Economy
Resort, park and duplexes: Matiur’s empire of assets
From his birthplace in Barishal to Dhaka, Gazipur, Narsingdi, and Feni, extensive properties have been found linked to former NBR official Matiur Rahman, who came to the limelight after his son attempted to purchase a sacrificial goat for Tk15 lakh.
The properties include land, apartments, factories, luxurious houses, and resorts. While some are registered under Matiur Rahman’s name, a significant portion is held in the names of his first wife Laila Kanis Lucky, his son, daughter, and various relatives.
The highlight of Matiur’s reported assets appears to be Wonder Park, an amusement park in Narsingdi’s Raipur upazila linked to his first wife. The park occupies around 15 bighas of land.
Additionally, Apon Bhuban Picnic and Shooting Spot, a sprawling 60-bigha resort reportedly co-owned by Matiur and his wife, boasts various amenities and has been used for filming locations.
Matiur is now attached to the Internal Resources Division (IRD) of the finance ministry after being removed as the president of NBR Customs, Excise and VAT Appellate Tribunal.
Currently under investigation by the Anti-Corruption Commission (ACC) for allegedly possessing undisclosed assets, he had constructed two luxurious duplex houses—one for his first wife and another for his second wife’s mother.
Additionally, he also has investments in the capital market, which served as a significant source of his wealth accumulation.
Matiur is currently not available for comment and his whereabouts is also unknown.
Assets and influence in his own village
In Bahadurpur village of Barishal’s Muladi upazila, a gate with a minaret marks the Howlader House. Nestled between a three-storey madrassa and a two-storey mosque, it’s the childhood home of Matiur Rahman, a schoolteacher’s son better known locally as Pintu.
According to locals, Matiur’s village property spans a sizable 1.45 acres, with additional agricultural land estimated between 20 and 50 acres. While the ownership of the agricultural land remains unclear, locals claim his family has accumulated significant holdings in recent years.
They point to Matiur’s younger brother, Qaiyum Howlader, who they believe possesses even greater wealth in the area.
Qaiyum also was not available for comment.
Villagers say Qaiyum, a former leader in local BNP, saw his fortunes rise with Matiur’s ascension to the NBR.
Qaiyum eventually established a travel bag manufacturing factory in Tongi and expanded into other local businesses. Two years ago, he purchased a house worth Tk10 crore in Muladipur.
Contacted, Matiur’s cousins, currently living in Bahadurpur, vehemently deny the allegations against the family.
“These claims are a conspiracy against Boro Mia [Matiur],” said Mahamudunnabi, his cousin.
“He [ Matiur] has built his wealth through hard work and responsible living. Even during his school days, he was known for his frugality, saving every penny.”
Another cousin, Fakhruddin Hawlader, said that both he and Mahmudunnabi look after the mosque and madrasa established by Matiur under the Howlader Foundation, which he claims is funded by donations from locals.
Fakhruddin further said Matiur has established the Rahmania Technical School & BM College, a cyclone shelter, mosque, madrasa, and health centre near his residence. All the establishments are overseen by the Howlader Foundation.
He said Matiur facilitated the construction of a cement-block embankment along the Koyla Canal in Bahadurpur village by the Water Development Board.
However, Kazirchar Union Chairman Montu Biswas alleged that Matiur established the technical school and college by occupying land in the Koyla Canal. “The closure of the canal is causing problems in agriculture,” he said.
According to locals, Matiur’s father, Abdul Hakim, was a school teacher and the union BNP vice-president. Following his retirement in 2003, he was also elected as the chairman of the local union parishad.
There are allegations that Matiur used his money and influence to help his father get elected.
Locals ‘forced’ to sell land for Wonder Park in Narsingdi
The Wonder Park in Narsingdi’s Raipura upazila, linked to his first wife Laila Kanis Lucky, seems more like a forgotten dream than a thriving amusement centre.
A news reporter visit reveals a desolate scene – a Tk 200 entry fee followed by additional charges for rides that are malfunctioning and shrouded in dust. No staff are present to operate them.
Couples occasionally enter, but the silence and deserted atmosphere are unsettling.
Locals recall a more vibrant past. Young men reminisced about playing in a field that’s now vanished. There’s also a 2-3 bigha lake beside the park, with white ducks enjoying its waters.
