh Bureau of Statistics KYC Know Your Customer
BDT Bangladesh Taka LC Letter of Credit
BEFTN Bangladesh Electronic Fund Transfer Network LDBP Local Documentary Bill Purchase
BFIU Bangladesh Financial Intelligence Unit LDC Least Developed Countries
BFRS Bangladesh Financial Reporting Standards LDCL Loan Documentation Check List
BO Beneficiary Owners LIBOR London Inter-Bank Offered Rate
BOD Board of Directors MBA Master’s in Business Administration
BRPD Banking Regulation & Policy Department MCR Minimum Capital Requirement
BSA Bangladesh Standards of Auditing MD Managing Director
BSEC Bangladesh Securities and Exchange Commission MFIs Micro Finance Institutions
BSS Bangladesh Secretarial Standards MIB Murabaha Import Bills
CAPM Capital Asset Pricing Model MICR Magnetic Ink Character Recognition
CAR Capital Adequacy Ratio MIS Management Information System
CASA Current Account and Savings Account MOU Memorandum of Understanding
CCC Central Compliance Committee MPI Murabaha Post Import
CEO Chief Executive Officer MSA Mudaraba Saving Deposit
CFO Chief Financial Officer MTDR Mudaraba Term Deposit Receipt
CGC Corporate Governance Code NBFI Non-Banking Financial Institutions
CIB Credit Information Bureau NBR National Board of Revenue
CRAR Capital Adequacy Assessment Ratio NII Net Interest Income
CRG Credit Risk Grading NOC No Objection Certificate
CRO Chief Risk Officer NPI Non Performing Investments
CRR Cash Reserve Ratio NPSB National Payment Switch Bangladesh
CS Chartered/Company Secretary NRB Non-Resident Bangladeshi
CSR Corporate Social Responsibility NRC Nomination and Remuneration Committee
CTR Cash Transaction Report PAT Profit after Tax
DCFCL Departmental Control Function Check List PCB Private Commercial Banks
DMD Deputy Managing Director PF Provident Fund
DPS Deposit Pension Scheme PPG Product Program Guidelines
DSE Dhaka Stock Exchange POS Point of Sales
DSEX Dhaka Stock Exchange Broad QOR Quarterly Operation Report
DRS Disaster Recovery Site RBCA Risk Based Capital Adequacy
EC Executive Committee RBIA Risk Based Internal Audit
EFT Electronic Fund Transfer RFCD Resident Foreign Currency Deposit
EGM Extraordinary General Meeting RJSC Registrar of Joint Stock Companies & Firms
EMV EuroPay, MasterCard and Visa RMC Risk Management Committee
EMI Equal Monthly Instalment RMU Risk Management Unit
EPS Earnings per Share ROE Return on Equity
ERM Environmental Risk Management RPO Repeat Public Offer
ERQ Export Retention Quota RTGS Real Time Gross Settlement
EU European Union RWA Risk Weighted Assets
EVA Economic Value Added SDG Sustainable Development Goals
FAD Finance and Accounts Division SFD Sustainable Finance Department
FCA Fellow of Chartered Accountant SLR Statutory Liquidity Ratio
FCS Fellow of Chartered Secretary SME Small & Medium Enterprise
FDBP Foreign Documentary Bill Purchased SND Special Notice Deposits
FY Financial Year SSC Shari’ah Supervisory Committee
GBC Green Banking Cell TOR Terms of Reference
GDP Gross Domestic Product USD United States Dollar
GIB Global Islami Bank PLC UCC Uniform Commercial Code and Incoterms
GOB Government of Bangladesh VAT Value Added Tax
HPSM Hire Purchase under Shirkatul Melk WAN Wide Area Network
HR Human Resources WWW World Wide Web
ANNUAL
REPORT 2022 465
FREQUENTLY ASKED QUESTIONS (FAQS)
ON MEMBERS MEETING
1. WHY IS THIS ANNUAL GENERAL MEETING (AGM) VIRTUAL/ HYBRID?
