Islami Bank to raise Tk 10,000 crore by selling S Alam Group's stake

Islami Bank Bangladesh plans to raise Tk 10,000 crore by selling the stake held by S Alam Group in the bank as part of its efforts to realise the loans taken by the controversial business house based in Chattogram.

The bank also intends to invite its former foreign shareholders, including Al Rajhi and the International Finance Corporation, to re-engage with the institution, said its new Chairman Md Obayed Ullah Al Masud at a press conference at the Bangladesh Bank today. 

BB Governor Ahsan H Mansur was present. 

In the early September, Masud said S Alam Group, a beneficiary of the ousted Awami League governmet, took more than half of the total loans at Tk 174,000 crore disbursed by the Shariah-based lender.

The bank now wants to sell the shares of S Alam to realise a portion of the money.

S Alam, his family and associates own at least 30 percent stakes in the Islami Bank, according to its annual reports, although there is allegation that the group has much higher stakes because of holding shares in the pseudo names.