Two fatalities were reported when one man died jumping from the building's sixth floor to escape the flames and another was suffocated, The Daily Star reported Monday. Several people suffering from injuries were taken to local hospitals.
Sources said the fire was considered to be under control and a number of people were believed to be trapped in the building as firefighters worked to extinguish the blaze.
Firefighters said the cause of the fire, which originated on the second floor of the building, was still unknown.
Bangladeshi President Iajuddin Ahmed and Chief Adviser Fakhruddin Ahmed released statements expressing regret for the loss of life during the fire and the chief adviser said an investigation into the cause of the fire has been ordered.
2014: The Year in Music [PHOTOS]