Islami Bank Sachetan Grahak Forum on Monday staged a demonstration in front of the bank's head office in Motijheel, demanding an independent board of directors and an end to alleged political interference in the bank's legal proceedings.

Forum Convener Prof Nur Nabi Manik and Member Secretary Motasim Billah, among others, spoke at the event. The rally was attended by bank customers and shareholders.

In his speech, Manik alleged that beneficiaries of S Alam Group within the government are exerting pressure regarding judicial cases involving the ownership of Islami Bank.

He claimed that as cases filed by the bank approached settlement, key legal representatives, including the bank's lawyer, Barrister M Qaium, and the counsel representing Bangladesh Bank – were replaced with government-aligned junior lawyers, which he described as direct interference in the judicial process.

Manik urged the Bangladesh Bank governor to immediately form a full and independent board of directors comprising original sponsors and professional stakeholders, emphasising that a bank cannot function properly without a proper governing board.

He warned that if the forum's seven-point demand is not met swiftly, stricter programmes, including a mass grand rally, will be announced.

The demands of the forum are formation of an independent, capable, and professional board of directors; reviewing the controversial ownership and shareholding changes of 2017 to reinstate the rights of genuine, original owners; establishing a special tribunal to fast-track the trial of those accused of plundering bank funds; immediate recovery of looted capital and confiscation of illicitly acquired assets; refraining from controversial or arbitrary regulatory decisions to curb panic and volatility across the banking sector; amending Section 18(a) of the Bank Company Act to close rehabilitation loops for financial fraudsters; and withdrawing misleading political statements regarding the bank's health made in Parliament.