The Islami Bank Sachetan Grahok Forum (Conscious Customer Forum) on Monday issued a strict 24-hour ultimatum to Bangladesh Bank to constitute a full and independent board of directors for Islami Bank Bangladesh PLC.

The announcement came during an intensive sit-in program organized by the forum in front of the central bank's headquarters in the capital.

Speaking at the demonstration, the forum's Convener, Professor Nur Nabi Manik, warned that if the central bank fails to form a complete operational board within the next 24 hours, the platform will be forced to launch tougher programs starting from Wednesday (June 24).

"An acceptable, independent, and comprehensive board of directors consisting of honest, qualified, and experienced professionals must be constituted immediately through structural discussions with relevant stakeholders," Manik demanded.

In addition to the immediate formation of the board, the forum reiterated its core demands, which include returning valid corporate ownership to the sponsors and shareholders who were allegedly stripped of their stakes through state coercion in 2017.

The protesters also called for the immediate establishment of a special tribunal to try financial sector looters, the absolute recovery of embezzled funds, and the confiscation of all local assets linked to the controversial S Alam Group.

Furthermore, the platform strongly demanded the repeal of Section 18(A) of the Bank Company Act, asserting that the provision functions as a masked opportunity to rehabilitate financial offenders back into the banking industry.

The forum leaders also demanded an immediate retraction of recent statements made in the national parliament by the Home Minister regarding Islami Bank, which they alleged provided a subtle hint of restoring control of the country's largest Shari'ah-based lender to the S Alam Group.