BURO Bangladesh ranks 6th in the MIX Global 100 Composite Ranking

MIX "Microfinance Information eXchange" has ranked BURO Bangladesh 6th in their Global Ranking of Microfinance Institutions. This was published in January 2010.

The MIX Global 100 attempts to provide a composite picture of MFI performance using a series of attributes: outreach, efficiency, and transparency. It views MFI performance, something that is inherently local and influenced by the conditions of the market in which the MFI must operate, through the lens of universal goals—a financially sound institution and ex¬panding outreach to clients at the lowest possible cost—and all done in the public arena so that others may learn from the experience. Managers must strike a balance in achieving progress toward these goals, and the ranking methodology captures important trade-offs: strong growth without compromising credit risk, improving efficiency without compromising port¬folio quality, and expanding access while still offering an array of services. While it does not purport to be the definitive microfinance ranking, this ranking does intend to offer a starting point for analysis of institutions operating in the sector.

The full ranking is available for download at www.themix.org. Readers will find guidance in interpreting the MIX Global 100 through a narrated analysis of this year’s top-ranked MFIs.

Posted on 10 Jun 2010 by BURO News Desk

BURO Bangladesh at a glance (As of Dec. 2009)

Year of inception 1990
Working District 52
Upazila 335
Villages 18,195
Branch Offices 506
Area Offices 82
Zonal Offices 18
Training Center 02 (Tangail & Comilla)
Kendra 48,730
Active Member 747,000
Staff 5322
Operational self sufficiency 107 %
Loan Portfolio BDT 405, 160, 700
Savings Portfolio BDT 148, 489, 744
Financial self sufficiency 102 %

Posted on 10 Jun 2010 by BURO News Desk

BURO Bangladesh gets ICAB National Award-2008 for Best Published Accounts and Reports

The Institute of Chartered Accountants of Bangladesh (ICAB) has awarded BURO Bangladesh for the Best Presented Accounts of 2008 in NGO category on the basis of evaluation of BURO’s Audited Annual Report for the year 2008. The Finance Director of BURO Bangladesh Mr. Md. Mosharrof Hossain received the award from Commerce Minister M. Faruk Khan, MP in a function organized by ICAB in Sheraton Hotel in Dhaka.


BURO Bangladesh has constantly been pursuing a policy of management efficiency, quality asset and corporate governance since its inception in 1990, said a press release.


BURO Bangladesh was also awarded the ICAB National awards for 2004, 2005 and 2007 for best published accounts and reports and in the regional level, it honored South Asian Federation of Accountants (SAFA) award on the basis of evaluation of its Audited Annual Report for the year 2005 2007 and 2008 the release added.

Posted on 03 Jun 2010 by BURO News Desk

SAFA Best Presented Accounts and Corporate Governance Disclosures Awards-2008

The Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) jointly organized South Asian Federation of Accounts (SAFA) Best Presented Accounts and Corporate Governance Disclosures Awards 2008 giving ceremony at Banganbandhu International Conference Centre (BICC) Thursday, the 5th November 2009.

BURO Bangladesh has awarded “SAFA Best Presented Accounts and Corporate Governance Disclosures Awards-2008” in the category of NGO-MFI in SAARC countries. The award given on the basis of evaluation of BURO’s Audited Annual Report for the year 2008. Finance Minister Mr. Abul Maal Abdul Muhith attended the programme as chief guest and distributed the awards. Mr. M. Mosharrof Hosaain, Finance Director of BURO Bangladesh received the award from the chief guest honorable Finance Minister Abul Maal Abdul Muhith.


BURO Bangladesh has constantly been pursuing a policy of management efficiency, quality asset and corporate governance since its inception in 1990.

BURO Bangladesh highly praises this and its Board of Directors expresses pleasant thanks to all of its development partners, the good wishers from home and abroad, the staff and about 800,000 customers for their valuable support and cooperation to participate in and help accomplish the glory because without their heartfelt contribution the accomplishment would not have been possible.

The award conveys more responsibility on BURO Bangladesh to go further, and BURO customers and its management will be pleased to face the challenge in future.

Posted on 03 Jun 2010 by BURO News Desk

Citi Arranged Country’s First-ever Syndicated Agricultural Term Loan for BURO Bangladesh

Citibank, N.A. Bangladesh has successfully arranged the country’s first ever syndicated agricultural term financing facility of BDT1,500 million (or US$21.7 million). The 5-year local currency facility has been provided to BURO Bangladesh, one of the fastest growing microfinance institutions (MFI) of Bangladesh to support its expansion of micro-lending to the agriculture sector.

Dr. Atiur Rahman, Governor, Bangladesh Bank remained present as the Chief Guest during the formal closing ceremony of this fund raising program held on November 17, 2009.

