Assignment -2

List of Depository & Non-depository Financial Institutions

in Bangladesh

Course Instructor : Financial Market and Institutions

Course Code : FIN 6402

Prepared for

Dr. Jannatul Ferduse

Assistant Professor

Faculty of Business Studies

Bangladesh University of Professionals

Prepared by

Md. Mahmudul Hasan

ID- M1415044

MBA (Batch 15)

Bangladesh University of Professionals

Mirpur-12, Dhaka

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Table of Contents

Overview of Financial system of Bangladesh 1

Financial Institute 2

Classification of Financial Institutions

Overview Bangladesh Bank

List of depository institutions in Bangladesh:

a. Commercial Bank

1. State Owned Commercial Banks 11

2. Specialized Banks 11

3. Private Commercial Banks 12-13

4. Islami Shariah based 11

5. Foreign Commercial Banks 12

b. Credit unions

List Non-depository institutions of Bangladesh

a. Finance companies 15-16

b. Mutual funds 16-17

c. Insurance companies 17-19

Referance 20

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Overview of Financial system of Bangladesh

The financial system of Bangladesh is comprised of three broad fragmented sectors:

1. Formal Sector,

2. Semi-Formal Sector,

3. Informal Sector.

The sectors have been categorized in accordance with their degree of regulation.

The formal sector includes all regulated institutions like Banks, Non-Bank Financial

Institutions (FIs), Insurance Companies, Capital Market Intermediaries like Brokerage

Houses, Merchant Banks etc.; Micro Finance Institutions (MFIs)

The semi formal sector includes those institutions which are regulated otherwise but do not

fall under the jurisdiction of Central Bank, Insurance Authority, Securities and Exchange

Commission or any other enacted financial regulator. This sector is mainly represented by

Specialized Financial Institutions like House Building Finance Corporation (HBFC), Palli

Karma Sahayak Foundation (PKSF), Samabay Bank, Grameen Bank etc., Non-Governmental

Organizations (NGOs and discrete government programs.

The informal sector includes private intermediaries which are completely unregulated.

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Financial Institute:

A financial institution is an institution that provides financial services for its clients or

members. One of the most important financial services provided by a financial institution is

acting as a financial intermediary. Most financial institutions are regulated by the

government.

Deposit-taking institutions that accept and manage deposits and make loans (this category

includes banks, credit unions, trust companies, and mortgage loan companies);

Insurance companies and pension funds; and Brokers, underwriters and investment funds.

Financial institutions provide service as intermediaries of the capital and debt markets. They

are responsible for transferring funds from investors to companies, in need of those funds.

The presence of financial institutions facilitate the flow of money through the economy. To

do so, savings are pooled to mitigate the risk brought to provide funds for loans. Such is the

primary means for depository institutions to develop revenue. Should the yield curve become

inverse, firms in this arena will offer additional fee-generating services including securities

underwriting, and prime brokerage.

A financial institution is an establishment that conducts financial transactions such as

investments, loans and deposits. Almost everyone deals with financial institutions on a

regular basis. Everything from depositing money to taking out loans and exchanging

currencies must be done through financial institutions.

Classification of Financial Institutions

In financial market there are many types of financial institutions or intermediaries exist for

the flow of funds. Some of them involve in depositary type of transactions whereas other

involve in non-depositary type of transactions. The type of financial institutions can be

divided into two types as follows:

1. Depository Institutions

A depository institution is a financial institution in the United States (such as a savings bank,

commercial bank, savings and loan associations, or credit unions) that is legally allowed to

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accept monetary deposits from consumers. Federal depository institutions are regulated by

the Govt.

Role of Depository Institutions:

Depository institutions accept deposits from surplus units and provide credit to deficit units

through loans and purchases of securities. They are popular financial institutions for the

following reasons:

They offer deposit accounts that can accommodate the amount and liquidity

characteristics desired by most surplus units.

They repackage funds received from deposits to provide loans of the size and maturity

desired by deficit units.

They accept the risk on loans provided.

They have mare expertise than individual surplus units in evaluating the credit

worthiness of deficit units.

