August 26, 2010

IDLC Securities Limited Inaugurates its Narayanganj Branch

IDLC Securities Limited (IDLCSL), a fully owned subsidiary of IDLC Finance Limited, and one of Bangladesh’s top brokerages, has recently opened its 8th branch in Narayanganj.

Arif Khan, Deputy Managing Director of IDLC Finance Ltd, and President Bangladesh Merchant Banker’s Association inaugurated the branch.

Md. Saifuddin, Managing Director of IDLCSL, Md. Moniruzzaman, Head of Merchant Banking, IDLC Finance Limited and other senior officials were also present at the opening ceremony. IDLCSL is a corporate member of both Dhaka and Chittagong Stock Exchanges and a full service Depository Participant of Central Depository Bangladesh Limited. IDLCSL offers international standard brokerage services to both retail and institutional investors.

August 8, 2010

IDLC Finance holds training on Credit Risk Management

As part of its staff growth and development program, IDLC Finance Limited organized a three day training program on “Credit Risk Management” from August 6 – 8, 2010 which was facilitated by CRISIL Executive Training, CRISIL Limited of India, one of the most reputed training institutes in this region. The objective of the training program was to help relevant staff members acquire a comprehensive understanding on assessment of working capital needs of different types of businesses, development & interpretation of risk grading model for small business financing clients, methodology to be used for risk based pricing of loan products, sources of credit risk in SME financing and different ways of identifying & mitigating credit risk for SME clients etc.

The training sessions were conducted by Mr. Praloy Majumder and Mr. Manish Tripathy. Mr. Majumder is a renowned independent trainer and a management graduate from the Indian Institute of Management, Calcutta (IIMC). He has been visiting faculty with the finance department of the IIMC for the last 7 years. Mr. Tripathy is the Director and Chief Operating Officer of Dissiminare Consulting Pvt. Limited (DCPL) and is actively involved in various consultancy projects with SMEs and training assignments primarily related to risk management in retail lending. He has also completed his PGDM with specialization in Finance from the IIMC.

26 members of IDLC’s Credit Risk Management (CRM) team participated in this program and were awarded certificates at the end of the program.

August 8, 2010

IDLC Finance inaugurated its 2nd branch in Chittagong

August 8, 2010

IDLC Securities Limited Inaugurates its Khatoongonj Branch

July 31, 2010

IDLC Finance Ltd Silver Jubilee

IDLC Finance Ltd. recently celebrated the silver jubilee of its operations in Bangladesh with a corporate night at a local hotel. Dr. Atiur Rahman, Governor of Bangladesh Bank attended the function as chief guest. Numerous other dignitaries, diplomats, senior officials from the financial sector and corporate houses also attended.

Dr. Atiur Rahman in his speech, congratulated IDLC on their silver jubilee. He also requested that all NBFI’s continue to focus on liquidity & capital management and improved risk management to ensure the stability of the sector.

IDLC began operations in 1985, as Bangladesh’s first ever leasing company. Over the years the co. has become the largest and most profitable multi-product Non-Banking Financial Institution (NBFI) in Bangladesh. IDLC is today represented by 18 branches in four cities, employs 560+ staff and has diversified into the Corporate, SME, Retail, Capital Market segments.

IDLC has continues to evolve as an innovative financial solutions provider and role model for all competitors which is now able to offer its customers integrated and customized financial solutions under one roof. Mr. Anwarul Huq, the IDLC Chairman, and Mr. Selim RF Hussain, their CEO & MD, both thanked key stakeholders and valued customers for their continuous support and patronage.

IDLC announced they would henceforth meet the internationally accepted environmental standards in all their operations and would also ensure their environment-friendly business partnerships. IDLC is shortly becoming a member of the United Nations Global Compact and United Nations Environment Program for Financial Institutions. The co. also announced plans to join the Bangladesh CSR Board.

June 20, 2010

The first ever Float-Adjusted Stock Market Index in Bangladesh

IDLC Finance Limited, with technical support from Asif Assets Management Limited, has publicly launched the “IDLC – 50” Index, the first float-adjusted Index in the country. The IDLC-50 will be a new stock market index reflecting the performance of 50 selected stocks traded on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).

Present at the launching ceremony of the IDLC–50 were : Mr. Md. Shakil Rizvi President- DSE, Mr. Fakhor Uddin Ali Ahmed President- CSE, Mr. Selim R F Hussain CEO & MD – IDLC Finance Limited, Mr. Arif Khan DMD – IDLC Finance Limited, Mr. Md. Moniruzzaman AGM - IDLC Finance Limited, Mr. Md. Azimul Islam Chief Investment Strategist & Director – Alif Assets Management and Mr. Tanim Noman Sattar CEO & Director – Alif Assets Management. All agreed that the IDLC–50 would be a welcome addition to the Bangladesh Capital Markets. Mr. Hussain, the IDLC MD , mentioned that IDLC were committed to bringing new and innovative products and services to the Bangladesh Capital Markets and the IDLC-50 was just the beginning of a series of such initiatives.

