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The Islami Bank Conscious Customers Forum has demanded the immediate formation of a new board of directors for Islami Bank Bangladesh PLC and warned of launching a movement against the Bangladesh Bank governor if its seven-point demands are not met.
Leaders of the forum raised the demands during a meeting with Islami Bank administrator Mohammad Zahir Hossain on Sunday afternoon. They discussed the formation of the bank’s board, the proposed confiscation of shares held by S Alam Group and other issues concerning the bank.
The forum leaders said the administrator agreed with their assessment of the bank’s existing problems and assured them that he would discuss the issues with Bangladesh Bank.
Speaking to journalists after the meeting, forum convenor Prof Nur Nabi Manik said the bank’s board should be formed with representatives of its genuine entrepreneurs and qualified, honest professionals.
“A large bank cannot be run indefinitely by an administrator without a board of directors,” he said.
Nur Nabi also expressed concern over a pending court case concerning the confiscation of shares held by S Alam Group. He questioned the decision to change the lawyers representing Islami Bank and the state when the case was reportedly at an advanced stage.
He feared that the change could lead to Islami Bank withdrawing from the case.
The forum called for the immediate formation of a full and independent board comprising honest, competent, experienced and professional individuals in consultation with all relevant stakeholders.
It also demanded the return of ownership to what it described as the bank’s original owners, alleging that control of the bank had been taken away from them in 2017.
Among its other demands, the forum called for the formation of a special tribunal to prosecute those involved in looting money from Islami Bank and other banks and for the recovery of the embezzled funds.
It also demanded that money allegedly siphoned abroad be brought back to Bangladesh and used to meet the banks’ liabilities. The forum called for the confiscation of the movable and immovable assets of those responsible and the use of the proceeds to repay the banks’ debts.
The organisation also urged the authorities to restore customer confidence in Islami banks and refrain from controversial decisions that could undermine stability in the banking sector.
It demanded legal action against what it described as deliberate misinformation targeting Islami banks on social media.
The forum further called for amendments to existing laws to prevent individuals involved in banking-sector irregularities from being rehabilitated or reappointed in banks and financial institutions. It demanded that such individuals be declared ineligible to work in the banking and financial sectors for a prolonged period or permanently.
The forum also demanded the withdrawal of what it described as “false and misleading” statements made about Islami Bank by the home minister and other ministers in Parliament.
The organisation said Islami Bank was not the property of any individual, group or family but an institution directly linked to the deposits and economic security of millions of customers.
Forum leaders warned that shareholders and customers would be compelled to launch a movement against the Bangladesh Bank governor if the seven-point demands were not implemented, and said they would continue their campaign until their demands were met.