National Institute Of Fashion Technology (NIFT), Bangladesh

The ready-made garments (RMG) sector in Bangladesh is an important sector of the nation's economy that gives employment to about 1।5 million workers and earns about 86% of total foreign exchange. Considering the vital contribution of the garment industry.There are about 4500 garments & 1000 Buying house in Bangladesh.Bangladeshi garments needs thousands of technically competent human resources like apparel Manufacturing expert, Fashion Designer, Merchandiser , Production Manager, Quality controller etc. RMG search qualified person & we are ready to provide qualified person.

National Institute Of Fashion Technology (NIFT) trainers are successful in their professional life and many of the holding important position in the RMG sector; many are pursuing their career abroad. To provide good quality Fashion education. To develop the student ability to apply multi-disciplinary concepts, tools and techniques to solve organizational problems. To provide a sound foundation in design and fashion with a strong industry orientation and the students are trained with the latest trend information of color fabric and styles to the global market and competition. Students get to train on machines and the methodology of today's advanced technology such as Computer Aided Design (CAD) Participation in seminars and conferences related to the industry to upgrade the student's knowledge.

Mission :

Live for today, learn for tomorrow. Our mission is to inspire and educate the scholar and leader in each student, building on a strong foundation in the Fashion industry and a commitment to the best of human values, fostering a commitment to a lifetime of service and learning.

We shall continue to be an institute with a difference by developing competent, committed and compassionate leaders through management education, knowledge generation and dissemination, capacity building, technology enabled learning and organizational development.

Vision & Purposes:

To provide accessible, affordable, innovative, high-quality learning opportunities and degree programs that meet the diverse needs of individuals pursuing integrity in their lives, professions and communities.

Logo:

This Candle of knowledge, with its suggestion of enlightened guidance, thus affirms the value we place on wisdom and understanding as the basis for leadership in life, including leadership in personal, professional affairs. A stack of books rests next to the lamp of knowledge, symbolizing the value we place on the interrelationship and inter-dependency of all forms of knowledge. Inside the book in every pages demonstrate everything from fashion industry. There is a certificate which is a sign of strongly recommendation for bright future.

Value:

1. Integrity and Honesty
2. Respect for Individuals
3. Transparency and Accountability
4. Commitment and Dedication
5. Concern for Quality
6. Passion for Innovation and Performance
7. Social, Ecological and Ethical Sensitivity

Contacts:

Dhaka Campus:
National Institute of Fashion Technology (NIFT)
74, C/A, Wireless Gate, Mohakhali, Dhaka.
Phone: 02 9852132
Cell: 017 31 22 00 99, 019 71 00 77 77, 019 92 07 70 29

Gazipur Campus:
National Institute of Fashion Technology (NIFT)
Chandana Chowrasta, Gazipur City, Gazipur
Contact: 01992077041-45

Email address : info@nift.edu.bd
Web address : http://www.nift.edu.bd

Acc & Licensure:

Certificate of Registration of Societies(ACT XXI of 1860)

Issue no:8749

No.S-7129(317)/07

Dhaka 07/10/2007

Plastic Money Revolution In Bangladesh

Plastic Money business is definitely going big time in Bangladesh. More and more local and international financial institutions are exhibiting enthusiasm in this direction. It reflects prospects in Bangladesh market in accommodating numerous credit card competitors operating on the circuit, ensuring healthy and competitive card business deals.

Carrying wads of cash for a weekly or monthly shop is risky and not having enough when you get to the till is embarrassing. Those days are gone when we had to carry loads of cash and plan our shopping sprees. To keep their money secure is an age-old problem. The 21st century solution is plastic.

Today credit and debit cards have largely replaced cheques as alternatives to cash. Both are reasonably secure compared to cash and are widely accepted.

Credit cards are financial instruments, which can be used more than once to borrow money or buy products and services on credit. Basically banks, retail stores and other businesses issue these.

A number of banks in Bangladesh are encouraging people to use credit card. The concept of credit card was used in 1950 with the launch of charge cards in USA by Diners Club and American Express. Credit card however became more popular with use of magnetic strip in 1970.

Credit card in Bangladesh became popular with the introduction of foreign banks in the country. Although credit card was introduced in Bangladesh in 1997 by a local bank namely National Bank.

