Overview of IFIC Bank

An Overview of IFIC Bank

Bank can be the major contributory part behind this development. A bank is a financial institution licensed by a government. Its primary activities include borrowing and lending money. Many other financial activities were allowed over time. Bank lending is important for the economy in the sense that it can simultaneously finance all of the sub-sectors of financial arena, which comprises agricultural, commercial and industrial activities of a nation. In the present economic policy achieving the high economic growth is the basic principle, so in order to achieve the objective the banking sector plays an important role. IFIC BANK LTD. is one of the largest leading banks In Bangladesh. It also operates in Nepal, Pakistan & Oman quite well. It offers lots of products and services.

Historical Background of IFIC Bank Ltd.

International Finance Investment and Commerce Bank Limited “IFIC Bank” came in to existence in 1976 as a joint venture between the Government of Bangladesh and sponsors in the private sector with the objective of working as a finance company within the country and setting up joint venture banks/financial Institutions abroad. IFIC was incorporated as a public limited company with an authorized capital of Tk. 20 core and paid up capital of Tk.10 core. IFIC commenced its operation on February 28, 1977 with a Subscribed capital of Tk.5 core, contributed by leading private sector entrepreneurs in the country. The Government held 49 percent shares and the rest 51 percent were held by the sponsors and general public.

Annual report as on 1983. the ownership of non Govt. sector is included-

  1. Mr. Jahurul Islam, Chairman.

  2. Salman F. Rahman, Vice-Chairman.

  3. A.M. Aga Usuf.

  4. Syed. Mohsen Ali.

  5. Mr. Ahmadul Kabir. Owner of “Dainic Shangbad”.

Milestones in the development of IFIC Bank Ltd.

1976- Established as an Investment & Finance Company under arrangement of joint venture with the govt. of Bangladesh.

1982- Obtained permission from the Govt. to operate as a commercial bank. Set up a its first overseas joint venture (Bank of Maldives Limited) in the Republic of Maldives (IFIC’s share in Bank of Maldives Limited was subsequently sold to Maldives Govt. in 1992)

1983- Commenced operation as a full-fledged commercial bank in Bangladesh.

1985- Set up a joint venture Exchange Company in the Sultanate of Oman, titled Oman Bangladesh Exchange Company (subsequently renamed as Oman International Exchange, LLC).

1987- Set up its first overseas branch in Pakistan at Karachi.

1993- Set up its second overseas branch in Pakistan at Lahore.

1994- Set up its first joint venture in Nepal for banking operation, titled Nepal Bangladesh Bank Ltd.

1999- Set up its second joint venture in Nepal for lease financing, titled Nepal Bangladesh Finance & leasing Co. Ltd. (which was merged with NBBL in 2008)

Overseas Branches in Pakistan amalgamated with NDLC, to establish a joint venture bank: NDLC-IFIC Bank Ltd. subsequently renamed as NIB Bank Ltd.

2005-Acquired MISYS solution for real time on-line banking application. Core Risk Management implemented.

2006-Corporate Branding introduced. Visa Principal and Plus (Issuer and Require) Program Participant Membership obtained.

2009-Observing 25th Anniversary of Customer Satisfaction.

2010-64 Branches offering Real Time On-line banking facility.

2011-This year is a very significant year for the national and international economy.

Joint Ventures in Abroad

Bank of Maldives Limited

NIB Bank Ltd. Pakistan:

Nepal Bangladesh Bank Ltd. (NB Bank)

NepalBangladesh Finance & Leasing Limited (NB Finance):

Oman International Exchange LLC (OIE)

Missions & Vision of IFIC Bank Limited

The mission of IFIC Bank Ltd. is to provide service to clients with the help of a skilled and dedicated workforce whose creative talents, innovative action and competitive edge make our position unique in giving quality service to all institutions and individuals that we care for.


IFIC Bank’s Mission is to provide service to their clients with the help of a skilled and dedicated workforce whose creative talents, innovative actions and competitive edge make their position unique in giving quality service to all institutions and individuals that they care for.

IFIC Bank Limited is designed to provide commercial and investment banking services to all types of customers ranging from small entrepreneurs to big business firms.

Besides the bank aims to provide different customer friendly deposit and loan products in the field of personal banking to fulfill the banking needs of individual customers.

