Arif Khan steps down as IDLC Financing CEO
Arif Khan has stepped down as the managing director and ceo of IDLC Money Ltd as he plans to introduction his own business.
He returned to the non-bank lender five years back as the CEO after offering the Bangladesh Securities and Exchange Commission rate (BSEC). Since that time, he steered the growth of IDLC Fund and brought down non-performing lending options to a minor level at a time when the financial industry is riddled with loan scandals.
Khan said he previously no disagreement with the board of IDLC Funding. Rather, he wished to do something on his own, he said.
"I am not enjoying what I am doing now. I want to start my own business," Khan advised The Daily Celebrity.
His departure from the industry came at the same time when at a minimum of 10 NBFIs are struggling to repay depositors despite the maturity of the funds as scammers siphoned off a huge sum of money from the companies lately.
IDLC Finance's NPLs stood at 1.79 per cent by the end of December 2020, lower than the ratio of default loans in the industry. The proportion of default loans stood at 13.29 per cent in the NBFI sector.
The NBFI declared a 35 per cent cash dividend for 2020 as its profits rose 49 per cent to Tk 254 crore.
"IDLC Money has a solid financial base, and its board is among the finest among all finance institutions and NBFIs," Khan said.
Officials said the disclosure that Khan had quit came last night, plus they were unaware of his strategies. Khan didn't show his business plan.
Before joining IDLC as the MD and CEO, Khan served the BSEC as a commissioner. Ahead of this, he offered IDLC Money for 15 years and organised key positions, like the role of the deputy managing director.
Khan studied finance and banking at Dhaka College or university, and had his MBA from the Institute of Business Supervision. He began his profession in 1991 as a probationary official of AB Lender Ltd.
He is an associate of the Institute of Cost and Management Accountants of Bangladesh.
The shares of IDLC Money closed 0.93 per cent lower at Tk 64.20 on the Dhaka STOCK MARKET yesterday.
The business announced a 35 % cash dividend in 2019 and 2018, 30 per cent in 2017 and 2016, and 25 % in 2015, data from the DSE showed.
