IPDC Finance
Corporate brand
UnclaimedIPDC Finance is a Bangladeshi non-bank financial institution serving corporate, small and medium-sized enterprise, and retail customers.
Last updated August 26, 2026
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Overview
IPDC Finance PLC is a Bangladeshi private-sector financial institution established in 1981 as the Industrial Promotion and Development Company of Bangladesh Limited. It is described as the first private-sector financial institution in Bangladesh and operates as a public limited company listed on both the Dhaka Stock Exchange and the Chittagong Stock Exchange. Its original institutional backing included the Aga Khan Fund for Economic Development, BRAC, the Commonwealth Development Corporation, the Government of Bangladesh, the German Investment Corporation, and the International Finance Corporation, with Alliance Holdings Limited identified as a sponsor shareholder. The institution was created to support industrial and economic development but has since broadened its activities across several segments of the Bangladeshi financial-services market. Its corporate business includes corporate finance and advisory services. In the SME segment, it provides middle-market and supply-chain finance. Its retail activities include consumer finance and wealth-management services. The business therefore combines lending, leasing and related financial solutions rather than operating as a conventional deposit-taking commercial bank. IPDC has also been associated with developments in Bangladesh's capital and structured-finance markets. On 9 November 2004, chairman Ayub Quadri, together with Finance Minister M. Saifur Rahman, launched what was described as Bangladesh's first asset-backed securitised bond. The company subsequently issued an initial public offering in 2006, strengthening its position as a listed financial institution. The company's modern brand identity dates from December 2016, when Industrial Promotion and Development Company of Bangladesh rebranded as IPDC Finance. The rebranding took place during the leadership of Mominul Islam, who had joined the organization in 2006 as head of operations and later became managing director and chief executive officer. IPDC also entered a three-year partnership with the Narail Express Foundation, associated with cricketer Mashrafe Mortaza, in 2018. Leadership changed several times during the 2020s. Md. Abdul Karim, a former chairman of Bangladesh's National Board of Revenue, became chairman in 2020. Kazi Mahmood Sattar was appointed chairman in 2022. Mominul Islam left the managing director and chief executive role in 2023, after which Rizwan Dawood Shams became managing director. Ariful Islam, representing the Ayesha Abed Foundation, was subsequently appointed chairman according to the referenced account. IPDC's recent activities have included financing environmental infrastructure, including a biological effluent treatment plant for the garments industry, and making a donation to the Prime Minister's Education Assistance Trust. The company was ranked first in Bangladesh Bank's sustainability rating for finance companies in 2022, 2023 and 2024, according to the referenced material. The same material reports that its advances, leases and loans portfolio reached BDT 70.57 billion in 2023; this figure should be read as a time-specific reported portfolio measure rather than a current valuation. The institution has also faced regulatory and reputational scrutiny. In 2007, Bangladesh Bank expressed concern after 22.86 percent of its outstanding loans were classified. Separately, the Bangladesh Securities and Exchange Commission found that investor Abul Khayer Hiru had manipulated the price of IPDC shares and noted possible involvement by cricketer Shakib Al Hasan. The referenced material also reports a cheque-dishonour-related arrest warrant involving actress Arifa Parvin Zaman Moushumi. These matters form part of the company's public record but do not alter its reported status as an active Bangladeshi financial institution.
History
IPDC Finance began in 1981 as the Industrial Promotion and Development Company of Bangladesh Limited. It was established as Bangladesh's first private-sector financial institution, with a shareholder base that included development-finance and public-interest institutions such as the Aga Khan Fund for Economic Development, BRAC, the Commonwealth Development Corporation, the Government of Bangladesh, the German Investment Corporation and the International Finance Corporation. Alliance Holdings Limited was identified as a sponsor shareholder. The institution initially served an industrial-development role but developed into a diversified non-bank financial company. Its activities came to cover corporate finance and advisory work, middle-market and supply-chain finance for small and medium-sized enterprises, leasing, retail lending and wealth-management services. This expansion allowed IPDC to serve businesses at several stages of scale as well as individual customers. A significant early milestone came on 9 November 2004, when chairman Ayub Quadri and Finance Minister M. Saifur Rahman launched an asset-backed securitised bond described as Bangladesh's first. The transaction placed IPDC among the country's early participants in structured and capital-markets finance. The company later completed an initial public offering in 2006 and became listed on both the Dhaka Stock Exchange and the Chittagong Stock Exchange. The institution faced asset-quality scrutiny in 2007. Bangladesh Bank governor Salehuddin Ahmed expressed concern after 22.86 percent of IPDC's outstanding loans were classified. In 2008, Masih-ul-Huq Chowdhury became managing director. Mominul Islam, who had joined IPDC as head of operations in 2006 after earlier banking experience, was appointed managing director in 2012. He later served as chief executive officer and managing director for multiple terms. In December 2016, the company adopted the IPDC Finance name. The rebrand modernized the institution's external identity while retaining its original corporate lineage. Under Mominul Islam's leadership, IPDC continued to present itself as a multi-segment financial-services company rather than a specialist lender. In 2018, it formed a three-year partnership with the Narail Express Foundation, associated with cricketer Mashrafe Mortaza. Board leadership changed during the following decade. Md. Abdul Karim, a former chairman of Bangladesh's National Board of Revenue, became chairman in 2020. Kazi Mahmood Sattar was appointed chairman in 2022. Mominul Islam resigned as chief executive officer and managing director in 2023, after which Rizwan Dawood Shams was appointed managing director. Ariful Islam, representing the Ayesha Abed Foundation, was appointed chairman according to the referenced account. The company has reported activity in sustainability and social-impact finance. Bangladesh Bank recognized IPDC for financing a biological effluent treatment plant for the garments industry, an area relevant to one of Bangladesh's most important export sectors. IPDC also donated to the Prime Minister's Education Assistance Trust. The referenced material states that the company ranked first in Bangladesh Bank's sustainability rating for finance companies in 2022, 2023 and 2024. For 2023, the referenced account reported an advance portfolio, leases and loans amounting to BDT 70.57 billion. It also stated that profit declined by 70 percent that year. These are period-specific reported figures and should not be treated as current financial data without updated company or regulatory filings. IPDC's public record includes regulatory and legal controversy. In addition to the 2007 concern over classified loans, the Bangladesh Securities and Exchange Commission found that investor Abul Khayer Hiru manipulated IPDC's share price and noted possible involvement by cricketer Shakib Al Hasan. The referenced material also records an arrest warrant involving actress Arifa Parvin Zaman Moushumi in connection with a dishonoured cheque issued to IPDC Finance. Despite these issues, the company is described as active and continues to operate as a listed Bangladeshi non-bank financial institution.
