Salman Fazlur Rahman, commonly known as Salman F Rahman (born 23 May 1951),[1] is a Bangladeshi businessman[2] and a former member of the Jatiya Sangsad representing Dhaka-1 constituency.[3] He held the position of private industry and investment adviser to the former Prime Minister of Bangladesh, Sheikh Hasina, with the status of a cabinet minister.[3][4] Prior to this, he was her private sector development affairs adviser.
In 2017, he was ranked as the 1685th-wealthiest billionaire (in U.S.-dollar terms) by Hurun Global.[5] He holds the position of vice chairman at BEXIMCO Group, one of the Bangladesh's largest conglomerates.[6] He was the president of several trade bodies, including the Association of Television Channel Owners (ATCO).[7]
Rahman has been involved in financial controversies related to bank loans and the capital market.[8][9] He is currently incarcerated by the Dhaka Metropolitan Police on the charges of instigating killing during the Student-People's uprising.[10]
Early life
Rahman was born into a distinguished Bengali Muslim family in Dohar, Dhaka District, on 23 May 1951. His parents were Fazlur Rahman and Syeda Fatina Rahman. His father, Fazlur Rahman, held the position of a state minister in Pakistan. His mother, Syeda Fatina, was a descendant of the Dewan family of Haibatnagar, tracing her lineage from her father's side.[11]
In 1966, Rahman and his older brother, Sohail Fasihur Rahman, began managing a family-owned jute factory. However, in 1972, the government nationalized the factory. The same year, they founded the Bangladesh Export and Import Company Limited (BEXIMCO Group) and initiated the export of seafood and crushed bones to European countries, importing medicines in return.[13] BEXIMCO Group has grown to become one of Bangladesh's premier conglomerates, with subsidiaries such as BexTex, Beximco Pharmaceuticals Ltd. (Beximco Pharma), and Shinepukur Ceramics. With a global workforce exceeding 70,000 people, BEXIMCO is the largest private sector employer in Bangladesh.[14]
In 1976, the two brothers established Beximco Pharmaceuticals Ltd. (Beximco Pharma). Later on, this company was listed as the first Bangladeshi company at the London's Alternative Investment Market.[15][6] The company is listed in Aim of London Stock Exchange[16] and also accredited by many foreign regulatory authorities including the US FDA for its export operations.[17] In addition, it is the first Bangladeshi company to export medicines to Canada.[18]
In 1982, the brothers partnered with the Dubai-based Galadari Brothers Group to establish the country's first private bank, the AB Bank.[19][20] In 1985, Salman Fazlur Rahman sold his stake to other partners. Subsequently, the brothers bought a 30% stake in IFIC Bank. Fazlur Rahman became chairman of the bank in 2010[21] and was re-elected in 2016.[22]
In 2021, BEXIMCO launched a BDT 3,000 crore Sukuk bond.[23]
Rahman owns the Bangla news channel Independent Television. He previously owned the English daily, The Independent, which was launched on 26 March 1995 and ceased publication on 31 January 2022. During its operation, he served as the chairman of the board of editors.[24]
Rahman is the private sector development adviser to Prime Minister Sheikh Hasina.[24][25]
Rahman contested from Dhaka-1 constituency (Dohar and Nawabganj upazilas) in the 2018 parliamentary election and received 3,04,797 votes from 178 centres of the constituency while the nearest rival Salma Islam received 38,017 votes.[3] He contested the election with the Awami League's symbol boat and secured 86.5% of the votes of the constituency.[26]
Rahman got 1,49,971 votes under the Dhaka-1 constituency in January 2024 general election, reaffirming his strong support within the constituency. His closest competitor, Salma Islam from the Jatiyo Party, trailed behind with 34,746 votes.[27][28]
Role as prime minister's advisor
Rahman was appointed as the Private Industry and Investment Advisor to Prime Minister Sheikh Hasina on 15 January 2019.[29] Without any financial incentives, the post retains the rank of a minister.[30] Rahman was tasked by the prime minister to improve Bangladesh's standing on the World Bank's Ease of Doing Business index.[31] Rahman's initiatives led the country climb seven places up in 2020.[32][33] Additionally, he spearheaded efforts to implement projects under the public–private partnership (PPP) method though a fast-track program.[34]
Foreign direct investment
As the prime minister's adviser, Rahman from 2020 to 2022, helped the government agencies organize investment roadshows in the UAE, UK, and US, to increase the foreign direct investment inflow.[35][36][37] He participated in programs home and abroad, and urged non-resident Bangladeshis to invest in the country's agriculture, healthcare and education sectors since the private sector is 90% of the total business in Bangladesh.[38]
During NRB Professional Summit 2022, Rahman asked non-resident Bangladeshis to invest in the country's agriculture, healthcare and education sectors.[39]
In 2022, after a meeting with Rahman, the United Kingdom's investment minister Lord Dominic Johnson expressed that British companies will be interested to explore the recycling industry of Bangladesh's ready-made garment sector.[40]
In November 2022, Rahman participated in Investment Flash Mob in Tokyo, Japan and urged Japanese businessmen to assist Bangladesh in intellectual infrastructure.[41] He also met Singapore's Transport and Commerce Minister S Eswaran and discussed signing of a free trade agreement between Bangladesh and Singapore.[42]
Rahman attended Bangladesh-UAE Economic Cooperation seminar held in Abu Dhabi in September 2022 to promote trade and business opportunities of the country. He mentioned in his speech that he is now of the 'Asia's economic powerhouse'.[43]
During the 2010-11 share market scam, a probe led by banker Khondkar Ibrahim Khaled implicated Rahman in the scandal.[56] However, in March 2015, Rahman and his elder brother were acquitted, and the cases were dismissed after final hearings, as no evidence proved their involvement in stock market manipulation.[57]
As of August 2024, companies associated with Rahman owe around ৳36,865 crore to four public and three private banks in Bangladesh.[58] According to the Centre for Policy Dialogue, several commercial banks in Bangladesh are now "clinically dead" due to embezzlement of bank capital attributed to Rahman.[59]
^"Anisul, Salman among five shown arrested in new murder cases", The Business Standard website, 6 November 2024, retrieved 8 November 2024, A court here today showed five people including Anisul Huq and Salman F Rahman arrested in six new murder cases filed with four different police stations in the capital.
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