United News of Bangladesh

The government on Tuesday approved a variation proposal involving the construction of Narayanganj Rice Silo under the Modern Food Storage Facilities Project (4th Revised), being implemented by the Directorate General of Food with financial support from World Bank. The approval came a meeting of the Advisers Council Committee on Government Purchase held virtually with Finance Adviser Dr Salehuddin Ahmed in the chair. According to the Food Ministry’s proposal, the variation applies to Package W-23 of the project. The original contract value was Tk 46.53 crore and USD 3.22 crore, which has now been revised to Tk 42.53 crore and USD 3.24 crore following an adjustment that includes an increase of Tk 4 crore and USD 1.53 lakh. The contract was awarded to Confidence Infrastructure Limited, Unique Trade Centre (Level 6 & 7), 8 Panthapath, Kawran Bazar, Dhaka, in association with The GSI Group LLC, Illinois, USA.

Customers can enjoy up to Tk 200 discount on pizza orders by paying through bKash at over 270 participating restaurants and cafes across various districts, including Dhaka, Chattogram, Sylhet, Rajshahi, and Khulna. According to a media statement, the offer aims to promote digital payments and will remain valid until November 1, 2025. To avail the discount, customers must use the promo code ‘D4’ while making a minimum payment of Tk 250 through the bKash app or by scanning the QR code via the app. Each customer will receive a 10% discount, up to Tk 100 per transaction, and can use the offer once per day, for a maximum of two times during the campaign. The list of pizza outlets, including their names, districts, and specific addresses, has been added to the bKash website. Customers can find out nearby restaurants and cafes that are running the offer by checking this link: https://www.bkash.com/page/payment-d4-pizza-fest-outlet-list-oct25.

Bangladesh’s two stock exchanges witnessed mixed trading in the first hour on Monday, with the key index of the Dhaka Stock Exchange (DSE) rising while the Chittagong Stock Exchange (CSE) saw a slight decline. During the first hour of trading, the DSE’s benchmark index, DSEX, gained 28 points. Among the other indices, the Shariah-based DSES advanced 5 points, and the blue-chip DS30 index edged up by 10 points. Out of 257 issues traded on the DSE, prices of 117 companies increased, 65 declined, and 75 remained unchanged. Indices rise in early trading at DSE, CSE The turnover stood at over Tk 220 crore in the first hour. Meanwhile, the overall index of the CSE dropped by 9 points. Of the 103 issues traded there, 53 advanced, 38 declined, and 12 remained unchanged, with a turnover of over Tk 10 crore during the first hour.

The Bangladesh Securities and Exchange Commission (BSEC), the stock market regulator, has sent a letter to Bangladesh Bank (BB) regarding the planned merger of five commercial banks, urging the central bank to ensure the protection of the interests of general investors. The letter was sent to the governor of the central bank recently. While the decision to merge five private banks suffering from weakness and liquidity crises ensures the full protection of depositors, no clear decision has been made regarding the interests of general or small shareholders of these banks. Later, BSEC sent the letter to secure investor rights. Sources at Bangladesh Bank indicate that, according to the Bank Resolution Ordinance, 2025, general shareholders may not receive any compensation during the merger process. The new, merged bank will be listed on the stock market, but the investors of the five existing banks will not have any shares in the new entity, as their shares will be cancelled and new ones issued. But, market stakeholders argue that the general investors are not responsible for the current state of the five Islamic-focused banks. They believe the banks' sponsors and directors are the identified culprits, and their assets should be confiscated. They emphasise that since general investors are not at fault, their shares should not be confiscated, making the protection of their interests crucial during the merger process. They demand that the government should give the same level of importance to shareholders as it does to depositors. In its letter to the governor, BSEC stated that general investors are in no way responsible for the current state of the five banks slated for merger-First Security Islami Bank PLC, Global Islami Bank PLC, Union Bank PLC, Social Islami Bank PLC and Exim Bank PLC. The BSEC asserts that the individuals identified as liable under Section 77 of the Bank Resolution Ordinance-2025 are entirely responsible for the banks' condition, a fact acknowledged in the Ordinance itself. BSEC highlighted the following points for consideration to protect the interests of general investors during the merger: Valuation Beyond Balance Sheet: Determining the interest of general investors by valuing the banks' licenses, branch networks, client base, human resource base, service delivery mechanism, and brand value, etc., in addition to the assets displayed on the balance sheets, to arrive at a fair sale price. Considering Collateral and Confiscated Assets: Determining the general investor's interest by considering the value of collateral against the loans provided by the banks and the collectible funds through the confiscation of movable and immovable properties of the liable persons. Determining Merger Ratio: Fixing the merger ratio by considering the investment amount made by general shareholders (excluding shares held by the liable persons mentioned in Section 77) as the minimum value of their interest. No Delisting Before Valuation: BSEC urged the Governor that the five banks should not be delisted from the stock exchange without first determining and announcing the value/ratio of general investors’ interests based on the above evaluations, or without determining and announcing the acquisition price of the shares held by general investors.  