No one felt comfortable talking about Laila Kanis.
A resident, speaking anonymously, described her land acquisition tactics. “Kanis simply informed landowners she needed the property. Negotiation wasn’t an option, and given their powerful position, refusal wasn’t either.”
A local woman recounted a similar story. “They took our land, which was worth Tk60,000 per decimal at the time, and offered a paltry Tk1 lakh in return.”
Others shared experiences of receiving land payments in installments or at unfair rates.
Locals recall that Kanis’s father Kafil Master lived modestly in a mud house.
Now, she has a luxurious white duplex in Morjal village that stands out with its modern architectural style. It is surrounded by rows of domestic and foreign trees, a lush green yard, staff accommodations, and an aesthetically pleasing establishment nearby.
However, no one was found inside the large gate of the house.
Kanis also has a road named after herself near the Morjal High School in Raipura.
She is reportedly involved with the local Awami League as the district relief and disaster affairs secretary.
Asked about this, Narsingdi-5 lawmaker Rajiuddin Ahmed said, “I don’t know anything about Laila Kanis’s position in the party. The District Awami League can explain why they gave her the post. At that time, I was not closely connected with the District Awami League.”
There are also allegations that she was made upazila chairman without a vote, with the MP’s help, by forcibly removing other competitors from the candidacy.
On this allegation, Rajiuddin Ahmed said, “I did not make her the chairman; the one whom the people wanted became the chairman.”
Property disclosed in affidavit of Kanis
According to the affidavit submitted to the Election Commission during Laila Kanis’s chairman candidacy, her annual income from the agricultural sector is Tk18 lakh.
Additionally, she earns Tk9.90 lakh from house and shop rents, about Tk3.82 lakh from dividends on shares, savings, and bank deposits, Tk1.63 lakh from the upazila chairman’s honorarium, and about Tk1.19 lakh from bank interest. She has deposits totaling Tk3.55 crore in various banks and financial institutions.
Laila Kanis’s immovable properties include a total of 18.5 katha of land in various places, including Dhaka and Savar. She also has 99.65 decimals of land in different areas of Gazipur and 364.93 decimals in her district, Narsingdi.
Additionally, she has land in Jashore and Natore, and 154 decimals of agricultural land in her name. According to her tax files, she also owns multiple flats in the Bashundhara residential area in Dhaka.
60-bigha resort and more land in Gazipur
Adding to the questions surrounding Matiur Rahman’s wealth is the Apon Bhuban Picnic and Shooting Spot in Gazipur. This sprawling 60-bigha resort in Pubail’s Khilgaon area boasts a variety of amenities, all under Matiur and his wife’s name.
The picturesque property features charming bamboo and cane houses, a modern conference hall, a delightful mango orchard, and a lake adorned with bridges.
Guests can unwind at the restaurant, playgrounds, extensive north-facing garden, or the unique glass terrace. Additional features include a greenhouse, a bungalow house, and a fishing pond.
Previously used for film and drama shoots, Apon Bhuban has opened its doors to the public for an entry fee of Tk100.
According to park officials, employees, and locals, Matiur Rahman and his wife, Laila Kanis Lucky, acquired the land for Apon Bhuban with the assistance of a local influential figure, Aminul Islam.
Initial purchases totaled 35 bighas, with additional land either rented or acquired later to bring the total area to 60 bighas.
The resort boasts 18 cottages, each with a nightly rate of Tk7,000.
Locals seem familiar with the ownership structure. “Everyone knows Apan Bhuban belongs to Kanis madam,” remarked Sharif Hossain, a local shopkeeper, “and now we know she’s Matiur Rahman’s wife.”
Efforts to reach Rajib Mia, the supervisor of Apon Bhuban, were unsuccessful at the resort. However, he later confirmed via phone that the resort occupies roughly 60 bighas, with 35 bighas owned by the Matiur family and the remainder leased from local residents.
However, according to Gazipur district administration sources, there are 5 acres and 777 decimals of land registered under the name of Apan Bhuban Resort and Picnic Spot.
In addition to this resort, more land has been found registered under the names of Matiur, his wife, and children in various locations in Gazipur.