Besides Citi being the arranger, other participating lenders include Agrani Bank Limited, Citibank, N.A., Dutch-Bangla Bank Limited, Eastern Bank Limited, Janata Bank Limited, Mutual Trust Bank Limited, Prime Bank Limited, Pubali Bank Limited, Sonali Bank Limited, Southeast Bank Limited, Standard Bank Limited, The City Bank Limited and United Commercial Bank Limited.

Dr. Atiur Rahman mentioned that the linkage, between commercial banking and SMEs (small and medium enterprises) in the agricultural sector, is very important to sustain the development of economy and ensuring food security of the large population of the country. The Governor also expressed that he is pleased to see a foreign bank has initiated the first-ever syndicated agricultural financing with an overall goal of using the MFI vehicle to help the agriculture sector.

Commenting on this project Zakir Hossain, Executive Director of BURO said, "Buro Bangladesh is focused on ensuring food security through microfinance institutions and we appreciate Citibank and the participating banks for their contribution.”

Mamun Rashid, Managing Director and Citi Country Officer - Bangladesh further added, “At Citi, we are much honored to arrange this syndicated agricultural loan which will provide assistance to a million and this is yet another milestone in our partnership with the country’s microfinance sector."
Established in 1990, BURO Bangladesh serves more than 700,000 customers of which more than 99% are women. BURO has presence in 51 districts of Bangladesh through over 493 branches. This financing is part of BURO’s 2009-2013 expansion program to open 215 new branches covering 1.65 million total customers.

Posted on 22 Nov 2009 by BURO News Desk

“SAFA Best Presented Accounts and Corporate Governance Disclosures Awards-2008”

The Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) jointly organized South Asian Federation of Accounts (SAFA) Best Presented Accounts and Corporate Governance Disclosures Awards 2008 giving ceremony at Banganbandhu International Conference Centre (BICC) on Thursday, the 5th November 2009.

BURO Bangladesh has awarded “SAFA Best Presented Accounts and Corporate Governance Disclosures Awards-2008” in the category of NGO-MFI in the SAARC countries. The award given on the basis of evaluation of BURO’s Audited Annual Report for the year 2008. Finance Minister Mr. Abul Maal Abdul Muhith attended the programme as chief guest and distributed the awards. Mr. M. Mosharrof Hosaain, Finance Director of BURO Bangladesh received the award from the chief guest honorable Finance Minister Abul Maal Abdul Muhith.

BURO Bangladesh has constantly been pursuing a policy of management efficiency, quality asset and corporate governance since its inception in 1990.

BURO Bangladesh highly praises this and its Board of Directors expresses pleasant thanks to all of its development partners, the good wishers from home and abroad, the staff and about 800,000 customers for their valuable support and cooperation to participate in and help accomplish the glory because without their heartfelt contribution the accomplishment would not have been possible.

The award conveys more responsibility on BURO Bangladesh to go further, and BURO customers and its management will be pleased to face the challenge in future.

Posted on 07 Nov 2009 by BURO News Desk

A Microfinance Breakthrough

Posted on 27 Aug 2009 by BURO News Desk

AB Bank, BURO Bangladesh sign remittance deal

AB Bank Limited has signed an agreement with BURO Bangladesh for distribution of remittance through 393 branches of the micro-finance institution.

AB Bank President & Managing Director Kaiser A. Chowdhury and BURO Bangladesh Executive Director Zakir Hossain signed the agreement on behalf of their respective organizations at the bank's head office in the city recently. Under the agreement, the beneficiaries living in remote areas of the country will be able to collect remittance sent by their dear ones through network of BURO Bangladesh.

AB Bank has set its uppermost priority to rally inward foreign remittance of Non-Resident Bangladeshi (NRB) living and working in different parts of the world.

BURO Bangladesh has branch network of 393, which include all major cities as well as the upazilas and a number of remote areas in the country.

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Posted on 21 Jun 2009 by BURO News Desk

Citibank, N.A. arranges BDT 150 crore agricultural loan

Citibank, N.A. Bangladesh has arranged a BDT 150 crore syndicated term loan for BURO Bangladesh, the fast growing microfinance institution in Bangladesh. The facility documents related to the financing are expected to be signed very soon.

BURO Bangladesh, established in 1990. In compliance with Bangladesh Bank directives to expand credit in the agricultural sector, the entire facility arranged by Citibank is earmarked for the expansion of BURO's agricultural loan portfolio. BURO's Finance Director M. Mosharrof Hossain said that 100% of these financing raised from these banks will be directed towards the agricultural sector through NGO-linking system.