There are thirteen banks and one financial institution issuing Credit Cards in Bangladesh. They are-Standard Chartered Bank, National Credit & Commerce (NCC) Bank, Premier Bank, Prime Bank, Arab Bangladesh (AB) Bank, Dhaka Bank, Southeast Bank, National Bank, The City Bank, United Commercial Bank, Mercantile Bank, EXIM Bank, One Bank and Lanka Bangla.

In addition to credit cards, debit cards are now being introduced in Bangladesh. Money spent using these cards is deducted automatically from a bank account.

Debit cards in particular are rapidly growing more popular. In fact debit cards look like credit or ATM cards, but work like cash or a personal cheque. By definition you can't run up credit on a debit card; you must have money in your account. In short they offer you the transactional convenience of a credit card, without a credit facility.

According to Mohammad Anisur Rahman, officer of National Credit & Commerce(NCC) Bank, "a credit card has many advantages that make it preferable to paper money in many countries. The expansion of credit facilities holds great promise for spurring the growth of the Bangladeshi economy and pulling it out of recession."

He added that, currently there are more than two lakhs credit card holders in Bangladesh. In case of salaried persons, two copies of photos, six months bank transaction, the TIN certificate and salary certificate is sought and in case of businessmen, an including photos, TIN certificate, bank transaction and trade license/ partnership deal or article of memorandum is required. The other optional things, which are necessary for applying cards, are passport id, voter id, driving license, commissioner certificate, any utility bill and other card statement copy.

The growth of credit cards has had an enormous impact on the economy-changing buying habits by making it much easier for consumers to finance purchases and by lowering savings rates (because consumers do not need to save money for larger purchases).

Technology advances have facilitated the use of credit cards. Merchants are now connected to banks by modem, so purchases are approved rapidly; on-line shopping on the Internet is possible with credit card payment. Credit card companies are also experimenting with smart cards that would act like a small computer, storing account and other information necessary for its use. An alternative to credit cards is the debit card, which is used to deduct the price of goods and service directly from customers' bank balances.

When you applied for your very first credit card you probably told yourself it was an important step in your financial future. Having a credit card is an essential part of building credit and cards come in handy in the case of an emergency too.

But after a few weeks-or even days-you found yourself charging lattes and late-night pizzas on your card. Suddenly "emergencies" consisted of clothes, meals and other things you just couldn't live without. Before you knew it, these charges that seemed so small at the time, had quickly added up to a sum that was too large to pay off all at once.

The good news, if there is any, is that you aren't alone. Credit card debt can sneak up on anyone quickly, but if you don't get it under control right away, it can be quite detrimental to your financial future. It really isn't as hard as you might think; it just takes persistence and dedication. Here are some tips to get you on your way to being debt free.

Most people have heard the rule that you should always put at least 10% of every paycheck into savings. Instead of building up a savings account, however, those with debt should put all their extra money towards credit card payments. If you're truly serious about getting out of debt, putting every penny toward your bills makes better financial sense than setting aside money in a low interest rate savings account.

Another important tip to remember is that you should always pay off your higher interest rate credit cards first. On the highest interest rate debt, always pay as much as you can possibly afford. At the very least, you should always pay the minimum but funnel any additional money into paying this debt off first. On the lower interest rate debt, continue to make timely minimum payments. Once you have paid off your higher interest rate debt, begin to apply that money to pay off your second debt. Continue to make minimum payments on any other cards as well-always allocating the most money to your highest interest rate debt. Doing this will have a snowball effect; eventually, you will see your debt diminish.

If you are able, it is helpful to pay more than the minimum payment each month. The minimum payment is usually two to three percent of your balance and is made up of 90% interest, with only 10% going towards reducing the principal. Pay a little more than the minimum and you will be surprised at how fast the balance decreases.

Also, do not be afraid to ask your credit card company for a better deal. Lenders are very competitive these days, so it cannot hurt to call and negotiate a lower rate or ask them to eliminate the annual fees. When you speak to the customer service executive, tell them that you are going to close your account if your request is not met. Remind them that other cards are offering you lower rates and no fees.

Some says that plastic money can be convenient and liberating, but it also comes with a lot of hidden traps and added responsibility. Many consumers are unable to take advantage of these benefits because they carry a balance on their credit card from month to month. Many find it hard to resist using the old "plastic" for impulse purchases or buying things they really can't afford.

