First Finance Limited
{{Short description|Financial Institution}}
{{Infobox organization
| name = First Finance Limited
| formation = 1993
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| alt = FFL
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| headquarters = Dhaka, Bangladesh
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| language = Bengali
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| website = {{URL|https://www.first-finance.com.bd/}}
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| region_served = Bangladesh
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First Finance Limited is a major non-bank financial institution in Bangladesh.{{Cite news |last=Habib |first=Ahsan |date=2019-11-26 |title=PLFS liquidation takes toll on non-banks’ earnings |url=https://www.thedailystar.net/business/news/plfs-liquidation-takes-toll-non-banks-earnings-1832053 |access-date=2022-11-28 |work=The Daily Star |language=en}} Khan Mohammad Moinul Hasan is the chairman of the First Finance Limited.{{Cite web |title=First Finance Limited |url=https://www.first-finance.com.bd/board-of-directors |access-date=2022-11-28 |website=www.first-finance.com.bd}}
History
First Finance Limited was established in 1993.{{Cite web |title=First Finance Limited |url=https://www.first-finance.com.bd/our-history |access-date=2022-11-28 |website=www.first-finance.com.bd}}
On 9 October 2003, First Finance Limited listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
First Finance Limited was fined .9 million taka for having a 74.2 million taka deficit in 2015.{{Cite news |last=Alo |first=Jebun Nesa |date=2017-12-19 |title=Another non-bank falls prey to graft, loan irregularities |url=https://www.thedailystar.net/business/another-non-bank-falls-prey-graft-loan-irregularities-1507174 |access-date=2022-11-28 |work=The Daily Star |language=en}} The shares of the company were listed as Z category of the Dhaka Stock Exchange.
In 2016, The Daily Star identified First Finance Limited as one of three financial institutions dragging the entire finance industry down.{{Cite news |last=Rahman |first=Sajjadur |date=2016-08-14 |title=Three non-banks weigh down entire sector |url=https://www.thedailystar.net/business/three-non-banks-weigh-down-entire-sector-1269451 |access-date=2022-11-28 |work=The Daily Star |language=en}} It was offering one of the highest interest rate on deposits.{{Cite news |last=Rahman |first=Sajjadur |date=2016-02-28 |title=Non-banks offer higher rates for deposits |url=https://www.thedailystar.net/business/non-banks-offer-higher-rates-deposits-783460 |access-date=2022-11-28 |work=The Daily Star |language=en}}
In December 2017, First Finance Limited was fined 22.1 million taka for having a deficit of 2.22 billion taka by Bangladesh Bank. 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. Chowdhury resigned in April 2016 after the incident came to light and was replaced by his brother AQM Faisal Ahmed Chowdhury. Faisal defaulted on a seven million taka home loan from First Finance Limited. 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.
On 25 January 2018, Md Nazrul Hossain was appointed the managing director of First Finance Limited.{{Cite news |date=2018-01-25 |title=New CEO for First Finance |url=https://www.thedailystar.net/business/new-ceo-first-finance-1524823 |access-date=2022-11-28 |work=The Daily Star |language=en}}
Khan Mohammad Moinul Hasan, an independent director, became chairman of First Finance Limited in 2021.{{Cite news |date=2022-01-04 |title=I’ll resign if I can’t improve the company’s condition: First Finance chairman |url=https://www.tbsnews.net/economy/stocks/ill-resign-if-i-cant-improve-companys-condition-first-finance-chairman-353182 |access-date=2022-11-28 |work=The Business Standard |language=en}} According to Bangladesh Bank, First finance had more than 10 per cent defaulted loans; the other institutes are Bangladesh Industrial Finance Company Limited, FAS Finance and Investment Limited, Fareast Finance and Investment Limited, GSP Finance Company (Bangladesh) Limited, Industrial and Infrastructure Development Finance Company Limited, International Leasing and Financial Services Limited, MIDAS Financing Limited, National Finance Limited, Premier Leasing and Finance Limited, Prime Finance and Investment Limited, Reliance Finance Limited, and Union Capital Limited.