- 2023
Managing director transition
[1]Mominul Islam left the managing director and CEO role, and Rizwan Dawood Shams was appointed managing director.
- 2018
Narail Express Foundation partnership
[1]IPDC began a three-year partnership with Narail Express Foundation.
- 2016
Rebrand to IPDC Finance
[1]The institution changed its public identity from Industrial Promotion and Development Company of Bangladesh to IPDC Finance.
- 2006
Initial public offering
[1]The company issued its IPO and became listed on Bangladesh's stock exchanges.
- 2004
Asset-backed securitised bond launched
[1]IPDC launched an asset-backed securitised bond described as Bangladesh's first, with chairman Ayub Quadri and Finance Minister M. Saifur Rahman participating.
- 1981
Institution established
[1]Industrial Promotion and Development Company of Bangladesh Limited was established as the country's first private-sector financial institution.
Products and positioning
A Bangladesh-focused private-sector non-bank financial institution positioned across corporate, SME and retail finance, with an emphasis on structured finance, supply-chain funding, leasing, consumer finance and sustainability-linked activity.
Corporate financial services
Corporate finance and advisory
IPDC provides corporate-sector financing and advisory services. These activities support companies requiring structured funding, working-capital solutions or broader financial advice. The referenced material identifies corporate finance and advisory services as one of the institution's principal business segments.
Small and medium-sized enterprise finance
SME and supply-chain finance
The SME business focuses on middle-market customers and supply-chain finance. Such services are intended to connect financing with commercial transactions and business cash flows, supporting suppliers, distributors and growing enterprises within Bangladesh's corporate ecosystem.
Consumer and retail lending
Retail finance
IPDC's retail-finance activities serve individual customers through consumer-oriented financial products. The referenced material identifies retail finance as a core segment alongside corporate and SME operations, although it does not enumerate the complete product catalogue.
Investment and wealth services
Wealth management
The institution offers retail wealth-management services as part of its broader consumer proposition. The available reference confirms the business line but does not provide enough detail to identify specific funds, accounts or investment products.
Leasing and structured finance
Leasing and asset-backed finance
Leasing and asset-backed finance form part of IPDC's non-bank financial-services model. The company has also been associated with an early asset-backed securitised bond in Bangladesh, illustrating its participation in structured finance as well as direct lending.
Controversies
2007
Concern over classified loans
Bangladesh Bank governor Salehuddin Ahmed expressed concern after 22.86 percent of IPDC's outstanding loans were classified.
IPDC share-price manipulation finding
The Bangladesh Securities and Exchange Commission found that investor Abul Khayer Hiru manipulated the price of IPDC shares and reported possible involvement by cricketer Shakib Al Hasan.
Dishonoured-cheque legal matter
An arrest warrant was reported against actress Arifa Parvin Zaman Moushumi in connection with a dishonoured cheque issued to IPDC Finance.
Marketing campaigns
- 2018Narail Express Foundation partnership
Bangladesh
IPDC entered a three-year partnership with Narail Express Foundation, an organization associated with cricketer Mashrafe Mortaza. The available reference identifies the partnership but does not specify its full program scope.
Brand decisions
2016
Corporate rebrand to IPDC FinanceStrategyBackground
The institution sought a more concise public identity while retaining its established corporate business.
Action taken
Industrial Promotion and Development Company of Bangladesh adopted the IPDC Finance brand.
Aftermath
The company continued operating under the IPDC Finance name across corporate, SME and retail financial services.
2004
Launch of asset-backed securitised bondProduct launchBackground
IPDC participated in the development of Bangladesh's structured-finance market.
Action taken
The company launched an asset-backed securitised bond described as the first in Bangladesh.
Aftermath
The transaction became a notable milestone in IPDC's capital-markets and structured-finance history.
Recent events
Sources2 sources
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