It may be mentioned that international stock markets include many indexes, eg in the US there is the Dow Jones, the S&P-500, the Nasdaq, the Wiltshire-5000, the Russell-2000, etc. Currently, there are three indexes tracking the performance of companies listed on DSE - the DSI General, the DSE General and the DSE-20. The CSE also has three indexes: the CASPI, the CSE-30 and the CSCX.

IDLC-50 is based on the “Float Adjusted Market Capitalization Weighted” methodology and follows internationally accepted methodologies for stock inclusion or exclusion. This is the first time such modern methodology is being used to generate a capital market index in Bangladesh. The IDLC-50 offers various advantages over existing indexes, which many market analysts consider to be less representative of the market. The DSE General and DSI General contain many ill-liquid shares that cannot be easily traded in the market, while the DSE-20 includes too few shares to reasonably represent the market. Importantly, none of the current indexes are float-adjusted - in other words, the current indexes include those shares of a company which are not traded in the market. IDLC-50 overcomes these limitations by updating, on a daily basis, the change of publicly traded portion of a company’s shares arising from institutions’ or directors’ sale out of shares.

IDLC-50 will track the performance of 50 selected liquid stocks traded on the DSE and CSE. The sponsors of IDLC-50 cautioned that the composition of the index should not be construed as advice to invest in the constituent stocks but also suggested IDLC-50 would be a useful bench-mark for measuring the performance of both individual listed companies as well as professionally managed portfolios including mutual funds, discretionary portfolio accounts, etc. The 50 stocks selected initially are not fixed and are subject to change from time to time depending on the selection criteria set by the Index Committee. The composition of the index should not be construed as advice to invest in the constituent stocks.

An Index Committee has been formed to conduct and monitor the overall operations of the index and perform core responsibilities such as selecting stocks based on fundamental characteristics, monitoring index operation activity, reviewing the methodology and performance of the index, etc. The Index Committee will comprise capital market experts, fund managers market participants and senior officials from both IDLC Finance and Alif Assets. IDLC-50 performance data will be published in newspapers. More detailed information, such as quote details, liquidity data, portfolio characteristics and sectoral information will also be available on both the IDLC website (www.idlc.com) and Alif Assets’ website ( www.alif-amc.com).

June 17, 2010

Matin Spinning Mills Limited has signed an agreement for Initial Public Offering

Matin Spinning Mills Limited, a flagship concern of DBL Group, has signed an agreement on June 17, 2010 with IDLC Finance Limited for the purpose of raising capital through Initial Public Offering (IPO) under Book Building Method. IDLC Finance Limited will act as Manager to the Issue in this regard. Matin Spinning Mills Limited is 100% export oriented cotton spinning mill with state-of-the-art machineries and equipments from reputed brands having production capacity of 25,000 kg per day. The company started commercial operation in October 2006 and was launched with the vision to meet the backward linkage needs of RMG industry.

Dignitaries from DBL Group, Mr. Abdul Wahed, Chairman; Mr. M.A. Jabbar, Managing Director; Mr. M.A. Rahim (Feroz), Director; Mr. M.A. Quader Anu, Director; Mr. Md. Ishaque, FCMA, Advisor; Mr. ARM Masud, FCA, Executive Director (Accounts & Finance); and from IDLC Finance Limited Mr. Selim R.F. Hussain, Managing Director & CEO and Mr. Arif Khan, Deputy Managing Director were present on the occasion.

June 13, 2010

IDLC Finance Ltd. & BRAC-EPL assist Rakeen Development Company (BD) Private Limited to raise funds from Bangladesh capital market

Rakeen Development Company (BD) Private Limited, a subsidiary of UAE based Rakeen Development PJSC, is planning to raise funds from the Bangladesh Capital Market soon. IDLC Finance Limited and BRAC EPL Investments Limited, will work as Joint Advisors and Issue Managers in this effort.

An agreement was signed on 13th June, 2010 between Rakeen, IDLC and BRAC-EPL in this regard. Mr. SAK Ekamruzzaman, Managing Director of Rakeen, Mr. Selim R.F. Hussain, MD & CEO of IDLC Finance Ltd., Mr. Saiful Islam, Vice Chairman of BRAC EPL Investments Ltd. and Mr. Arif Khan, DMD of IDLC Finance Ltd. and other senior officials were present during the signing ceremony.

February 24, 2010

Savar Branch of IDLC Finance Ltd. Inaugurated

IDLC Finance Limited, a leading multiproduct financial institution, inaugurated its Savar Branch at Alam Plaza, 122/B Jaleshwar,Savar, Dhaka on February 24, 2010.

IDLC Finance Limited’s Savar Branch will offer a full range of SME, Corporate and Personal finance products including Term Loans, Lease Finance, Home Loans, Car Loans, Personal Loans and attractive Deposit schemes.

