Islami Bank Grahak Forum (IBGF) on Sunday demanded that Islami Bank be returned to its founding directors to restore customer trust.

At a press conference at the Jatiya Press Club, the forum said that the current management has failed to operate the bank in a customer-friendly manner, leading to difficulties for many businesses in securing working capital loans and investments.

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As a result, the production sector is facing significant hurdles in opening letters of credit (LCs), while Islami Bank continues to pay around Tk 14,000 crore in deferred LC liabilities linked to S. Alam Group beneficiaries.

Prominent businessman Abdul Hoque, convenor of IBGF, and Abul Kashem Haider, joint convenor and chairman of Islamic Finance and Investment PLC, addressed the event.

The IBGF presented a five-point demand, which includes:

Regularisation of classified investments: The forum called for the reclassification of investments that were allegedly marked as non-performing under the S. Alam-appointed management.

Protection of borrowers from harassment: They urged an end to the harassment of entrepreneurs and borrowers, many of whom defaulted due to the bank's withdrawal of funding necessary for industry operations.

Restoration of Shariah compliance: The IBGF accused the current management of derailing Islami Bank from its Shariah-based banking principles and demanded its restoration.

Removal of officials linked to S. Alam Group: The forum called for the removal of bank officials who allegedly facilitated financial irregularities that led to the looting of over Tk 1 lakh crore.

Reinstatement of the founding management: They demanded the reinstatement of previous directors, whose leadership, they claim, had established Islami Bank as the country’s top private-sector financial institution.