The ninth annual general meeting (AGM) of Shahjalal Islami Bank Limited has approved 25 per cent stock dividend for the year that ended on December 31, '09.

The AGM was held in the city Sunday, said a press release.

The ninth extraordinary general meeting (EGM) of the bank was also held on the same venue and approved proposal to increase the authorised capital of the bank from Tk 4.0 billion to Tk 6.0 billion.

Chairman of the board of directors of the bank Engr Md Towhidur Rahman presided over both the meetings.

The directors' report and the audited accounts for the year that ended on December 31, '09 were also unanimously approved at the AGM.

A large number of shareholders attended the AGM.

The meeting discussed various issues relating to banking policies and stressed the need for procuring more deposits and making productive investments.

Addressing the AGM, the shareholders expressed their satisfaction over the overall performance of the bank.

Among others, Founder Chairman Sajjatuz Jumma, Managing Director Muhammad Ali, deputy managing directors Md Mukhter Hossain and Md Abdul Jabbar Chowdhury and Company Secretary Emran Hossain were present at the meeting, the release added.