United News of Bangladesh

Administrative action will be taken against anyone disrupting customer services, said Islami Bank acting Managing Director Md. Altaf Hossain on Thursday amid reports of a symbolic work stoppage at several branches. The warning came after a section of bank officials reportedly observed a one-hour ‘pen-down’ strike at multiple branches in response to a call from the ‘Sachetan Grahak Forum’ (Conscious Customers Forum), which has been protesting for the past three days demanding removal of newly appointed Chairman Md. Khurshid Alam. The forum on Wednesday urged employees to suspend work for an hour on Thursday in solidarity with its movement. Speaking at the bank’s head office in Dilkusha, Motijheel, Altaf Hossain clarified that the management had issued no instructions for any form of work stoppage. “There is no such directive from our side. If any official refuses to provide services, administrative action will be taken against them,” he said. Customer services were partially or fully disrupted for about an hour in some locations although bank officials largely refrained from making public comments. Responding to the situation, the acting MD said the bank’s staff remain committed to serving customers. “Our officers are fully ready to serve. If customers do not come forward for services, it is not possible for us to force it. It is also difficult to monitor the real-time situation of every branch from the head office,” he said. Asked about concerns over possible withdrawal pressure amid the ongoing unrest, Hossain acknowledged increased activity but said there was no cause for alarm. “If all depositors rush to withdraw their money in a single day, any bank in the world would collapse. That is a basic financial reality. But practically that never happens,” he said. He added that the bank has seen a rise in withdrawal pressure due to the prevailing situation, but it remains within manageable limits. “There is definitely some increased pressure due to the current situation, but it is still tolerable. There is no reason for panic. If any critical situation arises, it will be visible to everyone,” he added. The unrest at the Shariah-based lender began late last month following the resignation of former Chairman Prof. M. Zubaidur Rahman and the central bank's subsequent appointment of former Deputy Governor Md. Khurshid Alam to the post.

Leader of the Opposition and Bangladesh Jamaat-e-Islami Ameer Dr Shafiqur Rahman on Wednesday warned against any attempt to take over or control Islami Bank Bangladesh PLC, saying the people will not accept any such move. He alleged that the government is trying to hand over Islami Bank to individuals appointed during the previous “fascist” regime, adding that opposition leaders and activists were prepared to take to the streets to “rescue” the bank. The Jamaat ameer made the remarks while speaking at an Eid reunion held at a convention centre in the capital’s Mirpur area. He claimed that Tk 34,000 crore was looted from Islami Bank during the Awami League government, alleging further attempts to destabilise the banking sector. Shafiqur Rahman said any damage to Islami Bank will severely impact the country’s economy. He also urged the government to ensure stability in the banking sector and criticised the Bangladesh Bank governor over the current situation. Expressing concern over the country’s overall situation, the Jamaat chief said the nation could not continue in its present state, questioning the future of those involved in what he described as political repression.

A section of Islami Bank customers continued demonstration in front of the bank headquarters at Dilkusha in Motijheel area for the second consecutive day on Tuesday, demanding the resignation of newly appointed chairman Khurshid Alam and all members of the bank’s board of directors. The protesters under the banner of Islami Bank Conscious Customers Forum gathered in front of the bank’s headquarters around 9 am with placards. They alleged irregularities in the recent changes in the bank’s top management and called for immediate withdrawal of the board including the chairman to ensure transparency and protect customer interests. The demonstration continued till the filing of this report. Police deployed water cannons, armoured vehicles, and extra personnel to maintain order. The demonstrators accused Khurshid of having ties to the Chattogram-based S Alam Group and called for his immediate dismissal. Police used water cannons, tear gas shells and sound grenades to disperse protesters outside Islami Bank head office on Monday, triggering a clash that left demonstrators and policemen injured.  

Police used water cannons, tear gas shells and sound grenades to disperse protesters outside Islami Bank head office in the capital’s Dilkusha commercial area on Monday morning, triggering a clash that left demonstrators and policemen injured. The demonstrators under the banner of ‘Islami Bank Disgruntled Customers' Co-ordination Council’ and ‘Islami Bank Customer Forum’ were protesting the appointment of former central bank Deputy Governor Md. Khurshid Alam as the bank's new Chairman, alleging it bypasses proper board procedures and reinstates close associates of controversial S Alam Group. Demonstrators claimed over 100 people were injured during police action which could not be verified. Witnesses said hundreds of depositors, shareholders, and members started gathering in front of the Islami Bank Tower as early as 6:00 am. Carrying banners and festoons, they blocked the road and chanted slogans demanding the immediate resignation of the newly appointed Chairman, and reinstatement of Managing Director Omar Farooq Khan, who was recently sent on a mandatory leave. Tensions escalated at around 9:30 am when a large contingent of police equipped with water cannons and riot gear moved in to disperse the crowd. Law enforcers fired tear gas shells and used water cannons which triggered panic and chase and counter-chase throughout the commercial hub, said witnesses.

