Financial System of Bangladesh

The Financial System is a set of institutional arrangement through which surplus units transfer their fund to
deficit units. At present the financial system in Bangladesh is mainly composed of two types of institutions
like banks and non-bank financial institution (NBFIs). The formal financial sector in Bangladesh includes:
(a) Bangladesh Bank as the central bank, (b) 48 commercial banks, including 4 Government owned
commercial banks, 30 domestic private banks (PCBs) (of which 6 banks are operating under Islamic
Shariah), 9 foreign banks (FCBs) (of which 1 bank is operating as Islamic bank); and 5 government-owned
specialized banks (DFIs); (c) 28 non-bank financial institutions (NBFIs) – licensed by the Bangladesh
Bank); (d) 2 large government- owned insurance companies (life and general) and 60 private owned (17 life
and 43 general) insurance companies; (e) 2 stock exchanges and, (f) some co-operative banks. Besides, a
good number of semi-formal micro finance institutions (MFIs) also are operating in Bangladesh.

Structure of Financial System:

The main constituents of financial system are :

i) Financial Institutions
ii) Financial Instruments, and
iii) Financial Markets.

Financial Institutions

The modern name of Financial Institution is Financial Intermediary (FI), because it mediates or stand
between ultimate borrowers and ultimate lenders and helps transfer funds from one to another.
The Financial system helps production, capital-accumulation and growth by
i) encouraging savings and
ii) allocating them among the alternative uses and users.

Financial Instruments
Financial Instruments are of two types:
i) Primary (or Direct)
ii) Secondary (or Indirect)

Financial markets

Financial markets facilitate the flow of funds in order to finance investments by governments, corporations,
and individuals. It transfers funds from those who have excess funds (surplus units) to those who need
funds(deficit units).

Financial markets facilitate:

 The raising of capital (in the capital markets)

 The transfer of risk (in the derivatives markets)
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  Price discovery
 Global transactions with integration of financial markets
 The transfer of liquidity (in the money markets)
 International trade (in the currency markets)

And are used to match those who want capital to those who have it.

Typically a borrower issues a receipt to the lender promising to pay back the capital. These receipts are
securities which may be freely bought or sold. In return for lending money to the borrower, the lender will
expect some compensation in the form of interest or dividends. This return on investment is a necessary part
of markets to ensure that funds are supplied to them.

Financial markets attract funds from investors and channel them to corporations—they thus allow
corporations to finance their operations and achieve growth. Money markets allow firms to borrow funds on
a short term basis, while capital markets allow corporations to gain long-term funding to support expansion.

Without financial markets, borrowers would have difficulty finding lenders themselves. Intermediaries such
as banks, Investment Banks, and Boutique Investment Banks can help in this process. Banks take deposits
from those who have money to save. They can then lend money from this pool of deposited money to those
who seek to borrow. Banks popularly lend money in the form of loans and mortgages.

More complex transactions than a simple bank deposit require markets where lenders and their agents can
meet borrowers and their agents, and where existing borrowing or lending commitments can be sold on to
other parties. A good example of a financial market is a stock exchange. A company can raise money by
selling shares to investors and its existing shares can be bought or sold.

The following table illustrates where financial markets fit in the relationship between lenders and borrowers:

Relationship between lenders and borrowers

Lenders Financial Intermediaries Financial Markets Borrowers

Interbank Individuals
Banks
Stock Exchange Companies
Individuals Insurance Companies
Money Market Central Government
Companies Pension Funds
Bond Market Municipalities
Mutual Funds
Foreign Exchange Public Corporations

Role of Financial markets in the economy

One of the important requisite for the accelerated development of an economy is the existence of a dynamic
financial market. A financial market helps the economy in the following manner.
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  Saving mobilization: Obtaining funds from the savers or surplus units such as household
individuals, business firms, public sector units, central government, state governments etc. is an
important role played by financial markets.
 Investment: Financial markets play a crucial role in arranging to invest funds thus collected in those
units which are in need of the same.
 National Growth: An important role played by financial market is that, they contributed to a nations
growth by ensuring unfettered flow of surplus funds to deficit units. Flow of funds for productive
purposes is also made possible.
 Entrepreneurship growth: Financial market contribute to the development of the entrepreneurial
claw by making available the necessary financial resources.
 Industrial development: The different components of financial markets help an accelerated growth
of industrial and economic development of a country, thus contributing to raising the standard of
living and the society of well-being.

