Islami Bank Customer Forum Demands Independent Board, Seven Other Reforms
The Islami Bank Conscious Customer Forum has put forth seven key demands, including the formation of a complete and independent board of directors for Islami Bank, comprised of honest, qualified, experienced, and professional individuals. The forum announced this during a press conference at the Dhaka Reporters Unity (DRU) Sagar Runni auditorium on Friday afternoon. The forum's leaders have also postponed their planned customer rally scheduled for Saturday. Nurunnabi Manik, the convenor of the forum, read out the written statement and asserted that Islami Bank should be returned to its original owners, similar to other banks. He emphasized that the bank should not fall victim to looters or politically motivated groups, stating that its legitimate ownership was seized in 2017 through the misuse of state power. The forum is calling for a special tribunal to prosecute those involved in the alleged looting of Islami Bank and for swift legal action against malicious propaganda targeting Islamic banks. They also demand the repatriation of funds siphoned abroad through a special task force to settle the bank's liabilities and the removal of Section 18/A from the Bank Company Act. Manik further claimed that ministers, including the Home Minister, made false and misleading statements about Islami Bank in the national parliament and demanded their retraction. He criticized the Bangladesh Bank for failing to take effective measures to restore customer confidence over the past two months, instead attempting to politicize customer movements for deposit protection. The customer rally was postponed due to adverse weather and the ongoing HSC and Alim examinations. However, the forum warned that if the Islami Bank board is not announced soon, further programs, including a rescheduled rally, will be announced.
The customer forum's demands highlight significant governance concerns within Islami Bank, particularly regarding board independence and alleged past mismanagement. The call for a special tribunal and repatriation of funds suggests a deep-seated distrust in existing legal and financial oversight mechanisms. The forum's critique of the central bank's response indicates a perceived lack of urgency or effectiveness in addressing depositor anxieties. Moving forward, the situation will likely hinge on the regulatory response and the bank's ability to demonstrate transparency and accountability to rebuild stakeholder confidence. The interplay between customer activism, regulatory action, and the bank's corporate governance will be critical in shaping its future trajectory.
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