THE government’s deliberate steps to embezzle the largest commercial bank of the country, Islami Bank Bangladesh Ltd (IBBL), have pushed the bank near to the verge of bankruptcy and free fall. After failing to probe the most buzzing accusation about the IBBL’s involvement in terror financing, the government-blessed businesses group occupied the bank and brought drastic change in governance.
News media reported that Chattogram-based conglomerate S. Alam Group occupied the bank and all the former Directors, Chairman, Managing Director and top officials were forced to resign in January 2017 and a former bureaucrat took control of the steering wheel, who also resigned last week for not obeying the conglomerate unconditionally. When one after another government banks fall and the newly licensed private banks get mired in debt crisis, the government’s step to destabilize the most stable IBBL is unrealistic, immoral and revenging.
News media reports said annoyed corporate shareholders Ibn Sina Trust, Islamic Research Center and many others are in selling spree of the bank shares. Foreign shareholders of the country’s first Shariah-based bank already left their share against some local companies under the conglomerate. The conglomerate, also one of big loan defaulters, has bought the shares left by Ibn Sina Trust and some other corporate shareholders in a bid to tighten its grip.
We know, the bank with more than one crore account and the largest deposit had earned this pinnacle through practicing honesty, value-based banking, and obviously for its Shahriah compliance. Since the change in 2017, the bank has been mired in crisis and controversy. It is now facing acute liquidity crisis and stopped lending big amounts. S Alam Group, blessed by the present government, has allegedly also staged hostile take-overs of a number of country’s private banks. Shareholdings of IDB in IBBL declined to 3.38 crore from 12.08 crore as the Saudi-based international Islamic Bank has disliked the takeover by S Alam Group.
In which bank the government or ruling party men poke their noses, that financial institution gets ruined. Before intervention, the IBBL was running well but the government-blessed businessmen’s greed has pushed the bank near to collapse. We call the Finance Ministry and the Central Bank to take pragmatic steps out of political vengeance and snap illicit nexus with them who are responsible to destabilize economy. It is a shame for the country that the top loan defaulters are now controlling the economy.
News media reported that Chattogram-based conglomerate S. Alam Group occupied the bank and all the former Directors, Chairman, Managing Director and top officials were forced to resign in January 2017 and a former bureaucrat took control of the steering wheel, who also resigned last week for not obeying the conglomerate unconditionally. When one after another government banks fall and the newly licensed private banks get mired in debt crisis, the government’s step to destabilize the most stable IBBL is unrealistic, immoral and revenging.
News media reports said annoyed corporate shareholders Ibn Sina Trust, Islamic Research Center and many others are in selling spree of the bank shares. Foreign shareholders of the country’s first Shariah-based bank already left their share against some local companies under the conglomerate. The conglomerate, also one of big loan defaulters, has bought the shares left by Ibn Sina Trust and some other corporate shareholders in a bid to tighten its grip.
We know, the bank with more than one crore account and the largest deposit had earned this pinnacle through practicing honesty, value-based banking, and obviously for its Shahriah compliance. Since the change in 2017, the bank has been mired in crisis and controversy. It is now facing acute liquidity crisis and stopped lending big amounts. S Alam Group, blessed by the present government, has allegedly also staged hostile take-overs of a number of country’s private banks. Shareholdings of IDB in IBBL declined to 3.38 crore from 12.08 crore as the Saudi-based international Islamic Bank has disliked the takeover by S Alam Group.
In which bank the government or ruling party men poke their noses, that financial institution gets ruined. Before intervention, the IBBL was running well but the government-blessed businessmen’s greed has pushed the bank near to collapse. We call the Finance Ministry and the Central Bank to take pragmatic steps out of political vengeance and snap illicit nexus with them who are responsible to destabilize economy. It is a shame for the country that the top loan defaulters are now controlling the economy.
