Home Minister
We Understand the Pain of Losing Control of a Taken-Over Bank
Home Minister Salahuddin Ahmed. Collected Photo
Amid ongoing debate in Parliament over the control and management of Islami Bank, Home Minister Salahuddin Ahmed said, “The pain or method through which the bank was taken-over when it is now being dislodged, it is natural to feel the same pain, Hon’ble Speaker.”
He made the remarks on Tuesday during the budget session of Parliament while speaking on a notice raised by the Leader of the Opposition. He issued strong warnings over irregularities in the bank and future actions. The notice was submitted under Rule 68 of the Rules of Procedure of Parliament by the Leader of the Opposition and Jamaat-e-Islami Ameer Shafiqur Rahman.
The home minister detailed irregularities at Islami Bank after August 5, 2024. He said that in the bank’s flagship RDS project, an additional Tk 11,000 crore was disbursed in violation of rules to facilitate electoral interests.
He also said that after August 5, Islami Bank provided Tk 700 crore in loans to the Nabil Group against letters of credit, but the goods were later sold and the bank’s money was not returned. “Some mischievous people say that it went into the election fund of a certain party,” he added.
Referring to the Nabil Group, he said, “Their bank liability stands at Tk 16,000 crore. Why is there no investigation into this? An investigation will be conducted.”
He further said, “Now it is being said that you are not the owner of the bank. Jamaat-e-Islami is not the owner of the bank. Then they say do not touch Islam.” In this context, he added, “Islami Bank is not Islam. Our Mr. Fakhrul Islam is not Islam, and Jamaat-e-Islami is not Islam.”
He also said, “A bank that was once taken over with calls of Azan and Takbir, that control is now being taken away. We understand this pain, Hon’ble Speaker.”
The home minister said that Tk 40 crore was given to a group before the election without approval from the Islami Bank head office. He added, “Those who arranged even airline tickets from Dhaka to Cox’s Bazar under the name of CSR (Corporate Social Responsibility) will also be investigated.”
Salahuddin Ahmed said that after the takeover of the bank, 9,000 employees were dismissed without observing legal procedures. He added that 6,000 new employees were recruited, all belonging to a single political ideology. He also said 13,000 promotions were given improperly, including multiple-step promotions that were not allowed under normal categories.
He said, “These irregularities have taken place, Hon’ble Speaker. It appears they were done in the name of Islam. Therefore, if investigations are conducted, some of our names may also come up.”
On shareholders of Islami Bank, he said, “How shareholders acquired shares is a separate debate. The ACC may investigate it, cases may be filed. But a shareholder is a shareholder.”
Responding to allegations of share ‘looting’, he said Ibn Sina held 2 percent shares and sold them in the block market at three times the price. He added that under the current shareholding structure, around 81 percent is held by one group.
He said lawful measures will be taken to return ownership to legitimate shareholders and demanded disclosure of who holds what percentage of shares.
Referring to allegations against the S Alam Group, he said they have been accused of laundering hundreds of billions of taka. He added, “We demand that all money laundering cases be investigated under the leadership of Bangladesh Bank. Those who have siphoned off Bangladesh’s money and people’s money abroad must be investigated.”
He also said, “Regarding the appointment of a chairman, Bangladesh Bank has replied that no allegations have been proven against the official and no investigation is ongoing. If new allegations arise, they will be investigated.”