Duplex building for mother-in-law
In the Sonapur area of Sonagazi, Feni, Matiur Rahman built a luxurious house for his father-in-law. Locals say that upon the request of his second wife, Shammi Akhtar Shibu, Matiur Rahman gifted this duplex house to her mother-in-law ten years ago.
The management of this luxury house is overseen by a local man named Jasim Uddin. He mentioned that Matiur Rahman’s mother-in-law currently resides in her daughter’s house in Dhaka and occasionally visits the Sonagazi property.
“Two months ago, Matiur Rahman, along with his wife Shammi Akhtar Shibu, son Mushfiqur Rahman Ifat, and mother-in-law, visited the house and returned to Dhaka after a two-day stay,” Jasim Uddin added.
Locals also mentioned that Matiur Rahman holds some land in Feni and Sonagazi under the names of relatives, with his wife’s cousin Arifur Rahman overseeing these properties.
The International Monetary Fund (IMF) has urged Bangladesh to maintain a tight monetary policy to contain inflation, while stressing that monetary tightening alone will not be enough to restore economic stability.
Inflation in Bangladesh rose to 8 per cent in September, according to the IMF. The Washington-based lender has called for broader reforms in the financial sector, stronger revenue mobilisation and improvements in overall economic management to address the country’s persistent economic challenges.
Sonali Jain-Chandra, deputy director of the IMF’s Asia and Pacific Department, made the remarks in response to a question at a news conference on the economic outlook for Asia and the Pacific, held on the sidelines of the IMF and World Bank Group annual meetings in Bangkok, Thailand.
Asked whether tight monetary policy alone would be sufficient to tackle inflationary pressures that have persisted for more than three and a half years, Jain-Chandra said maintaining a restrictive monetary stance was important, but needed to be accompanied by other reforms.
Bangladesh is currently facing challenges in three key areas: revenue mobilisation, the financial sector and inflation, she said.
The IMF also expressed concern over the fragile state of Bangladesh’s financial sector, saying a credible reform strategy was needed to strengthen the sector’s capacity and ensure stability.
The fund also highlighted the country’s persistently weak revenue collection. Bangladesh’s tax-to-GDP ratio has declined over time and currently stands at around 7 per cent, placing it among the lowest in the world, according to the IMF.
The IMF stressed the need for a coordinated effort to increase revenue collection, saying higher government revenues were essential to finance development expenditure and strengthen the financial sector.
It called for necessary reforms to the revenue system and effective measures to improve the government’s capacity to generate income.
Talks Under Way on New IMF Programme
Meanwhile, discussions are continuing on a potential new lending programme for Bangladesh.
Jain-Chandra said Bangladeshi authorities approached the IMF in May for support under a new programme after deciding not to draw further instalments under the previous arrangement.
In response to the request, an IMF mission visited Dhaka in July to discuss various aspects of Bangladesh’s economic reform agenda.
According to Jain-Chandra, the reform issues discussed during the visit were closely aligned with the recommendations outlined in the IMF’s Article IV consultation for Bangladesh earlier this year.
The IMF has remained in regular contact with Bangladeshi authorities since the July visit, she said.
Jain-Chandra added that the fund remained closely engaged with the authorities and was ready to support Bangladesh in initiating the reforms needed to address its economic challenges.
The International Monetary Fund (IMF) has projected that Bangladesh’s gross domestic product (GDP) will grow by 3.2 per cent in the 2026-27 fiscal year, while average inflation could rise to 10.9 per cent, signalling mounting pressure on the country’s economy.
The projections were outlined in the IMF’s World Economic Outlook (WEO) report, released on Tuesday.
The latest growth forecast marks a significant downward revision from the 4.3 per cent projected by the IMF in April. The fund had subsequently forecast growth of 3.5 per cent in July before lowering its estimate further to 3.2 per cent.
The IMF has also sharply revised its inflation outlook for Bangladesh. In April, it projected average inflation of 6 per cent for the 2026-27 fiscal year. The latest estimate raises that figure to 10.9 per cent.
The combination of slower economic growth and persistently high inflation points to continued pressure on Bangladesh’s macroeconomic stability.
Bangladesh growth outlook trails other forecasts
The IMF’s latest growth projection for Bangladesh is lower than those of other major international development institutions.
