Executive Summary

The report attempted to highlight the prospects and opportunities of real estate sector in
Bangladesh. Like other economic sector in the country, real estate is one of major sectors which
contribute to the national economy. The report tried to furnish the overview of the performances
of real estate sector in Bangladesh. The report has also shown the overall picture of the real
estate market and opportunity in Bangladesh. Residence is one of the basic needs of human
beings. The right to live in one’s own house is a fundamental right of people and it is
internationally recognized. The demand of housing in urban areas in developing countries like
Bangladesh is dramatically increasing due to population increase and its fast growth rate. Rural
people are migrating not only to find jobs but many wealthy people are moving to urban areas
like Dhaka city for the fulfillment of their expectations of better of their future generation, and
for enjoying the modern facilities of the city life. This has resulted into a serious crisis all over
the country especially in the major cities of Bangladesh. In recent time, the private real estate
firms have taken initiatives by ensuring maximum uses of land in a planned way. In this system
it is possible to accommodate more people in a comparatively small place.

Real estate sector is one of the most attractive sectors of investment now in Bangladesh. Rapid
urbanization has become an acute problem for the country. The rate of urbanization is estimated
to be 5-6% annually for Bangladesh (REHAB, 2004). About 25% of the people of Bangladesh is
now living in urban areas and 34% will be living by 2015 (REHAB, 2004) and 50% by 2025.
There is acute shortage of housing supply in all urban areas and it’s increasing with current
demand of 600,000 to 800,000 units all over the country. Particularly in Dhaka this demand is
estimated to be 60,000 units of real estate apartments combined with 200,000 units of
replacement plus backlogs (REHAB, 2004). Dhaka is currently growing very fast compared to
other cities in Bangladesh.

1
Introduction
Real Estate and Construction Industry play an important role for sustainable development of a
country. The construction industry is an important sector for physical expansion and economic
development of the country. This sector is well linked with human settlements, employment and
environment. It is recognized that the health of the Real Estate Development sector is the
barometer of the national economy. Being one of the most densely populated countries of the
world with a huge population, Bangladesh has already surrendered nearly 25°/o of its land to
human settlements and related uses. Real estate products in Bangladesh are needed for real time
demand fulfillment in the market toward the total socio economic development of Bangladesh.
The sector is directly contributing to the GDP through creating shelter, developing unused land,
helping other businesses to grow, attracting local and foreign investment and generating
employment. High population density coupled with land scarcity and lack of social security
enhanced the development of the sector over the time.

Evolution of the Real Estate Industry

Real Estate business took off in Bangladesh in 1970 with only five registered firms. From the
early 1980s the business started to flourish and showed robust growth. By 1988, there were 42
developers in business in Bangladesh. At present, more than 1500 companies are active in the
real estate sector with 1081 of them registered with REHAB. In the last four decades private
developers have supplied more than 100000 units of apartments to the nation and will be
supplying 25000 more units in the next three years.

Market Structure about the market concentration in the real estate sector especially apartment
projects, took off in the Dhaka city in the late 1970s. From the early 1980s the business started to
flourish and showed robust growth. At present, more than 1500 companies are active in the real
estate business in the country. The market is highly segmented, primarily based on location,
price of the land and size of the apartments.

Trend of Real Estate Business in Bangladesh.

The business of real estate had a very slow growth rate in the first decade. The industry grew in
a moderate pace since 2006 but between 2008 and 2010 the growth rate was exponential.

Apartment Price Hike Trend in Bangladesh

The apartment price mainly depends on two parameters: Price of the land, and Construction cost
of the apartment increase in land price and price of the construction materials automatically
results in increase of apartment price. The following table shows the price of per square feet
apartments in the major areas in Bangladesh from 2000 to 2018.

2
Table: Average price of apartments (Taka/Sq.feet) from 2000 to 2018.

Average Price of Apartments (Taka/ Sq.feet) % Increase in price

over the past two
decade
Division Year Between Between
2000-10 2010-18
2000 2005 2010 2015 2018
Dhaka 2150 2200 2400 3300 14000 12% 483%
Barishal 2115 2080 2450 4500 14000 16% 471%
Chittagong 1750 1950 2200 3100 12500 26% 468%
Rajshahi 1850 1950 2150 4000 20000 16% 830%
Rangpur 1800 1950 2400 3400 8500 33% 254%
Sylhet 1250 1300 1500 2500 5500 20% 267%

Mymenshingh 1650 1750 2000 27000 5300 21% 165%

Khulna 1850 1900 2200 2700 5000 19% 127%
In the first decade of 21st century, the percentage increase in per square feet price of apartments
is very high, particularly of Dhaka, Barishal, Chittagong, Rajshahi, Sylhet, Rangpur,
Mymenshing, Kulna.

