Dynamic Corporate Leader: Muhammed Omar Faruk Ripon FCA

Muhammed Omar Faruk Ripon FCA
Group CFO
Panna Group of Companies Ltd.

Muhammed Omar Faruk Ripon’s journey from academic challenges to becoming Group CFO of Panna Group is a story of resilience and growth. Shifting from science to commerce, he pursued Chartered Accountancy, overcoming personal and professional hurdles to earn his CA qualification in 2012. His career spans key roles at ACME Laboratories, Square Pharmaceuticals, and Walton Hi-Tech Industries, where he mastered financial strategy, risk management, and compliance.

Ripon’s leadership, shaped by his experiences at Walton, emphasizes collaboration, adaptability, and ethical standards. His story exemplifies that with persistence and continuous learning, success is within reach.

Let’s learn about his journey.

The InCAP: Muhammed Omar Faruk Ripon, your professional career has been nothing short of inspirational. Could you walk us through the pivotal moments and milestones that have defined your path to success?

Muhammed Omar Faruk Ripon: Basically, I was a student of science group and often positioned between 4^th to 8^th in school exams. I never thought to shift in commerce or business study group from science. After passing secondary school level, I got new circle of friends and new environment due to change of locality and by turn I derelict from routine life and study. As a result, I failed to score satisfactory result in higher secondary level and hence fell off from my dream to obtain pass score in medical/engineering (BUET) competitive exam in 1992-93. That shocked me a lot but family financial warp and woof always insisted me to adhere to success, fit with odd, welcoming vulnerable situations. Family scarcity drove me to dedication. By turn, I retracted myself from unnecessary occasions, chatting, passing leisure time, watching TV show, Travelling, etc.

After one (1) year study in Physics (hons.), I dropped out and got admission in B. Com (Pass) in 1994 with an aim to be a Professional Accountant and by this time tried for commissioned rank in Bangladesh Army but failed to cross Inter Service Selection Board (ISSB) twice, at final stage, due to over-weight.

I realized that too much engagement will not bring good result but waste of valuable time! After obtaining Bachelor Degree in 1995, I got admission in a C.A (CPA) firm, the principal of the firm always discouraged studying for exam. However, after passing of Four and Half (4.5) years with the firm I obtained just course completion certificate (CACC) and entered into full time service in early 2001 and alongside continued private tuition. I could not manage proper and adequate time for study due to pay most time for earning money and learning of work oriented practical works.

From the very beginning of work life, I always welcome assignment and try to learn something new beyond my defined job. By passes of time, I turn as a dependable hand in work place.

In my first employment as Junior Officer, Internal Audit & Tax, with ACME Laboratories Ltd., a Bangladeshi Pharmaceuticals Company, I critically observed my two (02) colleagues, who were partly qualified CA. I inspired to start study for professional exam and I sat on CA exam for the 1^st time in 2002 without going through the course curriculum on inspiration of some of colleagues and qualified six (6) papers by 2004, i.e. in two (02) years, alongside continuing full time job and private tuition. I was so eager that slept only for 3/4 hours daily. I always carried pocket notes and took a review during journey, dinning, even in fresh room. Unfortunately, I had to take a break again due to switch of employer on requirement of more earning to support family on retirement of my father.

In the 2^nd employment (2006-2012) with Square Pharmaceuticals PLC., the largest pharmaceuticals company in Bangladesh, listed in stock market, I enjoyed wider scope of busy assignments also in off days at outside of my regular duty station. I came back again after 2.5 years and started group study and passed the 2^nd level exam by 3 years with hurdle of dissatisfied conjugal life! After that I, with my some of study partners, rented a flat, where we met after office for paying special attention on study. Finally, I obtained CA qualification from the ICAB in 2012. In my 24 years plus work life with different Bangladeshi Local Giant Organizations in different sectors, like – Pharmaceuticals, Food & Beverage, FMCG, Health, PVC, Jute, Electrical & Electronics, and so in different capacities, I never missed due promotion, premium salary and benefits.

In my work life during the tenure from 2001 to 2012 with ACME Laboratories Ltd. and Square Pharmaceuticals PLC, I got association of ambitious and target oriented industrious colleagues. That time was my Learning period. But I got huge working scope in National Polymer Industries PLC, during the period from 2012 to 2019 end, in the area of Accounts, Finance, Taxation, Internal Control, Audit and Compliance, Distribution Process, Costing, Inventory Management, Procurement and so one, that practical experiences given me strong base to join with the Bangladeshi 2^nd largest market cap and leading Electrical & Electronics Company, “Walton Hi-Tech Industries PLC., as CFO on facing three (03) steps interview sessions, including fifteen (15) members final selection board, where I got few accounting professionals in my team and our collaborative effort the employer achieved best reporting and corporate governance awards several times from ICAB, ICMAB, ICSB, SAFA and many more. As rewards of good employee, I got 3/4 steps promotion twice in my corporate career with satisfactory increment, price money and else.

