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About SJIBL Foundation
With a view to ensure welfare of the greater community by utilizing the C.S.R. & Zakah fund, Bank has established a foundation called "Shahjalal Islami Bank Foundation".
The main objectives of Shahjalal Islami Bank Foundation are:
To provide health-care to poor and distressed people.
To provide education support to meritorious but poor students through scholarship, award.
To provide financial assistance to flood, cyclone or disaster affected people.
To support humanitarian.
To provide financial assistance to development of culture, sports of the country
To participate in social and environmental activities.
Corporate Social Responsibility (C.S.R.) is a form of corporate self-regulation integrated into a business model. C.S.R. policy functions as a built-in, self-regulating mechanism whereby business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. The goal of C.S.R. is to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere.
Sector for Corporate Social Responsibility (C.S.R.) as per Regulatory Authority Instruction Yearly C.S.R. to be allocated C.S.R. Contribution of Shahjalal Islami Bank Ltd
Education and Job focused Vocational Training 30% Distribution of Scholarship to 500 Students of S.S.C.& H.S.C. level each year.
Preventive and Curative Healthcare 20% Donation to Hospitals running as non-profitable organizations.
Climate Risk Fund (CRF)/Environment Purpose 10% Tree Plantation(program arranged by banks 10 branches separately in 2013), House Repair in cyclone(was done last in Brahmonbaria natural disaster affected area), flood affected area etc.
Remaining Other Sectors 40% Blanket Distribution and Cash Contribution to Prime Ministers Fundto assist in national and international disasters as remarkably did during Tajrin Fashion Disaster, Rana Plaza Disaster, Nepals' massive Earth Quake, Rohingya Aid etc.
Corporate Social Responsibility (CSR) of the Shahjalal Islami Bank Ltd has been shaped out considering following perspectives:
Responsibility towards Shareholders
Responsibility towards Customers
Responsibility towards Suppliers
Responsibility towards Community
Responsibility towards Environment
Foundation of Shahjalal Islami Bank, like practice of other Islamic Banks have following source of fund for donation:
1) Zakah received from public
2) Zakah contributed based on the ending balance of Banks statutory reserve, share premium, general reserve, retained earnings etc.
3) Fitra,
4) Mannat,
5) Kaffarah,
6) Usor
7) Suspicious income
8) Overdue income (considered as interest) from expired investments
9) Interest received from Bangladesh Bank account
10) Interest received from Conventional Bank account, Nostro Account abroad.
Mentionable that Islamic banks accept interest only when they are unavoidable (From Sl. No. 07 to 10 as mentioned above) but they cannot credit them into income like conventional banks; rather Islamic Banks have to utilize them as source of fund for Corporate Social Responsibility (CSR) through Foundation for public welfare so that benefit of greater human kind can be ensured with these unutilized fund. As such, unutilized funds (From Sl. No. 07 to 10 as mentioned above) are used for C.S.R by Shahjalal Islami Bank in stead of crediting them into income accounts in order to comply with Shariah norms as a Shariah compliant Bank in true sense. Again, the beauty of Islamic banking lies in using interest income for human welfare in stead of crediting the same into income since it is not possible to deny the existence of interest in conventional banking system of the world.
Foundation of Shahjalal Islami Bank Ltd is highly committed to ensure both regulatory compliance and Shariah compliance to utilize its fund for Corporate Social Responsibility (C.S.R.) in addition to rightly maintain the fund of Zakah.
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