The Conscious Businessmen’s Forum has demanded that the seized shares of S. Alam Group—accused of embezzling funds from Islami Bank—be sold to repay the bank’s debt. At the same time, the group’s leaders have also called for the ownership of the bank to be returned to the previous board of directors to restore transparency and normal operations.

These demands were made at a press conference held on Thursday at the Dhaka Reporters Unity. The written statement was read by Md. Mostafizur Rahman, Member Secretary of the Conscious Businessmen’s Forum and a business leader. Attendees included Hawks Bay Chairman, former FBCCI Director, and BARVIDA President Abdul Haque, industrialist Al Mamun, businessman Ataullah, among others.

At the press conference, speakers said that Islami Bank had long maintained its position as the country’s top Islamic commercial bank. However, in recent years, due to takeover by an influential group, share manipulation, illegal appointments, and money laundering, the bank’s reputation and stability have suffered serious damage.

They claimed that by exploiting the Bangladesh Securities and Exchange Commission’s 2% shareholding requirement, real sponsor directors were removed from the board and replaced by members of a specific group, giving them dominant control over the bank.

BARVIDA President Abdul Haque said, “We don’t want to see any more oligarchs in the financial sector. Swift action must be taken to recover all misappropriated and laundered funds. The shares under S. Alam’s control should be deposited by Bangladesh Bank immediately to repay the bank’s liabilities, and ownership must be restored to the previous board. The seized and court-attached assets of S. Alam should be sold to pay off the bank’s debts.”

He added that the financial sector is based on trust. “We strongly demand the immediate dismissal of all those illegally appointed under the S. Alam Group, and that a new recruitment notice be published to fill positions with talented and qualified candidates from across the country through competitive exams. An internal audit and investigation committee should be formed to publish a full account of past transactions, appointments, and share transfers.”

Mostafizur Rahman, the Forum’s Member Secretary, said that massive financial irregularities and mismanagement surrounding Islami Bank Bangladesh PLC have been exposed. From its founding in 1983 until 2017, the bank became one of the country’s top banks due to efficient management. It played a vital role in establishing nearly 6,000 industrial enterprises in garments and small, medium, and large industries, creating employment for around 8.5 million people.

He alleged that on January 5, 2017, S. Alam Group used state influence to force the resignation of the bank’s chairman and managing director and took control of the board. After that, they placed loyal individuals in key positions, weakening the bank’s administrative structure. In the name of S. Alam or through aliases, over BDT 1 trillion (100,000 crore) has been embezzled from Islami Bank, resulting in a severe liquidity crisis. Consequently, many reputable clients and institutions were forced to leave the bank.

Mostafizur Rahman further stated that S. Alam Group created disorder even in the bank’s human resources sector. Without any advertisements or exams, around 8,340 people were illegally appointed in exchange for large sums of money. Among these, approximately 4,500 were from Patiya, and over 7,500 from the Chattogram region. Some even joined the bank using fake certificates.

According to the Forum’s statement, these illegal recruitments are costing the bank around BDT 15 billion (1,500 crore) annually, amounting to more than BDT 100 billion (10,000 crore) over the last seven years. Alongside the embezzlement of about BDT 1 trillion, these two major crises have left Islami Bank fighting for survival.

The Conscious Businessmen’s Forum has called for immediate corrective action against these irregularities and for the sale of S. Alam Group’s seized shares to repay the bank’s debts. They also urged that the ownership of the bank be returned to the previous board of directors.