IBBL contradicts reports on terror financing

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FE Report
The Islami Bank Bangladesh Limited (IBBL) claimed on Wednesday that the report published in different newspapers relating to the bank's links with the global banking giant HSBC in terror financing was 'misleading' and not based on facts.
In a statement, the IBBL said the report prepared and published by the sub-committee of the US Senate on 'terror financing and money laundering' did not mention any allegation against the IBBL.
Besides, no transactions of the IBBL with correspondent banks including the HSBC had been identified as suspicious, it added.
All the foreign transactions conducted by the IBBL were related with exports, imports and remittance.
The bank also claimed that all the foreign transactions had been done transparently and reported to the Bangladesh Bank.
The information published in newspapers relating to the bank's link with Al Razi Bank was also incorrect, the statement said, adding that Al Razi Bank is not any sponsor and shareholder of the IBBL.
The Al Razi Company for Industry and Trade, the Arabsas Travel and Tourist Agency, Abdullah Abdul Aziz Al Razi and Yousif Abdullah Al Razi hold a stake of 27.51 per cent in the bank.
The vice chairman of the IBBL, Yousif Abdullah Al Razi, is not a share holder of the Al Razi Bank. "They never influence any decision of the bank," the statement said. The board of directors unanimously takes any decision.
The reports published in some newspapers that the IBBL was involved in terror financing were also not correct.
"The central bank is regularly inspecting our activities where they never find any proof of such activities," the IBBL said.
The bank had never opened any accounts of hanged JMB leader Shaikh Abdur Rahman or Siddukur Rahman Bangla Bhai. The information about penalty imposed against Islami Bank was also incorrect as the central bank once imposed penalty on the bank for its delay in sending suspicious transaction reports.