ISLAMIINS 27-Sep-2020 The Company has further informed that they will organize their 20th AGM October 10, 2020, Time: 10:30 AM, using digital platform.
ISLAMIINS 20-Sep-2020 ARGUS Credit Rating Services Limited (ACRSL) has announced the CPA (Claim Paying Ability) rating of the Company as "AA-" for long term and "ST-2" for short term in consideration of financial statements of the Company up to December 31, 2019 (audited), Q2FY20 (unaudited) and other relevant quantitative as well as qualitative information up to the date of rating declaration.
ISLAMIINS 13-Aug-2020 Trading of the Shares of the Company will resume on 16.08.2020 after record date.
ISLAMIINS 12-Aug-2020 (Continuation news of ISLAMIINS): Note 19.00 Office Space Purchase in Process: Balance of Office Space Purchase in Process as on 31 December 2019 was BDT 276,806,000.00 and as on 31 December 2018 was BDT 276,806,000.00." (end)
ISLAMIINS 12-Aug-2020 (Continuation news of ISLAMIINS): by the lessee. Only certain short-term and low-value leases are exempted. In compliance with the standard, IIBL has reviewed the lease agreements in place and concluded that the leased assets are either of low value or outstanding for less than 12 months. As per IFRS 16, the management has therefore elected to option for the exemption paragraph in IFRS 16. (cont. 4)
ISLAMIINS 12-Aug-2020 (Continuation news of ISLAMIINS): IFRS 16: Leases effective from annual periods beginning on or after January 1, 2019 has changed how the lessee accounts for its operating lease contracts. The company leases a number of office space in addition to service sites. IFRS 16 requires all contracts that contain a lease to be recognized on the balance sheet as a right-of-use asset and lease liability (cont. 3)
ISLAMIINS 12-Aug-2020 (Continuation news of ISLAMIINS): where the company has not recognized the handed over office space as fixed assets. The management has decided to recognize the rental payments as expense in relation to "Office Space Purchase in Process" the management recognize the payments for "Office Space Purchase in Process" as advances. Our opinion is not modified in respect of these matters. Note 2.16 IFRS-16 Leases: (cont. 2)
ISLAMIINS 12-Aug-2020 The auditor of Islami Insurance Bangladesh Limited has given the following "Emphasis of Matter" in the audit report of the company prepared for the year ended on December 31, 2019. Emphasis of Matter: We draw attention to note 2.16 to the financial statements which describes the recognition of "IFRS: 16 Leases" which was not adopted by the company and also refer to the note 19.00 "Office Space Purchase in Process" (cont. 1)
ISLAMIINS 12-Aug-2020 Trading of the shares of the Company will remain suspended on record date i.e., 13.08.2020.
ISLAMIINS 09-Aug-2020 Trading of the shares of the Company will be allowed only in the Spot Market and Block transactions will also be settled as per Spot settlement cycle with cum benefit from 10.08.2020 to 12.08.2020. Trading of the shares of the Company will remain suspended on record date i.e., 13.08.2020.