Pursuant to the Bangladesh Securities and Exchange Commission’s Notification No. SEC/SRMIC/94-231/91
dated March 31, 2021, a listed company can arrange and hold virtual/ hybrid shareholder meeting, which
can be conducted via live webcast by using digital platform. Considering the health and safety of all our
valued shareholders, members and others who plan to attend the AGM virtually, GIB will hold its AGM in
Hybrid system by using digital platform. We believe hybrid AGM will increase the ability to engage with all the
shareholders, regardless of their number of shares, resources or physical location.
2. HOW CAN I PARTICIPATE IN THE ANNUAL GENERAL MEETING (AGM)?
You are eligible to participate in the AGM, if you were a shareholder of GIB as on the “Record Date”, you will
be able to participate in the AGM online or in person. For online attendance, you may participate from your
laptop, desktop, tablet and smartphone using the joining link or you can even scan this QR Code provided
by the GIB authority. For logging in to the system, you need to put your 16-digit BO ID number, total number
of shares held on the “Record Date”, and other credentials as a proof of your identity. The link of the webcast
will also be available at the “Investor Information” section of the bank’s website www.globalislamib-
ankbd.com. The link will also be sent to all our valued shareholders over SMS.
3. HOW CAN I SUBMIT QUESTIONS/COMMENTS PRIOR TO AND DURING THE MEETING?
The hybrid AGM portal will be live before the commencement of AGM. You can log-into the portal and leave
your questions or comments in writing or upload voice recording for the Board. You can also submit your
questions/comments in writing to the bank’s designated investor relations email address: secretariat@global-
islamibankbd.com and during the AGM by typing it out in the “chat” option of the webcast.
4. HOW WILL GLOBAL ISLAMI BANK ADDRESS OUR QUESTIONS/COMMENTS?
During the live Q&A session on the AGM Day, the Board of Directors and the Management of the bank will
try to answer the relevant questions, which will be submitted through the system and/or email prior to or
during the meeting. However, Global Islami Bank reserves the right to edit and reject questions it deems
profane, irrelevant or otherwise inappropriate.
5. WHO IS ENTITLED TO VOTE?
Each holder of shares of Global Islami Bank as on the “Record Date” is entitled to vote at the AGM. The results
of voting will be broadcasted in real time in respect of the specific agenda item.
6. WHAT IS THE VOTING REQUIREMENT TO APPROVE EACH OF THE AGENDA?
Each agenda will be passed by majority of votes cast from members attending the meeting. Each agenda
receiving more votes in “FAVOUR” than votes “AGAINST” will be passed.
7. WHAT IS THE DEADLINE FOR VOTING MY SHARES?
Your vote must be received before the polls close for each agenda item during the AGM.
8. WHAT IF I HAVE TECHNICAL DIFFICULTIES OR TROUBLE ACCESSING THE VIRTUAL/ HYBRID MEETING?
If you encounter any difficulties accessing the virtual meeting through the link prior to or during the AGM,
please call +8809617176037 for support.
466
ANNUAL
REPORT 2022
PROXY
FORM
Saiham Tower, House # 34, Road # 136, Block # SE (C-1), Gulshan Model Town, Gulshan – 1, Dhaka – 1212, Bangladesh
I/We ............................................................................... of ............................................................................... being a member of

