One of our main objectives has been to adopt international standards of practice and professional ethics.
We were first to adapt ourselves to Basel II and capital adequacy limits. In this quest, we are setting up the infrastructure for the application of the body of principles and guideline governing all the parties interested, including share-holders, Board of Directors, employees, customers and the social environment as a whole, known as Corporate Governance. These principles and guidelines include transparency, equity, assumption of responsibility and being responsive.
It has to be noted that during the years 1386-87, the Central Bank has also set rules and guidelines for application of the above-mentioned principles by banks during the year under review, an independent body was set up under the supervision of the Board of Directors to undertake this function. Two other new units of Internal Audit and Compliance have also been set up under the aegis of Corporate Governance.. Meanwhile, the Board has appointed an Inspection Committee and a Compliance Committee to oversee these units.