Compared to the price increase of the earlier decade, price rise is almost exponential in this
decade. The following figure shows the price hike trend of apartments in Bangladesh.
200%
180%
160%
140%
120%
100%
80%
60%
40%
20%
0%
1995
2000
2005
2010
2015
2020

Figure: Price hike trend of apartments in Bangladesh from 2000 to 2020.

3
Housing conditions in Bangladesh
The poor economic situation and income inequality in the country is reflected in the quality of
the housing stock. It was estimated that close to half of all housing units in the country were
made of temporary materials and needed replacement within a one- to five-year period.
Approximately one third of all houses in urban areas were constructed outside of the formal
regulatory system, mostly on land to which the homeowner does not have a formal title. Table
shows some characteristics of the housing sector compiled from different studies conducted by
the Centre for Urban Studies. Tragically, the recent floods have destroyed more than 900,000
houses, mostly in rural areas, and another 1.3 million houses were seriously damaged. Of course,
most of the houses affected were in the low-income category. The only detailed figures on the
type of housing in urban areas are available for Dhaka. Although the data are old, the situation
has not changed much for the better and it is, therefore, still relevant to provide a broad picture of
the urban housing conditions. The higher and middle-income groups are housed in either low-
rise single-family houses, or, increasingly, in multifamily apartment buildings. The lower-
income households, approximately 70% of the urban households, are housed in a variety of
house types that can be described as follows:

• Approximately half of the low-income housing units are in bus tees, informal settlements areas
that include both private rental and private ownership housing, built on either privately owned
land or illegally occupied public land. • Conventional tenement slums (rental and owner
occupied) take up another quarter of the low-income sector. Overcrowding in these buildings has
increased over the last years due to an influx of rural migrants to work in the expanding garment
industry. • Other categories of low-income housing include: government-provided squatter
resettlement camps, plots of land with basic services that are provided on a leasehold basis;
employee housing consisting mostly of small apartments in high-rise complexes provided by the
government; squatters who have built makeshift houses on illegally occupied public or private
land; and pavement dwellers.

Housing sector characteristics of Bangladesh

Total number of dwelling units: Bangladesh 25,020,489 Rural 18,474,566 Urban 6,545,923 Per
capita floor space: Bangladesh 54.9 square feet Rural 53.5 square feet Urban 62.3 square feet
Occupancy level in 2006: 5.48 people/dwelling unit Access to clean water: Rural 78% Urban
42%.

Housing production
Suppliers of housing are the public sector, and the formal and informal private sector, including
owner-households and NGOs.

Rural housing in the rural areas is mostly produced incrementally by owner households. While
most owners build on their own or rented land, informal occupation and squatting are increasing

4
in rural areas. The Grameen Bank pioneered a housing loan programs that provided basic
building materials for a simple new house for which repayment could take place over a 15-year
period. Other NGOs have followed this example, with shorter payment periods and a total of
approximately 700,000 housing units have been constructed using microfinance facilities from
the time these programs were put in place in the 1970s.

After the Liberation, the then government inaugurated a program to rehabilitate the poor and the
homeless in a number of Guscho Gram (cluster villages). Later, various governments developed
different programs to support the rural landless and homeless people. Sheikh Hasina’s
government initiated programs like Asrayon (shelter), Gharey Phera (return home) and Ekti Bari
Ekti Khamar (one homestead, one farm). Grihayan Tahbil (housing fund), administered by the
Prime Minister’s Office, provides low-cost funds to NGOs and private sector developers for the
construction of houses for low- to moderate-income group people.

The public sector

Several public agencies are, or have been involved in the financing and development of housing
and residential infrastructure projects: the Housing and Settlement Directorate (HSD) and Public
Works Department of the Ministry of Housing and Public Works; and the City Corporations of
the four larger cities. Their funds come mostly from foreign aid and to a lesser extent from
national revenues. Both City Corporations and the central government are developing residential
subdivisions for lease to upper- and upper-middle income households, and resettlement programs
and site-and-services schemes for lower- to middle-income groups. The tenant purchase and
sales projects require large down payments (25 to 30%) and a small number of annual payments.
Arrears are a major problem with all government projects. In addition, it has always been
difficult to reach lower-income households with the site-and-services projects and the size of the
combined public housing programs has remained extremely small in relation to housing
requirements and new construction. Altogether the public sector has only produced
approximately 1–2% of total urban residential land and housing requirements (not more than
6,000 units per annum) over the past few years.