Selim R. F. Hussain, CEO & Managing Director of IDLC Finance Ltd. inaugurated the new branch. Arif Khan, Deputy Managing Director, H. M. Ziaul Hoque Khan, General Manager & Chief Financial Officer, Zahid Ibne Hai, Head of SME and Shaikh Kamruzzaman, Head of Personal Finance Division, were present during the opening ceremony. Many dignitaries including local entrepreneurs, industrialists, representatives from various trade bodies and bankers were also present at the inaugural ceremony.

IDLC Finance Limited, one of the most innovative and diversified non-banking financial institutions in Bangladesh, has over two decades of experience and professional expertise in providing the ‘best-in-the class’ financial services to its customers. It has a full range of products with strong presence in Retail, SME, Corporate, Capital Market and corporate advisory services.

Photo Caption

Selim R. F. Hussain, CEO & Managing Director of IDLC Finance Limited, inaugurating the Savar Branch. Arif Khan, Deputy Managing Director of IDLC, is also seen in the picture along with General Manager & Chief Financial Officer H. M. Ziaul Hoque Khan, Head of SME Zahid Ibne Hai, Head of Personal Finance Division Shaikh Kamruzzaman, guests and other IDLC senior officials.

February 03, 2010

Narayanganj Branch of IDLC Finance Ltd. Inaugurated

IDLC Finance Limited, a leading multiproduct financial institution, inaugurated its Naraynganj Branch at Sattar Tower, 50 S. M. Maleh Road, Narayanganj on February 3, 2010.

IDLC Finance Limited’s Narayanganj Branch will offer a full range of SME, Corporate and Personal finance products including Term Loans, Lease Finance, Home Loans, Car Loans, Personal Loans and attractive Deposit schemes.

Selim R. F. Hussain, CEO & Managing Director of IDLC Finance Ltd. inaugurated the new branch. Arif Khan, Deputy Managing Director, Zahid Ibne Hai, Head of SME and Shaikh Kamruzzaman, Head of Personal Finance Division, were present during the opening ceremony. Many dignitaries including local entrepreneurs, industrialists, representatives from various trade bodies and bankers were also present at the inaugural ceremony.

IDLC Finance Limited, one of the most innovative and diversified non-banking financial institutions in Bangladesh, has over two decades of experience and professional expertise in providing the ‘best-in-the class’ financial services to its customers. It has a full range of products with strong presence in Retail, SME, Corporate, Capital Market and corporate advisory services.

Photo Caption

Selim R. F. Hussain, CEO & Managing Director of IDLC Finance Limited, inaugurating the Narayanganj Branch. Arif Khan, Deputy Managing Director of IDLC, is also seen in the picture along with Head of SME Zahid Ibne Hai, Head of Personal Finance Division Shaikh Kamruzzaman, guests and other IDLC senior officials.

January 14, 2010

IDLC Distributes Blankets to the cold-hit poor in Bogra

IDLC Finance Ltd distributed blankets among distressed people at its Bogra Branch premises on 14 January 2010. IDLC CEO & MD, Selim R.F. Hussain, attended the distribution program as chief guest and personally handed over a number of blankets. Zahid Ibne Hai, Head of SME Division, Md. Mohidur Rahman, Head of Small Business Finance and Abul Kalam Azad, Head of Bogra branch and other officials were present during the distribution. IDLC has been operating from Bogra since 2006.

Photo Caption

Selim R F Hussain, CEO & MD of IDLC Finance Ltd, distributing blankets in Bogra. Zahid Ibne Hai, Head of SME Division is also seen in the picture along with Mohidur Rahman, Head of Small Business Finance and Abul Kalam Azad, Head of Bogra Branch.

January 01, 2010

Selim R.F. Hussain, formerly Standard Chartered Bank’s Chief Financial Officer in Bangladesh and recently the same bank’s Head of Finance & Strategy, Consumer Banking in India, has joined IDLC Finance Ltd. as CEO & Managing Director on January 1st, 2010.

Selim is a career banker with twenty three years of experience in Bangladesh, India & Australia, with firstly ANZ Grindlays Bank and then Standard Chartered Bank. He brings to IDLC a wealth of expertise across multiple functions – financial management, strategic planning, business acquisition & integration, retail & corporate banking, risk management and others.

Selim is an Honours graduate from Dhaka University’s Accounting Department and an MBA, with Finance major, from the Institute of Business Administration, Dhaka University. Selim is married with one son and aside from enjoying reading and travelling, he is very passionate about sports in general and cricket in particular.

November 13-14, 2009

In pursuit of continuous development of human resources, IDLC Securities Limited (IDLCSL) has participated in training program “Insights of Efficient Trading: Structured Approach for Trading Professionals of IDLC Securities Limited” organized by Mindspring Research in Dhaka on November 13 - 14, 2009. Mr. Arif Khan, CEO and Managing Director (Current Charge) of IDLC Finance Limited, Mr. Md. Saifuddin, CEO/Head of Operations of IDLCSL, Mr. RV Shamsher, Session Trainer, and Mr. Mahmudul Bari, Mindspring Research Managing Partner were present in the session.

October 24, 2009

IDLC Finance Limited, a leading multiproduct financial institution, received the ICMAB Best Corporate Performance Award 2008, given by the Institute of Cost and Management Accountants of Bangladesh (ICMAB).

