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IFIC Bank

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IFIC Bank PLC.
Company typeLimited Liability Company
DSE: IFIC
IndustryBanking
FoundedDhaka, Bangladesh (1976)
HeadquartersDhaka, Bangladesh
Products
IncreaseBDT in Mln 8,424 (2020)
Increase BDT in Mln 2,864 (2020)
Total assetsIncrease BDT in Billion 363 (2020)
Websitewww.ificbank.com.bd

The International Finance Investment and Commerce Bank PLC. commonly known as IFIC Bank is a first generation Bangladeshi private commercial bank.[1][2][3] IFIC Bank PLC is a banking company incorporated in the People's Republic of Bangladesh with limited liability. It was set up at the instance of the Government in 1976 as a joint venture between the Government of Bangladesh and Sponsors in the private sector with the objective of working as a finance company within the country and setting up joint venture   banks/financial institutions aboard. In 1983 when the Government allowed banks in the private sector, IFIC was converted into a full-fledged commercial bank. The Government of the People's Republic of Bangladesh (including Directors) holds 32.75% of the share capital of the Bank and the rest is held by Institutions both Local & Foreign and General Shareholders. The Government is being represented by two nominated Directors on the Board of the Bank. Among them, the current Board of Directors are formed by Bangladesh Bank with four Independent Directors came from different sectors with vast knowledge and experience.

The bank is ensuring cutting edge service with skilled workforce and revolutionary fintech support through more than 1400 modern business centers (Branches and Sub branches). It has extended its global corporate footprint in the form of Joint ventures and subsidiaries in Nepal, Oman and UK.

History

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International Finance Investment and Commerce Bank Limited was established in 1976 as a joint venture between the Government of Bangladesh and private investors.[4]

IFIC Bank established a joint venture bank in Nepal, called the Nepal Bangladesh Bank, with 50 per cent ownership in 1994.[5]

Bangladesh Bank found evidence of fraud at IFIC Bank in January 1998 through fraudulent inland bills designed to siphon 1.55 billion BDT to companies, including BEXIMCO, linked to Salman F Rahman and Sohel F Rahman, directors of the bank.[6]

In August 2004, IFIC Bank sued Beximco Holdings Ltd, a subsidiary of BEXIMCO, at the Dhaka Bankruptcy Court to recover 1.37 billion BDT from the company.[7] Also accused in the case were A S F Rahman, Salman F Rahman, Iqbal Ahmed, and M A Qasem.[7]

In August 2007, Bangladesh Bank found irregularities with the purchase of IFIC Bank shares by Mosaddak Ali Falu, former member of parliament of the Bangladesh Nationalist Party.[8] He had violated Foreign Exchange Regulation Act and Money Laundering Prevention Act by purchasing shares under a Malaysia registered company, Bel Construction SDN BHD.[8] The Malaysian company was owned by Falu, Enayetur Rahman, and Ekramul Haque.[8] Falu and his partners owned 13.7 per cent of the shares and the government of Bangladesh owned 34.54 per cent shares.[8] Of the remaining shares, AB Bank owned 18.31 per cent, Aga Yusuf family owned 3.56 per cent, and Islam Group owned 2.21 per cent.[8]

Justice Zubayer Rahman Chowdhury of Bangladesh High Court issued a sixth week stay order on the annual general meeting of the bank in July 2009.[9] The order followed a petition by Monirul Alam, a shareholder of the bank, requesting a stay and challenging his disqualification from standing for election to the board of directors of the bank.[9]

In May 2014, two officials of IFIC Bank to five year jail sentence for stealing from the bank 2.5 million taka in Chittagong along with three others.[10]

Bangladesh Bank ordered the removal of Mohammad Lutfar Rahman Badal from the board of directors of IFIC Bank in October 2015.[11] He is the secretary of Bangladesh Nationalist Party vice-chairman Tareque Rahman and was accused of being involved in opposition violence in Joydevpur in Gazipur District in August 2015.[11][12] He was also co-owner of RTV and NTV along with Mosaddek Ali Falu.[13] He had served as chairman of the board of directors from 2007 to 2008.[14]