Non-governmental sector
The NGO sector has only been marginally involved in urban housing. The discrepancy between
urban land and house prices, and incomes of the below median income groups has made
sustainable housing solutions difficult to conceive for this income group. Recently, the larger
microfinance institutions have shown an interest in entering the multifamily residential market
for moderate and lower-income households. Proshika and BRAC have plans to invest in large-
scale low-and moderate-income housing developments 30 to 40 km outside Dhaka. Some
projects will receive free government land. The plan is to develop hostel-type rental housing for

5
urban workers and small low-cost family apartments for tenant-purchase. The NGOs have access
to international funds, which they complement by borrowing and other income sources. Their
cheap sources of funds make it possible for them to make long-term investments in social
housing. None of these plans, however, has been implemented as yet.

The formal private and cooperative development sector

Private developers are increasingly important players in the urban land and housing markets,
particularly in the market for apartment buildings. They operate as individuals or as businesses
under the Companies Act, or form a housing cooperative and jointly develop a housing project
partly for owner-occupation and partly for rental or sale. Interestingly, private developers feel
that the higher-income apartment market is becoming saturated and they attempt to move down
market. The most serious constraint in doing so is the lack of mortgage financing. Finding
accessible and affordable land for middle-income housing construction is another challenge,
particularly in Dhaka. One of the largest developers in Dhaka felt, however, that there was
sufficient land available for the foreseeable future, but the lack of long-term finance middle-
income households would prevent them from expanding a middle-income line of housing
production. Infrastructure provision is the third main concern hindering private sector production
of middle-income houses. Services and infrastructure are the responsibility of the City
Corporations and priority is given to their own land developments. It can take a long time for
road networks and other services to be installed in new developments.

The formal or semi-formal individual homeowner construction sector

This is by far the largest housing supply system in all but the main metropolitan areas.
Households acquire land, mostly on a freehold basis, and gradually construct their house with or
without official approval of plans. Only a small proportion of households access housing
finance.

Informal private rental housing sector

Landowners in urban areas construct high-density, low-rise housing units for rental, without
adequate services, either for individual households or for group living (mess housing).

Sources of housing finance in Bangladesh

Besides the state-owned BHBFC, other sources of housing finance currently available in
Bangladesh are commercial banks, employee loans, life insurance policies, and informal means.
In the rural sector, the housing cooperatives are the major providers of housing finance. Recent
survey of homeowners of newly constructed houses showed that the most important source of
housing finance was household savings (more than one third). Loans from relatives and friends
were the second most common form of finance, followed by the sale of other parcels of land.
Besides government efforts, a large number of NGOs are providing micro credits to the poor.

6
The enactment of the Financial Institutions Act 1993 opened the door for private housing finance
companies. There are now 23 private companies that extend housing finance in Bangladesh.
Prominent among them are the Delta-BRAC Housing Finance Corporation Ltd. and the National
Housing Finance and Investment Ltd. These companies make loans for the construction of
houses, acquisition of flats and houses, extension and improvement of existing housing, and the
purchase of housing plots. Most of the private sector players, though relatively new, have
nonperforming loans (NPLs) of below 1%. But their interest rates are very high compared with
the nationally owned BHBFC. For example, Delta-BRAC Housing charges interest rates as high
as 16%, which is higher than that of BHBFC by 1%. The contribution of microcredit lenders in
this sector is very insignificant. In the next section, we will briefly describe public, private and
private-NGO collaborated financial institutions that are engaged in real estate financing in
Bangladesh.

Bangladesh House Building Finance Corporation (BHBFC)

BHBFC provides credit facilities for construction, repair and remodeling of dwelling houses and
apartments in cities, towns and other urban areas. In general, priority is given to civil servants,
and within that group to those with the most years of service. BHBFC offers 15–20 year
mortgages to individual households at commercial interest rates that increase as the loan amount
increases. BHBFC was funded by the Bangladesh Treasury, with a cost of 5% per year, an
amount well below the market rate of interest. Moreover, the corporation enjoys a number of
advantages – it is exempt from tax, has much laxer capital requirements than other financial
institutions in Bangladesh, and its bonds are guaranteed by the national government. But since
losing its direct government funding, its volume has stagnated, and its market share of mortgage
debt outstanding has dropped in recent years.