They diversify their loans among numerous deficits units and therefore can absorb

defaulted loans better than individual surplus units could.

The depository types of financial institutions include banks, credit unions, saving and loan

associations and mutual saving banks

* Commercial banks

Commercial banks are those financial institutions, which help in pooling the savings of

surplus units and arrange their productive uses. They basically accept the deposits from

individuals and institutions, which are repayable on demand. These deposits from individuals

and institutions are invested to satisfy the short-term financing requirement of business and

industry.

* Credit Unions

Credit unions are cooperative associations where large numbers of people are voluntarily

associated for savings and borrowing purposes. These individuals are the members of credit

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unions as they make share investment along with deposits. The saving generated from these

members are used to lend the members of the union only.

* Saving And Loan Associations

Saving and loan associations are the financial institutions involved in collecting funds of

many small savers and lending these funds to home buyers and other types of borrowers.

* Mutual Saving Banks

Mutual saving banks are more or less similar to saving and loan associations. They primarily

accepts savings of individuals and they are lent to the home users and consumers on a long-

term basis.

2. Non-depository Institutions

Non-depository institutions are not banks in real sense. They make contractual arrangement

and investment in securities to satisfy the needs and preferences of investors. The non-

depository institutions include insurance companies, pension funds, finance companies and

mutual funds.

* Insurance Companies

Insurance companies are the contractual saving institutions which collect periodic premium

from insured party and in return agree to compensate against the risk of loss of life and

properties.

* Pension/Provident Funds

Pension funds are financial institutions which accept saving to provide pension and other

kinds of retirement benefits to the employees of government units and other corporations.

Pension funds are basically funded by corporation and government units for their employees,

which make a periodic deposit to the pension fund and the fund provides benefits to

associated employees on the retirement. The pension funds basically invest in stocks, bonds

and other type of long-term securities including real estate.

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* Finance Companies

Finance companies are the financial institutions that engage in satisfying individual credit

needs, and perform merchant banking functions. In other words, finance companies are non-

bank financial institutions that tend to meet various kinds of consumer credit needs. They

involve in leasing, project financing, housing and other kind of real estate financing.

* Mutual Funds

Mutual funds are open-end investment companies. They are the associations or trusts of

public members and invest in financial instruments or assets of the business sector or

corporate sector for the mutual benefit of its members. Mutual funds are basically a large

public portfolio that accepts funds from members and then use these funds to buy common

stocks, preferred stocks, bonds and other short-term debt instruments issued by government

and corporation.

Bangladesh Bank:

Bangladesh Bank acts as the Central Bank of Bangladesh which was established on

December 16, 1971 through the enactment of Bangladesh Bank Order 1972- President’s

Order No. 127 of 1972 (Amended in 2003). The general superintendence and direction of the

affairs and business of BB have been entrusted to a 9 members' Board of Directors which is

headed by the Governor who is the Chief Executive Officer of this institution as well. BB has

45 departments and 10 branch offices. In Strategic Plan (2010-2014), the vision of BB has

been stated as, “To develop continually as a forward looking central bank with competent and

committed professionals of high ethical standards, conducting monetary management and

financial sector supervision to maintain price stability and financial system robustness,

supporting rapid broad based inclusive economic growth, employment generation and

poverty eradication in Bangladesh”.

The main functions of BB are (Section 7A of BB Order, 1972) -

1. to formulate and implement monetary policy;

2. to formulate and implement intervention policies in the foreign exchange market;

3. to give advice to the Government on the interaction of monetary policy with fiscal and

exchange rate policy, on the impact of various policy measures on the economy and to

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propose legislative measures it considers necessary or appropriate to attain its

objectives and perform its functions;

4. to hold and manage the official foreign reserves of Bangladesh;

5. to promote, regulate and ensure a secure and efficient payment system, including the

issue of bank notes;

To regulate and supervise banking companies and financial institutions

Core Policies of Central Bank

Monetary policy

The main objectives of monetary policy of Bangladesh Bank are:

Price stability both internal & external

Sustainable growth & development

High employment

Economic and efficient use of resources

Stability of financial & payment system

Bangladesh Bank declares the monetary policy by issuing Monetary Policy Statement (MPS)

twice (January and July) in a year. The tools and instruments for implementation of monetary

policy in Bangladesh are Bank Rate, Open Market Operations (OMO), Repurchase

agreements (Repo) & Reverse Repo, Statutory Reserve Requirements (SLR & CRR).