Some things to remember
When deciding on the right card, consider the cost involved in holding it and the benefits enjoyed from it. The credit card company will always make their features sound unique and amazing. Whenever in doubt, it is advisable to ask the right questions and demand explanations for features you don't understand.

There are many things that the banker didn't tell you when he "gave" you a credit card: For example, because of the interest charged, the credit on one's card can work out to be extremely costly land completely invisible if you don't read the statements carefully. And then there are interest rates, processing fees, joining fees, annual fees, add-on cards, transaction fees, late fees, credit limits, besides a host of other smaller issues, which can make life on credit quite expensive.

Always retain sales/charge slips to compare with the amount specified on the billing statement. If your card ever gets stuck in the ATM, do not reveal your PIN even to the connected bank official/institution. It would suffice to let him/her know that your card has got stuck in the ATM.

If you forget you PIN, contact card issuing bank/institution and intimate then of the same. The bank will then send you a new card with a new PIN on receipt of which you should immediately cut up your old card.

The banker will also make the late payment fee sound ridiculously low, but you will hear another story if you ask what it amounts to on an annual basis. Also, remember that each card has a different spending limit. Make sure you know what it is and compare it to what others are offering.

Remember, your card often covers health and accident insurance. So don't forget to claim it when the need arises!

Debit cards, which allow you to make purchases by directly debiting your account, can save you a lot of trouble from unpaid bills. But there are other unknown facts about their usage.

Interest charge: As you know, on the due date, you can choose to pay your entire outstanding amount at one go, or delay by paying a "minimum amount". But by doing that, you automatically loose the free credit privilege, until you pay off the balance amount. The amount rolled over will get charged an interest. And you will be charged for every little purchase you make in the future, until you pay the entire outstanding amount! Banks will answer this concern by introducing revolving credits and interest-free days, but what they won't mention is the fact that they can change interest rates as they please. And often the special offers are for a short period, or strict "conditions apply". And last but not least, after this year's union budget was passed, we have more to be careful about: The standard service tax rate has increased.

Annual fee: All card issuers charge an annual fee (depending upon the type of card - standard, gold, or platinum), which is payable at the start of the year. In order to attract customers, as a privilege, this fee is sometimes waived for the first one year. But when the time comes for renewal, the banker never asks if you wish to continue using their services or not - he renews it and charges you.

Withdrawing money: Few people are aware that when you withdraw from an ATM with your debit card, the transaction is free only if you are using your own bank's network. As a safety measure, you are also allowed to withdraw only up to a certain limit at a time. The machine normally displays the allowed amount when you log on your request. This depends on the sum you have in your account and/or the amount of currency the machine holds at the moment of withdrawal.

Avoid card fraud

Extra copies of charge slips: When processing your credit card, a dishonest merchant may decide to imprint extra copies of the charge slip and after submit them on phony charges. So watch clerks process your credit payments. Open your credit card bills each month and check the listed purchases.

Discarded charge slips: Sometimes, people may collect copies of your discarded charge slips from the waste basket, and order merchandise by mail. So always tear them up before throwing them away.

Unsigned credit cards: Stealing and using credit cards that have not been signed is another potential fraud. So when you receive a new or replacement card, sign on the back as soon as it is activated. Always be sure to store it in a safe place. Cut up expired cards before disposing of them.

On the Internet: Software to protect you and your privacy is a part of most web sites. When ordering online, check if you are on a secure server by looking for a security symbol such as an unbroken key or padlock symbol at the bottom of your Internet browser window. These symbols indicate that any information you may send to the web site, including your credit card numbers, is encrypted or put into computer code prior to transmission.

Theft of credit cards: If your credit card is lost or stolen, contact your bank or issuing institution immediately. Your monthly statement should list the phone number of whom to contact. You do not have to pay for any unauthorized charges made after you have notified the issuing bank or institution. Don't ever agree to pay any unauthorized charges, even if the bank suggests bearing part of them.

If used wisely, a credit card can provide convenience and allow you to make purchases with nearly a month to pay for them before finance charges kick in.

Is "VoIP" Setting Free At Last..??