CONTRIBUTION OF THE REAL ESTATE SECTOR TO THE NATIONAL GDP:

Gross Domestic Product (GDP) is a measure of all goods and services produced in the economy.
The Real Estate sector contributes directly and significantly to overall production activity and
thus to GDP. The two line items in GDP directly associated with the Real Estate sector are
residential fixed investment and housing service. Residential fixed investment consists of value-
put-in-place of new housing units, brokers commissions on the sale of existing residential
properties, and expenditures related to improving and additions to existing units. Housing
service is a component of personal consumption expenditures, purchased by residents in
Bangladesh, usually in the form of rent for tenants or as rental equivalence for homeowners. It is
important to note that this approach measures the value to the homeowner of the daily
consumption of the flow-of-services provided by a home (a place to fix meals, relax, entertain,
garden, etc.) and not the value of an investment in a long-lived asset (home). Rental equivalence
or implicit rent is the amount of rent that homeowners could charge if their homes were leased to
others instead of living in the homes themselves. Because implicit rent is not a market
transaction, such as the payment to a landlord from a renter, it is estimated by measuring the

7
change in market rents for rental housing units with similar characteristics and in similar
locations as the homeowner units.

All economic activity produces a ―Keynesian‖ multiplier effect. A home purchase usually
results in further spending in other sectors of the economy (landscaping, appliances, and so on).
The income earned by the landscapers is re-circulated into the economy as they spend,
generating another round of income and purchases. The degree of multiplier depends on the
degree of monetary policy accommodation and the ―crowding out effect.

GDP CONTRIBUTION TREND ANALYSIS:

The sector wise share of Real Estate, Renting and Business Service sector to the national GDP of
the country is as follows:

Year GDP Contribution (%)

2000-02 8.63
2002-04 8.50
2004-06 7.25
2006-08 7.75
2008-10 6.50
2010-12 7.50
2012-14 8.25
2014-16 7.20
2016-18 8.13
Share of Real Estate, renting and business services to the national GDP

The figure below shows the trend of GDP contributions of this sector.

8
 8.63 8.5
7.75 8.25
7.25 8.13
7.5
6.5 7.2

2000-02 2002-04
2004-06 2006-08
2008-10 2010-12
2012-14 2014-16
2016-18

Trend of sector wise share of Real Estate, renting and business services

From the above figure, it is seen that sector wise share of Real Estate, Renting and Business
service sector has a downward trend. But that does not show the real picture. To better
understand the growth scenario, a comparison is made between overall GDP growth and GDP
growth of the Real estate, renting and business service sector.

CONTRIBUTION OF THE REAL ESTATE SECTOR IN PROVIDING SHELTER,

SOLVING HOUSING NEEDS OF URBAN POPULATION:

Urban Housing Markets are increasingly significant in shaping the economic and social well-
being of many citizens. A substantial variation exists across neighborhoods in the type of
housing available, the quality of public services, the level of tax burdens, and the quality of life
generally. Consequently, households confront important tradeoffs between different types of
housing, neighborhood characteristics, and accessibility to place of work. Since housing
expenditures are a large component of every household's budget, the availability of housing and
its price assume considerable importance. Moreover, housing markets play a central role in the
process of metropolitan development, both affecting and reflecting other forces at work in this
sphere. Urban development patterns, in turn, are crucial to our future welfare in many ways.

High population growth and rural-urban migration intensify the problems of urbanization in
Bangladesh, as in all developing countries. For Bangladesh the problem is further aggravated by
limited land supply in urban areas, lower land utilization and lack of proper policy and planning
of land-use. Decline in household size combined with increase in population has pushed up

9
housing demand. Presently families in urban area spend a high share of their income on housing
but still obtain low-quality accommodations.

With a rising population and increasing housing demand, apartment culture has grown up in
Dhaka sharply. Apartments were first introduced by the formal private developers in early 80s to
the housing history in Bangladesh. It first appeared in Dhaka near Central Road and
subsequently the city experienced a boom in apartment development in all residential areas
including Dhaka, Chittagong, Barishal, Rajshahi, Sylhet, Khulna, Mymenshing, and Rangpur.