Reserve Management Strategy

Bangladesh Bank maintains the foreign exchange reserve of the country in different

currencies to minimize the risk emerging from widespread fluctuation in exchange rate of

major currencies and very irregular movement in interest rates in the global money market.

BB has established Nostro account arrangements with different Central Banks. Funds

accumulated in these accounts are invested in Treasury bills, repos and other government

papers in the respective currencies. It also makes investment in the form of short term

deposits with different high rated and reputed commercial banks and purchase of high rated

sovereign/supranational/corporate bonds. A separate department of BB performs the

operational functions regarding investment which is guided by investment policy set by the

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BB's Investment Committee headed by a Deputy Governor. The underlying principle of the

investment policy is to ensure the optimum return on investment with minimum market risk.

Interest Rate Policy

Under the Financial sector reform program, a flexible interest policy was formulated.

According to that, banks are free to charge/fix their deposit (Bank /Financial Institutes) and

Lending (Bank /Financial Institutes) rates other than Export Credit. At present, except Pre-

shipment export credit and agricultural lending, there is no interest rate cap on lending for

banks. Yet, banks can differentiate interest rate up to 3% considering comparative risk

elements involved among borrowers in same lending category. With progressive deregulation

of interest rates, banks have been advised to announce the mid-rate of the limit (if any) for

different sectors and the banks may change interest 1.5% more or less than the announced

mid-rate on the basis of the comparative credit risk. Banks upload their deposit and lending

interest rate in their respective website.

Capital Adequacy for Banks and FIs

Basel-III has been introduced with a view to strenghening the capital base of banks with the

goal of promoting a more resilient banking sector. The Basel III regulation will be adopted in

a phased manner starting from the January 2015, with full implementation of capital ratios

from the beginning of 2019. Now, scheduled banks in Bangladesh are required to maintain

minimum capital of Taka 4 billion or Capital to Risk Weighted Assets Ratio (CRAR) 10%,

whichever is higher. In addition to minimum CRAR, Capital Conservation Buffer (CCB) of

2.5% of the total RWA is being introduced which will be maintained in the form of CET1.

Besides the minimum requirement all banks have a process for assessing overall capital

adequacy in relation to their risk profile and a strategy for maintaining capital at an adequate

level. For FIs, full implementation of Basel-II has been started in January 01, 2012

(Prudential Guidelines on Capital Adequacy and Market Discipline (CAMD) for Financial

Institutions). Now, FIs in Bangladesh are required to maintain Tk. 1 billion or 10% of Total

Risk Weighted Assets as capital, whichever is higher.

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Deposit Insurance

The deposit insurance scheme (DIS) was introduced in Bangladesh in August 1984 to act as a

safety net for the depositors. All the scheduled banks Bangladesh are the member of this

scheme Bank Deposit Insurance Act 2000. The purpose of DIS is to help to increase market

discipline, reduce moral hazard in the financial sector and provide safety nets at the minimum

cost to the public in the event of bank failure. A Deposit Insurance Trust Fund (DITF) has

also been created for providing limited protection (not exceeding Taka 0.01 million) to a

small depositor in case of winding up of any bank. The Board of Directors of BB is the

Trustee Board for the DITF. BB has adopted a system of risk based deposit insurance

premium rates applicable for all scheduled banks effective from January - June 2007.

According to new instruction regarding premium rates, problem banks are required to pay

0.09 percent and private banks other than the problem banks and state owned commercial

banks are required to pay 0.07 percent where the percent coverage of the deposits is taka one

hundred thousand per depositor per bank. With this end in view, BB has already advised the

banks for bringing DIS into the notice of the public through displaying the same in their

display board.