Functions of Financial Markets

 Intermediary Functions: The intermediary functions of a financial markets include the following:
o Transfer of Resources: Financial markets facilitate the transfer of real economic resources
from lenders to ultimate borrowers.
o Enhancing income: Financial markets allow lenders to earn interest or dividend on their
surplus invisible funds, thus contributing to the enhancement of the individual and the
national income.
o Productive usage: Financial markets allow for the productive use of the funds borrowed. The
enhancing the income and the gross national production.
o Capital Formation: Financial markets provide a channel through which new savings flow to
aid capital formation of a country.
o Price determination: Financial markets allow for the determination of price of the traded
financial assets through the interaction of buyers and sellers. They provide a sign for the
allocation of funds in the economy based on the demand and supply through the mechanism
called price discovery process.
o Sale Mechanism: Financial markets provide a mechanism for selling of a financial asset by
an investor so as to offer the benefit of marketability and liquidity of such assets.
o Information: The activities of the participants in the financial market result in the generation
and the consequent dissemination of information to the various segments of the market. So as
to reduce the cost of transaction of financial assets.

 Financial Functions
o Providing the borrower with funds so as to enable them to carry out their investment plans.
o Providing the lenders with earning assets so as to enable them to earn wealth by deploying
the assets in production debentures.
o Providing liquidity in the market so as to facilitate trading of funds.

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Constituents of Financial Market

Based on market levels

 Primary market: Primary market is a market for new issues or new financial claims. Hence it’s also
called new issue market. The primary market deals with those securities which are issued to the
public for the first time.
 Secondary market: It’s a market for secondary sale of securities. In other words, securities which
have already passed through the new issue market are traded in this market. Generally, such
securities are quoted in the stock exchange and it provides a continuous and regular market for
buying and selling of securities.

Based on security types

 Money market: Money market is a market for dealing with financial assets and securities which
have a maturity period of up to one year. In other words, it’s a market for purely short term funds.
 Capital market: A capital market is a market for financial assets which have a long or indefinite
maturity. Generally it deals with long term securities which have a maturity period of above one
year. Capital market may be further divided in to: (a) industrial securities market (b) Govt. securities
market and (c) long term loans market.
o Equity markets: A market where ownership of securities are issued and subscribed is known
as equity market. An example of a secondary equity market for shares is the Bombay stock
exchange.
o Debt market: The market where funds are borrowed and lent is known as debt market.
Arrangements are made in such a way that the borrowers agree to pay the lender the original
amount of the loan plus some specified amount of interest.

 Derivative markets: Derivative securities are financial contracts whose values are derived from the
underlying assets. And derivative markets are Markets that allow for buying & selling of derivative
securities.

 Financial service market: A market that comprises participants such as commercial banks that
provide various financial services like ATM. Credit cards. Credit rating, stock broking etc. is known
as financial service market. Individuals and firms use financial services markets, to purchase services
that enhance the working of debt and equity markets.
 Depository markets: A depository market consist of depository institutions that accept deposit from
individuals and firms and uses these funds to participate in the debt market, by giving loans or
purchasing other debt instruments such as treasure bills.
 Non-Depository market: Non-depository market carry out various functions in financial markets
ranging from financial intermediary to selling, insurance etc. The various constituency in non-
depositary markets are mutual funds, insurance companies, pension funds, brokerage firms etc.

The financial market in Bangladesh is mainly of following types:

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 1. Money Market: The primary money market is comprised of banks, FIs and primary dealers as
intermediaries and savings & lending instruments, treasury bills as instruments. There are currently
15 primary dealers (12 banks and 3 FIs) in Bangladesh. The only active secondary market is
overnight call money market which is participated by the scheduled banks and FIs. The money
market in Bangladesh is regulated by Bangladesh Bank (BB), the Central Bank of Bangladesh.

