United News of Bangladesh

The Bangladesh Financial Intelligence Unit (BFIU), the financial intelligence arm of the central bank, has sought detailed banking information of Md Obayed Ullah Al Masud, current chairman of Islami Bank Bangladesh PLC, along with five of his family members. A letter issued by the BFIU on Monday instructed all banks to submit comprehensive details of any accounts -- past or present -- linked to Masud and his immediate family. This includes account opening forms, updated account statements, savings certificates, bonds, lockers, credit cards, student files, pre-paid cards, gift cards, and transaction vouchers involving sums of Tk 5 lakh or more. Banks have been asked to provide the information by July 15. The move follows serious allegations of financial irregularities and money laundering involving a 1,320-megawatt coal-fired power project in Banshkhali, Chattogram. The project, developed as a joint venture between SS Power Ltd -- a subsidiary of S. Alam Group -- and its Chinese partner SEPCO, is now under scrutiny for suspicious transactions worth US$815.78 million. Banks instructed to adhere strictly to URC for recording transactions under international trade According to a Bangladesh Bank investigation, the funds were allegedly siphoned abroad via just two Letters of Credit (LCs), ostensibly for the import of capital machinery. However, central bank officials say not a single machine arrived in Bangladesh. Sources familiar with the probe said 184 invoices were submitted against the two LCs, opened through Rupali Bank. Most of these invoices were reportedly fake or post-dated, with some allegedly borrowing the names and export documents of unrelated companies. Besides, the National Board of Revenue (NBR) and Bangladesh Bank servers show no record of machinery imports under SS Power’s name, despite the outflow of foreign currency. At the time of the alleged transactions, Md Obayed Ullah Al Masud was serving as the Managing Director of Rupali Bank. He currently holds the post of Chairman at Islami Bank Bangladesh.

Islami Bank Bangladesh PLC has issued a notice to auction the assets of Infinity CR Strips Industries Limited, a subsidiary of S Alam Group, to recover outstanding loans. The Islami Bank published the auction notice for the sale of the company's assets in a national daily on Sunday (March 23). According to the notice, Islami Bank's total debt to the company, including interest and principal, is Tk 2,738 crore as of March 20, 2025. To recover this money, Islami Bank will sell Infinity CR Strips Industries' mortgaged 201.75 acres of land, including buildings and installations. The lands are located in Chattogram. DGHS ex-driver Malek gets 13 yrs jail The notice asks interested buyers to bid (offer prices) by April 27. Currently, S Alam Group holds about 83 percent of Islami Bank's shares, which are seized on the orders of Bangladesh Bank. After the fall of the Awami League government, the board of Islami Bank was also dissolved. This ended the authority of S Alam Group over the bank. Earlier, Janata Bank issued an auction notice to collect the loan by selling the mortgaged assets of various subsidiaries of S Alam Group.

Islami Bank Bangladesh PLC has showcased remarkable resilience, achieving a 5% growth in deposits year-on-year as of December 2024. Despite challenges in the banking sector, the bank has firmly established its position as a trusted institution among depositors and investors. The financial statement of Islami Bank revealed deposits amounting to approximately Tk1.61 lakh crore in December 2024, compared to Tk1.54 lakh crore in December 2023. Investments also saw an increase, rising from Tk1.50 lakh crore in 2023 to Tk1.59 lakh crore in 2024. December 2024 proved to be a record-breaking month for remittances, with the bank receiving around Tk681,00 crore—approximately one-third of the country’s total remittances for the month. Islami Bank continues to lead the private sector in import and export finance, recording Tk648,00 crore in import financing and Tk324,00 crore in export financing for 2024. Currently serving 2.5 crore customers, the bank’s expansive network of 400 branches, 265 sub-branches, 2,800 agent banking outlets, and 3,000 ATM/CRM booths underscores its commitment to reaching every corner of the nation. A branch manager, speaking anonymously, assured, “Customers can withdraw money from branches without interruption. There are no complaints about liquidity issues, and cash transactions are operating normally.” Read: Islami Bank to issue new shares, sell S Alam Group's seized ones The bank’s RTGS (Real Time Gross Settlement) system has also remained fully operational, ensuring smooth and timely money transfers. Resilience Amid Challenges Despite the liquidity challenges faced by the banking sector in August 2024, Islami Bank has managed to recover swiftly. Governor of the Bangladesh Bank Dr Ahsan H Mansur recently commended the bank's important role in the country’s economy, stating, “Islami Bank is the number one bank in the country. It has turned around within the shortest time and is moving forward smoothly. This bank will not look back anymore.” Dr Shah Md. Ahsan Habib, a professor at the Bangladesh Institute of Bank Management (BIBM), attributed the bank’s resilience to its deep grassroots connections and the strong social networks of its employees. Read more: Islami Bank appoints 4 audit firms to investigate irregularities post S Alam Group takeover He highlighted the role of small depositors, saying, “In the context of Bangladesh, small depositors are the assets of a bank. Islami Bank, with its vast network, has successfully gained the trust of these depositors.” Leadership and Achievements Islami Bank’s Chairman, Md Obayed Ullah Al Masud, affirmed the institution’s consistent leadership in the private banking sector. He revealed that Bangladeshi expatriates remitted $26.89 billion in 2024, with Islami Bank facilitating 21.47% of this, equivalent to remittances from 163 countries. The top remittance-sending nations included Saudi Arabia, the USA, the UAE, Malaysia, Singapore, Qatar, Italy, and Kuwait. “Our 5% deposit growth in 2024 compared to 2023 is a testament to the confidence people have in us. Islami Bank will only continue to move forward,” Masud stated confidently. The bank’s contributions to the economy are vast, with investments in over 6,000 industries, support for 20 lakh entrepreneurs, and employment opportunities for 1 crore people. Read more: No restrictions on business operations and opening LCs in Islami Bank: BB Governor Besides, its small investment schemes have benefited 18 lakh marginal families, further cementing its role as a driver of socio-economic development. As the leading private sector bank in Bangladesh, Islami Bank’s robust performance, grassroots connections, and unwavering customer trust place it firmly on the path to continued success.

