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)

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 corporationsthey 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

Individuals
Companies

Banks
Insurance
Pension
Mutual Funds

Financial Markets

Interbank
Stock
Exchange
Companies
Money
Market
Funds
Bond
Market
Foreign Exchange

Borrowers
Individuals
Companies
Central
Government
Municipalities
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.

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.

Constituents of Financial Market

Based on market levels

Primary market: Primary market is a market for new issues or new financial claims.
Hence its also called new issue market. The primary market deals with those securities
which are issued to the public for the first time.

Secondary market: Its 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, its 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:

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,

(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 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.
Bankers 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 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.
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 Institutions 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.
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. Bakings 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 customers 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
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

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

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
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
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)
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)
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.
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.)