Islami-Bank

The High Court has ordered a three month freeze on 81.92% of the shares in Islami Bank held in the names of various companies affiliated with S.Alam Group. The High Court bench led by Justice KM Kamrul Kader issued the order on August 30 following a writ petition filed by Islamic Economics Research Bureau (IERB), a sponsor shareholder company of Islami Bank Bangladesh PLC. The court also issued a rule in the matter. The court asked why Bangladesh Bank’s inaction in allowing 81.92% of Isl...

The depositors of Sammilito Islami Bank PLC will not face any ‘haircut’ or deduction from their profits, Bangladesh Bank Governor Md. Mostaqur Rahman said. At the same time, he instructed the bank authorities to take necessary steps to allow individual depositors to withdraw money as needed beyond the prescribed limit for deposit refunds. The decisions were made at a meeting between Bangladesh Bank Governor Md. Mostaqur Rahman and Sammilito Islami Bank Chairman Kazi Shairul Hasan and...

Bangladesh Bank and Islami Bank have changed their lawyers in a writ petition seeking an investigation into 24 entities linked to the S. Alam Group. The central bank has already obtained a No Objection Certificate, from its former lawyer and appointed a new lawyer. Islami Bank has also sent a letter to its lawyer seeking an NOC. Barrister Abdullah-Al-Mamun was representing Islami Bank in the case. On August 11, the bank authorities sent him a letter requesting an NOC. In the letter, the b...

Eight months after the launch of Consolidated Islami Bank through the merger of five Shariah-based banks crippled by large-scale looting and irregularities, millions of depositors and businesses remain in distress. The government's decision initially raised hopes among customers and businesses, but those expectations have largely faded. While depositors have received up to Tk 200,000 from their accounts, there is no clarity on when they will receive the remainder. Businesses, meanwhile, c...

Islami Bank Bangladesh PLC and the Bangladesh Power Development Board (BPDB) have signed a corporate agreement to expand customer services by enabling prepaid electricity meter recharge through the bank’s nationwide channels. Under the agreement, BPDB customers will gradually be able to recharge their prepaid electricity meters through all Islami Bank branches, sub-branches, agent outlets, as well as the bank’s Selfin, iSmart, and mCash mobile applications. The signing ceremony was held...

Customer concerns surrounding Islami Bank have eased significantly following the cancellation of Khurshid Alam’s appointment as chairman. As confidence in the bank begins to recover, the rate of cash withdrawals has declined. Customers who withdrew funds or transferred deposits to other banks be...

Some laws and regulations in the country's banking sector are creating obstacles to business expansion and new investment, according to Abdul Hai Sarker, Chairman of the Bangladesh Association of Banks (BAB).He said that promising entrepreneurs should not have their opportunities limited due to past...

Instability at Islami Bank has begun to ease following the removal of Chairman Khurshid Alam. Concerns among various stakeholders have also slightly diminished, with customers and other stakeholders seeing signs of relief. Under the banner of 'Conscious Customers’ Assembly,' protestors submitted a m...

Following the recent appointment of Khurshid Alam as Chairman of Islami Bank, concerns and unease have arisen among various quarters. Protests have been ongoing since June 1, demanding the cancellation of the Chairman's appointment under the banner of customers. At the same time, many panicked custo...

Mohammad Zahir Hossain, the Bangladesh Bank Executive Director in charge of the Islami Bank board (currently serving as Chairman), has said that there is no opportunity to look back. Urging depositors to continue their transactions smoothly, he requested them to trust the bank.He also said a thoroug...

Bangladesh Bank has dissolved the board of directors of Islami Bank Bangladesh PLC and appointed a new administrator. The central bank has named its Executive Director Mohammad Zahir Hossain as the new administrator of the bank. Bangladesh Bank confirmed the development in a statement issued...

Bangladesh Bank has cancelled the appointment of Islami Bank Bangladesh PLC Chairman Khurshid Alam, along with all members of the bank’s board of directors. The central bank has appointed its Executive Director Mohammad Zahir Hossain as the new coordinator of the bank. The decision was taken...

Bangladesh Bank has provided Tk 2,670 crore in special support to Islami Bank Bangladesh PLC. The information was confirmed by sources within the ailing Islami Bank. The support was extended by the central bank on Sunday (June 14) to address the bank's liquidity crisis.According to discussions...

Six of the country’s ten full-fledged Islamic banks are effectively becoming weak. Despite continuous monitoring by the central bank, the regulator of the banking sector, customers have lost confidence in these institutions. They are unable to withdraw their money. To resolve the crisis, Bangladesh...

Mohammad Ashraful Alam, an Executive Director of Bangladesh Bank, has been appointed as the observer at the Islami Bank.  Bangladesh Bank today reappointed the observer at the Bank amid ongoing turmoil there. The central bank said this appointment has been made with the aim of closely moni...

Withdrawal pressure at Islami Bank has increased abnormally. In just nine days, customers withdrew more than Tk 5,400 crore. During the same period, fresh deposits stood at only Tk 50-60 crore. As a result, the country’s largest private-sector bank is facing a liquidity crisis and struggling to...

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 Tuesd...

The share prices of listed companies Islami Bank Bangladesh PLC and Beximco Ltd. experienced a sharp decline after the withdrawal of the floor price on their stocks. The information was confirmed by sources at the Dhaka Stock Exchange (DSE). On Tuesday, the floor price on the shares of Islami Ba...

After independence, establishing the concept of Islamic banking in the country's banking history was a huge challenge. Against that backdrop, through the innovative strategies and relentless efforts of domestic and foreign entrepreneurs, Islami Bank commenced its journey in 1983. Since then, the ban...

A large-scale embezzlement of depositors’ funds under the guise of loans at the listed Islami Bank has come to light. According to audit report findings, a significant portion of loans disbursed through a syndicate linked to the S Alam Group has now turned into classified loans. As a result, loa...