Dhaka: The government has issued the Bangladesh House Building Finance Corporation (Amendment) Ordinance-2026, aiming to enhance management dynamism and reform the corporation’s legal framework.
According to Bangladesh Sangbad Sangstha, a gazette notification regarding this ordinance has been published by the Legislative and Parliamentary Affairs Division of the Ministry of Law, Justice and Parliamentary Affairs. The Public Relations Officer (PRO) of the Law Ministry confirmed the issuance of the ordinance. The President promulgated the ordinance on February 15, exercising the powers provided by Article 93(1) of the constitution.
The key amendments include changes to Article 12, which introduces the formation of a Standing Committee, an Audit Committee, and a Shariah Committee to assist the Board of Directors. Additionally, the board is empowered to form other committees as necessary. Under Article 21, the interest rate on loans provided by the corporation will now be determined by the Board, with prior government approval.
Significant changes have been made to Article 29 concerning profit distribution. After accounting for necessary depreciation and liabilities, a reserve fund approved by the board will be established. A portion of the surplus profit will be paid to the government as a dividend, while the remainder will be transferred to the corporation’s retained earnings. Article 29A introduces a tax provision, classifying the corporation as a ‘company’ under the Income Tax Act, 2023, and requiring it to pay a minimum income tax.
Furthermore, Article 30 has been amended to strengthen and streamline the procedures for maintaining accounts and preparing annual financial statements. The gazette stated that the ordinance will come into effect immediately.