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Salman F Rahman

Summary

Salman Fazlur Rahman (born 23 May 1951)[1] is a Bangladeshi businessman,[2] and a member of the Jatiya Sangsad.[3] He is the Private Industry and Investment Adviser to Bangladesh Prime Minister Sheikh Hasina in the rank of a cabinet minister.[3][4] Earlier, he served as the private sector development affairs adviser to her. He was ranked 1685th on the list of billionaires in the world published by Beijing-based Hurun Gobal in 2017.[5] He is the vice chairman of BEXIMCO Group, one of the largest conglomerates in Bangladesh.[6] He was the president of several trade bodies including Association of Television Channel Owners (ATCO).[7]

Salman Fazlur Rahman
MP
সালমান ফজলুর রহমান
Fazlur Rahman in 2020
Adviser for Private Industry and Investment to the Prime Minister of Bangladesh
Assumed office
7 January 2019
Prime MinisterSheikh Hasina
Preceded byposition established
Member of Parliament
Assumed office
3 January 2019
Preceded bySalma Islam
ConstituencyDhaka-1
Personal details
Born (1951-05-23) 23 May 1951 (age 72)
Nawabganj, East Bengal, Pakistan (present-day Bangladesh)
Political partyBangladesh Awami League
SpouseSyeda Rubaba Rahman
Relations
Children1 son & 1 daughter (deceased)
Parent
Alma mater
OccupationVice Chairman of Beximco Group
Websitesalmanfrahman.com

Early life edit

Salman Fazlur Rahman was born on 23 May 1951 to Fazlur Rahman and Syeda Fatina Rahman - an eminent Bengali Muslim family in Dohar, Dhaka District. His father, Fazlur Rahman, was a state minister of Pakistan. His mother, Syeda Fatina, was a descendant of the Dewan family of Haibatnagar from her father's side.[8] Salman Fazlur Rahman is married to Syeda Rubaba Rahman and has a son named Ahmed Shayan Fazlur Rahman.

Fazlur Rahman passed the Higher Secondary Examination from Notre Dame College, Dhaka and was admitted to the Physics Department of University of Dhaka in 1968.[9] Later, he received graduation from Karachi University.[9]

Career edit

Salman Fazlur Rahman and his older brother, Sohail Fasihur Rahman, started operating a family-owned jute factory in 1966. The government nationalized the factory in 1972. They established the Bangladesh Export and Import Company Limited (BEXIMCO Group) in 1972 and started exporting seafood and crushed bones to the European countries and import medicines in exchange of the exports of seafood and crushed bones.[10] BEXIMCO Group is one of Bangladesh 's leading conglomerates with subsidiaries including BexTex, Beximco Pharmaceuticals Ltd. (Beximco Pharma), and Shinepukur Ceramics. BEXIMCO employs more than 70,000 people worldwide and is the largest employer in the private sector in Bangladesh.[11]

In 1976, the two brothers established Beximco Pharmaceuticals Ltd. (Beximco Pharma). Later on, this company was listed as the first Bangladeshi company at the London's Alternative Investment Market.[12][6] The company is listed in Aim of London Stock Exchange[13] and also accredited by many foreign regulatory authorities including the US FDA for its export operations.[14] In addition, it is the first Bangladeshi company to export medicines to Canada.[15]

In 1982, the brothers partnered with the Dubai-based Galadari Brothers Group to establish country's first private bank, the AB Bank.[16][17] In 1985, Salman Fazlur Rahman sold his stake to other partners. Subsequently, the brothers bought 30% stake in IFIC Bank. Fazlur Rahman became chairman of the bank in 2010[18] and was re-elected in 2016.[19]

In 2021, BEXIMCO launched a BDT 3,000 crore Sukuk bond.[20]

Salman Fazlur Rahman owns the Bangla News Channel Independent Television (Bangladesh). He owned the English daily The Independent, which was launched on 26 March 1995 and closed down on 31 January 2022. He was the Chairman of the Board of Editors of the Daily Independent.[21]

Politics edit

Fazlur Rahman entered politics in the mid-1990s and founded a political party under the banner Samriddhya Bangladesh Andolan. Later he joined the Bangladesh Awami League. He was the Bangladesh Awami League nominee from a constituency in Dhaka-1: Dohar Upazila in Bangladeshi general election in 2001.[21]