IDLC got the 1st prize in the non-banking financial institution category of the Best Corporate Performance Award 2008. The assessment criteria for the award include corporate governance practices, capital adequacy, liquidity, asset quality and profitability. Arif Khan, CEO & Managing Director (current charge) of IDLC received the award from Abdul Hamid, Speaker of the National Parliament and Commerce Minister Faruk Khan, at a function organized by the ICMAB in the city recently.

Abdul Hamid, Speaker of National Parliament and Commerce Minister Faruk Khan seen handing over the ICMAB Best Corporate Performance Award 2008 to Arif Khan, CEO & Managing Director (current charge) of IDLC Finance Ltd. at a ceremony held in the city recently.

September 09, 2009

IDLC Finance Limited inaugurated its new SME Booth at Imamgonj, Dhaka on September 9, 2009. Located in the older part of Dhaka, Imamganj is one of the major wholesale & retail trading hubs of the country. This SME booth of IDLC Finance Ltd. will cater to the financing needs of many Small & Medium Entrepreneurs of the area.

Yongbok Jo, CEO & Managing Director (Current Charge) of IDLC inaugurated the booth as Chief Guest. IDLC’s Deputy Managing Director Arif Khan welcomed the distinguished guests at the inauguration ceremony which was attended by IDLC’s Chief Financial Officer H. M. Ziaul Hoque Khan, Head of SME Division Zahid Ibne Hai and other senior officials. The booth opening ceremony was also attended by many local businessmen and dignitaries.

The new SME Booth will mainly focus on SME financing by providing business solutions through financial products like Business Loan, Machinery Loan, Lease Finance and Women Entrepreneur Loan etc.

August 26, 2009

IDLC Finance Limited, a joint-venture multiproduct financial institution, formally inaugurated its first SME booth at Gazipur. The SME booth will enable IDLC to better cater to the increasing needs of its SME finance customers in the adjoin areas.

Mr. Yongbok Jo CEO & Managing Director (current charge) inaugurated the SME booth as Mr. Arif Khan Deputy Managing Director, Mr. H.M. Ziaul Hoque Khan Chief Financial Officer and Mr. Zahid Ibne Hai Head of SME Division welcomed the distinguished guests to the inauguration ceremony which was attended by local elite businessman and valued SME clients of IDLC SME division.

IDLC offers a host of diverse financial services and solutions to both institutional and individual customers to meet their unique requirements. The new SME booth will mainly focus on the operations of SME finance Division of the company. The major products are – Small Business Loan, Term Loan, Loan for Women Entrepreneur, lease finance, etc.

August 17, 2009

IDLC Finance Limited has received a special award for "for upholding the image of Bangladesh in International arena" at COMMWARD Excellence in Communication 2009 organized by Bangladesh Brand Forum. The award was given in recognition of the video documentary "Bangladesh: Undiscovered Gem of Asia", developed through IDLC's project Local Enterprise Investment Centre. Mr. Arif Khan, DMD of IDLC, received the award from Information Secretary Dr. K A Naser Chowdhury.

March 30, 2009

IDLC declares stock dividend @ 20% (one share for every five shares held) and 15% cash dividend at its 24th AGM.

The 24th Annual General Meeting (AGM) of the shareholders of IDLC Finance Limited was held on Monday, March 30, 2009 at the Bangladesh China Friendship Conference Centre, Agargaon, Dhaka. Anwarul Huq, Chairman of the Company, presided over the meeting. The AGM was also attended by Shafiqul Azam, Rubel Aziz, A. K. M. Shahidul Haque, Yongbok Jo, Aziz Al Kaiser, Habibur Rahman Mollah, K. Mahmood Sattar, and Anis A. Khan, CEO & Managing Director. A large number of shareholders were present at the meeting. Anwarul Huq, Chairman of the Company presented the Directors' Report, Auditors' Report and audited Financial Statements for the year 2008 before the shareholders.

Anis A. Khan, CEO & Managing Director of the Company replied to the shareholders' queries. The shareholders approved stock dividend @ 20% and cash dividend @ Tk. 15 per share for the year 2008.

Despite the global and national economic difficulties, intense competition from other players in the field, including banks, IDLC continued to maintain its growth in terms of both business volumes and profitability. The year 2008 saw an 18% growth in disbursements over the previous year. IDLC's consolidated equity grew by a robust 29% over 2007. Total assets of the Company stood at Tk. 17.4 billion at the end of 2008, which is 16% higher than the previous year.

During the year, consolidated net profit of the Company stood at Tk.406 million, showing an impressive growth of 34% over 2007, with total equity reaching BDT 1,611 million at end 2008. Consolidated earnings per share and return on equity at the year end stood at Tk. 162.6 and 28.4% compared to previous year's Tk. 121.3 and 27.6%, respectively. The market capitalization at the end of 2008 was Tk. 5,7 billion compared to Tk. 3.0 billion at the end of 2007.