It must be emphasized that the economic costs of any failure in the housing markets can be
enormous and severely harmful to prospects for economic growth. Inefficiencies in the housing
markets can generate not only an inelastic supply of new dwellings but also insufficient market
transactions with respect to housing demand and any future run-up of housing prices, which can
further develop into asset bubbles. Such problems in the housing markets can easily affect the
rest of the economy. In particular, there are three broad consequences of housing market failures.
First, if housing transactions absorb too much capital because of overvalued house prices, then
the growing demand for capital from the housing market can generate a ‗crowding-out effect‘
that leads to increasing overall interest rates and absorbed savings (i.e., expanding foreign debt),
which may reduce the economy‘s stock of productive capital. Second, the scarcity of housing,
the low liquidity of housing assets and/or their excessive price can delay needed structural
changes by imposing severe restrictions on labor migration. Finally, scholars have widely
recognized that collapses of housing bubbles are commonly associated with significant
disruptions to the domestic financial system and the real economy.

Scenario of the real estate developers:

350%

300%

250%

200%

150%
Loan Account
Loan Amount
100%

50%

0%
2007
-50% 2008
2009
2010
2011

10
 Growth of loan account and amount to the Real Estate Developers

In June 2006, loan was disbursed to 922 Real Estate Developer companies. In 2011, this number
raised to 2385, showing around 160% growth in loan disbursement during this period.

During the period June 2007 to June 2008, no. of loan accounts had a drastic negative growth.
The total loan amount in this period also had a slender negative growth.

After June 2008, total loan amount always had a positive growth irrespective of the growth in
the no. of loan accounts.

Again, during June 2009 to June 2010 no. of loan accounts had a sharp, almost exponential,
positive growth.

Present market demand analysis:

Based on the consumer survey part of this study, the demand for flats and houses in Dhaka were
estimated. While estimating demand, we have considered the 30,000 plus monthly income group
people as a potential client. Here, three different source of population was used to estimate the
demand. The following table shows the estimated demand for flats and houses in upcoming three
or five or ten years.

Population of Dhaka 14,251,000 10,298,888 11,875,000

(CIA World fact (SBS, Dec, 2011, BB) (Census 2011)
book)
Avg. no. of member 4.5 4.5 4.5
in a household
Total household in 3,166,889 2,288,642 2,638,889
Dhaka
Total household in 410,112 296,379 341,736
Dhaka who have
30,000+ income
Total 30,000+ income 635,674 459,388 529,691
group people in
Dhaka
Demand for houses
Total demand to build 40,429 29,217 33,688
home in 3 yrs.
Total demand to build 82,765 59,812 68,966
home in 5 yrs.
Total demand to build 132,602 95,828 110,494
home in 10 yrs.
Demand for flats
Total demand to 105,331 76,121 87,770
purchase a flat in 3
yrs
11
Total demand to 126,944 91,740 105,779
purchase a flat in 5
yrs
Total demand to 96,877 70,011 80,725
purchase a flat in 10
yrs
Estimated demand for Flats and houses in Dhaka in upcoming 3/ 5/ 10 years.

Comparing the three population sources, it is estimated that demand for houses in upcoming
three years is around 30,000 to 40,000; in upcoming five years demand is around 60,000 to
80,000; and in upcoming 10 years demand are around 95,000 to 130,000.

In case of flats, estimated demand in upcoming three years is around 75,000 to 100,000; in
upcoming five years demand is around 90,000 to 125,000; and in upcoming 10 years demand are
around 70,000 to 95,000.

For houses, demand is increasing in the long run; i.e. people are more interested to build houses
in 10 years.

For flats, demand is more in medium and short run; i.e. people are more interested to purchase
flats in 5 years, then in 3 years.

The following figure summarizes the market demand scenario.

180000
160000
140000
120000
100000
Houses
80000 Flats
60000
40000
20000
Flats
0
Deman in 3 yrs
Houses
Demand in 5 yrs
Demand in 10 yrs

Estimated demand for flats and houses

12
NRB INVESTMENT IN THE REAL ESTATE SECTOR

Like many other countries, most surveys indicate that the majority of remittances are used for
consumptions. Food and clothing feature highest on the list. Siddiqui and Abrar‘s (2001) study
revealed a proportion of 20% while in Murshid et al.‘s (2002) survey 36% of the remittances
were spent on food alone (IOM Rsearch Series, 2005).

A second important use of remittances is the purchase of land and home construction and repair.
Murshid et al. (2002) stated that 15-40% and 10-30% is spent on each item respectively (IOM
Rsearch Series, 2005).

From the consumer survey part of this study it is found that, foreign remittance is a prominent
source of fund to purchase any real estate property along with personal and family savings, and
bank loan. But, any consolidated figure about how much foreign remittance is invested per year
in real estate sector was not available. From the survey, foreign investment was just identified as
a source of fund. From the survey the following information was also derived.