Citibank, N.A. leveraging on its experience in the microfinance sector and structured transactions is the lead arranger for the syndication. The other participants in the financing are Agrani Bank Ltd., The City Bank Ltd., Eastern Bank Ltd., Dutch Bangla Bank Ltd., Janata Bank Ltd., Mutual Trust Bank Ltd., National Bank Ltd., Prime Bank Ltd., Pubali Bank Ltd., Sonali Bank Ltd., Southeast Bank Ltd., Standard Bank Ltd. and United Commercial Bank Ltd.

Posted on 21 Jun 2009 by BURO News Desk

Prime Bank, BURO Bangladesh sign remittance deal

Prime Bank Limited has signed an agreement with BURO Bangladesh for distribution of remittance through 393 branches of the micro-finance institution.

Prime Bank Managing Director M Ehsanul Haque and BURO Bangladesh Executive Director Zakir Hossain signed the agreement on behalf of their respective organisations at the bank's head office in the city on 19 May, 2009.

Also present in the signing ceremony were Prime Bank Additional Managing Director Mahbubul Alam, deputy managing directors (DMDs) Md Mehmood Husain, Md Reazul Karim and IB Chowdhury, senior executive vice-presidents (SEVPs) Shawkat Hossain, AFM Asaduzzaman and Md Monawar Hossain, EVPs Md Sohrab Mustafa and Md Iqbal Hossain, Senior Vice-president Ferdousi Sultana and Senior Assistant Vice-president Mahmudur Rahman, and BURO Bangladesh Director (Finance) M Mosharrof Hossain along with other senior executives of the two organisations were present on the occasion.

Under the agreement, the beneficiaries living in remote areas of the country will be able to collect remittance sent by their dear ones through network of BURO Bangladesh.

Introduction of information technology (IT) will improve the service standard bringing benefits to doorsteps of beneficiaries in a secured and efficient manner encouraging remitters to prefer banking channels thereby raising overall inward foreign remittance in Bangladesh.

Prime Bank has set highest priority to mobilize inward foreign remittance of Non-Resident Bangladeshi (NRB) living and working in different parts of the world.

BURO Bangladesh has branch network of 393, which include all major cities as well as the upazilas and a number of remote areas in the country.

Posted on 14 Jun 2009 by BURO News Desk

BURO Bangladesh signs with CBL for Payment Automation

Zakir Hossain, Executive Director of BURO Bangladesh has signed an agreement with Mahbub R Patwary, Managing Director of Cashlink Bangladesh Limited, for Remittance Program which is funded by RPP of Bangladesh Bank and DFID. CBL will supply EFTPOS terminal to 125 BURO locations. The terminals will be able to accept card transactions for processing remittance payments and other purpose of CBL member and non member banks' cards. CBL will provide transaction processing services & complete package end-to-end solutions for payment automation and rollout of Electronic Fund Transfer Point-of-Sale.

Posted on 15 Apr 2009 by BURO News Desk

BURO Bangladesh gets ICAB National Award-2007 for Best Published Accounts and Reports

The Institute of Chartered Accountants of Bangladesh (ICAB) has awarded BURO Bangladesh for the Best Presented Accounts of 2007 in NGO category on the basis of evaluation of BURO’s Audited Annual Report for the year 2007. The Executive Director of BURO Bangladesh Mr. Zakir Hossain received the award from Finance Advisor, Dr. A. B. Mirza Md. Azizul Islam in a function organized by ICAB in Bangladesh China Friendship Centre at Dhaka.

BURO Bangladesh has constantly been pursuing a policy of management efficiency, quality asset and corporate governance since its inception in 1990, said a press release.

BURO Bangladesh also honored by the Consultative Group to Assist the Poor (CGAP)/The World Bank with its Financial Transparency Award 2005 for maintaining high level of transparency in its Annual Financial Reporting.

BURO Bangladesh was also awarded the ICAB National awards for 2004, 2005 and 2006 for best published accounts and reports and in the regional level, it honored South Asian Federation of Accountants (SAFA) award on the basis of evaluation of Audited Annual Report for the year 2005 and 2007, the release added.

Posted on 17 Dec 2008 by BURO News Desk

SOUTH ASIAN FEDERATION OF ACCOUNTANTS (SAFA), BEST PRESENTED ACCOUNTS AWARDS COMPETITION 2007

On the basis of evaluation of the Annual Report of BURO Bangladesh for the year 2007 by SAFA Permanent Secretariat, New Delhi, India, its annual report has been adjudged as the RUNNER UP in Category VI: Non-governmental Organizations.

The awards under different categories are conferred on the basis of evaluation administered by SAFA’s Committee on Improvement, Transparency, Accountability and Governance (ITAG) of the published Annual Reports of entries from South Asian Countries.

Md. Sirajul Islam, Program Director of BURO Bangladesh received the award at a ceremony held on 15th November 2008 at Hyderabad, India.