On delivery of quality service in all areas of banking activities with the aim to add increased value to shareholders’ investment and offer highest possible benefits to their customers.


To be the best Private Commercial Bank in Bangladesh in terms of efficiency, capital adequacy, asset quality, sound management and profitability having strong liquidity.

Objectives of the Bank

The objectives of the bank are to promote joint participation of Government and private sponsors to establish joint venture banks, financial companies, branches and affiliates abroad to satisfy their customers.

It conveys its objective via their motto: “You’re Satisfaction First”

To establish, maintain, carry on, transact, undertake and conduct all types of banking, financial, investment and trust-business in Bangladesh and abroad.

To form, establish and organize any bank, company, institution or organization, singly and/or in joint-collaboration for partnership with any individual, company, financial institution, bank, organization, or any Government and/or Government agency for- the purpose of carrying on banking, financial, investment and trust business and/or any other business as provided hereafter.

To carry on any business relating to Wage Earner’s Scheme as may be allowed by Bangladesh Bank from time to time including maintaining of Foreign Currency Accounts and any other matter related thereto. To contract or negotiate all kinds of loan, and or assistance, private or public, from any source, local or foreign, and to take all such steps as may be required to complete such deals.

To take part in the formation, management, supervision or control of the business or operations of any company or undertaking and for that purpose to render technical, managerial and administrative services and act as administrator, manager and secretary.

To purchase, or otherwise acquire, undertake, the whole or any part of or any interest in the business, goodwill, property, contract, agreement, right, private assets and liabilities of any other company, bank, corporation, partnership, body person or persons carrying on, or having ceased to carry on, any business which the company is authorized to carry on, upon such terms and may be deemed expedient.

To encourage, sponsor and facilitate participation of private capital in financial, industrial or commercial investments, shares and securities and in particular by providing finance in the form of long, medium or short term loans or share participation by way of subscription to the promoter shares or underwriting support or bridge finance loans and/or by any manner.


IFIC Bank Ltd. mainly follows top down approach to take necessary decisions for the company. Basically they follow the centralize strategy where the Head Office of the Bank control and monitor all the activities of its branches. In case of marketing strategy they basically depend on ‘word of mouth’ as they are already well reputed for its long-term service in the banking industry.

Products and Services of IFIC bank Ltd

IFIC Bank Ltd. offers various products and services. The bank has highly qualified professional staffs that have the capacity to manage and meet all the requirements of the bank. Every account is assigned to an account manager who personally takes care of it and is available for discussion and inquiries, whether on writes, telephones or calls. Let’s gives the diagram of product and service.

Branch Network:

The bank covers by its activities all the important tracing and commercial centers of the country. As on January 31, 2009 it has 70 branches within Bangladesh. But now it has 91 branches.

 Branch Distribution of IFIC Bank Ltd in Different Districts in Bangladesh

All the important branches are equipped with computers in addition to the modern facilities, logistics and professionally competent workforce.

Current Board of Directors:

Mr. Salman F Rahman————————————-Honourable Chairman

Mr. Mohammad Lutfar Rahman————————-Honourable Director

Mr. Aminur Rahman­————————————– Honourable Director

Mr. Syed Anisul Huq————————————–Honourable Director

Mr. Mohammed Nayem Syed—————————-Honourable Director

Mr. Anwaruzzaman Chowdhury————————-Honourable Director

Mr. Monirul Islam—————————————–Honourable Director

Mr. Mahmudul Huq Bhuiyan—————————-Honourable Director

Mr. Arastoo Khan—————————————–.Honourable Director

Mr. Syed Monjurul Islam———————————Honourable Director

Mr. Mohammad Ali Khan. ——————————Honourable Director

Management Hierarchy

Management Hierarchy are given below –

Managing Director
Senior Executive Vice President
Executive Vice Presidents
Senior Vice President
First Vice President
Vice Presidents
Senior Assistant Vice President
First Assistant Vice President
Assistant Vice President
Senior Staff Officers
Senior Officers
Officer Grade- 1
Officers Grade- 2
Junior Officers

Corporate Information

Name of the companyAuditors
International Finance Investment and Commerce Bank Limited (IFIC)Howladar Yunus & Co.Chartered Accountants
Legal Form

IFIC Bank Ltd.was incorporated in Bangladesh and registered with the Registrar of Joint Stock Companies and Firms as a public Company limited by shares.

