Progoti Co-operative Land Development Bank Limited

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company

Progoti Co-operative Land Development Bank Limited (Template:Lang-bn), in the short name or a nickname, Progoti Bank is the first land development bank in Bangladesh. This bank specializes in originating and/or servicing mortgage loans. It has been playing an important role in socio-economic development of Bangladesh. Acknowledging it’s importance the constitution of Bangladesh mandates it as co-operative as one of the three modes of ownership i.e., State, Co-operative and Private.[1] It's banking services based on Islamic Shariah. The bank is listed with Information Commission of Bangladesh.[2]

History

Progoti Co-operative Land Development Bank Limited became incorporated on January 10, 2009 under the Act No. 47 of 2001 in Kapasia Upazila town under Gazipur District, a small but very beautiful town nearly 60 kilometer north of Dhaka City that is founded by Md. Saiful Islam Mollah, a pioneer of land development banking in Bangladesh. It was founded in the name of "Progoti Co-operative landmortgage Bank Ltd", which has been converted into "Progoti Co-operative Land Development Bank Limited" on February 17, 2013. The main objective of the bank is to promote the development of agriculture, increase the agricultural production and all lands.

Legal Basis & Status

Progoti Co-operative Land Development Bank Limited is incorporated and registered in accordance with the Act No. 47 of 2001, the Act is Passed by the Parliament of Bangladesh. So the bank has the exclusive legal basis under section 14 of the same Act. Besides, the bank’s[3] -

Principles

Progoti Co-operative Land Development Bank Limited is an autonomous body of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. It is based on the values of self-help, self-responsibility, democracy, equality, equity and solidarity. In the tradition of its founder, members believe in the ethical values of honesty, openness, social responsibility and caring for others. According to the International Co-operative Alliance, the 7 principles of this bank are:[4]

Core business of bank

Progoti Co-operative Land Development Bank Limited operates the following services:

  • Corporate Banking
  • Project Finance
  • Consumer Credit
  • Trade Finance
  • Loan Syndication
  • Rural and Micro credit
  • Investment

References

External links

  • www.progotibank.com.bd