Insurance Authority

Insurance Development and Regulatory Authority (IDRA) was instituted on January 26, 2011

as the regulator of insurance industry being empowered by Insurance Development and

Regulatory Act, 2010 by replacing its predecessor, Chief Controller of Insurance. This

institution is operated under Ministry of Finance and a 4 member executive body headed by

Chairman is responsible for its general supervision and direction of business.

IDRA has been established to make the insurance industry as the premier financial service

provider in the country by structuring on an efficient corporate environment, by securing

embryonic aspiration of society and by penetrating deep into all segments for high economic

growth. The mission of IDRA is to protect the interest of the policy holders and other

stakeholders under insurance policy, supervise and regulate the insurance industry

effectively, ensure orderly and systematic growth of the insurance industry and for matters

connected therewith or incidental thereto.

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Regulator of Capital Market Intermediaries

Securities and Exchange Commission (SEC) performs the functions to regulate the capital

market intermediaries and issuance of capital and financial instruments by public limited

companies. It was established on June 8, 1993 under the Securities and Exchange

Commission Act, 1993. A 5 member commission headed by a Chairman has the overall

responsibility to administer securities legislation and the Commission is attached to the

Ministry of Finance. The mission of SEC is to protect the interests of securities investors, to

develop and maintain fair, transparent and efficient securities markets and to ensure proper

issuance of securities and compliance with securities laws. The main functions of SEC 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 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.

Regulator of Micro Finance Institutions

To bring Non-government Microfinance Institutions (NGO-MFIs) under a regulatory

framework, the Government of Bangladesh enacted "Microcredit Regulatory Authority Act,

2006’" (Act no. 32 of 2006) which came into effect from August 27, 2006. Under this Act,

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the Government established Microcredit Regulatory Authority (MRA) with a view to

ensuring transparency and accountability of microcredit activities of the NGO-MFIs in the

country. The Authority is empowered and responsible to implement the said act and to bring

the microcredit sector of the country under a full-fledged regulatory framework.

MRA’s mission is to ensure transparency and accountability of microfinance operations of

NGO-MFIs as well as foster sustainable growth of this sector. In order to achieve its mission,

MRA has set itself the task to attain the following goals:

To formulate as well as implement the policies to ensure good governance and

transparent financial systems of MFIs.

To conduct in-depth research on critical microfinance issues and provide policy inputs

to the government consistent with the national strategy for poverty eradication.

To provide training of NGO-MFIs and linking them with the broader financial market

to facilitate sustainable resources and efficient management.

To assist the government to build up an inclusive financial market for economic

development of the country.

To identify the priorities in the microfinance sector for policy guidance and

dissemination of information to attain the MRA’s social responsibility.

According to the Act, the MRA will be responsible for the three primary functions that will

need to be carried out, namely:

Licensing of MFIs with explicit legal powers;

Supervision of MFIs to ensure that they continue to comply with the licensing

requirements; and

Enforcement of sanctions in the event of any MFI failing to meet the licensing and ongoing

supervisory requirements.

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List of depository institutions in Bangladesh:

1. Commercial Bank:

After the independence, banking industry in Bangladesh started its journey with 6

Nationalized commercialized banks, 2 State owned Specialized banks and 3 Foreign Banks.

In the 1980's banking industry achieved significant expansion with the entrance of private

banks. Now, banks in Bangladesh are primarily of two types:

Scheduled Banks: The banks which get license to operate under Bank Company Act,

1991 (Amended up to 2013) are termed as Scheduled Banks.

Non-Scheduled Banks: The banks which are established for special and definite

objective and operate under the acts that are enacted for meeting up those objectives,

are termed as Non-Scheduled Banks. These banks cannot perform all functions of

scheduled banks.