2. Capital market: The primary segment of capital market is operated through private and public
offering of equity and bond instruments. The secondary segment of capital market is institutionalized
by two (02) stock exchanges-Dhaka Stock Exchange and Chittagong Stock Exchange. The
instruments in these exchanges are equity securities (shares), debentures, corporate bonds and
treasury bonds. The capital market in Bangladesh is governed by Securities and Commission (SEC).

3. Foreign Exchange Market: Towards liberalization of foreign exchange transactions, a number of

measures were adopted since 1990s. Bangladeshi currency, the taka, was declared convertible on
current account transactions (as on 24 March 1994), in terms of Article VIII of IMF Article of
Agreement (1994). As Taka is not convertible in capital account, resident owned capital is not freely
transferable abroad. Repatriation of profits or disinvestment proceeds on non-resident FDI and
portfolio investment inflows are permitted freely. Direct investments of non-residents in the
industrial sector and portfolio investments of non-residents through stock exchanges are repatriable
abroad, as also are capital gains and profits/dividends thereon. Investment abroad of resident-owned
capital is subject to prior Bangladesh Bank approval, which is allowed only sparingly. Bangladesh
adopted Floating Exchange Rate regime since 31 May 2003. Under the regime, BB does not interfere
in the determination of exchange rate, but operates the monetary policy prudently for minimizing
extreme swings in exchange rate to avoid adverse repercussion on the domestic economy. The
exchange rate is being determined in the market on the basis of market demand and supply forces of
the respective currencies. In the forex market banks are free to buy and sale foreign currency in the
spot and also in the forward markets. However, to avoid any unusual volatility in the exchange rate,
Bangladesh Bank, the regulator of foreign exchange market remains vigilant over the developments
in the foreign exchange market and intervenes by buying and selling foreign currencies whenever it
deems necessary to maintain stability in the foreign exchange market.

Money market & its instruments

The money market is used by a wide array of participants, from a company raising money by selling
commercial paper into the market to an investor purchasing CDs as a safe place to park money in the short
term. The money market is typically seen as a safe place to put money due the highly liquid nature of the
securities and short maturities, but there are risks in the market that any investor needs to be aware of
including the risk of default on securities such as commercial paper. The primary money market is
comprised of banks, FIs and primary dealers as intermediaries and savings & lending instruments, treasury
bills as instruments. There are currently 15 primary dealers (12 banks and 3 FIs) in Bangladesh. The only
active secondary market is overnight call money market which is participated by the scheduled banks and
FIs. The money market in Bangladesh is regulated by Bangladesh Bank (BB), the Central Bank of
Bangladesh.

The developed money market has the following characteristics:

(i) Existence of Central Bank,

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(ii) Highly organized commercial Banking System

(iii) Existence of sub-markets

(iv) Healthy competition in sub-markets

(v) Integrated structure of money market

(vi) Availability of proper credit instruments.

(vii) Adequacy and Elasticity of funds

(viii) International attraction

(ix) Uniformity of interest rates

(x) Stability of prices and

(xi) Highly developed Industrial system

Money Market Instruments:

The common types of money market securities traded in Bangladesh are given below:

i) Treasury Bills(T-Bills)
ii) Repurchase Agreements( Repo or Reverse Repo)
iii) Commercial Papers
iv) Certificate of Deposit
v) Banker's Acceptance

Treasury Bills or T-Bills:

Treasury Bills, one of the safest money market instrument, are short term borrowing instruments of the
Central Government of the country issued through the Central Bank. They are zero risk instruments. It is
available both in the primary market as well as secondary market. T-bills are short-term securities that
mature in one year or less from their issue date. They are issued with three-month, six-month and one-year
maturity periods.

The Central Government issues T-Bills at a price less than their face value (par value). They are issued with
a promise to pay full face value on maturity. So, when the T-Bills mature, the government pays the holder its
face value. The difference between the purchase price and the maturity value is the interest income earned
by the purchaser of the instrument.

T-Bills are issued through a bidding process at auctions. The bid can be prepared either competitively or
non-competitively. In case of competitive bidding, the return on maturity is specified in the bid. In case the

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return specified is too high then the T-Bill might not be issued to the bidder. In case of non-competitive
bidding, return required is not specified and the one determined at the auction is received on maturity.