{{Cite news |last=Parvez |first=Sohel |date=2021-02-25 |title=Weak NBFIs barred from paying dividend |url=https://www.thedailystar.net/business/news/weak-nbfis-barred-paying-dividend-2050773 |access-date=2022-11-28 |work=The Daily Star |language=en}} Bangladesh Bank placed restrictions on the institute providing loans of more than 10 million taka including taking written permission from Bangladesh Bank.{{Cite news |last=Uddin |first=AKM Zamir |date=2021-12-19 |title=Attempt for Tk 15Cr Loan: MP’s sign ‘forged’ |url=https://www.thedailystar.net/news/bangladesh/crime-justice/news/mps-sign-forged-get-tk-15cr-loan-2920466 |access-date=2022-11-28 |work=The Daily Star |language=en}} The owner of Megh City Complex, Amjad Hossain, tried to secure a 150 million taka loan using a forged letter from Tanvir Shakil Joy, a member of parliament from Awami League in 2021. The institution lost significant value on the Dhaka Stock Exchange.{{Cite news |date=2021-08-23 |title=Stocks rise for third straight day |url=https://www.thedailystar.net/business/news/stocks-rise-third-straight-day-2158866 |access-date=2022-11-28 |work=The Daily Star |language=en}} In 2021, Bangladesh Commerce Bank Limited had found it difficult to recover 5.02 billion taka it had deposited with six non bank financial institutions including First Finance Limited.{{Cite news |last=Uddin |first=AKM Zamir |date=2021-01-27 |title=Commerce Bank, Janata run into a quagmire |url=https://www.thedailystar.net/business/news/commerce-bank-janata-run-quagmire-2034565 |access-date=2022-11-11 |work=The Daily Star |language=en}} Bangladesh Bank questioned the aggressive SMS marketing by First Finance Limited.{{Cite news |last=Uddin |first=AKM Zamir |date=2021-07-26 |title=BB questions three non-banks’ fierce SMS marketing |url=https://www.thedailystar.net/business/economy/banks/news/bb-questions-three-non-banks-fierce-sms-marketing-2137151 |access-date=2022-11-28 |work=The Daily Star |language=en}} Mohammed Mosharaf Hossain was appointed managing director on 18 July.{{Cite news |title=Mosharaf becomes First Finance MD, CEO |url=https://www.newagebd.net/article/144830/mosharaf-becomes-first-finance-md-ceo |access-date=2022-11-28 |work=New Age |language=en}}
Janata Bank was having difficulties recovering 540 million taka loan from FAS Finance and Investment Limited, First Finance Limited, and People's Leasing and Financial Services Limited.{{Cite news |last=Uddin |first=AKM Zamir |date=2022-02-10 |title=Troubled NBFIs render Tk 1,000cr bank loans sour |url=https://www.thedailystar.net/business/economy/banks/news/troubled-nbfis-render-tk-1000cr-bank-loans-sour-2958656 |access-date=2022-11-28 |work=The Daily Star |language=en}} The Anti-Corruption Commission reported that the former managing director of First Finance Limited, Tuhin Reza, had embezzled 8.2 million taka.{{Cite news |date=2022-10-19 |title=ACC: Former MD of First Finance swindled 82.5L |url=https://www.dhakatribune.com/bangladesh/2022/10/19/acc-former-md-of-first-finance-swindled-825l |access-date=2022-11-28 |work=Dhaka Tribune |language=en}} Gaus-ul-Wara Md Mortaza was appointed managing director of First Finance Limited in September 2022.{{Cite news |title=Mortaza joins First Finance as MD, CEO |url=https://www.newagebd.net/article/180129/mortaza-joins-first-finance-as-md-ceo |access-date=2022-11-28 |work=New Age (Bangladesh) |language=en}} Jiban Bima Corporation has found it difficult to recover 484.6 million taka deposit from First Finance Limited.{{Cite news |date=2022-08-20 |title=Jiban Bima wants its money back. Banks unable to pay |url=https://www.tbsnews.net/economy/jiban-bima-wants-its-money-back-banks-unable-pay-480878 |access-date=2022-11-28 |work=The Business Standard |language=en}}{{Cite news |date=2022-09-10 |title=How can Jiban Bima recover funds invested with banks and FIs? |url=https://www.dhakatribune.com/business/2022/09/10/how-can-jiban-bima-recover-funds-invested-with-banks-and-fis |access-date=2022-11-28 |work=Dhaka Tribune |language=en}}