There are 56 scheduled banks in Bangladesh who operate under full control and supervision

of Bangladesh Bank which is empowered to do so through Bangladesh Bank Order, 1972 and

Bank Company Act, 1991. Scheduled Banks are classified into following types:

State Owned Commercial Banks (SOCBs): There are 6 SOCBs which are fully or

majorly owned by the Government of Bangladesh.

i. Sonali Bank Limited

ii. Janata Bank Limited

iii. Agrani Bank Limited

iv. Rupali Bank Limited

v. BASIC Bank Limited

vi. BDBL (Bangladesh Development Bank Limited)

Specialized Banks (SDBs): 2 specialized banks are now operating which were

established for specific objectives like agricultural or industrial development. These

banks are also fully or majorly owned by the Government of Bangladesh.

I. Rajshahi Krishi Unnoyon Bank (RKUB)

II. Bangladesh Krishi Bank Limited

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Private Commercial Banks (PCBs): There are 39 private commercial banks which

are majorly owned by the private entities. PCBs can be categorized into two groups:

1) AB Bank Limited

2) Bangladesh Commerce Bank Limited

3) Bank Asia Limited

4) BRAC Bank Limited

5) Dhaka Bank Limited

6) Dutch Bangla Bank Limited

7) Eastern Bank Limited

8) IFIC Bank Limited

9) Jamuna Bank Limited

10) Meghna Bank Limited

11) Mercantile Bank Limited

12) Midland Bank Limited

13) Modhumoti Bank Limited

14) Mutual Trust Bank Limited

15) National Bank Limited

16) NCC Bank Limited

17) NRB Bank Limited

18) NRB Commercial Bank Limited

19) NRB Global Bank Limited

20) One Bank Limited

21) Prime Bank Limited

22) Pubali Bank Limited

23) South Bangla Agriculture and Commerce Bank Limited

(www.sbacbank.com)

24) Southeast Bank Limited

25) Standard Bank Limited

26) The City Bank Limited

27) The Farmers Bank Limited

28) The Premier Bank Limited

29) Trust Bank Limited

30) United Commercial Bank Limited

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31) Uttara Bank Limited

Islami Shariah based PCBs: There are 8 Islami Shariah based PCBs in Bangladesh

and they execute banking activities according to Islami Shariah based principles i.e.

Profit-Loss Sharing (PLS) mode.

1) Islami Bank Bangladesh Limited

2) Al-Arafah Islami Bank Limited

3) Export Import Bank of Bangladesh Limited

4) Social Islami Bank Limited

5) Shahjalal islami Bank Limited

6) First Security Islami Bank Limited

7) Union Bank Limited

8) ICB Islamic Bank Limited

Foreign Commercial Banks (FCBs): 9 FCBs are operating in Bangladesh as the

branches of the banks which are incorporated in abroad.

1) Bank Al-Falah

2) Citibank NA

3) Commercial Bank of Ceylon

4) Habib Bank Limited

5) HSBC (The Hong Kong and Shanghai Banking Corporation Ltd.)

6) National Bank of Pakistan

7) Standard Chartered Bank

8) State Bank of India

9) Woori Bank

There are now 4 non-scheduled banks in Bangladesh which are:

1) Ansar VDP Unnayan Bank,

2) Karmashangosthan Bank,

3) Probashi Kollyan Bank,

4) Jubilee Bank

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Specialized banks

Specialized banks were established for specific objectives like agricultural or industrial

development. These banks are also fully or majorly owned by the Government of

Bangladesh.

1. Bangladesh Development Bank Limited

2. Bangladesh Krishi Bank

3. Rajshahi Krishi Unnayan Bank

4. Karmasangsthan Bank

5. Probashi Kallyan Bank

6. Palli Sanchay Bank

7. Grameen Bank

8. Ansar-VDP Unnayan Bank

9. Bangladesh Samabaya Bank Ltd

10. The Dhaka Mercantile co-operative Bank Ltd

11. Progoti Co-operative Land Development Bank Limited (Progoti Bank)

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

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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

1) Agrani SME Finance Co. Ltd.

2) Bangladesh Finance & Investment Co. Ltd.

3) Bangladesh Industrial Finance Company Limited (BIFC)

4) Bay Leasing & Investment Limited

5) Delta Brac Housing Finance Corporation Ltd. (DBH)

6) Fareast Finance & Investment Limited

7) FAS Finance & Investment Limited

8) First Lease Finance & Investment Ltd.