Bangladesh Bank gave permission to IFIC Bank to move US$12.28 million to Nepal Bangladesh Bank in Nepal from Bangladesh in February 2017.[15] In June 2018, IFIC Bank moved to auction DuSai Resort to recover loans given to resort but the resort owner M Nasser Rahman, son of former Finance Minister of Bangladesh M Saifur Rahman, was able to secure a stay order from the courts.[16] In February 2019, Ahmed Shayan Fazlur Rahman, son of Salman F Rahman, became vice-chairman of IFIC Bank.[17] In June 2021, IFIC Bank announced plans to raise 10 billion BDT from perpetual bonds, nine billion BDT from private placement, and one billion BDT by public offer to meet the requirements of BASEL-III.[18]

IFIC Bank announced plans to divest from Nepal Bangladesh Bank and sell its share, 40 per cent, in the bank to Nabil Bank in January 2022.[5] It sold the shares for 4.39 billion BDT to Sarika Chaudhary wife of Binod Chaudhary.[19] The bank issued five billion BDT worth of bonds in June.[20]

IFIC Bank PLC launched 'IFIC Islamic,' a shariah-compliant full range of Islamic banking services, aiming to offer comprehensive Islamic financial solutions alongside its conventional banking services.

Directors

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  • Md. Mehmood Husain - Chairman & Independent Director
  • Md. Ebtadul Islam - Independent Director
  • Sajjad Zohir - Independent Director
  • Kazi Md. Mahboob Kasem, FCA, Independent Director
  • Md. Golam Mostofa - Director
  • Md. Monzorul Haque - Director
  • Syed Mansur Mustafa, Managing Director

See also

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References

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  1. ^ "International Finance Investment and Commerce Bank Limited – Banglapedia". en.banglapedia.org. Retrieved 9 May 2016.
  2. ^ "Home loan now at single digit interest rate". Prothom Alo. 9 May 2016. Archived from the original on 9 May 2016.
  3. ^ "IFIC Bank plans to build rural network". The Daily Star. 25 November 2013. Retrieved 9 May 2016.
  4. ^ Saha, Suman (21 November 2013). "IFIC to become Islamic bank". The Daily Star. Retrieved 15 January 2023.
  5. ^ a b Uddin, AKM Zamir (3 January 2022). "IFIC Bank to sell entire stake in Nepal lender". The Daily Star. Retrieved 15 January 2023.
  6. ^ Ahmed, Inam (4 January 1998). "Beximco, IFIC do it again". The Daily Star. Retrieved 15 January 2023.
  7. ^ a b "Beximco Holdings in bankruptcy dock". The Daily Star. Retrieved 16 January 2023.
  8. ^ a b c d e Hasan, Md; Byron, Rejaul Karim. "Falu, friends illegally bought IFIC shares". The Daily Star. Retrieved 16 January 2023.
  9. ^ a b "HC stays IFIC Bank's AGM for 6 weeks". The Daily Star. 27 July 2009. Retrieved 16 January 2023.
  10. ^ "2 IFIC Bank officials, 3 others jailed". The Daily Star. 1 May 2014. Retrieved 16 January 2023.
  11. ^ a b "Badal removed from IFIC Bank's board of directors". The Daily Star. 29 October 2015. Retrieved 15 January 2023.
  12. ^ "Khaleda's son among 32 indicted in arson attack". Gulf Times. 26 August 2015. Retrieved 15 January 2023.
  13. ^ "Businessman Badal, wife Soma's assets frozen in corruption probe". bdnews24.com. Retrieved 15 January 2023.
  14. ^ "Bangladesh Bank removes Lutfar Rahman Badal from IFIC Bank's board". bdnews24.com. Retrieved 15 January 2023.
  15. ^ Alo, Jebun Nesa (13 February 2017). "IFIC Bank allowed to transfer $12.28m to its Nepal venture". The Daily Star. Retrieved 16 January 2023.
  16. ^ Alo, Jebun Nesa (26 June 2018). "DuSai Resort put up for sale to recover loans". The Daily Star. Retrieved 16 January 2023.
  17. ^ "IFIC Bank gets new vice chairman". The Daily Star. 14 February 2019. Retrieved 16 January 2023.
  18. ^ "IFIC Bank to issue perpetual bond to raise Tk 1,000 crore". The Daily Star. 20 June 2021. Retrieved 16 January 2023.
  19. ^ "IFIC Bank to sell its stake in Nepali bank for Tk 439cr". The Daily Star. 15 February 2022. Retrieved 16 January 2023.
  20. ^ "IFIC Bank to issue Tk 500cr bonds". The Daily Star. 2 June 2022. Retrieved 16 January 2023.
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