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Day-long NBFI Fair 2022 kicks off in Dhaka

Staff Correspondent
18 May 2022 14:17:47 | Update: 18 May 2022 14:37:07
Day-long NBFI Fair 2022 kicks off in Dhaka
IIDFC MD and CEO Golam Sarwar Bhuiyan delivering speech at the NBFI fair — TBP Photo

Bangladesh’s first-ever Non-Bank Financial Institutions Fair has kicked off at the Pan Pacific Sonargaon Hotel in the capital.

Industries Minister Nurul Majid Mahmud Humayun Inaugurated the day-long fair on Wednesday morning, which was organised jointly by Bangladesh Leasing and Finance Companies Association (BLFCA) and Financial Daily Bonik Barta.

15 Non-Bank Financial Institutions (NBFI) participated in the fair. The fair started at 10:00am and will continue till 7:00pm.

“Once upon a time businessmen were only dependent on Banks for money. Now they are going to NBFIs, especially for working capital,” Majid said.

“NBFIs don’t enjoy the facilities which the Banks enjoy due to bad reputation of some people in the sector. NBFIs need to reclaim the sector’s image. Soon NBFIs will also enjoy the facilities similar to the Banks by overcoming the bad reputation,” the minister said.

The welcome speech at the inauguration session was delivered by Bonik Barta Editor Dewan Hanif Mahmud.

“Global perspective is different for NBFIs. In the global arena, around 50 per cent capital is arranged by the Banks and the rest are arranged by the NBFIs,” he said.

“Sector leaders need to set their sights on how much credit position will be provided by the NBFIs in 5 years. Now it is around 5 per cent; the target can be fixed at 10 or 20 per cent,” he added.

He also said that NBFIs have a lot to do with economic diversification. 

“NBFIs started providing service before any private sector bank was established in the country. The whole sector should not suffer for a few scammers,” BLFCA Chairman Mominul Islam remarked.

“In some cases, we are doing well compare to banks,” he added.

Industrial and Infrastructure Development Finance Company Limited (IIDFC) MD and CEO Golam Sarwar Bhuiyan delivered the thank you speech at the event.

Organisers offered a raffle draw for all participants for attracting more visitors, promising lucrative prizes for the winners.

Bangladesh Bank Governor Fazle Kabir will deliver his speech in the event’s closing session in the evening.

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