Islami Bank sacks 8 top officials amidst internal unrest

Islami Bank Bangladesh yesterday terminated its contracts with eight top officials amid unrest in the largest Shariah-based bank in the country following the political changeover.

Of the officials, JQM Habibullah was an additional managing director and Akiz Uddin, Mohammad Sabbir, Miftah Uddin, Kazi Md Rezaul Karim, and Md Abdullah Al Mamun were deputy managing directors, officials of the bank confirmed to The Daily Star.

Of the remaining two, Taher Ahmed Chowdhury was chief anti-money laundering compliance officer and Md Nazrul Islam was the principal of the Islami Bank Training and Research Academy.

All the officials were hired on a contractual basis and the bank cancelled the contracts with them, said a top official of Islami Bank.

The photos of the officials have been removed from the Islami Bank website too, he added.

The decision of the dismissals comes after unrest gripping Islami Bank, which holds the largest amount in deposits among all banks, following the toppling of the Sheikh Hasina-led Awami League government in a mass uprising on August 5.

The day after her fall, a group of staff and officials of Islami Bank started staging a demonstration alleging of being deprived of official benefits and promotions over the last 15 years.

The demonstrators said their suffering started in 2017 when the bank's stakes started to be purchased by Chattogram-based S Alam Group, which managed to avail a staggering Tk 95,000 crore in loans form six banks during the tenure of the past government.

The protesters also demanded resignation of top Islami Bank officials and its additional managing director, Muhammad Qaisar Ali, was forced to resign.

On August 11, a clash erupted in front of its headquarters in Dhaka's Motijheel when officials and a deputy managing director, Miftah Uddin, allegedly appointed by the S Alam Group tried to enter the headquarters of the bank.

A group of officials and people claiming to be the shareholders of the bank blocked their way, which later led to the clash. The protesters claimed that five of them suffered gunshot wounds.

According to the protesters, most of the sacked officials served the interests of S Alam Group and allegedly provided loans beyond the permissible limits of Islami Bank to the group and fictitious firms.

The Chattogram-based group also has stakes in five banks, which are mostly Shariah-based entities, and a financial institution.