13.5 Mr. Jahurul Islam
Jahurul Islam was one of those-who have been discussed very frequently in the history of business and entrepreneurship in Bangladesh. He was -born in Bhagalpur, a village in Bajitpur thana under Kishoregonj district. His father Mr. Aftab Uddin was a tiny contractor in Mymensingh district board. His father had small income with which he used to run his business staying- in his village home. His mother Mrs Rahima Aktar was a very pious housewife. She was very well known amongst her neighbours. Mr Islam lost his father in 1972. He was the second son of his parents .He had four more
rothers and three sisters. Jahurul Islam had very simple and ordinary boyhood and was fond ...view middle of the document...
At that time, there were a lot of works available in Bangladesh and he did his business with utmost sincerity & devotion and by 1953 he gradually became 2nd Class and then a 1st class contractor. He had very good liaison with the government authority and thereby he started getting a lot of contract jobs. He used to do all types of construction works i.e building, road, bridge, irrigation, sanitation, sewerage and many others from which he could build a lot of wealth.
k realized in the mid of 50s, that in source of time, Dacca (Dhaka) would grow very fast and would –quire lot of accommodation facilities. As such, he started buying lands in the city and preferably in -7te city outskirts where the price was very nominal. Thus, he became the owner of a huge land in the _real like Mirpur, Savar, Joydevpur, Kaliakoir, Rupashi and in many other areas. These lands were --aught at a very low price. He used part of the purchased land as industrial plots and the remaining ands as housing estates. Gradually, the value of land increased and he could thus by selling lands at a -igher price mobilized a lot of capital.In the sixties, during the period of president Ayub Khan, the then -overnment took up a lot of development works. At that period, a number of industries of various V*s namely Jute, Cotton etc were established. Jahurul Islam, besides his construction business, set up good number of industries. In 1960, he set up a timber factory in Chittagong, glass factory in Zinzira and also a pharmaceutical industrial unit
In his business and industries, Jahurul Islam as an entrepreneur had the best time between 1960 and 970. His firm Bengal Development Corporation Ltd at that time, constructed a lot of houses in Dhaka _nd Chittagong. By this experience, he realized that large number of middle class fdmilies in the cities, -would soon be eager to buy houses if these could be developed and constructed in the suburb areas. He .inderstood that as a policy of the government, the potential buyers would most likely be financially assisted by the House Building Finance Corporation. Realising this, in 1964 he organised Pallabi --lousing Ltd on one thousand acres of land. In the project, a family could buy a flat making only Tk. ;000/ down payment and the rest amount could be repaid on installment basis. Some high priced flats -were also made available. At the same time, he established Sonali Jute Mills and some other industries -year Dhaka. During the period of 14 years from 1951 to 1964, the size of his investment was multiplied to several crore Taka.
Jahurul Islam was very sincere and devoted to his business commitments. During the Ayub region in 1963-64, Govt. of the then Pakistan decided to build the Parliament building but the time allowed was very short. Jahurul Islam got the contract and within 40 [forty) days he finished the construction of the Parliament building at Tejgaon near old airport. Later, he constructed a 60 room, two storied MP hostel within 35...