A parliamentary body made some recommendations including opening up of Voice over Internet Protocol (VoIP) for increasing government's revenue earnings from the telecom sector in BANGLADESH.

The parliamentary standing committee on post and telecommunications ministry proposed withdrawal of Tk 800 tax on SIM card, reducing international call routing charge from 4 cents to 3 cents, zero duty on import of mobile sets valued up to TK 3,000 each and fixing monthly internet charge at Tk 300 for home users.

It also gave proposal for reducing import duty on telecom equipment to 10 to 25 percent from existing 10 to 65 percent in different slabs and also on fixed telecom equipment to 25 percent from existing 45 percent.

Besides, the committee suggested that import duty on landline sets should be brought down to zero from Tk 800.

The committee said if the recommendations are implemented, the government's yearly earnings from telecom sector will go up to Tk 7,500 crore from existing Tk 6,000 crore.

The committee has asked the Bangladesh Telecommunication Regulatory Commission (BTRC) to explore the technical and legal process immediately to legalise the use of VoIP. The BTRC has also been asked to submit a report to the ministry concerned detailing the ways of opening up the VoIP. The telecom watchdog last year permitted three private international gateways (IGWs) to handle international calls generated to and from Bangladesh.
But the number of calls made through illegal VoIP could not be stopped because of uncompetitive pricing. The IGWs operators claimed that over 40 percent international calls are handled by illegal VoIP operators due to irrational pricing.
Legal international call handlers now charge 4 cents a minute, which hovers between 2.5 and 3 cents on the illegal market. The standing committee suggested bringing down the charge to 3 cents.
The BTRC has realised Tk 861.16 crore from several mobile and PSTN operators in fine for their involvement in illegal VoIP business.
The committee strongly recommended that the government withdraw Tk 800 tax on mobile SIM card and also duty on import of PSTN (public switched telephony network) handsets.

Such initiatives will increase number of mobile phone users and help the government generate more revenue, said the committee.

source : The Daily Star (Internet Edition, Thursday, April 30, 2009)

Winners of Bangladesh Business Awards '08

(From left) Malcolm Monteiro, senior vice-president of DHL, Desmond Quiah, country manager of DHL Bangladesh, Sabrina Islam, CEO of Reflections, Muhammad A (Rumee) Ali, chairman of BRAC Bank, Dr Salehuddin Ahmed, governor of Bangladesh Bank, Abdul Monem, chairman of Abdul Monem Group of Companies, Mizanur Rahman Bhuiyan, chairman of Meghna Group, and Sir David Bell, chairman of The Financial Times Group, pose for photograph at the award giving ceremony of The Daily Star-DHL Business Awards 2008 at Sonargaon Hotel in the city yesterday. Photo: STAR

Business Person of the Year

Abdul Monem came to Dhaka in early 50s virtually empty-handed with a secondary school certificate being his only means to bet fortune on the city streets.

Initial days were hard before he signed up as a construction contractor in partnership. But it did not augur well for Monem and forced him to begin his own business in mid 60s.

Only Tk 20,000 was his initial capital.

That's the beginning of Monem who is now chairman and managing director of around Tk 800 crore turnover company, Abdul Monem Group of Companies.

Construction remains the cornerstone of the group's success with the corporate giant catering from beverages, foods, sugar refinery and consulting to energy and pharmaceuticals.

“You will get the touches of my hand on almost all the highways in Bangladesh,” said Monem who received The Daily Star-DHL Best Business Person Award 2008 yesterday.

“Whatever I do, I believe in doing the best. From beginning to date, I maintain my philosophy of doing quality work with honesty,” said the AML boss.

Monem is now at 74. But his influence on the company is still nothing short of profundity with his insights and faster decision-making, for which he has succeeded in many difficult jobs, is still at play.

Outstanding Woman in Business

It is the unavailability of stained and etched glass in the local market that had brought her in the trade of art and creativity -- decorating glass products to feed the yearning of beauty.

“I conceived the idea of working with decorative art glasses when we were planning to build our residence. We planned the house do-ups with etched and stained glasses, but these were unavailable in the local market,” said Sabrina Islam, chief executive officer of Refle-ctions, manufacturer of decorative and architectural art glasses.