During the discussions, the IDLC CEO & Managing Director mentioned that these achievements were possible only because of the strong support of the shareholders, clients, relevant government agencies, Board members and a competent and professional work force. The shareholders appreciated the operational and financial performance during the period under review.

March 24, 2009

IDLC Finance Limited (IDLC), a joint venture multiproduct financial institution and a leading merchant bank, and its fully owned brokerage subsidiary, IDLC Securities Limited, have jointly launched the Investors' Awareness Program in Sylhet. The ceremony of this continuing series of programs was held at a local hotel on March 24, 2009. Mansur Alam, Chairman, Securities and Exchange Commission (SEC), and Fakhor Uddin Ali Ahmed, Senior Vice President, South Asia Federation of Exchanges & Vice President of Chittagong Stock Exchange Limited were present at the event, as Chief Guest and Guest of Honor, respectively. A large number of capital market investors participated in the awareness program. Dr. Osman Imam, Professor, University of Dhaka and Dr. Mohammad Musa, Professor, School of Business, United International University presented their papers in the occasion.

Arif Khan, Deputy Managing Director of IDLC Finance Limited., acted as the Moderator of the discussion session. The participating investors took great interest in the program and felt benefited from the discussions.

The SEC Chairman and the Chief Guest urged the investors to learn from the awareness programs and take rational investment decisions. He appreciated the initiative of IDLC and underpinned the necessity of continuing such programs for helping achieve long term stability of the market.

Anis A. Khan, CEO & Managing Director of IDLC welcomed the distinguished guests and unveiled IDLC's plan of holding a series of similar awareness programs, in the forthcoming months. Others present at the ceremony included Kh. Asadul Islam, CEO, IDLC Securities Limited, Mr. Mahmudul Bari, Head of Merchant Banking, IDLC and Mr. Bidyut Kanti Das, Assistant General Manager and Head of IDLC Sylhet Branch.

February 25, 2009

Arif Khan has been appointed as the new Deputy Managing Director (DMD) of IDLC Finance Limited. Arif who joined IDLC in 1996 was serving as its General Manager before his current promotion and has the SME, Personal Finance, Merchant Banking and Treasury Divisions of IDLC Finance Limited and its fully owned subsidiary, IDLC Securities Limited, reporting in to him.

Arif obtained his Masters degree in Finance and Banking from the University of Dhaka in 1990. The same year, he joined AB Bank Limited as a Probationary Officer. Subsequently, he obtained his MBA from the Institute of Business Administration (IBA) of the University of Dhaka. He is also a charter holder of the USA's CFA Institute since 2001. A fellow of the Institute of Cost & Management Accountants (FCMA), he also serves currently as an elected council member of ICMAB.

February 19, 2009

LR Global Bangladesh Asset Management Company Limited has signed a Memorandum of Understanding (MOU) with IDLC Finance Limited, a leading multiproduct financial institution and merchant banker, for obtaining placement, floatation advisory and brokerage services for its forthcoming mutual funds, on February 19, 2009.

February 15, 2009

LR Global Bangladesh Asset Management Company Limited is an affiliate of LR Global Partners; a US based internationally reputed investment company. LR Global has a long history and deep experience in investments in frontier countries including Asia. LR Global was incubated within Rockefeller & Co., the family office started by John D. Rockefeller in 1891. LR Global Partners as an independent entity was founded in June 1997 by the principals, Leon Levy and the Rockefeller family. Reaz Islam, Chief Executive Officer, LR Global Bangladesh Asset Management Company, and Arif Khan, General Manager, IDLC Finance Limited, signed the MOU on behalf of their respective institutions. Senior officials of both the organizations including Anis A. Khan, CEO & Managing Director of IDLC were present at the event. Both the institutions hoped that the MOU would facilitate bringing professionally managed, innovative and quality mutual funds in the market, which needs inflow of new investment products for further growth and institutionalization of the capital markets.

IDLC Finance Limited, a joint-venture multiproduct financial institution and its wholly owned subsidiary, IDLC Securities Limited, formally inaugurated their Sylhet branches at Casablanca, 982 Dargah Gate, Sylhet on February 15, 2009.

Anwarul Huq, Chairman of the Board of Directors of IDLC inaugurated the branch as Chief Guest. Anis A. Khan, CEO & Managing Director of IDLC, welcomed the distinguished guests to the inauguration ceremony. Speaking on the occasion, Huq said that IDLC was the pioneer of leasing as an innovative product in Bangladesh. The financial institution has over the last twenty-four (24) years, grown in tandem with the country's growth and emerged as Bangladesh's leading multiproduct financial institution.

The company now has forty-one (41) diverse financial product and services offerings for its institutional and individual clients, which helps them meet their unique requirements. The Sylhet Branch of IDLC Finance Ltd. will mainly focus on SME and retail financing by providing business solutions through financial products like business loan, machinery loan, lease finance home loans, vehicle loans, attractive deposit schemes, and portfolio management services. It will also cater a wide range of other financial products and services, which include corporate loans and leases, short term finance, etc. IDLC Securities Ltd. will focus on brokerage services for institutional as well as retail clients, placement of securities, etc.

