Islami Bank says customer deposits near Tk1.75 lakh crore
Administrator Mohammad Zahir Hussain has pledged to safeguard the interests of Islami Bank Bangladesh PLC's depositors, assuring that seasoned bankers will oversee day-to-day operations as the board shifts its focus to policy matters.
He added that Bangladesh Bank, the government, and intelligence agencies are working jointly to recover funds allegedly misappropriated from the bank.
Zahir made these remarks at a client's gathering organised by Islami Bank Bangladesh PLC at its New Market Branch on 9 July.
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Bangladesh Bank dissolved Islami Bank's board on 14 June and appointed Zahir, executive director of the central bank, as administrator. He has been vested with all powers and responsibilities of the dissolved board under the Bank Company Act, 1991.
"Depositors are the true owners of Islami Bank. Bangladesh Bank and management are working to protect their interests," Zahir said.
He described Islami Bank as a regional pioneer in Islamic banking, affirming that its services will remain accessible to all customers, regardless of religion, background or political affiliation.
Zahir reported the bank's shareholders' capital at Tk6,500 crore and customer deposits at nearly Tk1.75 lakh crore, noting that capital accounts for only a small fraction of total deposits. He sought to reassure customers amid concerns about the bank's shareholding.
Discussing internal reforms, Zahir said the management team has been granted operational authority and comprises professionals with 30 to 35 years' experience.
"The board's role is to provide policy direction; the bank will be run by professionals," Zahir said.
Zahir urged customers and depositors to continue supporting the bank, adding that professional management will help restore confidence and rebuild Islami Bank's standing.
Deputy Managing Director Md Mahboob Alam attended the programme as a special guest.
Senior Executive Vice-President and Head of Dhaka Central Zone Md Mahbub-A-Alam, presided over the event, while Shah Mohammad Waliullah, member of the Shari'ah Advisory Board of Bangladesh Bank, was the chief discussant.
Head of New Market Branch Md Mahabubus Sajjad delivered the welcome address.
Professor Md Aminul Islam of Bangladesh University of Engineering and Technology, Professor Md Belal Hossain of University of Dhaka, Professor Parveen Sultana Haidar, former vice-principal of Dhaka College, Professor Raihana Taslima of the Directorate of Secondary and Higher Education, and businesspersons Md Hossain and Najma Sultana spoke on behalf of customers.
Company Secretary Md Habibur Rahman also attended, along with bank executives, officials, local businesspeople and well-wishers.
Shah Mohammad Waliullah said Islami Bank's present position has been built through the efforts and sacrifices of its predecessors.
Recalling the bank's establishment, he credited former president Ziaur Rahman, the then ambassador of Saudi Arabia and the Peer Saheb of Baitush Sharaf, Chattogram, for playing significant roles.
He also discussed the historical and theoretical foundations of Islamic banking, referring to the Mudaraba partnership and the business relationship between Prophet Muhammad and Khadijatul Kubra.