Dhaka University Treasurer Professor M. Jahangir Alam Chowdhury on Saturday said Islamic banking and finance continue to play an increasingly vital role in the global economy — not merely for being interest-free, but also for their ethical and socially responsible principles. He made the remarks while addressing the closing ceremony of the week-long Professional Certificate in Islamic Banking (PCIB) training course, jointly organised by the Bangladesh Institute of Islamic Finance (BIIF) and National Credit and Commerce Bank PLC (NCC Bank PLC), held at the BIIF Training Hall in Motijheel. Dr. Jahangir Alam Chowdhury said that from the perspective of sustainable development, both responsible borrowers and lenders are essential for ensuring the long-term benefits of Islamic banking. “Interest-free banking is not only for Muslims or a purely religious matter — it plays an important role in poverty alleviation, job creation, and fostering financial inclusion,” he added. He noted that operating an Islamic bank requires more than just seeking profit — it demands commitment, dedication, and a sound understanding of Islamic economics. “The time is now to give greater attention to the Islamic banking sector. I believe BIIF is playing a pioneering role in this regard and will continue to do so in the future,” he said. The event was presided over by Prof. M. Abdul Aziz, Founder Director of BIIF and Director General of the Bangladesh Institute of Islamic Thought (BIIT). A.Q.M. Safiullah Arif, Executive Vice President and Head of Islamic Banking Division of NCC Bank PLC, attended the programme as special guest, while Mohammad Ali Kaiyum, Director General of the Institute of Islamic Banking and Insurance (IIBI), London, joined virtually as guest of honour. Aftab Uddin, Deputy Director of Bangladesh Bank, was also present. Dr. Abdul Aziz said that BIIF, as an independent institution, has been working relentlessly to enhance the professional skills of banking, finance, and business professionals through policy research, publications, training, and consultancy. “By combining knowledge, skill, and values, BIIF aims to develop world-class human resources equipped to meet future challenges,” he said. He added that improved collaboration between academia and the financial industry could enable the Islamic banking sector to contribute even more significantly to the country’s economic development. “Given that over 92 percent of the population in Bangladesh are Muslims, there is immense potential for the further growth of Islamic banking and finance,” Dr. Aziz said. NCC Bank’s A.Q.M. Safiullah Arif noted that there is strong demand in Bangladesh for fully Shariah-compliant banking. “Since interest-based banking contradicts religious values, the profit-and-loss-sharing system of Islamic banking has gained wide acceptance,” he said. “NCC Bank is committed to developing its human resources in this area. This training, conducted through BIIF, marks the beginning of that journey for our first batch of 35 officials.” Participants Nasrin Afrin Juma and Md. Sohel Parvez praised BIIF’s efforts in research, publication, and training, saying the course was highly beneficial in clarifying misconceptions about Islamic banking and reinforcing its importance for individuals, families, and institutions alike. The course covered 24 sessions on Islamic economics, Shariah-based banking structures, Islamic contracts, Islamic money markets, risk management, and regulatory frameworks. Leading bankers, economists, and current and former officials of Bangladesh Bank served as trainers. The Professional Certificate in Islamic Banking (PCIB) is internationally recognised by the Institute of Islamic Banking and Insurance (IIBI), UK, and is regarded as a globally standard professional programme for Islamic banking practitioners.