IDLC Directors Monoweruddin Ahmed and Jeong Won Byun and Deputy Managing Director Yongbok Jo, Head of Personal Finance Division Shaikh Kamruzzaman, Head of Merchant Banking Division Mahmudul Bari, CEO of IDLC Securities Ltd. Kh. Asadul Islam were present at the inauguration ceremony, which was graced by the elite of Sylhet city including top government officials, chamber and business leaders, businesspersons and officials from companies, banks and financial institutions.

January 06, 2009

IDLC Sylhet branch opens at Dargah Gate, Sylhet

December 04, 2008

IDLC bags ICAB national awards 2007 for best published accounts and reports

IDLC Finance Limited, a joint-venture multiproduct financial institution, received the eighth ICAB National Award for best published Annual Accounts and Reports for the year 2007. The award is given annually by the Institute of Chartered Accountants of Bangladesh (ICAB).

IDLC got the 2nd prize for 2007 for its best published accounts and reports in the financial sector (non-banking). The company has been bagging the prestigious ICAB National Award for the last six consecutive years. Anis A. Khan, CEO & Managing Director of IDLC received the award from the Chief Guest Dr. A B Mirza Md. Azizul Islam, honourable Adviser, Ministry of Finance and Planning, Government of the People's Republic of Bangladesh, at a function organized by the ICAB in the city recently.

November 26, 2008

IDLC Finance Limited, a joint-venture multiproduct financial institution, formally inaugurated its relocated Dilkusha Branch premises at Eunoos Trade Centre, Level 13, 52-53, Dilkusha C/A, Dhaka on November 26, 2008. The relocation in larger premises will enable IDLC to better cater to the increasing needs of its personal finance customers. A separate SME Division has also been set up in the new premises to meet the needs of the financial institution's SME customer base.

Anwarul Huq, Chairman of the Board of Directors of IDLC formally inaugurated the branch as Chief Guest. Anis A. Khan, CEO & Managing Director of IDLC, welcomed the distinguished guests to the inauguration ceremony which was attended by IDLC Director Shafiqul Azam, Association of Bankers, Bangladesh K. Mahmood Sattar, former IDLC Managing Director M. Aminul Islam and Deputy Managing Director Yongbok Jo.

IDLC offers a host of diverse financial services and solutions to both institutional and individual customers to meet their unique requirements. The new location of office premises will mainly focus on the operations of Personal and SME finance Division of the company. The major products offered by the these two divisions are - Term Deposit schemes, Home Loan, Individual Car Loan, Personal Loan and business loan, machinery loan, double loan, lease finance, etc.

November 25, 2008

IDLC Finance Limited, a joint-venture multiproduct financial institution, received the Bronze Medal under Best Presented Accounts Award 2007 presented by the South Asian Federation of Accountants (SAFA), an apex body of SAARC, in the category "Non-Banking Financial Sector". The awards were distributed at a ceremony held recently in Hyderabad, India.

The awards, under different categories, are conferred based on evaluation administered by the SAFA Committee on Improvement, Transparency, Accountability and Governance of the published annual reports of entities from South Asian Countries.

IDLC has been receiving this prestigious award for the last three consecutive years. The financial institution has also been bagging the National Award for the best-published annual accounts and reports from the Institute of Chartered Accountants of Bangladesh (ICAB) for the last few years.

IDLC's General Manager and Chief Financial Officer, H. M. Ziaul Hoque Khan received the award at a function organized by SAFA in Hyderabad, India.

November 23, 2008

IDLC relocated its Dhanmondi Branch

August 18, 2008

IDLC Dilkusha Branch shifted to Eunoos Trade Centre, Level 13, 52-53 Dilkusha C/A, Dhaka 1000 on August 18, 2008.

August 04, 2008

LEIC Partners with Creation (Pvt) Limited to boost export earnings from diversified jute products

The Local Enterprise Investment Centre (LEIC) recently signed a contribution agreement with Creation (Pvt) Limited, for capacity building of the company through training of 225 persons. The three-month long training program will develop the expertise and practical skills of the trainees, most of whom are women, in wet process technology and jute-based product and hand-woven fabric manufacturing. This will allow Creation, an export-oriented company, to achieve accelerated growth and take advantage of the favorable global market conditions for diversified jute-products.

LEIC is a private sector development project contributed by the Canadian International Development Agency, and managed by IDLC Finance Limited, the largest (non-banking) financial institution of the country.

Opportunities in the diversified jute-products sector in Bangladesh have remained largely unexplored, in spite of the rapidly expanding market for biodegradable and eco-friendly products. In this context, the success of Creation in the international market is expected to encourage other local entrepreneurs, to make creative use of jute as a raw material for high value exportable products.

Anis A. Khan, CEO and Managing Director of IDLC, and Md. Rashedul Karim Munna, Managing Director of Creation, signed the agreement on behalf of their respective organizations. Yongbok Jo, Deputy Managing Director of IDLC, Israt Ara Younus, Centre Director of LEIC, Ziaul Hoque Khan, Chief Financial Officer of IDLC and Rubaiya Farhana, Marketing Manager of Creation were also present at the event.

