Protests Force Islami Bank Board Session Online

A pivotal board meeting of Islami Bank Bangladesh PLC was completed via a virtual platform on Monday evening after disruptive daytime protests outside its Dilkusha headquarters prevented an in-person assembly. The online session was led by the bank’s newly appointed Chairman, Md. Khurshid Alam, according to internal sources.

The meeting had originally been scheduled to convene at noon on Monday. However, it was delayed following daylong demonstrations by a group of individuals identifying themselves as customers of the shariah-based commercial bank, which is currently undergoing a management restructuring. A bank executive, speaking on the condition of anonymity, confirmed that the five-member board formally accepted the resignation of the immediate-past Managing Director, Omar Faruk, who was previously on forced leave. The exact details of the remaining discussions were not disclosed.

Street Confrontations and Security Measures

Tensions escalated on Monday morning as demonstrators gathered under the banner of the “Islami Bank Customers’ Forum” outside the bank’s head office in Motijheel. The crowd chanted slogans demanding the cancellation of the new chairman’s appointment, alleging that the decision was politically motivated and warned of potential financial irregularities.

To maintain order and disperse the crowd blocking the thoroughfare, law enforcement authorities deployed additional personnel alongside water cannons and sound grenades. The ensuing clashes resulted in injuries to several protesters, the majority of whom received first aid at nearby hospitals.

At approximately 4:45 pm, amidst the ongoing confusion, a segment of the demonstrators managed to enter the bank’s headquarters. They entered the office where Acting Managing Director Altaf Hossain and other senior executives were holding a consultation with law enforcement representatives. A police official from the Motijheel Zone confirmed their presence on-site, stating that officers visited the office as part of their daylong security deployment. The demonstrators eventually left the premises at around 5:45 pm after announcing a schedule for rolling protests.

Announced Demonstration Schedule

Regulatory Position and Institutional Responses

In light of the security situation during the day, Bangladesh Bank (BB) provided explicit authorization for the commercial bank to conduct its board meeting virtually. The central bank firmly rejected the demonstrators’ demands to remove the new chairman, who was appointed prior to the Eid-ul-Azha holidays following the resignation of the former chairman, M Zubaydur Rahman.

Bangladesh Bank spokesperson Arief Hossain Khan stated that the regulatory body operates strictly in accordance with statutory provisions and institutional interests rather than public pressure or emotion. He reiterated the central bank Governor’s directive that no political interference within the central bank or commercial banks would be tolerated.

“If Bangladesh Bank takes a decision today due to a movement, then what will happen if another party later protests against that decision? Bangladesh Bank will continue to act according to its own policies and procedures. There is no possibility of changing the central bank’s decision through the movement,” Khan stated.

The day’s events drew sharp criticism from external political and professional groups:

• Bangladesh Jamaat-e-Islami: Secretary General Mia Golam Porwar issued a statement strongly condemning the police action, alleging that law enforcement used excessive force, including batons, tear gas, water cannons, and gunfire against peaceful customers.

• Jatiyatabadi Bankers’ Association, Bangladesh (JBAB): Convener Md Iqbal Hossain and Member Secretary Md Mostafizur Rahman Mostak issued a joint statement condemning an alleged physical assault and threat in Motijheel against Md Omar Faruk, an Islami Bank Principal Officer and Joint Convener of the association’s central committee, demanding the immediate arrest of the perpetrators.

Following the virtual conclusion of the meeting, additional police units remained stationed around the Islami Bank headquarters to ensure ongoing security.