Arif Khan, managing director and chief executive officer of IDLC Finance, resigned today from his position to 'start his personal business.'
Khan joined the leading non-bank financial institution five years ago and steered the growth of IDLC and brought down non-performing loans at a time when financial sector was riddled with loan scandals.
Currently at least 10 NBFIs are unable to repay depositors money despite the maturity of their funds as scammers siphoned off a large amount of money from the institutions in recent years.
IDLC's non-performing loans stood below three percent, which much lower than the ratio of default loans in the NBFI sector.
The ratio of default loans stood at 13.29 percent of the outstanding loans in the NBFI sector.
Khan said he has no rift with the IDLC board rather he wants to do something on his own.
"I am not enjoying what I am doing now. I want to start by own business," Khan told The Daily Star over phone.
He said that IDLC now stands at a strong financial base and its board is one of the best among all banks and NBFIs.
Before joining the IDLC as MD and CEO, Khan served as commissioner of Bangladesh Securities and Exchange Commission (BSEC).
Prior to this, he served IDLC Finance for 15 years and held key positions including the role of Deputy Managing Director, according to the IDLC.
He began his career in 1991 as a Probationary Officer in AB Bank Ltd.
Khan graduated in Finance and Banking from the Dhaka University, and had his MBA from the Institute of Business Administration (IBA). He is a member of the Institute of Cost and Management Accountants of Bangladesh (ICMAB).