Md. Mamunur Rashid, FCMA, is Senior Vice-President of Bangladesh Ceramic Manufacturing and Exporters Association (BCMEA).

He is former President of the Institute of Cost and Management Accountants of Bangladesh (ICMAB).

The bright corporate leader of the industrial and commercial finance sector of Bangladesh is serving as the Additional Managing Director (AMD) of X-Index Companies (Index Group).

He is also working for West Zone Power Distribution Company as Director and Chairman of the Audit Committee of the very same company. He is a Member of Federation of Bangladesh Chambers of Commerce and Industries (FBCCI).

In his long and colorful working experiences, Md. Mamunur Rashid had worked for Bangladesh Steel and Engineering Corporation, Bangladesh Parjaton Corporation, Bangladesh Power Development Board, Aarong (BRAC), Rahim Afroj, Summit Power Limited, Seba Telecom and Kazi Farms Group in high level posts.

The skilled and experienced corporate leader Md. Mamunur Rashid described in detail about the role and potentials of a finance officer in any industries and commercial entrepreneurs in an interview with The New Nation on Friday.

Md. Mamunur Rashid said in view of industrialisation or economic development, the Finance Officer is a vital post.

“A Finance Officer is a very important post in a company to play a significant role in consistent advancement of the organisation,” he said.

The expert said that a finance officer can play very important role in keeping financial discipline, transparency and control in a company.

This officer has huge responsibilities to overcome loss by curbing financial misuse, reducing management cost and increase profit by financing in an adequate way.

Md. Mamunur Rashid said also that a skilled Cost and Management Accounting profession is needed for making the country industrially developed.

“The finance officers have a responsibility of preparing a realistic budget for a company keeping balance in investment and other management cost so that the organisation can reduce excess expenditures and make more profits,” he said.

It is a very challenging profession and has a great opportunity to play an important role in developing the company, he added.

Replying to a query, Md. Mamunur Rashid said Bangladesh is a country of limited resources. As such, he said, it has to be ensured to reap highest benefits from those limited resources by stopping misuse of money.

He expressed his optimism over the mega projects of the country saying those will contribute to poverty alleviation, employment and sustainable growth of the country.

Bangladesh has to produce huge number of Cost and Management Accounting professionals for graduating towards a developed country.

He said, the professional Cost and Management Accountants of Bangladesh’s national body is the Institute of Cost and Management Accountants of Bangladesh (ICMAB). In order to promote and regulate the Cost and Management Accounting profession in the country, the ICMAB was established in 1958, in the then Pakistan.

To students interested in pursuing a career in this field, the institute offers training and education and highly recognized CMA degrees on fulfillment of their qualifications. The ICMAB is the sole authority to issue licences to their members for practice in the field.

They have many visions and missions. By promoting and regulating Cost and Management Accounting they want to improve the quality of life and economic competitiveness which will eventually lead to helping Bangladesh become an industrialized nation.

The institute’s mission is to provide better service to the society by having its members maintain the highest professional standard while developing, equipping, and promoting the Cost and Management Accounting profession. Implementations of National Accounting as well as Cost Accounting Standards are also used with other necessary steps in order to regulate the profession. The ultimate goal of this is to develop Bangladesh’s natural and human resources to enrich the shared future of the country and to ensure common welfare.

The institute is governed by a council which is under the provision of the Cost and Management Accountants Ordinance of 1977. There are twelve members on the council and they are elected by the members of ICMAB. The council also consists of four nominees from the Government of Bangladesh. Each term is for three years and every year there is one President, two Vice-Presidents, one Secretary, and one Treasurer elected from the councilors. A team of fully employed personnel, however, manages the day to day administrative affairs of the institute.