The World Bank has forecast GDP growth of 3.4 per cent for Bangladesh in the 2026-27 fiscal year, while the Asian Development Bank (ADB) has projected growth of 4 per cent.
According to the IMF, Bangladesh’s economy grew by 3.6 per cent in the 2025-26 fiscal year, following growth of 3.5 per cent in the preceding fiscal year.
India, Bhutan expected to grow faster
The IMF has projected stronger economic growth in neighbouring countries, with India’s economy expected to expand by 7 per cent and Bhutan’s by 6.9 per cent in the relevant fiscal year.
The contrasting forecasts highlight the challenges facing Bangladesh as it seeks to restore economic momentum while tackling persistent inflation.
The IMF’s latest projections come as the annual meetings of the IMF and the World Bank Group are underway in Bangkok, Thailand.
Bangladesh’s economic situation, reform programmes and efforts to secure financing from development partners are among the key issues receiving attention during the meetings.
The World Bank supports the Bangladesh government’s policies to address the country’s current economic challenges, restore stability and implement medium- and long-term development plans, Finance Minister Amir Khasru Mahmud Chowdhury said on Tuesday.
He said the global lender was broadly aligned with Bangladesh’s economic programmes and policy priorities and would continue to support the country’s economic recovery and future development.
The finance minister made the remarks while speaking to journalists after a meeting with a World Bank managing director in Bangkok, Thailand, on October 13.
Amir Khasru said Bangladesh’s economy was facing significant challenges when the current government took office. Alongside dealing with the financial and economic burdens inherited from the previous period, the country was also having to navigate global economic disruptions caused by ongoing wars and geopolitical tensions.
He said the World Bank understood the realities facing Bangladesh and supported the government’s policy approach to overcoming the economic difficulties.
“The World Bank is aligned with the programmes and policy direction we have set to restore economic stability and ensure future development,” the minister said, adding that both sides would continue working together.
He said the World Bank was willing and prepared to provide the assistance Bangladesh needed.
No decision yet on proposed $10 billion in additional assistance
Clarifying reports that Bangladesh had sought an additional $10 billion in assistance from the World Bank, the finance minister said no final decision had been made.
He said discussions with the lender were ongoing and that possible proposals would be reviewed in light of those discussions. The process could take several months to complete, he added.
“No decision is being made at this stage. I have seen several inaccurate reports here and there. This is a discussion, and there will be follow-up based on these talks. It is a process that will continue over the next few months,” he said.
The minister stressed that the ongoing discussions should not be interpreted as a final agreement. Rather, they were intended to establish a basis for determining the next steps and considering possible decisions.
Further discussions would also take place in Dhaka, he said.
Expressing satisfaction with the progress of the talks, Amir Khasru said Bangladesh was in a favourable position to establish a framework for future cooperation.
He reiterated that the government’s economic policies, programmes and medium- and long-term development plans were broadly aligned with the World Bank’s position.
Government’s economic agenda aligned with BNP manifesto
The finance minister also said the World Bank’s position was consistent with the government’s economic plans and the Bangladesh Nationalist Party’s (BNP) election manifesto.
He said discussions were underway on how to address the country’s economic challenges and achieve the government’s development objectives.
According to the minister, the government has submitted a written proposal outlining a framework for partnership with the World Bank. Discussions on the proposed framework will continue.
He said the World Bank had provided various recommendations and suggestions, while Bangladesh had also presented its own proposals and recommendations.
Further discussions would be based on these submissions, he added.
Government optimistic about inflation and GDP targets
Asked about forecasts by the World Bank and the Asian Development Bank (ADB) on inflation and gross domestic product (GDP) growth, and how they compared with the government’s targets, the finance minister said the government did not intend to dispute the projections made by other institutions.
He said the institutions had prepared their forecasts based on their own calculations and analyses, adding that the country’s economic performance would become clearer as progress on key indicators was assessed over time.
“We do not want to dispute anyone’s projections. They have made their estimates based on their own calculations. We are carrying out our work, and they are doing theirs. What matters most is that the cooperation we need continues,” he said.
The minister expressed optimism that the government would be able to meet the inflation targets set out in the national budget.
He said the government was working to restore economic stability through continued engagement with the World Bank, implementation of its economic policies and progress on medium- and long-term development plans.
