Biography of Salman Fazlur Rahman: Businessman, Politician, Investment Advisor
Biography of Salman F. Rahman:
Early Life and Education
Born on May 23, 1951, in Dohar, Dhaka District, Bangladesh,
Salman Fazlur Rahman hails from a distinguished Bengali Muslim family. His
father, Fazlur Rahman, served as a state minister in Pakistan. Salman began his
education at Notre Dame College in Dhaka, later pursuing physics at the
University of Dhaka and Karachi University, where he completed his graduation.
Entrepreneurial Journey and BEXIMCO Group
In 1966, Salman and his brother, Sohail Fasihur Rahman,
initiated their entrepreneurial journey with a family-owned jute factory.
However, following the nationalization of the factory in 1972, they established
Bangladesh Export and Import Company Limited (BEXIMCO Group). Initially
focusing on exporting seafood and crushed bones to Europe, they imported
medicines in return, marking the beginning of their diversified business
portfolio.
Over time, BEXIMCO Group evolved into one of Bangladesh's
largest conglomerates, encompassing subsidiaries such as Beximco
Pharmaceuticals Ltd. (Beximco Pharma), BexTex, and Shinepukur Ceramics.
Employing over 70,000 people globally, BEXIMCO stands as Bangladesh's largest
private sector employer.
Expansion into Pharmaceuticals and Innovation
In 1976, the Rahman brothers founded Beximco Pharmaceuticals
Ltd., which later became the first Bangladeshi company listed on London's
Alternative Investment Market (AIM). Known for its stringent quality standards,
the company has earned accreditations from multiple foreign regulatory
authorities, including the US FDA, and holds the distinction of being the first
Bangladeshi pharmaceutical firm to export medicines to Canada.
BEXIMCO has also been a pioneer in Bangladesh’s corporate
realm, renowned for its global corporate practices and cutting-edge
technologies. Its subsidiary, Beximco Textiles, stands as South Asia’s largest
vertically integrated textile and garment company, achieving annual revenues of
$500 million and serving prestigious clients worldwide.
Banking Ventures and Financial Initiatives
In 1982, Salman and his brother ventured into banking by
partnering with the Dubai-based Galadari Brothers Group to establish
Bangladesh's first private bank, AB Bank. Although Salman sold his stake in
1985, the brothers later acquired a 30% stake in IFIC Bank, with Salman
assuming the role of chairman in 2010 and subsequently being re-elected in
2016. In March 2021, BEXIMCO launched a BDT 3,000 crore Sukuk bond,
underscoring its role in shaping the country’s financial markets and investment
landscape.
Media Ownership and Strategic Ventures
Beyond business, Salman has made significant strides in
media ownership, owning Independent Television and formerly owning the English
daily, The Independent, which ceased publication in early 2022. His role as
Chairman of the Board of Editors at The Daily Independent underscores his
commitment to journalistic integrity and media influence.
Entry into Politics and Political Career
Salman Fazlur Rahman's foray into politics began in the
mid-1990s when he founded the political party Samriddhya Bangladesh Andolan
before aligning with the Bangladesh Awami League. He contested and won the
Bangladeshi general election in 2001 as the Awami League's candidate from
Dhaka-1 constituency, representing Dohar Upazila.
Currently serving as the Private Sector Development Adviser
to both the President of the Bangladesh Awami League and Prime Minister Sheikh
Hasina, Salman Fazlur Rahman continues to play a pivotal role in Bangladesh's
political landscape. His significant electoral victories, including securing
86.5% of the votes in the 2018 parliamentary election from the Dhaka-1
constituency, underscore his strong support base and influence.
Strategic Initiatives and Economic Development
Appointed as the Private Industry and Investment Adviser to
Prime Minister Sheikh Hasina in 2019, Salman Fazlur Rahman has been
instrumental in enhancing Bangladesh's business environment. Tasked with
improving the country's standing on The World Bank's Ease of Doing Business
index, Rahman's initiatives contributed to Bangladesh climbing several spots in
the rankings by 2020. He also spearheaded efforts in implementing projects
under the Public-Private Partnership (PPP) model, aiming to expedite development
through strategic collaborations.