Global Islami Bank PLC and entitled to vote, do hereby appoint Mr./Ms. ............................................................................... of
................................................................... as my/our Proxy to attend and vote on my/our behalf in the 10th Annual General
Meeting (AGM) of the Company to be held through “Digital Platform” on Tuesday, July 25, 2023 at 11.00 AM or at any
adjournment thereof.
As witness I put my/our hand(s) this .................. day of .................. 20 …… REVENUE

STAMP
BDT 20.00
1. ................................................................. Signature of the PROXY
2. ................................................................. Signature of the Shareholder
Signature of the Shareholder
Folio/BO ID No
Note: This Proxy Form, duly completed, must be deposited at the Company’s Registered Office not later than 48 (forty-eight) hours before
the commencement of meeting. Proxy shall be invalid if not signed and stamped as explained above. Signature of the Shareholders should
agree with the Specimen Signature registered with the Company/Depository Participants.
ATTENDANCE
SLIP
Saiham Tower, House # 34, Road # 136, Block # SE (C-1), Gulshan Model Town, Gulshan – 1, Dhaka – 1212, Bangladesh
I/We hereby record my/our attendance in the 10th Annual General Meeting (AGM) of the Company to be held through
“Digital Platform” on Tuesday, July 25, 2023 at 11.00 AM or at any adjournment thereof.
Name of the Member/
Proxy (in Block Letter)
Folio/BO ID No
Signature Verified by
Signature of the Shareholder/PROXY Authorized Signature of the Company
Note: Shareholders attending the meeting in person or by proxy are requested to complete the Attendance Slip and deposit the same at
the reception desk. Any friend or children accompanying with the honorable Member/ Shareholders/ Proxy will not be allowed to the
meeting.
ANNUAL
REPORT 2022 467
NOTE
PAGE
468
ANNUAL
REPORT 2022
Scan the QR Code for
Weblink of the GIB Annual Reports
This GIB Annual Report is available at

Global Islami Bank PLC
Board & Company Secretariat Division
Saiham Tower, House # 34, Road # 136, Block # SE (C-1)
Gulshan Model Town, Gulshan - 1, Dhaka - 1212, Bangladesh.

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ANNUAL REPORT

Bangladesh is advancing with limitless potential

Narrated Ma’mar bin ‘Abdullah (RA): Allah’s Messenger (SAW) said:

ASSOCIATES & AFFILIATIONS

Association of Bankers Bangla-

Corporate Head Office

Certificate Issued in favor of Global Islami Bank PLC

Certificate Issued in favor of Global Islami Bank PLC

GIB won "Best Corporate Award 2021" from ICMAB

This is to certify that

Global Islami Bank Ltd - IT Division

has been assessed and complying with

The management system associated to the following scope:

Issued Certificate Date : 26/12/2022

Certificate Issued in favor of Global Islami Bank PLC

Verses and Guidance 02

07 GIB GOVERNANCE REPORTING

Assalamu Alaikum WRWB,

We are pleased to enclose a copy of the “GIB Annual Report 2022”

This is for your kind information and record.

Md. Manjur Hossain

Date: July 03, 2023

Md. Manjur Hossain

After creating the feature of "Great Experience"

TRUST TEAMWORK QUALITY RELIABILITY ETHICS INNOVATION

• We trust in the Almighty Allah;

FINANCIAL EFFICIENCY CUSTOMER FOCUS

• Achieve sustainable growth in

• Include unbanked people into banking

EACH EMPLOYEE OF GIB HAS RESPONSIBILITY TO:

RELATIONS WITH PUBLIC ORGANIZATIONS, REGULATORS AND OTHER INSTITUTIONS/ORGANIZATIONS: GIB

Getting NOC from Bangladesh Bank June 19, 2013

Opening of GIB Agrabad Corporate Branch

2014 Approval from Bangladesh Bank for

Approval from Bangladesh Bank for

Launching of GIB Credit Card June 16, 2015

Inauguration of GIB Training Institute July 31, 2016

Fourth Anniversary of GIB Banking Operations October 23, 2017

2018 First Dividend Declared for the Shareholders

GIB Aturar Depot Branch, Chattogram August 12, 2018

Fifth Anniversary of GIB Banking Operations October 23, 2018

Approval from BB for Opening of

Seventh Anniversary of GIB Banking Operations October 23, 2020

Inauguration of “Go Fast” Internet Banking Service January 31, 2021

Opening of 100th Sub-Branch as

• GIB Debit Card

1 Mr. Nizam Chowdhury Sponsor & Chairman

2 Mrs. Maimuna Khanam Sponsor & Vice Chairperson

3 Dr. Mohammed Faruque Sponsor Director

4 Mr. Mohammad Shahjahan Meah Sponsor Director

5 Mr. Hasan Mansur Sponsor & Nominated Director

6 Mr. Mohammed Yousuf Sponsor Shareholder

7 Mr. Rashed Uddin Mahmud Sponsor Shareholder

8 Mr. Mohammad Kamal Pasha Sponsor Shareholder

9 Ms. Danny Chowdhury Sponsor Shareholder

10 Mr. Jashim Uddin Chowdhury Sponsor Shareholder

11 Mr. Mohammad Hanif Chowdhury Sponsor

12 Mr. Ghulam Mohammed Sponsor