Mohammed Monirul Moula, Managing Director (MD) of Islami Bank Bangladesh PLC, was reportedly forced to vacate his office on December 19 under contentious circumstances. Moula, who was appointed in January 2021 during the tenure of S Alam Group’s dominance over the bank’s board, reportedly faced resistance from within the organisation. A group of officials allegedly blocked his entry into the office and demanded he leave. Read: IBBL launches ‘Smart Bangladesh Smart Banking’ campaign Since the incident, sources said, Moula has been absent from his duties, and an additional managing director has assumed interim responsibilities. Islami Bank is working with Bangladesh Bank to finalise the appointment of a new MD, according to a high-ranking official at the bank. Despite being removed from his office, sources indicate that Moula has not yet submitted his resignation.

Islami Bank Bangladesh has won the Institute of Cost and Management Accountants of Bangladesh (ICMAB) Best Corporate Award 2021 in the private commercial bank (Islamic operation) category. Muhammad Qaisar Ali, additional managing director of the bank, received the award from Commerce Minister Tipu Munshi at a hotel in the capital Thursday (December 01, 2022), according to a media statement. JQM Habibullah, additional managing director and company secretary of Islami Bank, was also present. Read more: Islami Bank opens Islampur branch in Jamalpur Professor Shibli Rubayat Ul Islam, chairman of the Bangladesh Securities and Exchange Commission, Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry, Md Mamunur Rashid, president of ICMAB, and Md Abdul Aziz, chairman of Corporate Award Committee of ICMAB, also joined the event. Islami Bank is a joint venture public limited company engaged in commercial banking business based on Islamic shariah. Established in 1983 as the first Islamic bank in Southeast Asia, it is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange. Read More: BAT Bangladesh scoops up ‘ICMAB Best Corporate Award’ for sixth time

Dhaka North and South Zone of Islami Bank Bangladesh Limited (IBBL) organised the webinar "Compliance of Shari'ah in Banking Operations" recently. Mohammad Solaiman, chairman of the Audit Committee of the bank, addressed the event Saturday as the chief guest.  Md Omar Faruk Khan, additional managing director, was present as a special guest.  Read: IBBL holds Shariah compliance webinar Dr Monzur-E-Elahi, member of the Shariah Supervisory Committee of the bank, spoke as the key discussant.  Md Shamsuddoha, executive vice-president of the Shariah Secretariat, also spoke. Muhammad Sayeed Ullah, head of Dhaka North Zone, and Mir Rahmat Ullah, head of Dhaka South Zone, presided over the programme, according to a media statement. Read IBBL launches month-long fintech campaign IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.

A meeting of the Shari`ah Supervisory Committee of Islami Bank Bangladesh Limited (IBBL) was held virtually on Wednesday. Prof Mohammad Gias Uddin Talukder, chairman of the committee presided over the meeting, the bank said in a statement. Also Read: IBBL donates Tk 10 cr to PM’s Relief Fund Mufti Sayeed Ahmed, vice chairman, and Prof Mohammad Abdus Samad, member secretary of the committee along with other members attended the meeting. Mohammed Monirul Moula, managing director & CEO, Muhammad Qaisar Ali, additional managing director, and JQM Habibullah, deputy managing director & company secretary of the bank also attended.

Islami Bank Bangladesh Limited organised a farewell for 15 recently retired senior executives at Islami Bank Tower on Monday. Mohammed Monirul Moula, the managing director & CEO of the bank, addressed the programme as the chief guest, the bank said in a statement on Tuesday. Muhammad Qaisar Ali and Md Omar Faruk Khan, additional managing directors of the bank addressed the function as the special guest. Also Read: Islami Bank declares 10% cash dividend Md Mostafizur Rahman Siddiquee, deputy managing director presided over the programme while Md Maksudur Rahman, head of the development wing made the welcome speech. Retired executives including Abu Reza Md Yeahia, Md Abdul Jabbar, Md Saleh Iqbal, AAM Habibur Rahman, and Md Mosharraf Hossain, former deputy managing directors of the bank also addressed the programme.

A meeting of the board of directors of Islami Bank Bangladesh was held Sunday on a virtual platform. Professor Md Nazmul Hassan, chairman of the bank, presided over the meeting. Yousif Abdullah Al-Rajhi and Md Shahabuddin, vice-chairmen of the board of directors, Dr Areef Suleman, foreign director and representative of Islamic Development Bank, joined the meeting. READ: Islami Bank holds 38th AGM; approves 10% cash dividend Mohammed Monirul Moula, managing director and CEO of Islami Bank, and JQM Habibullah, deputy managing director and company secretary, also attended the meeting.

Cumilla, Sylhet and Mymensingh zones of Islami Bank Bangladesh organised a quarterly business development conference recently through a virtual platform. Mohammed Monirul Moula, managing director and chief executive officer of the bank, addressed the conference as chief guest. Islami Bank deputy managing directors Taher Ahmed Chowdhury, Md Mosharraf Hossain and Mohammad Ali; senior executive vice-presidents Md Siddiqur Rahman, Md Mahboob Alam, Salim Anwar and Muhammad Sayeed Ullah also joined the programme.    Md Mahbub-A-Alam, head of Cumilla Zone, Sikder Md Shehabuddin, head of Sylhet Zone, and Bashir Ahamed, head of Mymensingh Zone, addressed the conference, too, read a press release issued on Monday.