Bangladeshi banks ink deal with Bahrain counterparts
Monday, 28 January 2008

UNB, Dhaka

For channelling Bangladeshi expatriates' remittances through Bahrain's companies, three Bangladeshi banks have signed agreements with their counterparts in the gulf country at a fair being held in Manama.

Bangladesh is participating in the 'Bahrain Autumn Fair-2008' at Bahrain International Exhibition and Convention Centre in Manama.

Three commercial banks, two life insurance companies and one housing company are showcasing their service-oriented products in the nine-day annual trade show that started on January 22 and would close on January 30, according to a message received in Dhaka on Saturday.

A total of 31 countries are participating in the fair, where 'huge market potential of Bangladeshi products and services has been found', it said.

In Bangladesh pavilion, Pubali Bank, Prime Bank, Mutual Trust Bank, Meghna Life Insurance Company, Fareast Islami Life Insurance Company and Mission Energy and Properties Limited are showcasing their services and financial products.

Till January 24, Pubali Bank has already finalised deals with Zain Exchange and Bahrain Exchange Company and Mutual Trust Bank finalised deal with ICIC Bank for remittance earning through banking channel. Prime Bank has finalised deal with two leading Bahrain exchange companies.

They will sign agreements after arrival of their deputy managing director Ruhul Quddus Md Forkan in Bahrain, said Sk Matiur Rahman, vice-president of Prime Bank Limited, at the fair stall. Charge d' Affaires of Bangladesh embassy in Bahrain Md Saiful Islam visited the fair and expressed his satisfaction for the participation of Bangladeshi companies in the fair for the first time.

However, Fareast Islami Life Insurance Company is old on Bahrain market. They have already tapped huge business at the ongoing fair. Executive vice-president of the Fareast Life Insurance Motiur Rahman Shikder said that they fetched Tk 50 lakh as premium from Bahrain in 2007. Charge d' Affaires Saiful and first secretary Shamim Al Mamun assured all possible support from the embassy side for the betterment of the Bangladeshi expatriates.

Bangladeshi visitors and Bahrainian businessmen expressed their opinion that potential of exporting Bangladeshi manpower and products like readymade garments, handicrafts, food, spices and shrimp to Bahrain has been increasing day by day due to their high quality and competitive price.

Any employers of Bahrain can employ Bangladeshi manpower almost at half of cost than of Indian and Pakistani. Moreover, Bangladeshi workers are more professional and devoted to their employers' job. As a result, thousands of Bangladeshi workers are taking privileges in case of employment.

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