In 1998, Sabrina began her journey in the business of decorative beautification in a tiny studio with two workers. Some 20 percent of the capital she raised from her own. The rest she had borrowed from her family business.

Primary works were etched and sandblasted glasses which were aesthetic enough to win the hearts of individuals as well as business houses.

And as demands rose, Sabrina forced to shift the studio in 2000 -- from 400 square feet room to 2200 square feet room -- to expand production capacity.

Reflections' endeavour to acquire excellence did not stop. In 2002, the company inked a deal with a California-based customised decorative and architectural art glass company Stained Glass Overlay (SGO) to expand further into a full service studio specialising in a wide array of designer glass products.

Later years were the days of consolidation. In 2005, Reflections opened a showroom in Chittagong enabling the company to increase revenue.

The company now generates an annual turnover of Tk 65 lakh, employing 24 staffs.

Reflections, a brainchild of Sabrina, now makes seven types of glasses, including stained glass overlay, traditional stained glass, sandblasted glass, engraved and coloured glass and etched glass.

The company now enjoys about 40 percent share of the market thanks to her untiring efforts, unflinching determination and enterprising spirit that allowed urban consumers to bring a touch of live in their houses with touches of art and beauty.

Enterprise of the Year

When late Abdul Khaleque Bhuiyan, a doctor by profession, started selling cycle parts in a shop at Old Dhaka in the late '60s, who could have thought that the trading store would grow as one of the business conglomerates in Bangladesh after some 40 years later.

Yes, this is Meghna Group, now run by Khaleque's son Mizanur Rahman Bhuiyan, which was recognised as Enterprise of the Year 2008 for its outstanding performance.

Employing 2,900 people, of which half are women, in more than a dozen of strategic business units spanning bicycle and bicycle parts production, knitting, automobile agents and packaging, amongst others, the sprawling Meghna Group had exports alone worth Tk 250 crore.

Meghna Group, which mostly exports its products, has a profit percentage on sales as high as nearly 30 percent.

The export markets include the UK, Ireland, Germany, Belgium, Netherlands, Portugal, Canada, Italy, Greece, Denmark and Finland.

As the core business of Meghna is bicycle manufacturing and exporting, its bicycle portfolio comprises mountain tracking bike, city bike, free style, trekking, folding and kids bike.

In 2008, it exported 4.03 lakh bicycles worth $45 million while it was 3,27,896 bicycles the previous year.

Two of its concerns -- KIA Motors and the BMW dealership -- have been recognised internationally by their principals for their remarkable success.

Meghna Group has also expanded its operations to the white cement industry and electronic accessories.

Best Financial Institution

The BRAC Bank began its journey in the financial sector by exploring the unexplored small and medium enterprises (SMEs), capital demand of which were largely unattended by the then banks in the country.

The bank, with institutional shareholdings by Brac, International Finance Corporation and Shorecap International, commenced on its journey in July 2001.

With the courage of financing to SMEs, the newly established bank offered loans to them ranging from Tk 3 lakh to Tk 30 lakh.

For five consecutive years, BRAC Bank has been the fastest growing financial institute in the highly competitive banking sector.

So far, BRAC Bank has disbursed about Tk 8,000 crore collateral-free loans to 1.5 lakh SME customers.

However, the rate of non-performing loans is still below five percent for SMEs, according to the bank.

Currently, the bank has 56 branches, 30 SME service centres and 429 SME unit offices to render services.

It has also introduced recently a fully automated process within the organisation that includes e-attendance and e-learning

SMEs have potential to fuel economy

Small and medium enterprises (SMEs) have long been considered as the principal driving force of Bangladesh's economy. Along with stimulating private ownership and entrepreneurial skills, SMEs are flexible and can adapt quickly to changing market demand and supply, generate employment, help diversify economic activity, and make a significant contribution to exports and trade.

Although in Bangladesh the SME Foundation and IFC-SEDF's efforts to create awareness among the banks and NBFIs to be more focused on SMEs are laudable, the sector still needs greater support from both financial institutions and the government.

Especially at a time such as now, when the impact of the global crisis is becoming more evident, in terms of declining export orders and remittance inflow, boosting the SME sector, the economy's thrust sector, should be an imperative.

