The government has appointed four new members to the Insurance Development and Regulatory Authority (IDRA) for a three-year term. Tanjina Ismail, a former senior district and sessions judge, will oversee the law department; Apel Mahmud, CEO of Fareast Islami Life Insurance, will handle life insurance; Mohammad Abu Bakar Siddique, former CEO of Meghna Insurance, will be responsible for non-life insurance; and Md Fazlul Haque, a former additional secretary, will manage administration. These appointments are contractual and require the members to sever ties with other organizations. The move follows the resignation of four IDRA members on November 7 and a decision by the interim government in August to phase out previous contractual appointments.

BRAC Bank PLC has partnered with Pran-RFL Group to provide advanced cash management and supply chain financing solutions, enhancing financial operations and working capital optimization. The agreement was signed by Tareq Refat Ullah Khan, BRAC Bank’s deputy managing director, and Uzma Chowdhury, Pran-RFL’s finance director, at BRAC Bank’s Gulshan office. This collaboration integrates Pran’s ERP system with the bank’s API for secure, real-time transaction processing and account reconciliation, eliminating manual errors. BRAC Bank will also offer distributor collections via virtual accounts, supplier financing, and 24/7 payment processing through CORPNet. The initiative supports SMEs and leverages the bank’s extensive network.

The Infrastructure Development Company (Idcol), a state-owned financial institution in Bangladesh, paid a Tk 50 crore cash dividend to the government for FY 2023. Md Shahriar Kader Siddiky, secretary of the Economic Relations Division and Idcol chairman, handed over the cheque to Finance Adviser Salehuddin Ahmed, who commended Idcol’s contributions to infrastructure development and renewable energy. Of the Tk 100 crore profit declared as dividends at Idcol’s 27th AGM, Tk 50 crore was allocated for increasing the company’s paid-up capital to Tk 888 crore via bonus shares. Idcol’s executive team, including CEO Alamgir Morshed, attended the ceremony.