The Self-Employed Women’s Association (SEWA), in collaboration with the High Commission of Bangladesh in New Delhi, inaugurated the annual SEWA Bazaar on Friday at the Maitree Hall on the High Commission premises. The three-day event, open to the public from October 10–12, showcases a vibrant collection of regional crafts created by women artisans from across India, said a media release on Friday. Visitors will have the opportunity to explore and purchase handcrafted products that reflect the diversity and creativity of India’s rich artisan traditions. This marks the first-ever partnership between the High Commission of Bangladesh and SEWA—an Indian trade union founded in 1972 by Ela Bhatt to empower self-employed women in the informal sector through collective organization, access to finance, social security, and cooperative enterprise development. Originating from India’s Textile Labour Association, SEWA has grown into a nationwide movement with over 3.2 million members across 18 states, committed to promoting women’s economic independence through its core principles of voice, visibility, and viability. Speaking at the inauguration, M Riaz Hamidullah, High Commissioner of Bangladesh to India, commended SEWA’s efforts, saying, “The women artisans of SEWA are not just selling products—they are sharing stories of resilience and inspiration. The Bangladesh High Commission is proud to partner in such a remarkable initiative.” Anuradha Kumra, chief adviser of The Kunj—an initiative of India’s Ministry of Textiles that celebrates craftsmanship—praised SEWA’s work in sustaining traditional creativity among women. “SEWA keeps alive the spirit of craftsmanship while celebrating the diversity of the Indian subcontinent during this festive season,” she noted.  

Stocks extended their losing streak for a second consecutive day on Tuesday, with the key index of the Dhaka Stock Exchange (DSE) falling by 46 points amid widespread sell-offs across sectors. After a brief stable opening, the market turned negative within the first hour and remained downbeat throughout the session.  At the end of the day, the DSEX dropped to 5,377 points from 5,423 in the previous session. The Shariah-based DSES index shed 10 points, while the blue-chip DS30 index fell by 23 points. Despite the overall decline, turnover at the DSE rose to Tk 787 crore, up from Tk 736 crore in the previous session. Of the 401 issues traded, prices increased for 85, declined for 282, and remained unchanged for 34. Prices fell across all categories — A, B and Z — with the A-category, which includes the market’s most fundamentally sound companies, seeing 138 losers against 67 gainers and 19 unchanged. In the block market, shares worth Tk 15 crore were traded across 34 companies, led by Envoy Textiles Ltd, which accounted for Tk 3.9 crore in transactions. First Security Islami Bank PLC topped the day’s gainers with a 10% rise, while Bangladesh Industrial Finance Company Ltd plunged over 8% to become the worst performer. The downtrend was mirrored at the Chittagong Stock Exchange (CSE), where the overall index dropped by 107 points. Out of the traded issues, 63 advanced, 136 declined, and 18 remained unchanged. The turnover at the CSE fell slightly to Tk 12.20 crore, compared to Tk 12.54 crore in the previous session. Pioneer Insurance Company Ltd gained 10% to top the gainers’ chart at the CSE, while Information Services Network Ltd lost over 9%, becoming the worst loser of the day.

Gold prices in Bangladesh have reached an unprecedented high, crossing the Tk 2 lakh mark per bhori (11.664 grams) for the first time, driven by continuous price surges in September and early October. On Monday night, the Bangladesh Jewellers Association (BAJUS) announced an increase of Tk 3,150 per bhori for 22-carat gold, setting the new rate at Tk 2,726 per bhori, the highest in the country’s history. The revised prices will take effect from Tuesday. According to BAJUS, the hike reflects a rise in the value of pure gold in the local market. The association’s Standing Committee on Pricing and Price Monitoring recalculated the rates to align with market trends. The new prices include the mandatory 5 percent VAT imposed by the government, as well as a 6 percent minimum wage determined by BAJUS. However, actual prices may vary depending on jewellery design and quality. Under the updated rates, gold in Bangladesh is priced as follows: *22-carat: Tk 2,726 per bhori*21-carat: Tk 1,91,605 per bhori*18-carat: Tk 1,64,229 per bhori*Traditional (Sanatani): Tk 1,36,445 per bhori BAJUS had previously set a record on October 4, when 22-carat gold rose by Tk 2,192 to Tk 1,97,576 per bhori. This year alone, the association has revised gold prices 61 times, including 43 increases and 18 decreases. The surge in domestic prices mirrors global trends, with international gold rates also hitting record levels, surpassing $3,900 per ounce for the first time. As gold continues its upward trajectory, consumers and investors alike are keeping a close eye on market developments, making this historic milestone a topic of widespread attention across Bangladesh.