Commercial paper:

Commercial paper is short term debt instruments issued by well known, credit worthy firms. It is generally
not issued in Bangladesh. But only types of commercial papers available are- the bills of exchange and
promissory notes, mutual funds etc.

Negotiable Certificates of Deposit (NCDs):

NCDs are certificates that are issued by large commercial banks as a short term source of fund. The
nonfinancial corporations often purchase NCDs. The minimum denomination is not fixed in Bangladesh.
Maturities on NCDs normally range from 15 to 1 years. It provides return in the form of interest along with
the difference between the price at which NCDs is redeemed and the purchase price.

Repurchase Agreements:

With RA or repo one party sells securities to another party with an agreement to repurchase it back at a
specific date and price. Financial institutions often participate in RA.

Banker’s Acceptance:

It indicates that a bank accepts responsibility for a future payment which is commonly used for international
trade. Maturity of it is ranged from 30 to 270 days. The return from it is above t-bill yield.

Capital Markets & its instruments

A market in which individuals and institutions trade financial securities. Organizations/institutions in the
public and private sectors also often sell securities on the capital markets in order to raise funds. Thus, this
type of market is composed of both the primary and secondary markets. Both the stock and bond markets
are parts of the capital markets. For example, when a company conducts an IPO, it is tapping the investing
public for capital and is therefore using the capital markets. This is also true when a country's
government issues Treasury bonds in the bond market to fund its spending initiatives.

A. Regulatory Bodies

The Securities and Exchange Commission (SEC) exercise powers under the Securities and Exchange
Ordinance 1969, Securities and Exchange Commission (SEC) Act 1993, Depository Act, 1999. It regulates
institutions engaged in capital market activities.

B. Participants in the Capital Market

The SEC has issued licenses to institutions to act in the capital market of these, 52 institutions are
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Merchant Banker & Portfolio Manager while 16 are the Asset Management Companies and 9 (one) acts as
Security Custodians beyond these institutions SEC issuing 9 (nine) registration certificate for Credit Rating
Companies.

C. Stock Exchanges

There are two stock exchanges: a) The Dhaka Stock Exchange (DSE) and b) The Chittagong Stock
Exchange (CSE) which deals in the secondary capital market. DSE was established as a Public Limited
Company in April, 1954 thereafter CSE in April, 1995. As on June 15, 2012 the total number of enlisted
securities with DSE and CSE were 237 and 204 respectively. Out of 281 listed securities including mutual
fund with the DSE, 237 were listed companies, 41 mutual funds. Functions of SE are:

 Regulating the business of the Stock Exchanges or any other securities market.
 Registering and regulating the business of stock-brokers, sub-brokers, share transfer agents,
merchant bankers and managers of issues, trustee of trust deeds, registrar of an issue, underwriters,
portfolio managers, investment advisers and other intermediaries in the securities market.
 Registering, monitoring and regulating of collective investment scheme including all forms of
mutual funds.
 Monitoring and regulating all authorized self regulatory organizations in the securities market.
 Prohibiting fraudulent and unfair trade practices relating to securities trading in any securities
market.
 Promoting investors’ education and providing training for intermediaries of the securities market.
 Prohibiting insider trading in securities.
 Regulating the substantial acquisition of shares and take-over of companies.
 Undertaking investigation and inspection, inquiries and audit of any issuer or dealer of securities, the
Stock Exchanges and intermediaries and any self regulatory organization in the securities market.
 Conducting research and publishing information.

D. Intermediaries

At present, capital market intermediaries are of following types:

1. Stock Exchanges: Apart from Dhaka Stock Exchange, there is another stock exchange in Bangladesh
that is Chittagong Stock Exchange established in 1995.
2. Central Depository: The only depository system for the transaction and settlement of financial
securities, Central Depository Bangladesh Ltd (CDBL) was formed in 2000 which conducts its
operations under Depositories Act 1999, Depositories Regulations 2000, Depository (User)
Regulations 2003, and the CDBL by-laws.
3. Stock Dealer/Sock Broker: Under SEC (Stock Dealer, Stock Broker & Authorized Representative)
Rules 2000, these entities are licensed and they are bound to be a member of any of the two stock
exchanges. At present, DSE and CSE have 238 and 136 members respectively.
4. Merchant Banker & Portfolio Manager: These institutions are licensed to operate under SEC
(Merchant Banker & Portfolio Manager Rules) 1996 and 45 institutions have been licensed by SEC
under this rules so far.

