First Finance Limited is a major non-bank financial institution in Bangladesh.[1] Khan Mohammad Moinul Hasan is the chairman of the First Finance Limited.[2]
First Finance Limited was established in 1993.[3]
On 9 October 2003, First Finance Limited listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.[3]
First Finance Limited was fined .9 million taka for having a 74.2 million taka deficit in 2015.[4] The shares of the company were listed as Z category of the Dhaka Stock Exchange.[4]
In 2016, The Daily Star identified First Finance Limited as one of three financial institutions dragging the entire finance industry down.[5] It was offering one of the highest interest rate on deposits.[6]
In December 2017, First Finance Limited was fined 22.1 million taka for having a deficit of 2.22 billion taka by Bangladesh Bank.[4] An investigation by Bangladesh Bank had found the former chairman of First Finance Limited, AQM Faruk Ahmed Chowdhury, had embezzled 40 million taka from the institute.[4] Chowdhury resigned in April 2016 after the incident came to light and was replaced by his brother AQM Faisal Ahmed Chowdhury.[4] Faisal defaulted on a seven million taka home loan from First Finance Limited.[4] The institute had provided bad loans using forged documents to Al Madina Enterprise, Aftab Enterprise, Dolfin Car Centre, Hafijul Islam, Mabco Group, Mohammad Siddiqur Rahman, Munshi Traders, and Runa Trading Corporation.[4]
On 25 January 2018, Md Nazrul Hossain was appointed the managing director of First Finance Limited.[7]
