B Mirror Report :  The Islami Bank Conscious Customers’ Forum has called for the formation of an independent and professional board of directors for Islami Bank Bangladesh PLC to address ongoing uncertainty surrounding the bank and restore customer confidence.

The forum also put forward a seven-point demand, including ensuring good governance in the banking sector, bringing those responsible for alleged financial irregularities to justice, and restructuring the bank’s ownership framework. It warned that if the demands are not met, it will stage sit-in programmes in front of Islami Bank Tower on Sunday and Bangladesh Bank on Monday.

The demands and protest programmes were announced at a press conference held at the National Press Club in Dhaka on Friday.

Reading out a written statement, the forum’s convener, Professor Nurunnabi Manik, said Islami Bank is one of the country’s most important financial institutions, closely linked with the trust of millions of customers, remittance inflows, and financing for small and medium enterprises.

He alleged that the bank’s legitimate ownership was taken away through the misuse of state power in 2017 and claimed that around Tk100,000 crore had been looted from the bank since then, pushing the institution into severe liquidity and confidence crises.

Manik said long-standing controversies over the bank’s ownership and management, coupled with recent administrative changes, have renewed customer concerns. He specifically referred to the appointment of Khurshid Alam as chairman and the removal of Managing Director Omar Faruk Khan, saying these developments have intensified public debate over the bank’s future.

Among the forum’s seven demands are the formation of a full-fledged, independent board comprising honest, competent and professional individuals through consultations with stakeholders; restoring the bank’s ownership to its original owners; and establishing a special tribunal to try those accused of looting the bank.

The forum also called for the formation of a special task force to recover funds allegedly laundered abroad, confiscate the movable and immovable assets of those responsible, and amend Section 18A of the Bank Company Act to permanently bar identified offenders from serving as directors in the banking sector.

In addition, it demanded the reinstatement of former Managing Director Omar Faruk Khan, arguing that his return would help restore customer confidence.

Other speakers at the press conference alleged that although Bangladesh Bank had removed Khurshid Alam from the chairmanship and provided some liquidity support, it had failed to take effective measures to restore good governance at the bank.

The forum further said that both the Bangladesh Association of Banks (BAB) and the Association of Bankers, Bangladesh (ABB) have urged swift action to resolve Islami Bank’s crisis, warning that the bank has reached the brink of collapse and that its deterioration could have negative implications for the broader economy.