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 5. Asset Management Companies (AMCs): AMCs are authorized to act as issue and portfolio manager
of the mutual funds which are issued under SEC (Mutual Fund) Rules 2001. There are 15 AMCs in
Bangladesh at present.
6. Credit Rating Companies (CRCs): CRCs in Bangladesh are licensed under Credit Rating Companies
Rules, 1996 and now, 5 CRCs have been accredited by SEC.
7. Trustees/Custodians: According to rules, all asset backed securitizations and mutual funds must
have an accredited trusty and security custodian. For that purpose, SEC has licensed 9 institutions as
Trustees and 9 institutions as custodians.
8. Investment Corporation of Bangladesh (ICB): ICB is a specialized capital market intermediary which
was established in 1976 through the ordainment of The Investment Corporation of Bangladesh
Ordinance 1976. This ordinance has empowered ICB to perform all types of capital market
intermediation that fall under jurisdiction of SEC. ICB has three subsidiaries:

a. ICB Capital Management Ltd.,

b. ICB Asset Management Company Ltd.,
c. ICB Securities Trading Company Ltd.

Capital market instruments:

Bonds :

Bonds are long term debt securities issued by corporations & government agencies to support their
operations.

Mortgages :

Mortgages are long term debt obligations created to finance the purchase of real estate.

Stocks:

It is also called equity securities. Stocks are certificates representing ownership in the corporations that
issued them. It has higher rate of return but also exhibit a higher degree of risk.

Financial institutions in Bangladesh

Banking and Non Banking Financial Institution’s Differences

In Bangladesh now different commercial banks and the non banking financial organizations are operating
their business. And every organization now involved attracting the retail customers that means the middle
income group people of the country. To draw their attention the sells persons of different organization try to
knock every possible door. These activities of different organization increase the interest about this sector.
As both commercial banks and the non financial institutes are in the market, so it makes confusion to the
general people about the activities of these organizations. This article helps the customers to makes
differentiate between these.

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Banks, usually a corporation, that accepts deposits, makes loans, pays checks, and performs related services
for the public. The Bank Holding Company Act of 1956 defines a bank as any depository financial
institution that accepts checking accounts (checks) or makes commercial loans, and its deposits are insured
by a federal deposit insurance agency. A bank acts as a middleman between suppliers of funds and users of
funds, substituting its own credit judgment for that of the ultimate suppliers of funds, collecting those funds
from three sources: checking accounts, savings, and time deposits; short-term borrowings from other banks;
and equity capital. A bank earns money by reinvesting these funds in longer-term assets. A Commercial
Bank invests funds gathered from depositors and other sources principally in loans. An investment bank
manages securities for clients and for its own trading account. In making loans, a bank assumes both interest
rate risk and credit risk.

The commercial banks are described now a day by many agents of economic development and social
change. Their functions and roll are undergoing revolutionary changes client coverage and extended beyond
imagination.

While many people believe that banks play only narrow roll in the economy taking deposit and making
loans the modern banks has bad to adopt new roles to remain competitive and responsive to public needs.
Baking’s principal roles today are as follows:

The intermediary role:

Transforming saving received primarily from household into credit for business firm and others in order to
make investment in new building, equipment and other goods.

The payment role:

Carrying out payment for goods and services on behalf of their customers.

The guarantor role:

Standing behind their customers to pay off customer debts, when those customers are unable to pay.

The risk management role:

Assisting customer in preparing financially for the risk of lost to property and persons.

The saving / investment advisers’ role:

Aiding customers in fulfilling their long rang goals for a better life by building, managing, and protecting
savings.

The safekeeping/certification of value role:

Safeguarding a customer’s valuables and appraising and certifying their true market

The agency role:

Acting on behalf of customers to manage and protect their property or issue and redeem their securities.