Currently, Salman Fazlur Rahman is the Private Sector Development Adviser to President of Bangladesh Awami League and Prime Minister of Bangladesh, Sheikh Hasina.[22][23]

Fazlur Rahman contested from Dhaka-1 constituency (Dohar and Nawabganj Upazila) in the 2018 parliamentary election and received 3,04,797 votes from 178 centres of the constituency while the nearest rival Salma Islam received 38,017 votes.[24] He contested the election with the Awami League's symbol boat and secured 86.5% of the votes of the constituency, consisting of the Dohar and Nawabganj upazilas.[25]

Fazlur Rahman got 1,49,971 votes under the Dhaka-1 constituency in January 2024 general election, reaffirming his strong support within the constituency. His closest competitor, Salma Islam from the Jatiyo Party, trailed behind with 34,746 votes.[26][27]

Role as Prime Minister's advisor edit

Fazlur Rahman was appointed as the private industry and investment advisor to Prime Minister Sheikh Hasina on 15 January 2019.[28] Without any financial incentives, the post retains the rank of minister.[29] Fazlur Rahman was tasked by the Prime Minister to improve Bangladesh’s standing on The World Bank’s Ease of Doing Business index.[30] Rahman's initiatives saw Bangladesh moving seven notches up in 2020.[31][32] He also took initiatives on pursuing fast track programme while implementing projects under the Public Private Partnership (PPP) method.[33]

Foreign direct investment edit

As the Prime Minister’s adviser, Fazlur Rahman from 2020 to 2022, helped the government agencies organize investment roadshows in the UAE, UK, USA, to increase the foreign direct investment inflow.[34][35][36] He participated in programs home and abroad, and urged non-resident Bangladeshis to invest in the country's agriculture, healthcare and education sectors since the private sector is 90% of the total business in Bangladesh.[37]

During NRB Professional Summit 2022, Fazlur Rahman asked non-resident Bangladeshis to invest in the country's agriculture, healthcare and education sectors.[38]

In 2022, after a meeting with Fazlur Rahman, the United Kingdom's investment minister Lord Dominic Johnson expressed that British companies will be interested to explore the recycling industry of Bangladesh's Ready-made garment sector.[39]

In November 2022, Fazlur Rahman participated in Investment Flash Mob in Tokyo, Japan and urged Japanese businessmen to assist Bangladesh in intellectual infrastructure.[40] He also met Singapore's Transport and Commerce Minister S Eswaran and discussed signing of a Free Trade Agreement between Bangladesh and Singapore.[41]

Fazlur Rahman attended Bangladesh-UAE Economic Cooperation seminar held in Abu Dhabi in September 2022 to promote trade and business opportunities of the country. He mentioned in his speech that he is now of the 'Asia’s economic powerhouse'.[42]

Foreign relations edit

In December 2022, Fazlur Rahman met High Commissioner of India to Bangladesh, Pranay Kumar Verma and discussed signing a Comprehensive Economic Partnership Agreement.[43]

Board memberships and affiliations edit

Fazlur Rahman is the vice-chairman of BEXIMCO Group.[44]

Fazlur Rahman headed the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) from 1994 to 1996.[21]

He was a director of the Bangladesh Securities and Exchange Commission and Dhaka Stock Exchange.[45]

He was the former president of Association of Television Channel Owners (ATCO)[46] and LPG Operators Association of Bangladesh (LOAB).[47]

Fazlur Rahman is currently the Chairman of the Board of Governor of Bangladesh Enterprise Institute and the sporting club Abahani Limited Dhaka.[48][49][50][51]

Personal life edit

Salman Fazlur Rahman is from Dohar Upazila of Dhaka district.[52] He is son of Fazlur Rahman and Syeda Fatina Rahman. His son Shayan Fazlur Rahman is also involved in the family business.

