A heated debate erupted in Parliament on Tuesday over the appointment of a new chairman of Islami Bank Bangladesh PLC and the bank's overall governance, with ministers and lawmakers trading accusations over its ownership, management and future direction.
The discussion began after Opposition Leader and Jamaat-e-Islami Ameer Md Shafiqur Rahman submitted a notice under Rule 68, calling for measures to return the bank's shares to their lawful owners and stop what he described as unjust interference in its affairs.
The notice was backed by five lawmakers from Jamaat-e-Islami, while several other members also took part in the debate.
Opposition lawmakers alleged that genuine shareholders had been sidelined during the previous government and that control of the bank had been handed over to the S Alam Group.
They claimed that although shareholders regained control during the interim administration, recent appointments to key positions, including chairman and managing director, had revived concerns about undue influence over the institution.
Rejecting the allegations, Finance Minister Amir Khosru Mahmud Chowdhury urged the opposition to pursue constructive politics and warned against any attempt to destabilise the bank.
"Islami Bank will remain safe under a BNP-led government," he told Parliament, noting that the bank's foundation was laid during the tenure of late president Ziaur Rahman.
The minister said the government was committed to restoring the bank's reputation, strengthening governance and ensuring its long-term stability.
He also argued that unregulated financial practices in politics posed broader risks to democracy, alleging that some candidates in previous elections had spent between Tk 0.5 billion and Tk 1.0 billion despite having no visible sources of income.
Responding to concerns about the appointment of the bank's chairman, Mr Chowdhury said a review by Bangladesh Bank had found no evidence of irregularities.
He alleged that organised groups were attempting to create instability inside and outside the bank through coordinated demonstrations, warning that such actions could undermine financial discipline.
The finance minister further said Bangladesh Bank was working through legal channels to return the institution to its legitimate owners and cautioned against the emergence of a "mobocracy" that could obstruct reform efforts. Earlier, Jamaat chief Shafiqur Rahman alleged that "a group seeking to take over Islami Bank has once again set its sights on the institution."
He claimed that attempts were being made to influence the bank through the appointment of a "controversial" chairman and interference in management decisions, including pressure on the managing director to resign.
Such actions, he said, would weaken corporate governance and erode investor confidence.
Jamaat ameer also rejected attempts to portray Islami Bank as a Jamaat-controlled institution, arguing that its previous management had earned the trust of millions of depositors and foreign investors through professionalism and integrity.
Warning of wider economic consequences, he said any damage to the bank would have significant repercussions for the country's financial sector and called for its shares to be returned to their rightful owners.
In a separate intervention, Home Minister Salahuddin Ahmed said neither Islami Bank, BNP Secretary General Mirza Fakhrul Islam Alamgir nor Jamaat-e-Islami should be equated with Islam, cautioning against the use of religious identity in politics.
He alleged that the bank had previously been taken over in the name of religion and referred to controversies surrounding its rural development scheme, claiming there had been irregularities in loan disbursement and corporate social responsibility expenditures.
The home minister called for investigations into alleged money laundering involving several business groups, including the S Alam Group, and said all such cases should be thoroughly examined under the supervision of Bangladesh Bank.
He added that the appointment of the bank's current chairman should be assessed through due legal process, noting that no allegations had yet been proven and that the principle of presumption of innocence must be upheld. Jamaat-backed reserved-seat lawmaker Nurunnisa Siddiqui criticised what she described as an "unexpected" intervention in the bank's affairs and urged the government not to support such actions.
"The people of Bangladesh will not tolerate unjust activities for long. The July uprising is the latest example," she said.
Another Jamaat-backed reserved-seat lawmaker, Mardia Momtaz, alleged that an "inefficient" individual had been appointed to lead the bank.
She claimed that Tk 42 billion had been withdrawn from the bank within seven days of the appointment and that the institution later sought Tk 100 billion from Bangladesh Bank.
Dhaka-12 lawmaker and Jamaat leader Saiful Islam questioned the appointment of the current Bangladesh Bank governor and urged the government to disclose comprehensive information on defaulted loans and loan defaulters.
He also called for ensuring that the banking sector remains free from political influence.
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