The Bangladesh Bank (BB) has purchased an additional US$104 million from commercial banks through an auction to maintain stability in the foreign exchange market, raising the country’s foreign exchange reserves to $26.62 billion. The central bank bought the dollars at a rate of Tk 121.80 from eight commercial banks on Monday, said BB spokesperson and executive director Arif Hossain Khan. With this latest purchase, the central bank’s total acquisition through auctions in the current fiscal year has reached $1.98 billion. Economists and bank officials have described the move as ‘essential’ for stabilising the volatile dollar market. While a sharp rise in the dollar rate pushes up import costs, a steep fall can hurt remittance inflows and export earnings, he said. Officials said that purchasing dollars through auctions gives a slight advantage to remitters and exporters, supporting foreign currency earnings. At the same time, they said, the move is helping the central bank gradually rebuild its reserves. Bangladesh Bank officials indicated that dollar purchases through auctions will continue until the market reaches a stable balance between demand and supply.

Islami Bank Shareholders' Forum today (Monday) held nationwide human chains and protest rallies, including in front of the Islami Bank Tower in Dilkusha, Bangla Motor, Mirpur, Uttara of Dhaka, demanding the immediate removal of officials allegedly appointed illegally by S Alam. Simultaneous demonstrations were also held in front of every Islami Bank branch across the country. Speakers at the rally alleged that S Alam "illegally seized" Islami Bank in 2017 using state force and intimidated legitimate owners and foreign shareholders into leaving. Following the alleged takeover, he reportedly appointed thousands of "inefficient people" from the Patiya and Chattogram regions without any public notification, which the speakers claimed has destroyed the bank's reputation and skilled workforce structure. Forum leaders claimed that between 2017 and August 2024, a total of 7,224 individuals were illegally appointed to the bank, with over 4,500 of them hailing solely from Patiya Upazila. They further alleged that this practice broke bank discipline by favouring candidates from one district while depriving qualified candidates from the country's other 63 districts. According to the Shareholders’ Forum leaders, these alleged illegal appointments are costing the bank more than Tk 1,500 crore annually. In a move to assess their competence, bank authorities recently arranged an evaluation test for these officers through the Dhaka University's Institute of Business Administration (IBA) on September 27. However, out of the 5,385 officials called, 4,971 refused to sit for the examination. The protesting groups stated that those who defied the bank’s decision have been placed on ‘On Special Duty’ (OSD), and approximately 400 "rebel" officers have been terminated from service. Addressing the rally in front of the head office, speakers including Md Mohtasim Billah, Hafizur Rahman, Imam Hossain, and Mahmudul Hasan said the removal of illegally appointed individuals is not a violation of human rights. "The true violation of human rights is depriving candidates from 63 districts to favour a select few from a single part of Chattogram," a speaker stated.   They also alleged that S Alam's control led to the forced resignation of older, experienced bank officials through intimidation. An executive, speaking anonymously, claimed that several senior officers were arrested and presented in the media as criminals for refusing to sign "fake investment files." The protesters warned that if all illegally appointed officials are not removed by next Thursday, they will launch a larger, intensified movement. They called for the recruitment of honest, qualified, and talented candidates through rigorous verification to "save Islami Bank from the grip of mafias." Other groups, including the Islami Bank Customer Forum, Conscious Businessmen's Forum, Islami Bank Ex-Bankers Council, Anti-Discrimination Job Seekers' Council, Conscious Professionals Group, Islami Bank CBA, and Conscious Banker Society, joined the human chain in solidarity.