Depositors' Forum Demands Independent, Professional Board for Islami Bank

 
The Islami Bank Conscious Depositors' Forum on Tuesday demanded the formation of an honest, competent and professional board of directors to restore confidence in Islami Bank Bangladesh PLC and rebuild customer trust.

The demand was made after the forum submitted a seven-point memorandum to Bangladesh Bank Governor. Speaking to journalists, the forum's convener and spokesperson, Professor Nurunnabi Manik, said the bank's reform process remains incomplete despite the appointment of an administrator following the departure of former chairman Khurshed Alam.

On Tuesday, forum members brought out a procession from Islami Bank Tower in Motijheel and marched to Bangladesh Bank, where they submitted the memorandum. Following the submission, Professor Manik outlined the forum's demands during a press briefing.

He said a competent, honest and professional board of directors should be formed without delay to complete the reform process.

 According to him, the proposed board should comprise individuals with proven integrity, financial transparency and professional qualifications, and should not include anyone involved in financial irregularities or scams.

Professor Manik also called for the return of shares of Islami Bank that were allegedly acquired through force or irregular means by the S Alam Group or other parties. He said customer confidence could only be restored through the recovery of ownership rights and the establishment of a transparent governance structure.

He added that the forum would continue its efforts to restore normalcy at the bank and accelerate the reform process. 

According to him, the immediate priority after the appointment of the administrator is the formation of a full-fledged board capable of restoring the bank's previous reputation and operational stability.

The forum also stressed that the bank's board should remain free from the influence of controversial individuals and vested interests.

Professor Manik said the forum had sought a meeting with the Bangladesh Bank governor on Tuesday. However, as the governor was attending an important meeting, Bangladesh Bank Director Ismail Hossain received the memorandum on his behalf and assured the forum that it would be delivered to the governor. He added that the forum is scheduled to meet the governor on Wednesday for detailed discussions.

The forum's seven-point demand charter includes: Formation of a fully independent and professional board of directors through consultations with qualified, experienced and relevant stakeholders.

Immediate restoration of ownership rights by returning shares allegedly taken from the bank's original owners in 2017.

Establishment of a special tribunal to prosecute those accused of looting and laundering funds from the bank, including members of the S Alam Group, and ensure exemplary punishment.

An end to controversial decisions affecting banking sector stability and legal action against what the forum described as deliberate misinformation campaigns on social media.

Recovery of laundered funds through a special task force and arrangements to repay the bank's liabilities through the sale of movable and immovable assets belonging to the S Alam Group.

Amendment of Section 18(k) of the Bank Companies Act to permanently bar identified offenders and their associates from serving on the boards of banks.

Immediate withdrawal of what the forum described as a misleading statement made by the Home Minister in the National Parliament regarding Islami Bank.