Turmoil at Islami Bank continues as protests enter second day
The turmoil surrounding Islami Bank PLC continued as a group of protesters began a demonstration this morning, a day after the Shariah-based bank saw protests, police action and internal disorder.
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Protesters, under the banner of the Islami Bank Conscious Customers' Forum, began demonstrating at around 9:30 am in front of the bank's headquarters in Dhaka. They opposed a virtual board meeting held on Monday night, during which the board accepted the resignation of former managing director Omar Faruk Khan.
They criticised the board's recent decisions and demanded sweeping changes in its leadership.
Protesters also demanded the resignation of all board members of Islami Bank, the largest Shariah-based lender.
Yesterday, Islami Bank witnessed chaos throughout the day as a section of customers protested against the recent changes in the bank's top leadership.
Police used sound grenades and water cannons in Motijheel to disperse hundreds of protesters under the banner of the Conscious Customers' Forum.
They demanded that Bangladesh Bank cancel the appointment of Islami Bank's new chairman, Md Khurshid Alam, and reinstate the recently resigned managing director. The rally left many injured.
Alam, a former deputy governor, was appointed late on May 24, a day before the Eid holiday.
On August 6, 2024, he was among the top central bank officials forced out by protesters following the fall of the Sheikh Hasina-led government.
Many alleged that his role was controversial during the Awami League government's tenure, when Chattogram-based businessman S Alam took control of several Shariah-based banks and was involved in loan irregularities.
The protests disrupted Monday's scheduled board meeting, but the bank later obtained central bank approval and held the meeting virtually at night, with Alam presiding.
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