Posted on 04 Nov 2008 by BURO News Desk

RPCF signs grant agreement with BURO Bangladesh

RPCF has awarded a cost sharing grant to BURO to enable it to equip 125 of its branch offices to provide convenient remittance delivery as a service to be offered to other Bangladeshi banks. BURO Bangladesh is the 5th largest NGO/MFI in Bangladesh and provides microfinance and other financial and social services to 500,000 clients from its 329 branch network. BURO, in common with other NGOs, is constantly seeking to expand its service provision where such services meet its aims and objectives.

In line with its strategy, BURO has already entered an agreement with Bank Asia, a leading Bangladeshi bank, to use its branch network for the delivery of Western Union remittances. In addition to Bank Asia, another bank has received permission to use BURO’s branches as remittance delivery points.

In the project plan, BURO will procure a variety of remittance delivery equipment, including computers, printers, fax delivery systems, point of sale machines, security equipment, customer identity cards, telecommunications equipment, software: and, in discrete tranches, install the equipment, develop operational manuals and control procedures, management information systems, provide training to its staff and commence remittance delivery. Additional procurement challenges will include dealing with the supply of electricity, which is intermittent in many of the locations where BURO has branches.

Concurrently, BURO will negotiate with other remitting banks to offer its branches for remittance delivery. It is expected that a handful of additional banks will sign up to use this facility to provide BURO with a manageable business flow. The complexity of dealing with multiple banks will create challenges to ensure that correct procedures, including “know your customer” and other legal requirements are strictly followed, and that BURO-bank financial settlement, cash management, liquidity control, and up to date reconciliation are achieved according to best practice. It is likely that, through existing or planned settlement systems, such as the card-centric Q-cash and e-cash networks and the planned real time, remittance-centric El Dorado network will be used.

The end aim of the project is to establish BURO Bangladesh as a reliable partner in the delivery of remittances for participating banks, and their customers who are living in rural locations which are not close to bank branches. Additionally the service will earn enough in transaction fees to cover costs and to ensure sustainability and growth beyond 2009.

Posted on 26 Aug 2008 by BURO News Desk

Remittance Service

Approved by the Bangladesh Bank, BURO Bangladesh has started facilitating the Remittance Transfer as an agent of Bank Asia Limited to the recipients through Western Union Money Transfer using its 300 plus outlets. The volume of transactions is gradually going up. This arrangement is hugely benefiting the rural people.

Posted on 31 Jul 2008 by BURO News Desk

BRAC Bank arranges Syndicated Loan Facility worth Tk. 500 Million for BURO Bangladesh

BRAC Bank Limited has recently arranged a syndicated term loan of Tk. 500 million for BURO Bangladesh. A facility agreement has been signed among BRAC Bank (As Lead Arranger & Agent), AB Bank, Bank Alfalah, Mercantile Bank, ONE Bank, Prime Bank, Pubali Bank, Trust Bank, United Commercial Bank (As Participating Lenders) and BURO Bangladesh.

BURO Bangladesh is one of the leading Micro Finance Institution operating since 1990. Currently BURO Bangladesh is running micro finance activities in 45 districts with 302 unit offices across the country. The Banks have sanctioned this syndicated term loan to support microfinance activities and countrywide expansion of BURO Bangladesh

Mr. Zakir Hossain, Executive Director of BURO Bangladesh, Imran Rahman, Managing Director & CEO of BRAC Bank Limited, Mr. Khadim Hussain, Country Credit Head of Bank Alfalah Limited, Mr. Kaiser A. Chowdhury, President & Managing Director of AB Bank Limited, Mr. Dewan Mujibur Rahman, Managing Director & CEO of Mercantile bank Limited, Mr. Farman Rahman, Managing Director of ONE Bank Limited, Mr. Shahjahan Bhuiyan, Managing Director of Prime Bank Limited, Mr. M Mustafizur Rahman, General Manager of Pubali Bank Limited, Mr. Ishtiaque Ahmed Chowdhury, Deputy Managing Director of Trust Bank Limited, Mr. A K M Kamal Uddin, Deputy Managing Director of United Commercial Bank Limited have inked the agreement on behalf of their respective organizations. 

Mr. Kaiser Tamiz Amin, Deputy Managing Director of BRAC Bank, Mr. Khwaja Shahriar, Head of Corporate Banking of BRAC Bank, Mr. Mosharrof Hossain, Finance Director of BURO Bangladesh, Mr. Richard Boulter, Head of DFID Dhaka office, Mr. Anowarul Alam, Ex-ambassador, Mr. Malcolm Harper, Professor of Crainfield University, UK and Chief Consultant of DFID funded CLP project, Mr. Alaudiin, Director of NGO Affaires Bureau, Mr. Sazzad Hosaain, Joint Director of Microcredit Regulatory Authority and other senior officials from the respective organizations were also present at the ceremony.

Posted on 14 Apr 2008 by BURO News Desk