I opine ups and down is part of life and at growing phase there should have crisis! But one should have to adhere till achievement, take advise of experienced mentors, sometimes may need to change the path. In 1995, when I decided to switch my academic career from science to commerce, many of my wishers discouraged and criticized but one of my senior neighbors advised, “whatever the track, no issue, if you can be the topper!” I inspired on his speech and changed my circle of friends as I realized surrounded people and environment has a profound effect in life. I think missing some steps make me stronger, though it takes countable time to mend.

In a nutshell, 2013 and 2020 to 2024 are milestones in my life, as I got most of prestigious recognitions during these periods of time, Like CA, CS, VC, Corporate Awards for Employer under my Supervision with effort of my team!

As Group CFO at Panna Group, what key financial strategies have you implemented to drive the company’s growth and sustainability?

Prudent Budgeting, Forecasting, Financial Analysis, Cash Cycle Analysis and Reinvesting Profits into the business.

How do you navigate the challenges of managing finances for a diversified group of companies, ensuring profitability and compliance?

Goal Orientation; Control Expense; Waste Management; Maintain Optimum level of Inventory; Maintain Debt Equity Ratio; Financing at a competitive cost; Net Cash Cycle review and measures for adjustment; Suppliers Credit over Buyers Credit; Listing Compliance Requirements and ensuring compliance; Setting internal control system; Periodic Audit and Selecting Right people, etc.   

Mr. Omar Faruk, what role does innovation in financial technology play in your decision-making process at Panna Group?

Automating financial management tasks using technology to handle repetitive and regular tasks is under progress (like putting in data, keeping records, and making integrated financial reports).

In your experience, how can finance leaders effectively balance risk management with business expansion?

Risk management is the process of identifying, assessing, and responding to the potential threats and uncertainties that may affect business objectives, performance, or reputation. Risk management involves various tools and techniques, such as risk analysis, risk evaluation, risk treatment, risk monitoring, and risk communication. The goal of risk management is to reduce the negative impacts and increase the positive outcomes of risk events.

In my experience, finance leaders can effectively balance risk management with business expansion, by –

• Aligning Strategy with Goals and Vision.
• Engaging Stakeholders (employees, customers, partners, suppliers, regulators, and other relevant parties) in the process.
• Communicate clearly and transparently about risks and opportunities.
• SWOT Analysis.
• Keeping eyes on rivals’ movement and new developments.
• Mitigation planning for market risk, credit risk, liquidity risk, operational risk, and legal risk.
• Balancing Debt Equity ratio.
• Minimizing WACC using alternative sources of financing.
• Ensuring grater IRR, lower PBP, positive NPV in selecting project for expansion.
• Managing Tax Burden.
• Monitor and review risk management performance regularly and use feedback, data, and lessons learned to refine and update policies, procedures, and practices.

Could you share an example of a significant financial challenge you faced and how your leadership helped overcome it?

Yes! During my role as CFO in Walton Hi-Tech Industries PLC. (the company), the 2^nd largest market cap company in the BD stock market, the company faced financial challenges since the inception of Corona outbreak, which taken horrible position in the 1^st quarter of the F/Y 2022-23 and the company sustained loss for the first time in its’ history, due to surprise significant decline of BDT against FC (USD & EURO) overnight, 93 to 107. The company taken the following measures on my advice –

• Credit Recovered
• Inventory Controlled
• Cost and Expansion in planned way
• Stopped investing in Capex for the time being
• Op-ex controlled
• Sight LC over UPAS
• Forward Contract
• LC only against high demanded goods
• Priority on settlement of debt 

Reflecting on your experiences and the milestones you’ve achieved, what final thoughts or words of wisdom would you like to share with our esteemed readers?

Don’t lose your dream! Never upset on criticism! Avoid people with negative thought!   

Quick Chat With Muhammed Omar Faruk Ripon

The greatest achievement of your life as of now:
More assignment as recognition of well and multitasker, year by year promotion, satisfactory increment, people find me as dependable and share their sorrow and secret.

How do you define patriotism?
Eternal feeling and commitment to the country or nation and fair contribution to the nation from one’s ability.