Controversies edit

A leaked diplomatic cable from United States ambassador in Dhaka in 2007, alleged that Fazlur Rahman is one of the biggest bank loan defaulters in Bangladesh.[53] Fazlur Rahman was arrested on 4 February 2007 on charges of crime and corruption in 11 cases during the 2006-08 Bangladeshi political crisis. On 20 August 2008, the High Court of Bangladesh granted him bail in the case of bank forgery.[54] In the incident of 2010-11 share market scam, a probe body headed by Banker Khondkar Ibrahim Khaled also pointed their finger at Salman Fazlur Rahman's involvement.[55] However, Fazlur Rahman along with his elder brother was acquitted and the cases were quashed after final hearings in March 2015 since no evidence proved that they were guilty of stock market manipulation.[56]

References edit

  1. ^ "All to know about Salman F Rahman". Corporate Bangladesh.
  2. ^ "Bangladesh's first family of business". Fortune India.
  3. ^ a b "Salman F Rahman wins Dhaka-1 seat". The Independent. Dhaka. Retrieved 2019-02-13.
  4. ^ Staff Correspondent (2019-01-16). "Salman made PM's adviser". The Daily Star. Retrieved 2023-04-14.
  5. ^ "Salman F Rahman on world billionaires' list". Dhaka Tribune. Retrieved 2018-01-08.
  6. ^ a b "Beximco: About". Retrieved 8 August 2017.
  7. ^ "Salman F Rahman". The Independent. Dhaka. Retrieved 22 May 2017.
  8. ^ Zahurul Islam (1952). Moinul Haq, S. (ed.). "A note on Isa Khan and his family". The Proceedings of the Pakistan History Conference. Karachi: 326.
  9. ^ a b যেভাবে শিল্পপতি হলেন সালমান এফ রহমান. Ekushey TV (in Bengali). 23 May 2019.
  10. ^ "Salman Rahman Muslim Businessman Bangladesh". EENI Global Business School. Retrieved 2018-01-03.
  11. ^ "Welcome to the official Website of Salman F Rahman". salmanfrahman.com. Retrieved 2021-11-05.
  12. ^ "Raw material import limit forces Beximco Pharma to cut output". The Daily Star. 2007-12-02. Retrieved 2018-01-09.
  13. ^ "Beximco Pharma commences export to the US - RNS". London Stock Exchange. Retrieved 2018-01-08.
  14. ^ "Another Beximco drug to reach US market". The Daily Star. 2017-07-25. Retrieved 2018-01-09.
  15. ^ "Beximco Pharma enters Canada". The Daily Star. 2017-09-18. Retrieved 2019-07-03.
  16. ^ Lall, Pavan. "Bangladesh's First Family of Business" (PDF). Fortune India. Archived from the original (PDF) on 4 March 2016. Retrieved 8 August 2017.
  17. ^ "Background of AB Bank Limited - AB Bank Limited". Retrieved 2023-07-15.
  18. ^ "Salman new chairman of IFIC Bank". bdnews24.com. 27 July 2010.
  19. ^ "Salman F Rahman reelected as IFIC Bank chairman". The Daily Star. 2016-07-21. Retrieved 2019-07-03.
  20. ^ "Subscription of BEXIMCO's Tk 3,000cr Sukuk completed". New Age | The Most Popular Outspoken English Daily in Bangladesh. Retrieved 2023-07-15.
  21. ^ a b c "Salman F Rahman remains Sheikh Hasina's adviser". bdnews24.com. 6 November 2016. Retrieved 8 August 2017.
  22. ^ "Salman F Rahman remains Sheikh Hasina's adviser". bdnews24.com.
  23. ^ "Salman F Rahman made PM's new adviser". The Independent. Dhaka.
  24. ^ "Salman F Rahman wins Dhaka-1 seat". The Independent. Dhaka. Retrieved 2019-01-03.
  25. ^ "Awami League's new faces in Dhaka". Dhaka Tribune. 2019-01-01. Retrieved 2019-01-03.
  26. ^ "Salman F Rahman wins Dhaka-1, defeating Jatiyo Party's Salma Islam". The Business Standard. 2024-01-07. Retrieved 2024-01-29.
  27. ^ "Dhaka-1: Salman F Rahman wins convincingly". Dhaka Tribune. 2024-01-07.