The policy role:

Saving as a conduit for govt. policy in attempting to regulate the growth of the economy and pursue social
goals.

Non-bank financial institutions

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Represent one of the most important parts of a financial system. In Bangladesh, NBFIs are new in the
financial system as compared to banking financial institutions (BFIs). A total of 25 NBFIs are now working
in the country. The NBFIs sector in Bangladesh consisting primarily of the development financial
institutions, leasing enterprises, investment companies, merchant bankers etc. The financing modes of the
NBFIs are long term in nature. Traditionally, our banking financial institutions are involved in term lending
activities, which are mostly unfamiliar products for them. Inefficiency of BFIs in long-term loan
management has already leaded an enormous volume of outstanding loan in our country. At this backdrop,
in order to ensure flow of term loans and to meet the credit gap, NBFIs have immense importance in the
economy. In addition, non-bank financial sector is important to increase the mobilization of term savings
and for the sake of providing support services to the capital market.

The basic difference may include:-

 A Bank is an organization that accepts customer cash deposits and then provides financial services
like bank accounts, loans, share trading account, mutual funds, etc.
 A NBFC (Non Banking Financial Company) is an organization that does not accept customer cash
deposits but provides all financial services except bank accounts.
 A bank interacts directly with customers while an NBFI interacts with banks and governments
 A bank indulges in a number of activities relating to finance with a range of customers, while an
NBFI is mainly concerned with the term loan needs of large enterprises
 A bank deals with both internal and international customers while an NBFI is mainly concerned with
the finances of foreign companies
 A bank's man interest is to help in business transactions and savings/investment activities while an
NBFI's main interest is in the stabilization of the currency

Besides the differences between the both commercial banks and the non banking financial institutions they
play both for the development of the economic structure of the country. If the both play positively than it can
be said that, the development of the country is sure.

Depository institutions of Bangladesh

1. Commercial banks :

Central Bank

 Bangladesh Bank

State-owned Commercial Banks

Nationalized Commercial Bank of Bangladesh:

 Sonali Bank
 Agrani Bank
 Rupali Bank
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  Janata Bank

Private Commercial Banks

 United Commercial Bank Limited

 Mutual Trust Bank Limited
 BRAC Bank Limited
 Eastern Bank Limited
 Dutch Bangla Bank Limited
 Dhaka Bank Limited
 Islami Bank Bangladesh Ltd
 Uttara Bank Limited
 Pubali Bank Limited
 IFIC Bank Limited
 National Bank Limited
 The City Bank Limited
 NCC Bank Limited
 Mercantile Bank Limited
 Prime Bank Limited
 Southeast Bank Limited
 Al-Arafah Islami Bank Limited
 Social Islami Bank Limited
 Standard Bank Limited
 One Bank Limited
 Sumon Bank Limited
 Exim Bank Limited
 Bangladesh Commerce Bank Limited
 First Security Islami Bank Limited
 The Premier Bank Limited
 Bank Asia Limited
 Trust Bank Limited
 Shahjalal Islami Bank Limited
 Jamuna Bank Limited
 ICB Islamic Bank
 AB Bank
 Jubilee Bank Limited
 Bank Asia Limited

Foreign Commercial Banks

10 Foreign Commercial Banks are operating in Bangladesh. These are -

 Citibank
 HSBC
 Standard Chartered Bank
 Commercial Bank of Ceylon
 State Bank of India
 Habib Bank Limited
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  National Bank of Pakistan
 Woori Bank
 Bank Alfalah
 ICICI Bank

The Specialized banks

 Karmasangsthan Bank
 Bangladesh Krishi Bank
 Rajshahi Krishi Unnayan Bank
 Progoti Co-operative Landmortgage Bank Limited (Progoti BanK)
 Grameen Bank
 Bangladesh Development Bank Ltd
 Bangladesh Somobay Bank Limited(Cooperative Bank)
 Ansar VDP Unnyan Bank
 BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited)
 The Dhaka Mercantile Co-operative Bank Limited (DMCBL)