Islami Bank Bangladesh PLC will provide a motorcycle through a digital raffle draw on every banking day (Sunday-Thursday) for sending cash remittance through Ria Money Transfer. Remittance recipients will also get a key ring as a common gift. This offer will continue from 19 February to 18 March, 2026, on the occasion of Holy Ramadan. Md. Omar Faruk Khan, Managing Director of the Bank, inaugurated Islami Bank- Ria Nabil Mustafizur Rahman to be appointed MD of Sammilito Islami Bank Money Transfer Remittance Fiesta, as the chief guest on Tuesday, was held at Islami Bank Tower. Dr. Emil Ruban, Managing Director & Senior Regional Director of India and South Asia, Ria Money Transfer, spoke at the event as the guest of honor. Md. Altaf Hossain, Engr. Mohammad Jamal Uddin Mazumder and Dr. M Kamal Uddin Jasim, Additional Managing Directors addressed the program as a special guest. Md. Rafiqul Islam, Deputy Managing Director Presided over the program while Standard Bank rebranded as ‘Standard Islami Bank’ Rashedul Islam Talukder, Country Manager of Ria Money Transfer, Bangladesh, also spoke at the program, and Mohammad Shahadat Hossain, head of overseas banking.

Islami Bank Bangladesh PLC is facing a severe financial and managerial crisis due to years of irregular recruitment under S. Alam Group, according to officials. The bank’s management has recently begun efforts to restore order by assessing the competency of thousands of unqualified staff who were reportedly hired without proper procedures. Kamal Uddin Jasim, Additional Managing Director (AMD) of Islami Bank Bangladesh PLC (IBBL), said the bank is incurring a staggering annual loss of over Tk1500 crore due to the unauthorised, large-scale hiring of more than 8,000 unqualified and semi-literate people under the previous management linked to S. Alam Group. Many of these individuals were allegedly appointed in exchange of money and without public job circulars or exams, he said. The cost of maintaining these illegally appointed officers is estimated to be over Tk 1500 crore annually, translating to a total loss of more than Tk 10,000 crore for the bank over the past seven years, according to a Bangladesh Bank report. This massive financial burden, coupled with the looting of over Tk1.0 lakh crore from the bank makes the institution's future financial stability almost impossible, it said. Bangladesh Bank’s investigations also found that several employees had used fake educational certificates. The crisis intensified recently when approximately 90 percent of these employees boycotted a special competency test arranged by the current bank management to re-evaluate their professional competency. In a display of direct defiance, these officers have reportedly engaged in a campaign of slander against the bank, held press conferences, and issued threats to the present management. As part of these activities, the bank's official Facebook page was allegedly hacked on Friday morning, purportedly instigated by ‘outsiders’. A former director of Islami Bank expressed serious concern saying that customer funds may not be safe in the hands of these rebellious employees whose open defiance indicates that bank vaults or cash counters are not secure under their supervision. He warned that the bank may face a severe crisis if swift action is not taken. Officials said the irregular appointments had turned the once internationally reputed bank into a regional institution heavily influenced by the Chattogram-based group. Office space for proposed 'United Islami Bank' approved in Sena Kalyan Bhaban Many of the recruits reportedly spoke only in local dialects inside offices creating communication barriers and deteriorating customer service. They used the power and influence of S. Alam to mistreat colleagues, ignore instructions from superiors, and arbitrarily force transfers to preferred locations, often within the Chattogram region, said an official of HRD section of Islami Bank. Managers or senior officials who attempted to enforce rules were met with false allegations that threatened their posting or job security. The climate of fear created by their power and insolence kept the entire management, including zonal heads in a state of constant anxiety. The officials are still threatening to return to their positions after the next national election, along with S. Alam, said the official. Banking professionals have warned that such large-scale irregularities and fund misappropriation have undermined public confidence in the sector. Masrur Arefin, Managing Director of City Bank, at a progrmme of bankers recently said, “S. Alam alone has destroyed the entire banking sector.” Meanwhile, customers have also voiced frustration online. “The illegal bankers of Patiya are protesting to keep their jobs, but why aren’t they demanding the return of Tk 1 lakh crore allegedly smuggled by their ringleader S. Alam?” wrote Aminul Islam on social media.