August 04, 2008

The Local Enterprise Investment Centre (LEIC) recently signed a contribution agreement with Hatil Complex Ltd to undertake a six-month long training program to train 560 employees. The program will assist Hatil to streamline its manufacturing process, develop skill set of its employees, improve capacity utilization, acquire required certificate, modify product design, and reduce wastage to minimize production cost. This will allow Hatil, a leading furniture company, to be competitive in the global market and successful completion of this project is expected to lead Hatil towards export market. This will lead Hatil to add a new product to the export basket of Bangladesh and earn foreign currency. Streamlining production process of a furniture company will be a model for other local furniture companies to be competitive in global market.

LEIC is a private sector development project contributed by the Canadian International Development Agency, and managed by IDLC Finance Limited, the largest (non-banking) financial institution of the country.

Anis A. Khan, CEO and Managing Director of IDLC, and Mr. Salim H Rahman, Managing Director of Hatil Complex Limited, signed the agreement on behalf of their respective organizations. Yongbok Jo, Deputy Managing Director of IDLC, Israt Ara Younus, Centre Director of LEIC and Moshiur Rahman, Director of Hatil were also present at the event.

March 30, 2008

The 23rd Annual General Meeting of the shareholders of IDLC Finance Limited was held on Sunday, March 30, 2008 at the Bangladesh China Friendship Conference Centre, Agargaon, Dhaka. Anwarul Huq, Chairman of the Company, presided over the meeting, which was attended by directors - Shafiqul Azam, Yongbok Jo, Jeong Won Byun, Md. Habibur Rahman Mollah and Monweruddin Ahmed. A large number of shareholders were present at the meeting. Anwarul Huq, IDLC Chairman presented the Directors' Report, Auditors' Report and audited Financial Statements for the year 2007 before the shareholders.

Anis A. Khan, CEO & Managing Director of the Company replied to the shareholders' queries and comments. The shareholders approved stock dividend @ 1:4 and cash dividend @ Tk. 15 per share for the year 2007. The shareholders also approved issuance of bonds and debentures to the extent of Tk. 3 (three) billion.

IDLC continued to grow its business and profitability despite intense competition from banks and other financial institutions. The year 2007 saw an impressive 20% growth in disbursements over the previous year. IDLC's consolidated equity grew by a robust 31% over 2006. Total assets of the Company stood at Tk. 14.4 billion at the end of 2007, which is 29% higher than the previous year.

During the year, consolidated net profit of the Company stood at Tk. 303 million, showing a vigorous growth of 93% over 2006, with total equity reaching BDT 1,247 million at end 2007.

The Company's wholly owned subsidiary, IDLC Securities Limited opened branches at DOHS Mohakhali, Dhaka and Chittagong in 2007 to provide better services to its customers.

During the deliberations, IDLC CEO & Managing Director mentioned that these achievements were possible only because of the strong support received from the clients, regulators including Bangladesh Bank and the Securities & Exchange Commission, other relevant government agencies, shareholders, IDLC Board members and a competent and professional work force. The shareholders appreciated the operational and financial performance during the period under review.

February 25, 2008

IDLC sponsors cost of five (5) underprivileged Intellectually Disabled children for the year 2008.

January 14, 2008

IDLC distributes blankets to Centre for the Rehabilitation of the Paralyzed.

January 14, 2008

IDLC donates to Centre for the Rehabilitation of the Paralyzed for providing services to the poor disabled patients for treatment and rehabilitation to spinal injury.

January 12, 2008

IDLC Finance Limited, a joint-venture multiproduct financial institution, received Merit Certificate under Best Presented Accounts Award 2006 presented by the South Asian Federation of Accountants (SAFA), an apex body of SAARC, in the category "Non-Banking Financial Sector". The awards were distributed at a ceremony held in New Delhi, India.

The Awards under different categories are conferred based on evaluation, administered by SAFA's Centre on Excellence on Best Presented Accounts Award of the published annual reports of entities from South Asian Countries.

IDLC has been bagging the prestigious National Award for the best-published annual accounts and reports from the Institute of Chartered Accountants of Bangladesh (ICAB) for the last five consecutive years. IDLC also received first ICMAB National Best Corporate Award 2007. IDLC's General Manager, Arif Khan received the award from Ajith Nivard Cabraal, Governor, Central Bank of Srilanka at a function organized by SAFA at New Delhi, India, recently. President, South Asian Federation of Accountants (SAFA) was present, among others, at the occasion.

January 12, 2008

The Board of Investment (BOI), in association with Local Enterprise Investment Centre (funded by the Canadian International Development Agency & managed by IDLC Finance Limited), organized an investment promotion seminar titled "Prospects of SEZ for Bangladeshi Expatriates" and "Unlocking the Potential of Greater Sylhet through Small and Medium Enterprises" at a local hotel in Sylhet, on Saturday, January 12, 2008.

