Due to security concerns, the inauguration ceremony of Jammeah Islami Bank was cancelled

The inauguration of the newly-formed United Islami Bank, scheduled for 10:00 AM tomorrow at the InterContinental Hotel in Dhaka, has been officially cancelled due to security concerns.

According to multiple sources within the bank and the Ministry of Finance, depositors and banking officials from Chittagong had planned a demonstration at the venue. The protest was widely publicised across social media platforms, prompting authorities to take preemptive measures. Following consultations between Bangladesh Bank Governor Ahsan H. Mansur and Finance Adviser Salehuddin Ahmed, it was decided that the potential risk to public safety warranted the cancellation of the event.

The inauguration was set to feature several high-profile guests. Finance Adviser Salehuddin Ahmed was to attend as the chief guest, with Secretary of the Financial Institutions Division, Md. Khairuzzaman Majumdar, and Bangladesh Bank Governor Ahsan H. Mansur as special guests. The ceremony was to be presided over by Mohammad Ayub Miah, Chairman of United Islami Bank. Other expected attendees included senior officials from Bangladesh Bank, the Ministry of Finance, and key figures from the country’s financial sector.

Reason for Cancellation

Sources indicate that several depositors and officials from Chittagong expressed dissatisfaction with the recent activities, liquidity position, and management practices of the merged bank. Preparations for a protest at the inauguration venue were reportedly underway. To prevent any untoward incidents, the authorities took the precautionary measure of cancelling the ceremony.

Bank Merger Details

United Islami Bank has been established through the merger of five existing banks, with the aim of becoming Bangladesh’s first state-backed Sharia-compliant bank. The bank will operate under Islamic banking principles, promoting financial inclusion and strengthening the government’s participation in the Islamic banking sector.

The appointment process for the bank’s Managing Director is ongoing and expected to be completed this week. Following this, key executive positions such as Deputy Managing Director, Chief Financial Officer, and Company Secretary will be finalised.

The official launch of United Islami Bank was intended to mark the formal commencement of its full-scale operations, but the authorities’ decision to cancel the event underscores the sensitivity surrounding the bank’s formation and public perception.