EBL and Daraz Introduce Visa Card collaboration

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.

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.

The Bangladesh Bank (BB) approved a Tk3,000-crore loan for the Investment Corporation of Bangladesh (ICB) to stabilize the capital market and repay high-cost deposits. The loan, set at a 10% interest rate, differs from ICB’s request for 4%.

Al-Arafah Islami Bank PLC signed an agreement with BHT Industries Limited to provide Payroll Privilege Services (APPS) for the company’s employees. The ceremony was attended by key figures including Farman R Chowdhury, Managing Director and CEO of Al-Arafah Islami Bank, and Md Mustafizur Rahman, Chairman and Managing Director of BHT Industries.

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.

Islami Bank Bangladesh received approval from the Bangladesh Securities and Exchange Commission (BSEC) to issue its fifth Mudaraba redeemable non-convertible subordinated bond, valued at Tk 500 crore. This follows a September 19, 2024 announcement revising the bond issuance amount.