Among the 676 respondents of the survey 436 have a flat, or house, or plot in Dhaka city.
Among the respondents, 13.5% (59 out of 436) stated that a portion of their total investment for
the flat or house or plot was covered by foreign remittance from their family members.

Problems and Prospects of Real Estate Sector Bangladesh

The key problems that Bangladesh real estate sector are facing today is given below:

i) Lack of clear land administration: In Bangladesh due to lack of clear land administration the
suitable place & provision for a sound real estate business is in distress condition.

ii) Absence of industry status: There are no clearer standard as a result industry status are
below than normal.

iii) Shortage of skilled & qualified manpower: There is a real need for skilled & qualified
manpower in the real estate sector to promote real estate in Bangladesh.

iv) Non-availability of utility connection: Utility which is an urgent need for a good real estate
industry that is absent in various areas of Bangladesh.

v) Exorbitant price hike of land: Sometimes unexpected rise in price of land specially in urban
areas is really bad for a real estate business.

vi) Rising manpower & material cost: Day by bay labor cost as well as buildings construction
materials price is increasing.

vii) Approval & procedural difficulties: Bureaucracy in forming, maintenance and in

regulatory framework makes this sector unfocused to its investors.

13
CONCLUSION

The real estate business has been flourishing in Bangladesh for a considerable period of time,
and has seen tremendous growth in Bangladesh. After a haphazard start, it has gradually become
more systematic and organized. However, land record management in Bangladesh is very
ambiguous and people are apprehensive about land ownership and its legal procedures. People
cannot trust all the real estate companies equally. Only the top professional companies are doing
well. So it is necessary to establish a strong legal framework for real estate development. The
rights of citizens should be protected through proper transparency and accountability. The
planning and design approach is very important components in the construction sector specially
to ensure sustainability. The technology and innovation in the construction industry may reduce
construction cost and time, as well as increase safety. New technological innovations, often in
conjunction with materials and equipment, should be introduced into several of the disciplines
within the construction industry. Such technology also ensures higher productivity, which can
bring socio-economic prosperity to the country. The Government sets regulations on construction
industry such as building code, land use, tendering constructor’s negotiation and environmental
regulation in national and local level. Changes are also sought to improve quality, management
efficiency, material flow, and maintain schedules by better organization and controlling of design
and production process.

Apartments were first introduced by the formal private developers in early 80s to the housing
history in Bangaladesh. It first appeared in Dhaka near Central Road and subsequently the city
experienced a boom in apartment development in all residential areas including Dhaka, Barishal,
Chittagong, Rajshahi, Sylhet, Khulna, Mymenshing, Rangpur to name just a few. During the last
decade, the total volume of Real Estate, Renting and Business service sector increased every year
which implies a positive growth in the sector every year. The growth in this industry also
facilitated a fast growth in many linkage industries like glass and glass products industry, brick
industry, cement industry, ceramic industry, iron and steel industry etc over the last decade. Such
consistent growth in the real estate sector is mainly due to a consistent demand at the consumer
end.

From this study, it is evident that like most other economies of the world, the real estate sector of
Bangladesh is playing a vital role in mitigating housing needs as well as contributing to the
economy. It is felt by all concerned parties that a long term policy for the facilitation of
sustainable growth of this industry is to be formulated very quickly as the industry is said to be
entered into its matured state. For such policy formulation, it is very important that proper data is
available and accessible to all concerned parties.

14
References
Ali, Muhammad Mahboob (2003 ),“ “Impact of Globalization Process on Corporate Planning of
Commercial banks in Bangladesh: A survey of Banker’s Opinion”, Journal of Economic
Cooperation Among Islamic Countries, Sestrcic, Ankara Center, Vol.24, No.3, July, 2003.

Ali, Muhammad Mahboob (2005 ),“Ethics in Banking with Special reference to Bangladesh”,
Vinimaya.

Ali, Muhammad Mahboob and Wise, Victoria, (2007), “Equity Funding Through Initial Public
Offerings: The Case of Bangladesh” (Co-author), Global Business & Economics Anthology.

Ahmed, M. N. and Imam, O. M. (2007). Macroeconomic Factors and Bangladesh Stock Market:
Impact.

Analysis through Co integration Approach, International Review of Business Research Papers.

Ahmed, Shamim and Islam, Md. Ezazul, (2006), Interest Rate Spread in Bangladesh: An
Analytical.

15