Bahrain Bangladesh Finance and Investment Company Limited

Bahrain Bangladesh Finance and Investment Company Limited (BBFICOL) a joint venture non-bank financial institution, incorporated as a public limited company in 1996, and registered with the Registrar of Joint Stock Companies, chittagong. The name of the company was changed to Oman Bangladesh Leasing and Finance Ltd on 1 August 2001. The company started functioning from May 1996 with an authorised capital of Tk 250 million. Its paid up capital was Tk 25 million. Although the company's registered office is in Chittagong, its only functional branch is located in dhaka. With the purchase of shares of the company by some leading businessmen and some investment companies of Oman, the paid up capital of the company increased to Tk 85 million in 2000. The company is under the regulation of the bangladesh bank.

The company has been incorporated to (a) provide loans and advances for industry, commerce, agriculture, housing and transport sectors; (b) underwrite or make acquisition of, or, invest and reinvest in securities issued by the government or any local authority; (c) conduct hire purchase transactions, including leasing of machinery, equipment or mechanical vehicles of all types; (d) finance venture capital; and (e) invest capital in other companies. 

Sources of the funds of the company in 2000 were share capital, bank borrowings, and borrowings from public in the form of term-deposits and promissory notes. Its liabilities in 2000 totaled Tk 87.90 million, which comprised lease assets (Tk 6.15 million), stock on hire and short term finance (Tk 32.86 million), investment in shares (Tk 14.06 million), tangible assets (Tk 4.22 million), net current assets (Tk 13.28 million), miscellaneous assets (Tk 0.49 million), and coverage of accumulated losses (Tk 16.82 million). The cumulative amount of total assets of the company stood at Tk 190 million on 31 December 2000. During the year 2000, it disbursed Tk 75 million as loans and recovered Tk 20 million. The total incomes and expenses of the company in 2000 were Tk 26 million and Tk 30 million respectively.

The management of the company is vested in a 9-member board of directors. Its chief executive is the managing director, who is assisted by 21 employees of different cadres in the company's head office at Chittagong and its branch office at Dhaka.