By Arka Dev Biswas Deepra

Bangladesh has been doing wonders over the past few years. Non-resident Bangladeshis (NRBs) do not view current Bangladesh as they used to. No one is devoid of opportunities in current Bangladesh, and everyone can make something of themselves as long as they can take the opportunities presented to them. Tarique Amin Bhuiyan, the Managing Director of Dhaka Stock Exchange (DSE) speaks to Asad Zaman on how his passion for the country and the renewed ambition of Bangladesh has brought him back home.

Tarique Amin sees a bright future for DSE. Photographer: Kazi Mukul.

Coincidence meets Passion

Tarique Amin Bhuiyan joined as the Managing Director of the Dhaka Stock Exchange (DSE) on 25th July 2021, with the DSE Board of Directors’ vision to take DSE in a new direction. Prior to joining DSE, he was an IT consultant of Friendship NGO, a non-profit organization in Bangladesh, and also the Founder, CEO & CTPO of Hashkloud Pty Ltd., Australia. He also served as the Executive Chairman of Hashkloud BD Limited. A skilled and experienced leader in administration and business management, digital & financial technology, and IT, Tarique started his career as a graduate trainee of the International Financial Institution ANZ Grindlays Bank, Bangladesh. Later he has served in several important positions for over 25 years in multiple organizations including ING, St. George, and Westpac & global consulting companies like TCS, Accenture & Infosys, etc. – mostly based in Sydney, Australia. He also served as the Chief Information Officer (CIO) of BRAC Bank Limited and as the Founding Chief Executive Officer (CEO) of Mobile Money Transfer Company bKash during 2008 – 2010.

Tarique received advanced training on Blockchain and Change Management from various reputed institutes in the USA and Australia along with completing a “Certificate Blockchain Expert” (CBE) certification at the Frankfurt School of Finance and Management. He has received training in various subjects including DevOps Master Course, PMI-ACP (PMI-Agile Certified Professional) certification training in Sydney, Australia, and PROSCI Change Management Certification Training in Portland, USA.

Tarique sees all these achievements as a coincidence when he looks back. “I was passionate about computer science and IT. However, when I tried for an MBA, I got in. And that is how I entered the world of business and finance. It happened from out of nowhere.” His passion for technology combined with his experience of the capital market put him in the unique position of being able to implement technology strategies that would enable the digitalization of the financial market of Bangladesh.


The nuances of the capital market are something that needs some basic understanding, as Tarique believes. “In order to improve as a country, we need to improve our numeracy and literacy. It is important to focus on numeracy and literacy from a primary level, if not as early as elementary. These would eventually promote financial literacy.” Financial decisions are something of a slippery slope. The decision can be both good or bad, however, it depends entirely on the context of investments. In the stock market, the bull market is beneficial for those who want to buy low and sell high, whereas the bear market is where the investors want the prices to be low. In the end, the decision to invest depends on the investor. The more aware they are about their financial decision, the better the outcome. This is where financial literacy enables one to make these decisions, weighing one’s options and taking up the option best suited for them. Tarique sees opportunity in this specific knowledge gap. “We are aiming to introduce schemes that would improve financial literacy through education programs and various sessions. These would act as an initial base to start ingraining financial literacy. Even through mobile apps, we will be gamifying financial decisions so that decisions are low stakes and individuals can understand the impacts of various decisions.” The capital market and the stock market are at the end of the day is a form of trial and error for most, however, understanding the impact of decisions is what creates gainers from markets like this.


The stock market of Bangladesh still has a long way to go. “The formalization of the stock market is being done in stages. We are offering TREC (Trading Right Entitlement Certificate) licenses to firms that are eligible to pace the formalization process. Furthermore, Bangladesh has a lot of scopes to grow. Including retail investors is something that is necessary in order to improve market activity. Enlisting large contributing companies into the DSE will also catalyze the growth of the capital market.” The lack of participation of certain companies stems from the misunderstanding of how the capital market functions, Tarique identifies. Family-owned businesses believe that self-sufficient companies do not require raising capital by offering stocks to the general public. This misunderstanding can only be eradicated when financial literacy and training are inculcated into those in business. Understanding the value of the stock market and bond market can only take place when financial literacy is promoted. Even companies like Beximco have introduced Sukuk Bonds in order to raise capital worth 3,000 crore BDT, through various offerings. “I have received a lot of requests to create a separate Islamic capital market that would allow the participation of pious individuals, where their principles are in line with their belief. We do plan on creating such in due time as it would increase participation in a market that lacks significant acknowledgment.”

Tarique Amin envisions making the Dhaka Stock Exchange the next investors’ hub


Information is the key to the capital market. The degree of sensitivity of the market is such that, any and every information dissipated, can lead investors of the market to react. The market can switch from a rising market to a falling market. Various stock markets have seen such patterns over the years, and Bangladesh has not been sheltered from such circumstances. “We plan to train individuals to understand the price sensitivity of the information. Identifying and distinguishing which information would have what impact is necessary. Therefore, company associates and members would be trained in that regard to reducing the spreading of rumors. And those who indeed spread rumors and destabilize the market would face dire consequences. Policies are being made to ensure that rumors do not get the leverage they have been receiving.” Ensuring that panic buying and selling does not take place can be ensured through proper training of information distribution. Financial literacy will act as the catalyst that makes investors realize that indices will go up again and the market fixes itself eventually in due time. This volatility from price-sensitive information has created a very dubious image of Bangladesh to various foreign investors. Foreign investors were phobic of Bangladesh’s economy previously. However, their rejuvenated belief in the potential has been caused by the Investment Roadshow that Bangladesh Securities and Exchange Commission has been conducting in various countries like US, Switzerland, and UK. “Big brokers are currently planning on focusing on three emerging markets. The most known market in Vietnam, while the other two lesser-known markets being Morocco, and then comes Bangladesh. Although Bangladesh is in a difficult position due to its currency strength variance and convertibility, it still has potential to become a huge market.”

Tarique also plans to crowd in the population that resides abroad, purely for the opportunities that Bangladesh presents now. “Prior there was only one sector that actively financed institutions, i.e., banks, however, the diversity in sectors and opportunities meant a diversity in source of capital for ventures. Even NRBs need to be aware of various investment opportunities. We are planning to roll out mobile-based trading so that NRBs can see the potential of investments in Bangladesh.”

Bangladesh, as Tarique puts it, is a land of opportunities. The nation is set to become a $500 billion worth economy by 2025 and be among the top 30 economies of the world. And by 2050, Bangladesh aims to be among the top 20 economies of the world. This ardent belief stems from the fact that Bangladesh can become the powerhouse that everyone expects it to be, as long as the effort continues solely from the good faith one has in the system.

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