Legal Advisors

Mr.Ahsanul Karim

Tax Consultants

Adil & Associates

Company Registration Number

4967,Date October 08,1976

Credit Rating Agency

Credit Rating Information and Service Ltd.

Authorized Capital

TK.1600 million

Name of the Chairman

Mohammad Lutfar Rahman

Paid up Capital


Name of Managing Director

Mosharraf Hossain

Listing Status

Listed with Dhaka Stock Exchange Ltd.(DSE) and Chittagong Stock Exchange Ltd.(CSE in 1986 and 1995 respectively.

Name of CFO

Mohammad Abdulllah

Name of Company Secretary

A.K.M.Mozharul Hoque

Market Category

A Category

No. of Employees


Tax payer Identification number (Tin)


No.of Branches


VAT Registration Number –    9021077014No.ofSMEServiceCenter -2
Registered Office

BSB Bhaban (17th ,18th & 19th floor)8 Rajuk Avenue,Dhaka

No.of Shareholders


Investor Relatio

General Banking Section

Issuing of power of attorney to the officers of the Branches.

Maintaining general correspondence with Bangladesh Bank and other Banks etc.

Head Office Accounts

Income, Expenditure Posting:

Cash Section.

Bill Section.

Salary wages of the employees.

Maintenance of employee provident fund.

Consolidation of Branch’s Accounts

All branches periodically (especially monthly) send their income & expenditure i.e., profit and loss accounts and head office made the consolidated statement of income and expenditure of IFIC Bank Limited. Here Branch statements are reviewed and prepares financial statements and submits to Bangladesh Bank.

 Credit Division

The main function of this division is managing IFIC Bank’s credit portfolio. Major functions are the followings:

Receiving proposal

Appraising the proposals

Getting approval from the head office credit committee.

Communication with the customer and sanctioning the credit.

Monitoring and follow-up of the credit facilities

Setting prices for credits and making it effective.

Prepares required statements as made mandatory by the Bangladesh Bank.

International Division

The objective of this division is to assist the management to make international dealing decisions and guide Branches to implement the decisions made. Its functional areas are follows-

Maintaining correspondence relationship.

Monitoring foreign trade & exchange dealings.

Maintaining accounts and reconciliation;

Authorizing of signature and test key;

Monitoring Foreign Exchange returns &statement;

Sending updated exchange rates to concerned branches.

Marketing Division

Marketing division is responsible for making the stakeholders concerned about the different products of IFIC Bank Limited. The marketing department is always in persuasion for attracting different customers to take their facilities.

 Human Resource Division

HRD performs all kinds of administrative and personnel related matters. The broad functions of this division are as follows:-

Selection & recruitment of new personnel

Placement of manpower

Dealing with transfer, promotion and leave of personnel

Training & development

Termination and retrenchment of employees

Keeping records of every employee of the Bank

Maintenance of employee welfare fund

Arranges workshop for employees & executives;

 Audit Division

Audit division works as internal monitoring and inspection division of the company. The officers of this division randomly go to different Branches and examine the necessary documents regarding each single account. If there is any discrepancy, they inform the authority concerned to take care of that/those discrepancy. They help the Bank to comply with the rules and regulations imposed by the Bangladesh Bank. They inform the Bangladesh Bank about the current position of the rules and regulations followed by the Bank.

Credit Card Division

IFIC Bank is a member Q-Cash VISA DEBIT/CREDIT card. The Q-cash card is more just than an ATM card. It can be used as a combination of debit and credit facility. Customers can withdrawal their money not only from IFIC’s booth but also they can withdrawal money from those bank’s booth who are also member of Q-Cash.

 Merchant Banking and Investment Division

This division concentrates its operation in the area of under writing of Initial Public Offer (IPO) and advance against shares. This division deals with the shares of the company. They also look after the securities portfolio owned by the company. The company has a large amount of investment in shares and securities of different corporation as well as government treasury bills and prize bond.

Board and Company Secretary Division

The main functions of this division are as follows:

Conducting meeting of the Board of Directors;

Dealing with Company Act;

Product and Services

Besides traditional Banking services, IFIC Bank Limited has added a wide range of products/services in its service portfolio. Various products & services offered by IFIC Bank Ltd. include:

Deposit Schemes

Current Account Deposits

Non interest bearing checking account for individuals

Initial deposit tk 5,000

24 hour  access to Q-cash ATMs with free of charge.

