After IDB, ICB, Saudi firm Al-Rajhi leaves Islami Bank

Another owner—Saudi-based firm Al-Rajhi Co. for Industry & Trade, KSA—sold its entire stakes in Islami Bank Bangladesh following suit of multilateral development finance institution Islamic Development Bank (IDB) and local investment bank Investment Corporation of Bangladesh (ICB).

Al-Rajhi sold its entire holding of 15.99 crore, or 9.93 percent, shares of the bank during October this year, according to the shareholding report of the bank.

Subsequently, the corporate shareholder withdrew the directorship of Yousif Abdullah, who represented the company in the bank's board.

In 2017, S Alam Group took over Islami Bank Bangladesh Ltd (IBBL), the country's oldest shariah-based bank.

After that, many of the sponsors and previous corporate directors had sold their shares in Islami Bank.

For instance, IBBL's sponsor director Mustafa Anwar sold his entire 42 lakh shares in 2017.

In 2018, IDB sold 8.69 crore shares of the bank. Recently, it sold its entire shares and withdrew directorship.

In June this year, state-run non-bank financial institution ICB had sold its entire shareholdings in the bank.

Stocks of the bank was traded at Tk 32.6 at the Dhaka Stock Exchange today.