Matiul Islam, Bangladesh’s first finance secretary and a pioneering figure in the country’s banking and financial sector, has passed away, the Industrial and Infrastructure Development Finance Company (IIDFC) confirmed.

Former banker and economic analyst Mamun Rashid announced the news on Facebook, describing Matiul Islam as a devoted economist, administrator, writer, and entrepreneur whose death casts a shadow over Bangladesh’s financial community.

After Bangladesh gained independence in 1971, Matiul Islam was tasked with rebuilding the nation’s war-torn banking system. He worked closely with Tajuddin Ahmad, the country’s first finance and planning minister, and later held positions with the World Bank, International Monetary Fund (IMF), and UNIDO.

Renowned for his creative and visionary approach, Islam was instrumental in developing the country’s private financial sector. He founded AB Bank Limited, serving as its founding chairman, and established International Leasing and Financial Services (ILLFS), National Housing Finance and Investment (NHFIL), and the Industrial and Infrastructure Development Finance Company (IIDFC). He also played a key role in founding the Credit Rating Agency of Bangladesh.

Matiul Islam earned a B.Com with first-class first honors from the University of Dhaka (DU) and a master’s degree in public administration from Harvard University. He was a fellow of the Institute of Chartered Accountants of Bangladesh (ICAB).