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Two New Directors has Joined in BURO Family
M. Mukitul Islam has joined as Director Operation on 2 January 2011. Mr. Islam has 28 years long experience, he has developed his expertise in Training, Program Development and Implementation, Rural Savings and Credit Program management, Community based Program Development & Management and Human Resource Development & Management.
Mr. Khandaker Mahfuzur Rahman has joined as Director Risk Management on 20 January 2011. Mr. Rahman has around two decade’s experience in the field of development, he is maintaining uni-dimensional professional career and that is in the banking, thus his inclusion has become very much useful for BURO Bangladesh.
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.
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.
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.
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.
“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.
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.
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.
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.
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.
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