  28. ^ "Salman F Rahman appointed as PM's adviser". Dhaka Tribune. 2019-01-15. Retrieved 2019-01-16.
  29. ^ "Salman made PM's adviser". The Daily Star. 2019-01-16. Retrieved 2019-01-16.
  30. ^ IT, Beximco. "Welcome to the official Website of Salman F Rahman". salmanfrahman.com. Retrieved 2023-07-28.
  31. ^ Report, Star Online (2019-10-24). "Doing Business Index: Bangladesh improves ranking". The Daily Star. Retrieved 2023-07-28.
  32. ^ "'Bangladesh has to make doing business easy'". The Financial Express. Retrieved 2023-07-28.
  33. ^ "Salman for early implementation of PPP projects - Business - observerbd.com". The Daily Observer. Retrieved 2023-09-02.
  34. ^ Sengupta, Joydeep; Times, Khaleej. "Bangladesh makes a strong pitch for foreign investments in 'Asia's economic powerhouse'". www.zawya.com. Retrieved 2023-07-28.
  35. ^ "UK keen to invest more in Bangladesh: Salman". The Business Standard. 2022-03-28. Retrieved 2023-07-28.
  36. ^ BSS (2021-12-06). "FDI to triple within couple of years: Hopes Salman". Prothomalo. Retrieved 2023-07-28.
  37. ^ "NRBs urged to invest in agriculture, healthcare and education". The Business Standard. 2022-12-22. Retrieved 2023-08-17.
  38. ^ "NRBs urged to invest in agriculture, healthcare and education". The Business Standard. 2022-12-22. Retrieved 2023-09-02.
  39. ^ "UK keen to invest in Bangladesh's recycling industry". Dhaka Tribune. 11 Dec 2022. Retrieved 17 August 2023.
  40. ^ "Invest in intellectual infrastructure: SF Rahman to Japan". The Business Standard. 2022-11-29. Retrieved 2023-09-02.
  41. ^ "সিঙ্গাপুরের সঙ্গে বাণিজ্য সম্পর্ক বৃদ্ধির আশা সালমান এফ রহমানের". Bangla Tribune (in Bengali). Retrieved 2023-09-02.
  42. ^ Sengupta, Joydeep. "Bangladesh PM Sheikh Hasina's top aide makes a strong pitch for foreign investments in 'Asia's economic powerhouse'". Khaleej Times. Retrieved 2023-09-02.
  43. ^ "ভারত-বাংলাদেশের ঐতিহাসিক সম্পর্ক অব্যাহত থাকবে : সালমান এফ রহমান". www.kalerkantho.com. December 2022. Retrieved 2023-09-02.
  44. ^ IT, Beximco. "Welcome to the official Website of Salman F Rahman". salmanfrahman.com. Retrieved 2023-07-15.
  45. ^ "Salman joins DSE board as director". The Daily Star. 2011-09-09. Retrieved 2019-07-03.
  46. ^ "Salman F Rahman elected new ATCO president". Daily Sun. Retrieved 2018-01-09.
  47. ^ "Nasrul: LPG energy of the future". Dhaka Tribune.
  48. ^ "Salman new chairman of IFIC Bank". bdnews24.com. Retrieved 2018-01-17.
  49. ^ "Bord of Governors". Bangladesh Enterprise Institute.
  50. ^ "Mr. Salman F Rahman, Chairman". Bangladesh Enterprise Institute. Retrieved 8 August 2017.
  51. ^ "Abahani Limited chairman Salman F Rahman speaks during the 65th birth anniversary of Sheikh Kamal at the club's ground in Dhanmondi yesterday – NASHIRUL ISLAM". Dhaka Tribune.
  52. ^ "Welcome to the official Website of Salman F Rahman". salmanfrahman.com. Retrieved 2023-01-05.
  53. ^ Allchin, Joseph (2016-04-11). "Opinion | Bangladesh's Other Banking Scam". The New York Times. ISSN 0362-4331. Retrieved 2022-09-20.
  54. ^ "Salman Rahman freed on bail". The Daily Star. 2008-08-28. Retrieved 2022-09-20.
  55. ^ Byron, Rejaul Karim; Fazlur Rahman, Md (2011-04-09). "Finger pointed at 60 individuals". The Daily Star. Retrieved 2022-09-20.
  56. ^ "Beximco bosses acquitted of 1996 stock market manipulation charges". bdnews24.com. Retrieved 2022-09-20.

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