Biography of Salman Fazlur Rahman: Businessman, Politician, Investment Advisor Bangladesh Prime Minister/ BEXIMCO/Jatiya Sangsad/age#net worth#investo
Foreign Direct Investment and Global Engagement
Rahman's role extends beyond domestic affairs to fostering
international relations and attracting foreign direct investment (FDI). From
2020 to 2022, he facilitated investment roadshows in key global markets like
the UAE, UK, and USA, promoting Bangladesh as an attractive investment
destination. He actively engaged with non-resident Bangladeshis, encouraging
investments in crucial sectors such as agriculture, healthcare, and education,
highlighting the private sector's vital role in Bangladesh's economic landscape.
Diplomatic Engagements and Trade Opportunities
In his diplomatic endeavors, Salman Fazlur Rahman has played
a proactive role in enhancing Bangladesh's economic ties globally. He met with
officials from various countries, including the UK and Japan, to explore
opportunities in sectors like garment recycling and intellectual infrastructure
development. His participation in seminars and economic cooperation forums
underscores Bangladesh's emergence as a regional economic powerhouse and its
commitment to fostering international trade and business collaborations.
Leadership and Affiliations
Salman Fazlur Rahman holds pivotal roles in various
organizations, showcasing his leadership and influence across Bangladesh's
business and civic sectors. He serves as the vice-chairman of BEXIMCO Group, a
cornerstone of Bangladesh's corporate landscape. From 1994 to 1996, Rahman led
the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI),
demonstrating his commitment to fostering economic growth and representing
business interests nationally. His tenure as a director at the Bangladesh
Securities and Exchange Commission and the Dhaka Stock Exchange reflects his
deep involvement in shaping the country's financial regulatory framework and
capital markets. Rahman's diverse affiliations include past presidencies of the
Association of Television Channel Owners (ATCO) and the LPG Operators
Association of Bangladesh (LOAB), highlighting his influence in media and
energy sectors respectively. Currently, he holds significant positions as
Chairman of the Board of Governors of the Bangladesh Enterprise Institute and
oversees operations at Abahani Limited Dhaka, a prominent sporting club.
Personal and Family Life
Salman Fazlur Rahman hails from Dohar Upazila in Dhaka
district, rooted in a distinguished family lineage. His parents, Fazlur Rahman
and Syeda Fatina Rahman, have instilled values that underpin his professional
journey and civic contributions. His son, Shayan Fazlur Rahman, continues to
contribute to the family business, ensuring continuity and growth across their
enterprises.
Controversies and Legal Challenges
Salman Fazlur Rahman has faced scrutiny and legal challenges
throughout his career. A leaked diplomatic cable in 2007 alleged his
involvement as one of Bangladesh's largest bank loan defaulters, casting a
shadow over his financial reputation. During the political turmoil of 2006-08,
Rahman was arrested on multiple charges of crime and corruption. However, he
secured bail from the High Court in 2008 in a case related to bank forgery.
His involvement in the 2010-11 share market scam was also
investigated, although subsequent legal proceedings resulted in Rahman and his
brother being acquitted in 2015 due to lack of evidence supporting allegations
of stock market manipulation. Despite these controversies, Salman Fazlur
Rahman's journey is marked by both achievements and challenges, underscoring
his resilience and enduring impact on Bangladesh's economic and social fabric.
Timeline of Key Events
- 1951:
Born on May 23 in Dohar, Dhaka District, Bangladesh.
- 1960s:
Started his educational journey at Notre Dame College in Dhaka.
- 1970s:
Studied physics at the University of Dhaka and later at Karachi
University.
- Early
1970s: Joined the family-owned jute factory.
- 1972:
Established Bangladesh Export and Import Company Limited (BEXIMCO Group)
with his brother after their family's jute factory was nationalized.
- 1976:
Founded Beximco Pharmaceuticals Ltd., which later became the first
Bangladeshi company listed on London's Alternative Investment Market
(AIM).
- 1980s:
Venture into banking with the establishment of AB Bank in partnership with
the Galadari Brothers Group.
- 1990s:
Founded the political party Samriddhya Bangladesh Andolan and later
aligned with the Bangladesh Awami League.
- 2001:
Won the Bangladeshi general election as the Awami League's candidate from
Dhaka-1 constituency.
- 2017:
Listed as the 1685th billionaire in the world by Hurun Global.
- 2019:
Appointed as Private Industry and Investment Adviser to Prime Minister
Sheikh Hasina.
- 2021: BEXIMCO launched a BDT 3,000 crore Sukuk bond.