The objective of the seminar was to boost private sector investment, private-public partnership potentials, identify investment obstacles for sustainable economic growth and building Responsible Capitalism, in order to alleviate poverty and achieve the PRSP & MDG targets.

The business session titled "Unlocking the potential of Greater Sylhet through Small and Medium Enterprises," was chaired by Kamaluddin Ahmed, Executive Chairman, BOI, and moderated by Anis A Khan, CEO & Managing Director of IDLC Finance Limited. His Excellency Anwar Choudhury, the British High Commissioner, was the guest of honour at the seminar. Abu Reza Khan, Executive Member, BOI, and Israt Ara Younus, Centre Director, Local Enterprise Investment Centre (LEIC) presented keynote papers at the business session. Sylhet Chamber, Moulvibazar Chamber, Sunamgonj Chamber, Habiganj Chamber and British Bangladesh Investment Group also shared their views during the session. Omar Farooq Khan, Senior Development Advisor, Canadian High Commission, Bangladesh read out a message from Her Excellency Barbara Richardson, Canadian High Commissioner in Bangladesh, who was scheduled to be present in the seminar, but could not do so due to last minute exigencies.

The chamber leaders highlighted the potential in their respective districts for developing agro-based, fishery, fertilizer, chemical, oil-refinery, power-plant, cement industries and recommended policies that should be taken to provide incentives to expatriate investors, duty rationalization on imported items to protect local manufacturers, provide bank loans with easier terms and a list of feasible projects where investment could be made.

Musleh Ahmed, Chairman, British Bangladesh Investment Group and Managing Director of Hotel Regency, Dhaka said that investors in the United Kingdom are now more aware of Bangladesh and the opportunities it offers, and are interested to avail them and invest in the country, however, they desire a more favorable investment climate.

The business session was followed by an open discussion, where participants raised questions and made suggestions regarding investment opportunities and impediments in the Greater Sylhet region. While responding to the queries and comments, the British High Commissioner said "English is now more than a language, English is a craft" stressing on the importance of English speaking skills people as a communication media in the increasingly globalised world, for attracting foreign investment. He also mentioned that potential sectors having competitive advantage, both locally and globally, should be identified from a more practical point of view. He recommended certain measures to make the bureaucracy more effective.

The outcome of the seminar was highlighting the potentials of Sylhet, and the role of the government to create a proper investment climate in the Special Economic Zone in Sylhet to build confidence and attract investments from the expatriates. It also identified investment opportunities and prospects of investments in the SME sectors by the expatriate Bangladeshis jointly with local enterprises.

December 15, 2007

IDLC Finance Limited, a joint-venture multiproduct financial institution, received the first ICMAB National Best Corporate Award 2007 given by the Institute of Cost and Management Accountants of Bangladesh (ICMAB).

IDLC got the 2nd prize in the financial institution category of the Best National Corporate Award 2007. The assessment criteria for the award include corporate governance practices, capital adequacy, liquidity, asset quality and profitability. Anis A. Khan CEO & Managing Director of IDLC received the award from Dr. A B Mirza Azizul Islam, Adviser, Ministry of Finance, Planning, Commerce and Posts & Telecommunication, Government of the People's Republic of Bangladesh at a function organized by the ICMAB in the city recently.

December 08, 2007

IDLC Finance Limited, a joint-venture multiproduct financial institution, received the seventh ICAB National Award for best published Annual Accounts and Reports for the year 2006. The award is given annually by the Institute of Chartered Accountants of Bangladesh (ICAB).

IDLC got the 2nd prize for 2006 for its best published accounts and reports in the financial sector (non-banking). The company has been bagging the prestigious ICAB National Award for the last five consecutive years. Yongbok Jo Deputy Managing Director of IDLC received the award from Faruq Ahmad Siddiqi, Chairman, Securities & Exchange Commission, at a function organized by the ICAB in the city recently. Dr. A B Mirza Azizul Islam, honourable Adviser, Ministry of Finance, Planning, Commerce and Posts & Telecommunication, Government of the People's Republic of Bangladesh was present at the function as the Chief Guest.

December 03, 2007

Shakir Ispahani, Director, M. M. Ispahani Ltd, M. A. Rahim, Managing Director, Ancient Steamship Co. Ltd. and A.B. Siddique, CEO, Chittagong Stock Exchange recently graced a simple ceremony to commemorate the soft opening of IDLC Securities Limited (IDLCSL), a fully owned subsidiary of IDLC Finance Limited, the country's leading multiproduct financial institution. The ceremony held at IDLCSL's Chittagong Branch in Agrabad Commercial Area was also attended by Anis A. Khan, CEO & Managing Director of IDLC Finance Limited. IDLCSL offers securities brokerage and depository services and provides a wealth of research papers on the country's capital market. Being the corporate member of both Dhaka and Chittagong Stock Exchange Limited and a full service Depository Participant of Central Depository Bangladesh Limited, IDLCSL offers international standard brokerage services to both retail and institutional investors.