Financial institution in Bangladesh
MIDAS Financing Limited is a major non-bank financial institution in Bangladesh.[1][2]
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
Source:[17]
Subsidiaries
- MIDAS Investment Limited[3]
References
