At no cost India and Bhutan, he would find projects in those countries where UNIDO could contribute expertise and match them with personnel and resources from abroad. He helped to bring foreign direct investment, and led a matchmaking effort to pair investors with local companies. After finally retiring from government/NGO service in 1993, Islam would go on to start three major companies, one of which he is still on the board of. In 1996, he started International Leasing and Financial Services, Ltd, his first non-bank Financial Services company. In 1998, he followed with National Housing and Finance, a non-banking development financial institution. Islam resigned from the boards of both of these companies in 2004 and 2003, respectively, so he could focus on his primary business venture. He started Industrial and Infrastructure Development Finance Company (IIDFC) in 2000 as a Non-banking Financial Institution (NBFI) under the Financial Institutions Act of 1993. As an NBFI, IIDFC cannot open savings or checking accounts, nor can it obtain letters of import. But it can accept term deposits, invest like a bank, and deal in foreign exchange. Since its inception, IIDFC has amassed 16.7 Billion BDT (US$200 Million) in assets as of 2015. Islam has continued to serve as chairman, and also retains a 3% stake in the company. In 2003, Islam helped to start the Credit Ratings Agency of Bangladesh, or CRAB, by partnering with the Indian Credit Rating Agency, ICRA. He now serves as the vice chairman of CRAB, in addition to his ongoing work as IIDFC Chairman. In 2010, Islam's company, IIDFC, was awarded the HSBC-The Daily Star Climate Award for Climate Change Mitigation. His company financed Bangladesh's first green brick project, introducing a technology that uses 50% less energy to manufacture bricks. In 2011, Islam won The DHL-Daily Star Lifetime Achievement Award for his aggregate accomplishments over six decades of work in accounting, finance, and international development.