Aviva Finance Limited is a sharia complaint major non-bank financial institution in Bangladesh. It was formerly called Reliance Finance Limited. Mohammed Saiful Alam is the chairman of Aviva Finance Limited and also S. Alam Group. The former managing director of Reliance Finance Limited, Proshanta Kumar Halder, embezzled from Reliance and other financial institutions in Bangladesh through fraudulent loans. According to the Anti-Corruption Commission Proshanta Kumar Halder had stolen 102 billion taka. The Daily Star gave Proshanta Kumar Halder the name ''sultan of swindle''.

History

Aviva Finance Limited started as Bahrain Bangladesh Finance and Investment Company Limited in 1996. Mascot Finance Company Limited invested in 2000 and was renamed to Oman Bangladesh Leasing & Finance Limited. In 2003, the foreign investors sold all their shares. In March 2009, S. Alam Group purchased most of the shares except a small portion held by the

National Life Insurance Company Limited National may refer to: Common uses * Nation or country ** Nationality – a ''national'' is a person who is subject to a nation, regardless of whether the person has full rights as a citizen Places in the United States * National, Maryland, ce ...

. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange. Mohammed Saiful Alam, chairman of S. Alam Group, has been the chairman of Aviva Finance Limited since March 2009. Proshanta Kumar Halder became managing director of Reliance Finance in 2009 before that he was in the Industrial and Infrastructure Development Finance Company Limited. In 2010, the government of Bangladesh was encouraging non-bank financial institutions, including Reliance Finance, to list on the stock market. In 2015, Proshanta Kumar Halder left Reliance Finance and joined NRB Global Bank as managing director. On 19 November 2020, Reliance Finance Limited was renamed to Aviva Finance Limited and became an Islamic finance company.

Bangladesh Bank Bangladesh Bank ( bn, বাংলাদেশ ব্যাংক) is the central bank of Bangladesh and is a member of the Asian Clearing Union. It is fully owned by the Government of Bangladesh. The bank is active in developing green banki ...

approved the name change and gave them permission to open five new branches despite the institute failing to meet the requirements for opening new branches. The name change was due to the former managing director of the company, Proshanta Kumar Halder, embezzling funds from this and other financial institutions. The other institutions robbed by Halder and his associates were

Bangladesh Industrial Finance Company Limited Bangladesh Industrial Finance Company Limited is a major non-bank financial institution in Bangladesh. In 2021 the company got into financial troubles due to embezzlement by its former chairman Abdul Mannan. The company had given large loans ...

FAS Finance and Investment Limited FAS Finance and Investment Limited is a major non-bank financial institution in Bangladesh providing lease financing and investment services. In 2020, it was one of the financial institutions targeted by Prashanta Kumar Halder, nicknamed the Su ...

International Leasing and Financial Services Limited International Leasing and Financial Services Limited is a major non-bank financial institution in Bangladesh. Md. Nazrul Islam Khan is the chairman and Md. Mashiur Rahman is the managing director of International Leasing and Financial Services Li ...

, and Peoples Leasing and Financial Services Limited.

Bangladesh Securities and Exchange Commission The Bangladesh Securities and Exchange Commission (BSEC) is the regulator of the capital market of Bangladesh, comprising Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). The commission is a statutory body and attached to the Mini ...

ordered the seizure of Halder's assets. In 2022, Aviva Finance Limited offered the highest interest rate on deposits of all non-bank financial institutions in Bangladesh. On 14 May, Proshanta Kumar Halder was arrested from

West Bengal West Bengal (, Bengali: ''Poshchim Bongo'', , abbr. WB) is a state in the eastern portion of India. It is situated along the Bay of Bengal, along with a population of over 91 million inhabitants within an area of . West Bengal is the fourt ...

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

Subsidiary

* Reliance Brokerage Services

References

{{reflist Organisations based in Dhaka Bangladeshi companies established in 1996 Financial services companies of Bangladesh