Md. Omar Faruk Khan has been appointed as Managing Director (MD) of Islami Bank Bangladesh. Prior to this, he was serving as the Managing Director (Current Charge) of the bank. He previously served as the acting managing director at NRB Bank. Bangladesh Bank approved his appointment on Sunday, while the board of directors of Islami Bank was made a recommendation of his appointment as MD on July last week.  Bangladesh Bank directs all banks to participate in ‘Tarunner Utsab 2025’ procession Khan joined Islami Bank in 1986 after completing his master’s degree in Sociology from Dhaka University. He successfully served nearly four decades in various positions as the head of Treasury, Foreign Trade, different Wings including Corporate Investment, and different Divisions at the head office, as well as the head of Zone and branches, including Local Office.  Khan is a Diploma Associate of the Institute of Bankers Bangladesh and holds the Certified Documentary Credit Specialist (CDCS) qualification from the London Institute of Banking and Finance, affiliated with the ICC. Garment factories to observe 'July Uprising Day' as holiday Throughout his career, he participated in various seminars and training programs on banking, including international banking and credit management, in several countries, i.e, Switzerland, France, Germany, Italy, China, Malaysia, Qatar, Thailand, India, Saudi Arabia, the United Arab Emirates, and Nepal. He was born in 1963 at Laxmipur, according to a press release.

Obayed Ullah-Al Masud on Thursday stepped down as chairman of Islami Bank, the country’s largest private sector bank, amid probe into his alleged corruption, authorities said. His resignation came after reports about his involvement in corruption and his connection to controversial businessman S Alam. He submitted the resignation letter to the bank’s Board of Directors, which was formed by Bangladesh Bank following the country's political change last year. Professor Zubaidur Rahman, the independent director of the Board of Directors of Islami Bank Bangladesh, is likely to be appointed as the new Chairman. The process of his appointment is underway, according to sources at the central bank. After the Bangladesh Financial Intelligence Unit (BFIU), central bank's financial intelligence agency, sought bank account details of Masud, and five members of his family on July 14, he failed to meet the central bank governor. After that, Masud was preparing to resign. The BFIU letter instructs banks to provide details of all accounts (including account opening forms and updated statements), savings certificates, bonds, lockers, credit cards, student files, pre-paid cards, gift cards, and vouchers for transactions of Tk 5 lakh or more related to Masud and his family members, or any entity in which they have an interest, by July 15. BKTCC and IBBL arrange discussion on sending remittances through legal channels This development comes amid serious allegations of financial irregularities and money laundering linked to a 1320MW coal-fired SS Power Plant project in Banshkhali, Chittagong. Approximately US$815.78 million was allegedly siphoned out of Bangladesh by just two Letters of Credit (LCs) for this project, implemented as a joint venture between S. Alam Group's subsidiary SS Power Limited and Chinese partner SEPCO. This vast sum was reportedly sent abroad for 'capital machinery imports,' even though not a single piece of machinery arrived in the country, according to a Bangladesh Bank investigation. Sources indicate that 184 invoices were submitted against these two LCs, opened through Rupali Bank, but most were fraudulent or issued with future dates. Some invoices even used the names and export documents of other companies. Crucially, there is no import data for SS Power on the servers of the National Board of Revenue (NBR) or Bangladesh Bank, despite foreign currency being released, said the sources of the central bank. At the time of these alleged irregularities, Masud was the Managing Director of Rupali Bank.

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. Islami Bank demonstrates resilience, gains customers’ trust 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.  

Bangladesh Bank Governor Dr Ahsan H Mansur has said that several banks, which were on the brink of bankruptcy, are now making significant strides in recovery due to strengthened regulatory measures and improved management practices. “Banks are not private or family entities; they belong to everyone. Depositors are the true owners of banks. Among the 10 banks that were on the brink of bankruptcy, many have managed to bounce back,” Dr Mansur said while speaking at the inauguration of Islami Bank Bangladesh PLC’s 400th branch in Ghatail, Tangail, on Saturday. The Governor also addressed issues of money laundering, assuring that efforts are underway to retrieve assets from those who have fled abroad with illicit funds. Bangladesh Bank sets maximum age limit to join NBFI jobs at 32 years  About inflation, Dr Mansur said, “Inflation remains high, but we are working to bring it down. By June next year, we aim to stabilise the rate to a more acceptable level.” Islami Bank Praising Islami Bank’s achievements, Dr Mansur said, “Islami Bank is the leading bank in the country. It holds the trust of millions, and its progress is vital for the nation’s economy. Within the last five months, Islami Bank has substantially improved its position, attracting Tk 7,000 crore in new deposits and maintaining its top position in remittance collection. This bank will not look back.” The Governor expressed optimism about reinstating foreign investors, emphasising that Islami Bank has the potential to grow tenfold and reclaim its status as an international institution. Bangladesh Bank ready to ensure enhanced cash flow: Dr Yunus The inauguration ceremony, presided over by Islami Bank Chairman Obaid Ullah Al Masud, highlighted the bank’s expansive network, with 400 branches, 265 sub-branches, over 2,800 agent outlets, and more than 3,000 ATMs and CRM machines across the country. Islami Bank Bangladesh PLC continues to set a benchmark in the banking sector, driving rural and urban economic growth while upholding its commitment to Shariah-based and welfare-oriented banking.