MIDAS Financing Limited

Last updated
MIDAS Financing Limited
Formation1995
Headquarters Dhaka, Bangladesh
Region served
Bangladesh
Official language
Bengali
Website www.mfl.com.bd

MIDAS Financing Limited is a major non-bank financial institution in Bangladesh. [1] [2]

Contents

History

MIDAS (Micro Industries Development Assistance and Services) Financing Limited was established on 16 May 1995. [3] [4] It provided financial support to small women entrepreneurs to establish minimart. [5]

On 11 October 1999, Midas secured permission from Bangladesh Bank. [3]

MIDAS Financing Limited listed on Dhaka Stock Exchange and Chittagong Stock Exchange on 26 October 2002 and 27 July 2004 respectively. [3] From 23 March 2005, it shares used the Central Depository Bangladesh Limited. [3]

Small and Medium Enterprise Foundation gave a loan of 50 million taka to MIDAS Financing Limited on 18 May 2012 to provide loans to small and medium enterprises. [6]

MIDAS board member Mirza Ali Behrouze Ispahani died in 2017. [7] MIDAS Financing Limited launched MIDAS Investment Limited in January 2017 as a merchant bank. [8]

Parveen Mahmud, chairperson of MIDAS Financing Limited and Underprivileged Children's Educational Programme, was made a trustee of Transparency International Bangladesh in 2018. [4]

On 3 April 2019, Mohammed Nasir Uddin Chowdhury was elected chairman of the board of directors of MIDAS Financing Limited. [9] Mustafizur Rahman was appointed Managing Director. [10] ERA InfoTech signed an agreement with MIDAS to provide IT services to the company. [11] It provided 2.5 percent dividend in 2019. [12] It held a fair for products of small and medium enterprises at the MIDAS Convention Centre in Dhanmondi. [13]

In 2020, MIDAS Financing Limited sponsored campus club summit in partnership with The Daily Star. [14] It declared a 2.5 percent cash and stock dividend.

Midas Financing Limited repointed Mustafizur Rahman Managing Director in 2022. [15] The Business Standard wrote how none bank financials institutions, such as MIDAS, were charging high interest rates on their loans as they were offering high interest rate to depositors. [16]

Board of directors [17]

Subsidiaries

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References

  1. ↑ "Mustafizur re-appointed as MIDAS Financing MD". New Age. Retrieved 2022-07-07.
  2. ↑ "What's causing a rapid rise in non performing loans?". Dhaka Tribune. 2022-04-18. Retrieved 2022-07-07.
  3. 1 2 3 4 5 "About MFL". mfl.com.bd. MIDAS Financing Limited. Retrieved 7 July 2022.
  4. 1 2 "Parveen Mahmud becomes TIB trustee". The Daily Star. 2018-06-08. Retrieved 2022-07-07.
  5. ↑ Rahman, Md Fazlur (2011-03-31). "Women entrepreneurs set success in motion". The Daily Star. Retrieved 2022-07-07.
  6. ↑ "SME Foundation, Midas Financing sign Tk 5cr deal". The Daily Star. 2012-05-18. Retrieved 2022-07-07.
  7. ↑ "Ispahani Group chairperson passes away". The Daily Star. 2017-01-24. Retrieved 2022-07-07.
  8. ↑ "MIDAS Investment sets foot to boost stockmarket". The Daily Star. 2017-01-23. Retrieved 2022-07-07.
  9. ↑ "MIDAS Financing gets new chairman, MD". The Daily Star. 2019-04-03. Retrieved 2022-07-07.
  10. ↑ "Mustafizur joins as MIDAS Financing MD". New Age. Retrieved 2022-07-07.
  11. ↑ "ERA InfoTech to provide Software Solutions to MIDAS Financing". The Daily Star. 2019-02-28. Retrieved 2022-07-07.
  12. ↑ "MIDAS approves 2.5pc stock dividend for 2018". The Daily Star. 2019-07-26. Retrieved 2022-07-07.
  13. ↑ "MIDAS holding SME Product Fair in Dhaka". The Daily Star. 2019-03-23. Retrieved 2022-07-07.
  14. ↑ Tahsin, Sadia (2020-11-07). "Mahfuz Anam on the importance of extracurricular activities". The Daily Star. Retrieved 2022-07-07.
  15. ↑ "Mustafizur Rahman re-appointed as managing director of Midas Financing Limited". The Business Standard. 2022-06-22. Retrieved 2022-07-07.
  16. ↑ "How NBFIs charging extra interest on loans flouting agreements". The Business Standard. 2022-05-01. Retrieved 2022-07-07.
  17. ↑ "MIDAS Financing Limited". www.mfl.com.bd. Retrieved 2022-07-07.


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