2. Credit unions:

1. The Christian Co-operative Credit Union Ltd.

2. Mausaid Christian Co-operative Credit Union Ltd Dhaka Dhaka City

3. Nagori Christian Co-operative Credit Union Ltd Gazipur Kaliganj

4. Rangamatia Christian Co-operative Credit Union Ltd Gazipur Kaliganj

5. Tumilia Christian Co-operative Credit Union Ltd Gazipur Kaliganj

6. Mathbari Christian Samabaya Rindan Samity Ltd Gazipur Kaliganj

7. Tuital Christian Co-operative Credit Union Ltd Dhaka Nawabganj

8. Dhorenda Christian Samabaya Rindan Samity Ltd. Dhaka Savar

9. Hasnabad Christian Samabaya Rindan Samity Ltd. Dhaka Nawabganj

10. Solepur Christian Samabaya Rindan Samity Ltd. Munshiganj Sirajdikhan

11. Golla Christian Samabaya Rindan Samity Ltd. Dhaka Nawabganj

12. Bonpara Christian Co-operative Credit Union Ltd. Natore Baraigram

13. Jonail Christian Agriculture Co-operative Credit Union Ltd. Natore Baraigram

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14. Rajshahi Sahar Christian Co-operative Credit Union Ltd. Rajshahi Rajshahi City

15. Notre Dame College Karmachari S.R. Samity Ltd.

16. Mathurapur Christian Co-operative Credit Union Ltd. Pabna Chatmohar

17. Jessore Christian Sam.Rindan Samity Ltd. Jessore Jessore Sadar

Non-depository institutions of Bangladesh

1.Finance companies:

Organisations

Agrani SME Finance Co. Ltd.

Bangladesh Finance & Investment Co. Ltd.
Bangladesh Industrial Finance Company Limited (BIFC)
Bay Leasing & Investment Limited
Delta Brac Housing Finance Corporation Ltd. (DBH)
Fareast Finance & Investment Limited
FAS Finance & Investment Limited
First Lease Finance & Investment Ltd.
GSP Finance Company (Bangladesh) Limited (GSPB)
Hajj Finance Company Limited
IDLC Finance Limited
Industrial and Infrastructure Development Finance Company (IIDFC) Limited
Industrial Promotion and Development Company of Bangladesh Limited(IPDC)
Infrastructure Development Company Limited (IDCOL)
International Leasing and Financial Services Limited
Islamic Finance and Investment Limited
LankaBangla Finance Ltd.
MIDAS Financing Ltd. (MFL)
National Finance Ltd
National Housing Finance and Investments Limited
People's Leasing and Financial Services Ltd
Phoenix Finance and Investments Limited
Premier Leasing & Finance Limited
Prime Finance & Investment Ltd
Reliance Finance Limited
Saudi-Bangladesh Industrial & Agricultural Investment Company Limited (SABINCO)
The UAE-Bangladesh Investment Co. Ltd

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 Union Capital Limited
United Leasing Company Limited (ULCL)
Uttara Finance and Investments Limited

2.Mutual funds:

NAME

1st Bangladesh Shilpa Rin Sangstha MF (STBSRS)

AB Bank 1st Mutual Fund (ABB1STMF)

AIBL First Islamic Mutual Fund (AIBL1STI)

AIMS First Guaranteed Mutual Fund (AIMS1ST)

DBH First Mutual Fund (DBH1ST)

EBL First Mutual Fund (EBL1STMF)

EBL NRB Mutual Fund (EBLNRBMF)

Eighth Icb Mutual Fund (8THICB)

Fifth ICB Mutual Fund (5THICB)

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First Bangladesh Fixed Income Fund (FBANGFI)

First Janata Bank Mutual Fund (1JANATA)

Fourth ICB Mutual Fund (4THICB)

Grameen Mutual Fund Scheme 1 (GRAMEEN1)

Grameen Mutual Fund Scheme 2 (GRAMEEN2)

Green Delta Mutual Fund (GREENDEL)

ICB AMCL 2nd Mutual Fund (ICB2DMF)

ICB AMCL First NRB Mutual Fund (ICBFNRB)

ICB AMCL Islamic Mutual Fund (ICBIS)

ICB AMCL Second Nrb Mutual Fund (ICBAMCL)

ICB AMCL Third NRB Mutual Fund (ICBTNRB)

