Mohammed Idrish Farazy CIP
Chairman, National Exchange Company Ltd.
Director, NRB Bank Ltd.
Chaiorman, Popular Travels & Tours, Rome, Italy
Director, Farazy Hospital Ltd.
Mohammed Idrish Farazy, founder and chairman of National Exchange Company Limited, is one of those people who is not only talented but also visionary. It is the initiative and perseverance of this self-confident business indidual that has led him to establish National Exchange Company Limited, a world-renowned and well-known Money Transfer and Exchange Company.
This luminary enterprising man was born on January 1, 1969 in a respected Muslim family of Afazuddin Munsir Kandi of Senerchar under Jajira upazila in Shariatpur district. His father’s name is Haji Abul Hashem Farazy and mother Haji Ujala Begum. Idrish Farazy passed SSC from BK Nagar High School in 1984 and HSC from Dhaka Shaheed Suhrawardy College in 1986. He graduated from Madaripur Degree College in 1988.
After completing his studies, Mohammed Idrish Farazy went to Bahrain in the Middle East to change his fortune. After a few years, he moved to Italy in 1992. Hardworking Idrish Farazy always had a desire to become a businessman in his mind. In order to fulfill this dream, he used to sell things by ferry on the street after his daily work. He had to work hard from 1996 to 1998. He set up a grocery shop in Rome in 1998. Earlier in 1996, he received an immigration card. In the same year, he got an immigration card and came to Bangladesh and got married to Tahmina Akhter Mishu of Narayanganj. After setting up grocery shop, he established Popular Travels and Tours. Through this firm, relations were established with many Bangladeshis in Italy and expatriates from other countries. He notes that there was no institution without bank in Italy to convert the country’s currency lira into dollars. Even no foreigner has established such an institution. He, along with his two younger brothers and brother-in-law, founded the Popular Exchange House and Travels with the approval of the Central Bank of Italy. As a result, his business flourished. Not only Bangladeshis, but also foreigners used to convert lira here and also buy air tickets from this agency. Tourists also took advantage of this because it was the only exchange house then.
In 2004, Idrish Farazy took an initiative to expand the business of this exchange house. Then the euro currency was introduced. He thought that it was necessary to make arrangements so that people could send money legally besides banks. He then established the money exchange company National Exchange Company S.R.L. in 2004 with the approval of the Central Bank of Italy. For this, 6 lakh Euros had to be kept as capital. He is the chairman of this company and his two brothers along with his brother-in-law are its director. It is the first foreign-funded money transfer company in Italy. This company can keep money from customers as deposit and lend money to others like a leasing company in Bangladesh. The company has been founded through the efforts of this enterprising man which is now playing an important role in bringing remittances to the country from 45 countries.
It is a matter of great pleasure that this company is able to expand and develop its competitive business with many reputed money transfer agencies of the world. Mohammed Idrish Farazy, founder of National Exchange Company SRL, says that the inaugural function of 2004 was attended by the then Ambassador of Bangladesh and senior officials of the Central Bank of Italy. In my speech, I was hopeful that if the right environment is found, this company will play a role in the development of Bangladesh by conducting activities in other countries as well. The company provides services through its 450 branches and agents in Italy. Branches and agents have been appointed wherever the number of Bangladeshis is high. In recognition of its significant contribution to the field of remittances, the company has received multiple awards from Bangladesh Bank. He also has the honor of being a CIP status. The company also has activities in Bangladesh.
Besides this business, he has built several fixed assets, including department stores in Italy. He used to let out these apartments and houses.
Impa Farazy, the eldest daughter of Mohammed Idrish Farazy and Tahmina Akter, is currently a final year student of Dhaka Medical College. Their son Ifat Farazy is studying at a British university after completing ‘A’ level and their youngest son Yusuf Isman Farazy is studying in Grade-VIII in Rome.
Entrepreneurial personality Idrish Farazy has 6 brothers and 2 sisters. They have established Darusmunna Hafizia Madrasa and an orphanage and a mosque in their locality in the name of their mother. One of his brothers is the chairman of a money transfer agency called Nek Money Ltd in England. Another brother, Dr. Anwar Farazy is the chairman of Farazy Hospital established in Banasree, Dhaka. Another brother, Jahangir Farazy, is the vice chairman of the National Exchange Company.
He has played three entrepreneurial roles during the establishment period of NRB Bank in the country and became sponsoring director of the bank. He thinks that this bank has also been playing a huge role in national development and creating new jobs.