Leaders of the country’s capital market have paid rich tributes to the late former Prime Minister and BNP Chairperson Begum Khaleda Zia, crediting her visionary policies for laying the foundation of Bangladesh’s modern stock market and market-based economy.
During a memorial service and prayer meeting organized jointly by the Dhaka Stock Exchange (DSE) and the DSE Brokers Association of Bangladesh (DBA) on Thursday, speakers highlighted her “uncompromising role” in upholding democracy and her pivotal economic reforms.
A New Era for the Capital Market
Saiful Islam, President of the DBA, noted that a new chapter in the capital market began under Khaleda Zia’s leadership. He specifically pointed to her decision in 1991 to open the capital market to foreign investors as a turning point.
“Today’s modern capital market is the result of her far-sighted decisions. She was a humane politician who remained steadfast in the interest of the country and its people, even through the adversities of the last 15 years,” Islam stated.
Institutional Foundations
DSE Managing Director Nuzhat Anwar emphasized the structural legacy of the former Prime Minister, noting that the Bangladesh Securities and Exchange Commission (BSEC) was established in 1993 during her tenure. This move, she said, was crucial in providing the institutional framework that the market relies on today.
Mominul Islam, Chairman of the DSE, added that the framework for Bangladesh’s private-sector-led economic development was firmly established during her administration. He observed that the massive expansion of the private sector since 1991 continues to benefit the general public.
Summary of Key Contributions Highlighted:
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Foreign Investment: Opening the stock market to international investors in 1991.
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Regulatory Framework: Establishing the BSEC in 1993 to ensure market discipline.
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Economic Structure: Shifting the national focus toward a market-based and private-sector-driven economy.
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National Unity: Her role as an “uncompromising leader” in protecting democracy.
A Legacy Reflected in Public Emotion
Directors and representatives from various financial bodies, including BSEC Chairman Khondoker Rashed Maqsood and CSE Chairman Professor Habibur Rahman, attended the event.
DSE Director Minhaj Mannan Emon and BAPLC President Riyad Mahmud remarked on the massive public outpouring of grief following her recent passing. They noted that the millions of people who attended her funeral served as a testament to her deep-rooted place in the hearts of the citizens, transcending political boundaries.
The ceremony concluded with a special prayer for the departed soul, led by Khaleda Zia’s nephew, Md. Shams Iskandar, who requested the nation to pray for his aunt’s eternal peace.