Savings Bank Deposit

An interest bearing checking account

Initial deposit

For Urban-tk 5,000

For Rural –tk 2,000

24 hour  access to Q-cash ATMs with free of charge.

Super savings plus deposit

A special kind of savings account for individual customers , calculates interest on the daily balance and pays at month end.

Initial deposit

For Urban-tk 10,000

For Rural-tk  5,000

24 hour  access to Q-cash ATMs with free of charge.

Smart savings deposit

New savings account for individual customers, specially who do not want to take Debit Card & cheque Book (But Debi Card is mandatory for customers , if the account is booked by DSA)

Initial deposit  -tk 500

Interest rate 3% p.a

Payroll savings deposit

Dedicated SAVINGS ACCOUNT in the name of “payroll Savings Account” for salaried individual

 SND deposit

Interest bearing checking account for individuals.

Initial deposit  -tk 5,000

Interest will be calculated on daily balance and paid half yearly.

School savings deposit

Easy monthly instalment based scheme account for school going students.

Interest rate 10%

Tenor: 5 years & 7 years

Millionaire dream plan deposit

Special type of scheme account , who want to be a millionaire in 4y/5y/7y or 10years with

IFIC Bank.

4 years: tk 16,900 ; 5 years: tk 12,800

7 years: tk 8,200 ; 10 years: tk  4,850

3 years plan deposit

Long term fixed deposit account

Interest rate : 8.50%

Fixed Deposit

A term deposit account

Interest rate: 12.50%

Tenor: 1 M, 3 M, 6 M, & 12 M.

Monthly Benefit Deposit Scheme

A special kind of fixed deposit , pays interest on a monthly basis

Appcicant must have a CD/Sb account with any branch

Minimum deposit : tk 50,000 for its multiple

Pension Savings Scheme

Easy monthly basis scheme account

Link account is mandatory for all new PSS account

Interest rate:12%

Double Benefit Scheme

Double the initial deposit in 5 years & 6 years months

Interest rate: 12.80% p.a at quarterly compounding.

Loan Schemes

The Prime Bank is offering the following loan and advance product to the client for financing different purpose that fulfill the requirements of the bank and have good return to the investment as well as satisfy the client. The loan and advance products are as the following:

General Loan Scheme;

Lease Finance;

Consumer Credit Scheme;

Car Loan;

Any purpose Loan;

Loan Against Salary;

Doctors loan;

HouseBuilding Loan/Apartment Loan Scheme

Vacation Loan; Small and Medium Enterprise Scheme,

Credit Card;

Educational Loan;

Marriage Loan;

General Banking (GB) Department:

Some of the day-to-day activities of this department are the following.

•          Account Opening

•           Issuance of Cheque

•           Receiving Cheques for Clearing, Transport, and Dispatch

•           Issuance of TT {Telegraphic Transfer), PO (Pay Order), DD (Demand Draft), etc.

•           Opening and Maintaining of FDR, MBDR, and other Scheme Deposits

•           Fund Transfer

•           Closing and Transfer of Accounts

•           Maintaining the Locker of the Bank

•           Outward Clearing of IBC and OBC

•           Maintaining On-line Voucher

Cash Department:

This department is responsible for cash payment and receipt. The employees in this department are also liable for computer posting, passing chouse, and accuracy of posting, balancing on-line accounts, etc.

Credit Department:

This department is responsible for the following jobs.

Meeting the requirements of existing and potential RCS customers

Meeting the requirements of Head Office and Customers of General

Credit to cooperate with other departments for smooth operation

Preparing CIB and CL Statements

Preparing Credit Proposal and Statement

Administration of Retail Credit

Marketing and Customer Care Department

Searching for new customer, answer the inquiry about the product to the customer. They also look whether customer all documents are given.

Credit Analysis and Description:

The Bank is committed to provide high quality financial services/products to contribute to the growth of the country through stimulating trade and commerce, accelerating the pace of industrialization, boosting up export, creating employment opportunity for the youth, poverty alleviation, raising standard of living of limited income group and overall sustainable socio-economic development of the country.

IFIC Bank Limited