Financial constraints

The biggest impediment to SMEs is the lack of sufficient capital needed to operate business. Most businesses often have to start with their own savings or by borrowing from friends and relatives, with bank financing coming later. Banks remain extremely reluctant to lend to small scale entrepreneurs who do not have any startup equity, despite sound business models.

It is very difficult for SMEs to raise fixed and working capital from commercial banks, as banks are unwilling to issue small loans due to the high monitoring and supervision costs, considering SMEs to be high risk borrowers because of their low capitalisation, insufficient assets, and high mortality rates. SMEs are usually also charged very high interest rates. Bank procedures are also prohibitive - project evaluation processes and the requirement for undocumented payments to bank officials often make it difficult for small entrepreneurs to comply with.

A World Bank (WB) paper titled “Bank financing for SMEs around the world”, which used data from 91 banks from 45 countries, reports banks are less exposed and charge higher interest rates and fees to SMEs relative to large firms. A number of studies using firm-level survey data have shown that SMEs not only perceive access to finance and the cost of credit to be greater obstacles than large firms do, but these factors also constrain SME performance more than in large firms.

However, the WB found through its survey of banks that most banks (80 percent or more), independent of where they operate and of ownership type, perceive the SME segment to be large with good prospects.

The impact of the global crisison SMEs

The global recession has directly affected Bangladesh's remittance inflow and exports. However the knock on effects of declining exports and remittance inflows on SMEs is also of great concern. Since workers' remittances traditionally help finance consumption and SME investment, the declining inflow of remittances poses a potential threat to the SME sector. The global crisis has exacerbated conditions for SMEs, especially in terms of access to finance and credit availability.

Most SMEs around the world are suffering from falling demand. Credit tightening has been severe in spite of the drastic easing of monetary conditions by central banks. Interest rate spreads have risen to unprecedented levels, thereby partially offsetting the effects of the easing of monetary policy. A concerted effort is needed to support SMEs to revive growth and job creation in developing countries.

SMEs in developed countries have also been hit hard by the global crisis. During the 'Turin Roundtable' held in Italy in March 2009, various stakeholders including governments, representatives of SMEs and financial and international institutions, attested that SMEs have been suffering due to the crisis.

Given the importance of SMEs in Bangladesh's economy, I would suggest a number of recommendations put forward during the Turin meeting, which could also be applicable to developing countries:

Resolving the problem of insufficient working capital

The most widely used measure has been the extension of SME loans and loan guarantees. What was learned from previous crises was that capital injections into banks were not sufficient to increase lending and that government guarantees were also required. In countries where SMEs are export-oriented, governments are also expanding export credit guarantees. To deal with cash flow problems, countries reported a number of temporary tax measures they had undertaken such as tax cuts and deferrals. It was suggested that governments give priority to reducing taxes that are profit insensitive, that is, taxes that are paid regardless of whether the SME is making a profit, like payroll taxes.

Assisting innovative start-ups and high-growth SMEs

There was a general consensus that it is necessary to ensure that innovative start-ups and high- growth SMEs have access to adequate funding at times of economic recession. Some governments are stimulating the provision of private risk capital through co-investment and are also reducing or eliminating taxes on capital gains for investment in SMEs by venture capital funds.

Improving the SME and entrepreneurship financial environment in the long term: As SMEs often lack face-to-face contact with bank managers due to the impersonal structure of the modern banking system, banks could consider balancing their scoring approach to SME worthiness assessment with adequate room being left for 'relationship banking'.

To some extent, decision making on SME loans to local branches could help in cases where circumstances and viability of individual businesses need to be better accounted for.

In conclusion we need to develop an effective strategy to support a key engine of economic development and employment.

First and foremost, a standard definition of SME needs to be established by the government, in consultation with different stakeholders including donor agencies, NGOs, and private sector entrepreneurs the current opacity remains a barrier to targeted action. Given the constraints in the traditional banking system, limitations in the provision of finance needs to be addressed creatively - the government should provide grants, perhaps in coordination with donor agencies, to provide financial support to selected SMEs which have good potential and wide linkages.

More SME development funds may be created to subsidise projects and venture capital SME investments should be encouraged. The tax and VAT regime should be reviewed to be less prohibitive to SME growth.

Finally, technical support is critical for SMEs to grow and evolve through sector specific business support incubators and funding for collaboration with technical universities and vocational colleges.