Bangladesh's Corporate World

IFIC Bank recently unveiled 'IFIC Islamic,' an extensive suite of shariah-compliant banking services. It is designed to provide a holistic array of Islamic financial solutions alongside its regular offerings. The ceremonial launch of 'IFIC Islamic' transpired within the versatile hall of IFIC Tower located at 61, Purana Paltan, Dhaka. Salman F Rahman, MP, an adviser to the Prime Minister on private industry and investment, and the chairman of IFIC Bank, officiated the inauguration as the principal guest. Md Khurshid Alam, the deputy governor of Bangladesh Bank, honored the occasion as the distinguished guest.   IFIC Bank, a leading name in the banking sector, stands as a beacon of trust and reliability. Established to cater to diverse financial needs, IFIC Bank has grown remarkably, offering a wide array of services. Its commitment to innovation and customer satisfaction sets it apart in the competitive financial landscape. Syed Mansur Mustafa, the managing dire...

Beximco Pharmaceuticals Limited secured a €24.9 million loan from the German bank ODDO BHF SE to expand its production capacity, enhancing its presence in both local and export markets. According to the company, Beximco Pharma and the German bank signed an agreement in February to secure the loan for purchasing machinery and equipment by 31 December. The loan will primarily be used for replacing and maintaining machinery, with a portion allocated for expanding the company's manufacturing facility. Additionally, Beximco Pharma has received approval from the Bangladesh Investment Development Authority (BIDA) to obtain the foreign loan.  Despite this disclosure, the company declined to make any official comments on the loan agreement. The company also stated that the loan, which will be paid directly to the machinery and equipment suppliers, has an interest rate of 6-month Euribor (Euro Interbank Offered Rate) plus a 1.3% margin. Repayments will be made in half-yearly installments ove...

Protectionism, sanctions, and retaliatory measures are wreaking havoc on trade for nations like Bangladesh, asserted Salman F Rahman, the Prime Minister’s Adviser on Private Industry and Investment.   "There is a prevailing notion that open markets thrive and that global economic prosperity hinges on this openness. However, we are now witnessing numerous blocs gravitating towards protectionism, a trend that is deeply troubling for countries like Bangladesh," he remarked. Rahman articulated these concerns as the chief guest at the inauguration of the BASIS America Desk in Dhaka, where US Ambassador to Bangladesh Peter D Haas was also present as the special guest. The event was orchestrated by the Bangladesh Association of Software and Information Services (BASIS).   Rahman reiterated Bangladesh’s staunch support for open trade and global trade liberalization. "Nevertheless, the proliferation of sanctions and counter-sanctions, particularly in the context of the Ru...

The Beximco 1st Unsecured Zero Coupon Bond's subscription commenced in Dhaka.  The first tranche will conclude on May 15, 2024. Bangladesh Securities and Exchange Commission (BSEC) gave the approval on April 3, 2024, granting authorization to BEXIMCO Group to issue bonds totaling Tk1,500 crore. BEXIMCO Group is Bangladesh's largest conglomerate which currently has operations and investments across a wide range of industries including textiles, pharmaceuticals, PPE, ceramics, real estate development, construction, trading, marine food, information and communication technologies, media, DTH, financial services, and energy. BEXIMCO Group's subsidiaries export products to more than 55 countries worldwide. The company  has retail outlets in South Asia and Eastern Europe. It operates one of the largest integrated textile production businesses in Asia. Its main manufacturing base is the BEXIMCO Industrial Park in Gazipur, Bangladesh. Beximco Pharma, the group's pharmaceutical ...

Salman F Rahman urged the country’s business leaders to conduct their business with patience and honesty for the people’s welfare. "Everyone has to work together to face the economic challenges posed in the prevailing unstable global context," he said during a views-exchange with a delegation led by FBCCI President Mahbubul Alam at the adviser's office. He further said the pace of Bangladesh's development will continue. Later in the day, a delegation of the Bangladesh Chemist & Druggist Samity congratulated Salman F Rahman on assuming his post for the second consecutive term. At this time, the adviser urged the delegation to appoint category-wise pharmacists as per the Pharmacy Council of Bangladesh's (PCB) policy in all pharmacies of the country. FBCCI as the apex trade organization , represents the whole private sector including 409 trade and sector base associations, 87 district base trade and commercial chambers and 20 chambers jointly with foreign countr...