Expressing deep concerns over the lingering uncertainty surrounding Islami Bank Bangladesh PLC, the Islami Bank Sachetan Grahak Forum on Monday demanded the immediate formation of a fully-fledged, competent and professional board of directors to restore public trust in the bank.
It emphasised that the recent appointment of an administrator by the central bank after dissolution of the regular board is not a permanent solution and could instead complicate the existing crisis.
Prof Nur Nabi Manik, the convener of the forum, made the demands while reading out a written statement at a press conference held at the Islami Bank Tower in the capital's Dilkusha area.
He pointed out that Islami Bank is not just an ordinary financial institution; it holds the deposits of millions of citizens, handles the major share of inward foreign remittances from expatriates, finances small entrepreneurs, and serves as a vital pillar of the country's rural economy. “Therefore, any disruption or decision regarding the bank directly impacts the overall stability of the financial sector.”
Forum leaders mentioned that they had previously placed demands before Bangladesh Bank for the removal of the controversial chairman, the reinstatement of former Managing Director Omar Faruk Khan, and the establishment of an acceptable management structure.
However, bypassing those demands, the central bank opted to dissolve the entire board and centralise all administrative powers under a single administrator, they said.
The organisation asserted that running a major commercial bank under a long-term administrator-dependent system is undesirable, as it centralises decision-making and denies representation to vital stakeholders.
It, however, acknowledged that the central bank's timely injection of emergency liquidity support and the removal of the controversial chairman provided some temporary relief to the ongoing operational impasse.
Speakers at the press conference urged the government and the regulatory authorities to stop issuing contradictory statements regarding the bank's health, which they claimed intensifies panic among depositors.
They requested the central bank to quickly transition from a temporary administrative regime to a permanent, professional management board to secure public money and protect the financial ecosystem.