Center for Enterprise and Society

CES has published its latest white paper, From Borrowing to Listing: Why Corporate Bangladesh Should Embrace the Equity Market, and Why Now?, authored by Sajid Amit, Executive Advisor of CES.

The kernel of the paper is a shift in how we think about corporate finance in Bangladesh. For decades, growth has largely meant bank borrowing: term loans, working capital lines, renewed facilities, and collateral-heavy arrangements. The equity market, meanwhile, has often been treated as a compliance step rather than a real source of capital.

The paper argues that this habit now deserves a closer look. Heavy dependence on bank debt raises costs for firms, keeps growth tied to collateral, and places too much pressure on the banking system. A deeper listing culture can give stronger firms access to long-term capital, while also helping the market move beyond thin floats and short-term retail sentiment.

The analysis also places Bangladesh within the current frontier-market context. Pakistan and Sri Lanka have recently shown how markets can re-rate when inflation eases, rates begin to soften, and investor confidence returns. Bangladesh is not guaranteed the same path, but the timing is important enough to take seriously.

The paper is intended for corporate leaders, capital market investors, policymakers, researchers, and readers interested in the future of Bangladesh’s equity market.

The link to the white paper is given in the comments section.

A recent article in The Business Standard by Associate Professor Dr. Sajid Amit explores a longstanding paradox in corporate Bangladesh.

For decades, businesses have relied overwhelmingly on bank financing to fund growth through term loans, working capital facilities, and syndicated arrangements. Yet many of the country’s most successful firms achieved scale through a different route: the public equity market.

The article argues that the reluctance of Corporate Bangladesh to engage with the Dhaka Stock Exchange is not primarily a question of financial viability. Rather, it is shaped by habit, perception, and concerns surrounding ownership dilution, disclosure requirements, and market confidence.

As Bangladesh seeks to deepen its capital markets and diversify sources of long-term finance, understanding these barriers becomes increasingly important.

Link in comment.

CES was at the Summer 2026 Freshers’ Orientation today, 14 May, at the ULAB Permanent Campus.

It was good to see the campus come alive at the start of a new semester, with new students, colleagues, and the wider ULAB community coming together to begin Summer 2026.

CES has published a new current event analysis on Bangladesh’s proposed Tk 40,000 crore refinance scheme and what it may mean for the banking sector, the stock market, and the wider economy.

The analysis looks at how the scheme is expected to channel credit to closed factories, large industries, CMSMEs, and agriculture, while also assessing its possible impact on private sector credit growth, bank earnings, industrial recovery, inflation, and investor sentiment.

The most important point is that the scheme should be read as a signal of policy direction. After a long period of tight monetary conditions, Bangladesh Bank appears to be creating a targeted credit channel for productive sectors before moving toward any broader monetary easing. Its success will depend on whether the funds reach genuinely productive firms rather than becoming another round of poorly targeted liquidity.

For anyone following Bangladesh’s economy, banking sector, capital market, or industrial recovery, the full analysis offers a useful entry point into the discussion.

The link is given in the comments section.

CES has published its latest white paper, Investment Strategy at a Time of Energy Crisis, authored by Associate Professor Sajid Amit, Executive Advisor of CES.

The kernel of the paper is a phased framework that guides investors in thinking through investment strategy during periods of market stress. To that end, it sets out a two-phase investment framework for the Dhaka Stock Exchange. The first phase focuses on active band-trading during the period of conflict, using fundamentally strong positions across selected sectors. The second phase begins when oil prices start to normalise and possible easing around the Strait of Hormuz becomes visible, allowing investors to move from trading exposure toward more intentional strategic holding. The analysis also draws regional comparisons with markets such as Pakistan and Sri Lanka to explore how frontier markets can re-rate once inflation, interest rates, and market sentiment begin to improve.

The paper is intended for capital market investors, researchers, academics, policy observers, and readers interested in understanding how macroeconomic shocks influence investment decisions.

The link to the white paper is given in the comments section.

Sajid Amit, Executive Advisor of CES, attended the AmCham luncheon titled “Advancing U.S.-Bangladesh Economic Partnership.”

Photos from the event with His Excellency Brent T. Christensen, U.S. Ambassador to Bangladesh, and Monica L. Shie, Counselor for Public Affairs, U.S. Embassy Dhaka.

ULAB Vice-Chancellor Professor Shamsad Mortuza, PhD has written on ULAB’s Earth Day 2026 programming in the Daily Star.

The article discusses a week-long set of 38 programmes across ULAB’s schools, departments, and clubs, covering recycling, renewable energy, river protection, sustainable consumption, green solutions, creative work, and climate-related learning.

As part of the programming, CES also organized a high-level panel on Green Finance, joined by industry practitioners and attended by faculty members and students. The session examined the practical barriers to financing sustainability in Bangladesh, including policy gaps, market readiness, and institutional constraints.

Full article link in the comments.

CES hosted a high-level panel titled “Green Capital, Fraught Reality: Financing Sustainability in Frontier Markets” as part of ULAB’s Earth Day programming.

The session saw strong participation from faculty members and students. The discussion focused on the challenges of attracting green finance to Bangladesh, what needs to be addressed from a regulatory and intervention standpoint, and how MSMEs can play a role in enabling these flows.

The panel featured leading officials, country directors and CXOs from Bangladesh Bank, Swisscontact, LightCastle and Better Stories Ltd.

Honorable Vice Chancellor Professor Shamsad Murtaza provided closing remarks and vote of thanks to the esteemed panelists.

CES was at the Cosmologies of Confluence: New Year Traditions Across Cultures event yesterday, 18 April, at the ULAB Permanent Campus. It was wonderful to see colleagues, enjoy some electric performances by student performers, and meet Monica L. Shie, Counselor for Public Affairs at the U.S. Embassy.