Forum Demands New Independent Board for Islami Bank Bangladesh

A pressure group calling itself the Islami Bank Socheton Grahak Forum (Conscious Depositors’ Forum) has put forward a seven-point charter of demands, urging the central bank to reconstitute a full and independent board of directors for Islami Bank Bangladesh PLC. The forum insists that the new board must comprise honest, highly qualified, and seasoned financial professionals selected through transparent consultations with key stakeholders.

Alongside issuing these demands during a press conference on Friday afternoon at the Sagar-Runi auditorium of the Dhaka Reporters’ Unity, the group announced the postponement of their mass depositors’ rally, which had been scheduled to take place on Saturday.

Demands for Restitution and Legal Action

Reading from a prepared written statement, Nurunnabi Manik, the convenor of the forum, strongly advocated for returning the sharia-compliant lender to its original founders and foundational shareholders. He drew parallels with other commercial banks that have recently seen their boards restructured by the regulator to reverse historical mismanagement.

The forum underscored that the institution must not be allowed to fall prey to the machinations of corporate looters or politically motivated factions. Recalling the events of 2017, the convenor alleged that the legitimate ownership and control of the financial institution had been forcefully stripped away through the blatant misuse of state machinery.

To address past financial misconduct, the seven-point charter explicitly demands the creation of a special judicial tribunal to try those responsible for plundering the bank’s assets over the years. The forum is also urging the interim authorities to deploy a specialised taskforce to track down and repatriate capital laundered abroad, proposing that the recovered funds be utilised to settle the bank’s existing liabilities. Furthermore, they are calling for the immediate repeal of Section 18(A) of the Bank Company Act and swift legal interventions to stop malicious disinformation campaigns targeting Islamic banking institutions.

Criticism of Regulatory and Political Responses

The forum expressed significant frustration regarding recent political and regulatory narratives. Nurunnabi Manik strongly criticised statements made in the National Parliament by the Home Minister and other cabinet members, labelling their remarks regarding Islami Bank’s stability as entirely false and misleading. The group has demanded an immediate retraction of those parliamentary statements.

The central bank also faced sharp criticism during the press briefing. The forum’s leadership accused Bangladesh Bank of failing to implement any meaningful or effective measures over the past two months to rebuild public confidence among anxious depositors. Manik noted that it was deeply unfortunate that regulatory authorities chose to look for hidden political agendas behind legitimate civic demonstrations aimed purely at safeguarding hard-earned personal savings.

Suspension of Mass Depositors’ Rally

The decision to postpone Saturday’s mass rally was influenced heavily by public welfare considerations. Protester representatives clarified that the event was being put on hold out of consideration for the current adverse weather conditions and to avoid disrupting candidates sitting the ongoing Higher Secondary Certificate (HSC) and Alim examinations.

However, the suspension remains strictly temporary. The forum issued a firm warning that if Bangladesh Bank fails to announce a competent and inclusive board of directors for Islami Bank within the shortest possible timeframe, they will move swiftly to announce an escalated series of protest programmes, including a rescheduled mass rally across the capital.