9) GSP Finance Company (Bangladesh) Limited (GSPB)

10) Hajj Finance Company Limited

11) IDLC Finance Limited

12) Industrial and Infrastructure Development Finance Company (IIDFC) Limited

13) Industrial Promotion and Development Company of Bangladesh Limited(IPDC)

14) Infrastructure Development Company Limited (IDCOL)

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15) International Leasing and Financial Services Limited

16) Islamic Finance and Investment Limited

17) LankaBangla Finance Ltd.

18) MIDAS Financing Ltd. (MFL)

19) National Finance Ltd

20) National Housing Finance and Investments Limited

21) People's Leasing and Financial Services Ltd

22) Phoenix Finance and Investments Limited

23) Premier Leasing & Finance Limited

24) Prime Finance & Investment Ltd

25) Reliance Finance Limited

26) Saudi-Bangladesh Industrial & Agricultural Investment Company Limited

(SABINCO)

27) The UAE-Bangladesh Investment Co. Ltd

28) Union Capital Limited

29) United Leasing Company Limited (ULCL)

30) Uttara Finance and Investments Limited

2. Mutual funds:

NAME

1) 1st Bangladesh Shilpa Rin Sangstha MF (STBSRS)

2) AB Bank 1st Mutual Fund (ABB1STMF)

3) AIBL First Islamic Mutual Fund (AIBL1STI)

4) AIMS First Guaranteed Mutual Fund (AIMS1ST)

5) DBH First Mutual Fund (DBH1ST)

6) EBL First Mutual Fund (EBL1STMF)

7) EBL NRB Mutual Fund (EBLNRBMF)

8) Eighth Icb Mutual Fund (8THICB)

9) Fifth ICB Mutual Fund (5THICB)

10) First Bangladesh Fixed Income Fund (FBANGFI)

11) First Janata Bank Mutual Fund (1JANATA)

12) Fourth ICB Mutual Fund (4THICB)

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13) Grameen Mutual Fund Scheme 1 (GRAMEEN1)

14) Grameen Mutual Fund Scheme 2 (GRAMEEN2)

15) Green Delta Mutual Fund (GREENDEL)

16) ICB AMCL 2nd Mutual Fund (ICB2DMF)

17) ICB AMCL First NRB Mutual Fund (ICBFNRB)

18) ICB AMCL Islamic Mutual Fund (ICBIS)

19) ICB AMCL Second Nrb Mutual Fund (ICBAMCL)

20) ICB AMCL Third NRB Mutual Fund (ICBTNRB)

21) ICB Employees Provident MF 1: Scheme 1 (ICBEPS1)

22) IFIC Bank First Mutual Fund (IFIC1ST)

23) IFIL Islamic Mutual Fund 1 (IFILIM1)

24) MBL 1st Mutual Fund (MBL1STMF)

25) Phoenix Finance 1st Mutual Fund (PF1STMF)

26) PHP First Mutual Fund (PHPMF1)

27) Popular Life First Mutual Fund (POPULAR1)

28) Prime Bank First ICB AMCL Mutual Fund (PRIME1IC)

29) Prime Finance First Mutual Fund (PRFINFM)

30) Reliance One Mutual Fund (RELIANC1)

31) Second ICB Mutual Fund (2NDICB)

32) Seventh ICB Mutual Fund (7THICB)

33) Sixth ICB Mutual Fund (6THICB)

34) Southeast Bank First Mutual Fund (SEBL1ST)

35) Third ICB Mutual Fund (3RDICB)

36) 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.

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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.

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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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Reference

1. Class Lecture: BUP Regular Class Lecture and Hand out.

Asst.Prof. dr. Jannatul Ferduse, Faculty of Business Studis Bangladesh University

of Professionals.

2. Book: Financial Markets and Institutions

JEFF MADURA.

3. Bangladesh Bank: Website

https://www.bb.org.bd/

4. Bangladesh Securities and Exchange Commission

http://www.sec.gov.bd/