ICB Employees Provident MF 1: Scheme 1 (ICBEPS1)

IFIC Bank First Mutual Fund (IFIC1ST)

IFIL Islamic Mutual Fund 1 (IFILIM1)

MBL 1st Mutual Fund (MBL1STMF)

Phoenix Finance 1st Mutual Fund (PF1STMF)

PHP First Mutual Fund (PHPMF1)

Popular Life First Mutual Fund (POPULAR1)

Prime Bank First ICB AMCL Mutual Fund (PRIME1IC)

Prime Finance First Mutual Fund (PRFINFM)

Reliance One Mutual Fund (RELIANC1)

Second ICB Mutual Fund (2NDICB)

Seventh ICB Mutual Fund (7THICB)

Sixth ICB Mutual Fund (6THICB)

Southeast Bank First Mutual Fund (SEBL1ST)

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Third ICB Mutual Fund (3RDICB)

Trust Bank First Mutual Fund (TRUSTB1)

3. Insurance companies:

LIST OF NON-LIFE INSURANCE COMPANIES

1. Agrani Insurance Company Ltd.

2. Asia Insurance Ltd.
3. Asia Pacific Gen Insurance Co. Ltd.
4. Bangladesh Co-operatives Ins. Ltd.
5. Bangladesh General Insurance Co. Ltd.
6. Bangladesh National Insurance Co.Ltd.
7. Central Insurance Company Ltd.
8. City Gen. Insurance Company Ltd.
9. Continental Insurance Ltd.
10. Crystal Insurance Company Ltd.
11. Desh Gen. Insurance Company Ltd.
12. Eastern Insurance Company Ltd.
13. Eastland Insurance Company Ltd.
14. Express Insurance Ltd.
15. Federal Insurance Company Ltd.
16. Global Insurance Ltd.
17. Green Delta Insurance Co. Ltd.
18. Islami Commercial Insurance Co. Ltd.
19. Islami Insurance Bangladesh Ltd.
20. Janata Insurance Company Ltd.
21. Karnaphuli Insurance Company Ltd.
22. Meghna Insurance Company Ltd.
23. Mercantile Insurance Company Ltd.
24. Nitol Insurance Company Ltd.
25. Northern Gen.Insurance Company Ltd.
26. Peoples Insurance Company Ltd.
27. Phonix Insurance Company Ltd.
28. Pioneer Insurance Company Ltd.
29. Pragati Insurance Ltd.
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 30. Pramount Insurance Company Ltd.
31. Prime Insurance Company Ltd.
32. Provati Insurance Company Ltd.
33. Purabi Gen Insurance Company Ltd.
34. Reliance Insurance Ltd.
35. Republic Insurance Company Ltd.
36. Rupali Insurance Company Ltd.
37. Sonar Bangla Insurance Company Ltd.
38. South Asia Insurance Company Ltd.
39. Standard Insurance Ltd.
40. Takaful Islami Insurance Ltd.
41. Dhaka Insurance Ltd.
42. Union Insurance Company Ltd.
43. United Insurance Company Ltd.

LIST OF LIFE INSURANCE COMPANIES

1. American Life Insurance Company (Foreign Company)

2. Baira Life Insurance Company Ltd.
3. Delta Life Insurance Company Ltd.
4. Farest Islami Life Insurance Co. Ltd.
5. Golden Life Insurance Ltd.
6. Homeland Life Insurance Company Ltd.
7. Meghna Life Insurance Company Ltd.
8. National Life Insurance Company Ltd.
9. Padma Islami Life Insurance Company Ltd.
10. Popular Life Insurance Company Ltd.
11. Pragati Life Insurance Ltd.
12. Prime Islami Life Insurance Company Ltd.
13. Progressive Life Insurance Company Ltd.
14. Rupali Life Insurance Company Ltd.
15. Sandhani Life Insurance Company Ltd.
16. Sunflower Life Insurance Company Ltd.
17. Sunlife Insurance Company Ltd.

LIST OF THE INSURANCE COMPANIES IN PUBLIC SECTOR

1. Sadharan Bima Corporation(Gen. Ins)

2. Jiban Bima Corporation (Life Ins.)

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