‘The world envies Bangladesh’s economic situation’

Published : 23 Nov 2022 09:08 PM

Md Mahtabur Rahman is a well-known, distinguished businessman of Bangladeshi origin. He spreads his business worldwide through his reputation and dedication. The brand Al-Haramain founded by Md Mahtabur Rahman, who is known as the business tycoon of Dubai, has spread from the United Arab Emirates, the Middle East to Europe, America, England, France, Malaysia, Thailand, Switzerland, and about 70 countries around the world. 

Being a top businessmen and investor of the UAE, has received the prestigious Gold Card Residence Visa. He is also the Chairman of ARB Bank Limited, a leading fourth generation bank in Bangladesh and the Chairman and MD of Al Haramain Group of Industries. From 2013 to 2020, he won first place in Bangladesh Bank's highest medal Best Remittance Award 7 times in a row. Prominent businessman Mahtabur Rahman received CIP (NRB) status as the highest business personality of Bangladesh for 9 consecutive times from 2012 to 2020. The International University of Morality in Thailand awarded him an honorary doctorate degree for his special contribution to humanity. He has already established himself as one of the leading entrepreneurs and businessmen of Bangladesh and has been recognised and respected for his organisation at the international level.

After global business expansion and success, as one of the most successful NRB business personalities in Bangladesh, he plans to expand business in Bangladesh from a place of responsibility. He first entered the banking business of Bangladesh as a director of Al Arafa Islami Bank in 1997 to become a partner for investment and development in the country. Later he founded NRB Bank, one of the leading banks of the fourth generation of the country. 

He recently inaugurated NRB Securities. He said, "You know that the Bangladesh Securities Exchange Commission has approved the construction of 50 new securities houses. There we got a license called Al Haramain Security Exchange. It was inaugurated on November 17. Our aim was to have a total of 291 registered companies in Bangladesh, both old and new. Bangladesh is a promising country. But now the country's capital market is contributing only 12 percent to the total GDP.”

“If you look at the neighboring countries, you will understand that the contribution of the capital market to India's GDP is 59 percent, in Malaysia it is 83 percent. Vietnam has 52 percent. Vietnam has 52 percent in Vietnam. Indonesia has 51 percent. This means that the capital market has a lot of potential to move forward in Bangladesh. If the capital market is strengthened. Here I would like to give special thanks to our Securities and Exchange Committee Chairman Professor Dr Shibli Rubaiyat ul Islam. Besides, they are trying to attract many foreign investors to invest here. The Securities Exchange Commission has conducted many road shows including in the Middle East, Europe, America. And I heard they are also going to Japan next September 29.”

By doing this, expatriates can trade here while sitting abroad. At the same time, there are other big companies, which have not yet come to the market, to bring them to the market and about many closed companies, the security exchange company has taken the initiative to bring them to the market. If all of them come to the market, the stock exchange market contribution will increase from 12.5 percent at present. The more you increase them, the better the market will be. Money will come to people. Companies will be viable. Capital will come to them. The way we operate now, our company can provide better service to consumers. Our honorable Prime 

On the global situation and the condition of Bangladesh during Covid, he said, “If you see, our NRBs and expatriates have sent a lot of money during the Covid period. At this time the reserve has come more. At one point our reserves rose to $48 billion. Currently the Russia Ukraine war has started right after the covid situation. Where there is a massive unrest worldwide. Here the dollar, yen, pound have all depreciated. Its price is rising so much that the world cannot control it. The rate of the Bangladeshi dollar is not a crisis I think. You can see what was the dollar rate in Bangladesh for three years starting from 2012. 83, 84, 85 these three years a country managed to control the value of its dollar. This is also a great skill and achievement. The Prime Minister has said at present that luxury items should be imported less. There are some restrictions on these. no need Because we have to survive first. Inshallah, we are self-sufficient in food. Alhamdulillah good export. Especially during our covid period our garment sector has exported substantially. I think the current situation is by no means a major crisis. It will pass. Only the remittance has decreased a little. This is due to the impact of the global recession. LC is in progress, repayment is in progress. Bangladesh government has not made any payment deal in such situation. Every payment is made on time, paid in dollars. As many commitments as the government has, all the commitments are being fulfilled by the government. InshaAllah the position of Bangladesh is very good. There is no use in false propaganda here.”

Regarding the investment potential of NRBs in Bangladesh, he said, "Initially, expatriates were less interested in investing in Bangladesh. But now there are new EPZs. And the economic zone has been. Earlier we had to go table to table for license and other facilities. Now the government has made it a one stop service. Start the business from a new EPZ, and re-export, but don't face the previous problems.

Regarding new entrepreneurs in Bangladesh investing in Bangladesh, President of Bangladesh Business Council Dubai Mohammad Mahtabur Rahman said, “We have signed an MoU with Bangladesh Business Council, FBCIE, the apex business organization of Bangladesh. FBCCI gives them the right direction in this regard. Who wants to do business in which sector, want to do manufacturing, how to invest in these fields, they give a guideline. As a result, no one is being cheated in any way. As a result, everyone is benefiting. And I think Bangladesh is first among India, Pakistan and Bangladesh in the scarcity that exists in Bangladesh. Currently in Bangladesh it is possible to take dividends very easily in the case of investment. Bangladesh Bank has taken a new strategy with exchange houses. Earlier, the approval of Bangladesh Bank was required to bring foreign remittances and at the same time the permission of the country's exchange house, consulate, embassy or high commissioner was needed. The governor has lifted this system. As a result, new banks are entering into agreements with many foreign exchange houses. Our economy is getting a new dimension as a result of the policy support given to us by policy maker Shibli Rubaiyat ul Islam, Governor of Bangladesh Bank, Abdur Rauf Talukder. At this time, we should not follow the old law. They understand that and are providing timely and dynamic leadership.”

On the expansion of digitalization and the business situation in the country, he said, “Our new generation is very much involved with new technologies. Now money is transacted in a short time through mobile banking. Our NRB Bank is running on automated digitized rules. You can open account immediately from home. We have automated up to KYC. You can open account and complete transaction within 5 minutes. When money comes from abroad, it will reach your desired location within 24 hours. Online and digitalized markets are very much needed right now. We think the banking sector of Bangladesh has also progressed a lot through digitalisation.”