The greatest philosopher in your view:
Aristotle.

Meaning of “Success” to you:
Using own’s ability to contribute for others.

Your Icon:
My Father who inspires me to live with integrity.

Name the most influential books you have read:
You can win by Shiv Khera (Bangla Version)

What did you want to be when you were a child?
Medical Professional (Doctor).

Which is the best gift you’ve ever received?
Parents Love and Prayer of Seniors.

Your greatest fear:
Corporate Politics.

You in only three words:
Dependable, Diligent and Friendly

Skill Set

• Hard Skills: I am an accounting professional with a wide range of work experience of more than 24 (twenty-four) years in the field of Finance, Accounts, Tax, VAT, Internal Audit & Compliance, Planning, Budgeting, Costing, Financial Management, Negotiation, Preparation and Presentation of Financial Statements, Data Analysis, Due Diligence, Process Review and Development, Inventory Management, SCM, Risk Analysis, Company matters, etc. I have proven track record of leading financial strategies to facilitate a company’s ambitious growth plans. I am also able to ensure compliance and statutory reporting. I possess the ability to provide a high standard of financial control and ensuring legal & regulatory compliance relating to taxation, BSEC Laws, Companies Act, 1994, Labor Code, Secretarial Issues and more.

I have good hand on report writing. I conduct training session on taxation in different platform an am a faculty of ICGAB on taxation. I am an article writer of Quarterly Journal of ICAB ‘The Bangladesh Accountant’ and author of some Taxation Books.

I am a fellow member of the Institute of Chartered Accountants of Bangladesh (ICAB), the Institute of Certified General Accountants of Bangladesh (ICGAB), the Institute of Financial Accountants (UK), the Institute of Public Accountants (Australia); Qualified member of the Institute of Chartered Secretaries of Bangladesh (ICSB), General Member of the Institute of Internal Auditors, Bangladesh (IIAB), Dhaka Taxes Bar Association, Registered VAT Consultant & Income Tax Practitioner (ITP). I also hold degree in Master of Commerce and L.L.B from National University of Bangladesh.

During my long course of career, I have undergone many trainings on Tax, VAT, Customs, Bond Management, Financial Management & Reporting, Project Management, Transfer Pricing, Export Marketing, Code of Ethics, Internal Control, Corporate Governance, Leadership & Change Management, Effective Communication and many more from different institutes such as the World Bank, CPA Ireland, ICSB, ICAB, IIAB, NBR, BIPET, BVPF.

• Soft Skills: Teamwork: Effective teamwork ensures more production, meeting deadlines, stronger relation and knowledge sharing. It makes the workplace a better place to be in. I like collaborative approach in life to succeed.

Problem Solving: No matter how smooth of a workplace we have, Hurdles will appear. I always try to find effective ways of solving problems, whenever require take consultation from expert.

Communication: listen actively and understand other perspectives.

Adaptability: I have the ability to adapt changes and open mindsets.

Critical Thinking: Critical thinking skills allow to effectively analyze information and make informed decisions. It helps to form successful plans, perform efficiently, take advantage of opportunities and always respond rationally to situations and challenges.

Time Management and Prioritizing Tasks: I always try to accomplish tasks in time by effectively managing time at work to take control of the day and alleviate stress that can come with not knowing how to prioritize day-to-day tasks. I share works with team members to prioritize what is genuinely urgent and important, schedule days to allocate time to the most essential tasks.

Interpersonal Good Relation: I usually try to build and maintain relationships and communicate well with others. It assures underpinning positive working relationships.

In brief, I believe and maintain the followings –

• Adaptable
• Coordination
• Critical Thinking
• Decision Making
• Detail-Oriented
• Dependability
• Empathy to others
• Encouragement
• Ethical
• Flexibility
• Good Attitude
• Honesty
• Judgement
• Kindness
• Listening Actively
• Motivating others
• Perceptiveness
• Patience
• Self Confidence
• Self-Motivated
• Teamwork
• True role of leadership by participation
• Taking and discharging Responsibility

Prayer For the Human Civilization:

• The Almighty give us knowledge and strength to be satisfied with stakes allocated for me!
• Don’t snatch other’s interest!
• Let’s Build a world of peace for all!
• Discharge your responsibility without bothering for instant return!

The InCAP: Thank you, Mr. Muhammed Omar Faruk Ripon! It’s a glittering conversation with you!

Mr. Muhammed Omar Faruk Ripon: My pleasure! Wish you all the best! Thank you.

To read more about Professional’s stories, Please Click Here!