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MIDAS Financing Limited

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MIDAS Financing Limited
Formation1995
HeadquartersDhaka, Bangladesh
Region served
Bangladesh
Official language
Bengali
Websitewww.mfl.com.bd

MIDAS Financing Limited is a major non-bank financial institution in Bangladesh.[1][2]

History

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MIDAS (Micro Industries Development Assistance and Services) Financing Limited was established on 16 May 1995.[3][4] It provided financial support to small women entrepreneurs to establish minimart.[5]

On 11 October 1999, Midas secured permission from Bangladesh Bank.[3]

MIDAS Financing Limited listed on Dhaka Stock Exchange and Chittagong Stock Exchange on 26 October 2002 and 27 July 2004 respectively.[3] From 23 March 2005, it shares used the Central Depository Bangladesh Limited.[3]

Small and Medium Enterprise Foundation gave a loan of 50 million taka to MIDAS Financing Limited on 18 May 2012 to provide loans to small and medium enterprises.[6]

MIDAS board member Mirza Ali Behrouze Ispahani died in 2017.[7] MIDAS Financing Limited launched MIDAS Investment Limited in January 2017 as a merchant bank.[8]

Parveen Mahmud, chairperson of MIDAS Financing Limited and Underprivileged Children's Educational Programme, was made a trustee of Transparency International Bangladesh in 2018.[4]

On 3 April 2019, Mohammed Nasir Uddin Chowdhury was elected chairman of the board of directors of MIDAS Financing Limited.[9] Mustafizur Rahman was appointed Managing Director.[10] ERA InfoTech signed an agreement with MIDAS to provide IT services to the company.[11] It provided 2.5 percent dividend in 2019.[12] It held a fair for products of small and medium enterprises at the MIDAS Convention Centre in Dhanmondi.[13]

In 2020, MIDAS Financing Limited sponsored campus club summit in partnership with The Daily Star.[14] It declared a 2.5 percent cash and stock dividend.

Midas Financing Limited repointed Mustafizur Rahman Managing Director in 2022.[15] The Business Standard wrote how none bank financials institutions, such as MIDAS, were charging high interest rates on their loans as they were offering high interest rate to depositors.[16]

Board of directors

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Source:[17]

Subsidiaries

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  • MIDAS Investment Limited[3]

References

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  1. ^ "Mustafizur re-appointed as MIDAS Financing MD". New Age. Retrieved 2022-07-07.
  2. ^ "What's causing a rapid rise in non performing loans?". Dhaka Tribune. 2022-04-18. Retrieved 2022-07-07.
  3. ^ a b c d e "About MFL". mfl.com.bd. MIDAS Financing Limited. Retrieved 7 July 2022.
  4. ^ a b "Parveen Mahmud becomes TIB trustee". The Daily Star. 2018-06-08. Retrieved 2022-07-07.
  5. ^ Rahman, Md Fazlur (2011-03-31). "Women entrepreneurs set success in motion". The Daily Star. Retrieved 2022-07-07.
  6. ^ "SME Foundation, Midas Financing sign Tk 5cr deal". The Daily Star. 2012-05-18. Retrieved 2022-07-07.
  7. ^ "Ispahani Group chairperson passes away". The Daily Star. 2017-01-24. Retrieved 2022-07-07.
  8. ^ "MIDAS Investment sets foot to boost stockmarket". The Daily Star. 2017-01-23. Retrieved 2022-07-07.
  9. ^ "MIDAS Financing gets new chairman, MD". The Daily Star. 2019-04-03. Retrieved 2022-07-07.
  10. ^ "Mustafizur joins as MIDAS Financing MD". New Age. Retrieved 2022-07-07.
  11. ^ "ERA InfoTech to provide Software Solutions to MIDAS Financing". The Daily Star. 2019-02-28. Retrieved 2022-07-07.
  12. ^ "MIDAS approves 2.5pc stock dividend for 2018". The Daily Star. 2019-07-26. Retrieved 2022-07-07.
  13. ^ "MIDAS holding SME Product Fair in Dhaka". The Daily Star. 2019-03-23. Retrieved 2022-07-07.
  14. ^ Tahsin, Sadia (2020-11-07). "Mahfuz Anam on the importance of extracurricular activities". The Daily Star. Retrieved 2022-07-07.
  15. ^ "Mustafizur Rahman re-appointed as managing director of Midas Financing Limited". The Business Standard. 2022-06-22. Retrieved 2022-07-07.
  16. ^ "How NBFIs charging extra interest on loans flouting agreements". The Business Standard. 2022-05-01. Retrieved 2022-07-07.
  17. ^ "MIDAS Financing Limited". www.mfl.com.bd. Retrieved 2022-07-07.


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