Shahjalal Islami Bank sponsor to gift Tk 48cr shares to son

Abdul Halim, a sponsor of Shahjalal Islami Bank PLC, will transfer more than 2.62 crore shares to his son, Abdul Hakim, a general shareholder of the lender, by way of gift.

Based on yesterday's closing price of Tk 18.4 per share of the Shariah-based bank, the transfer value stands at Tk 48.208 crore.

The transfer will take place outside the trading system by October 31, according to a disclosure on the Dhaka Stock Exchange (DSE) website yesterday.

In recent months, the disclosure of share transfers by sponsors or directors of listed firms by way of gift has become almost regular.

On October 4, Dhaka Bank Director Mirza Yasser Abbas, son of BNP leader Mirza Abbas, expressed his interest in transferring 3.13 crore shares to his mother, Afroza Abbas, a sponsor of the company, by way of gift.

Market stakeholders said sponsors or directors usually gift shares to their close relatives when they plan to bring their relatives onto the board of the company.

In recent months, the disclosure of share transfers by sponsors or directors of listed firms by way of gift has become almost regular

A tax exemption on the transfer of properties, including shares, among spouses, children, and siblings is another reason.

The National Board of Revenue (NBR), through the Finance Act 2024, exempted tax on the transfer of properties including shares among spouses and between parents and children. This year, it widened the benefit by including the provision of non taxation on transfer of any tangible or intangible assets including shares among siblings.

As a result, many large investors prefer to gift shares to their sons and daughters.

Shahjalal Islami Bank reported a 5 percent decline in profit to Tk 159 crore in the April-June quarter of 2025, despite modest growth in investment income, according to its financial statements.

As of August 31, 2025, sponsor-directors held 41.36 percent of the company's shares, institutions held 25.49 percent, foreign investors held 0.01 percent, and the public held the remaining 33.14 percent, DSE data showed.

 Sponsors or directors usually gift shares to their relatives mainly when they plan to bring their relatives onto the board of the company.