The Islami Bank Sachetan Grahak Forum on Sunday staged a sit-in in front of the head office of Islami Bank Bangladesh PLC to press for its seven-point demand aimed at stabilising the bank and restoring corporate governance.
The bank’s shareholders and customers joined the demonstration to voice concerns over the institution’s current operational direction, according to a press release.
The key demands placed by the forum include the immediate formation of a fully independent and professional board of directors comprising honest, capable, and experienced individuals through discussions with stakeholders.
The demonstrators also demanded the restoration of valid ownership to original shareholders who were allegedly forced out in 2017 through state coercion.
Furthermore, they urged the government to set up a special tribunal to try financial sector looters, confiscate assets belonging to S Alam Group and recover thousands of crores of embezzled funds.
The forum called upon the government and Bangladesh Bank to refrain from making controversial regulatory decisions that could fuel panic among depositors.
It also demanded the immediate repeal of Section 18(A) of the Bank Company Act, claiming it contains masked provisions that allow financial offenders to be rehabilitated back into the banking sector.
Additionally, the protesters called for the immediate withdrawal of recent parliamentary statements regarding Islami Bank made by the Home Minister, which they claimed provided a covert indication of handing control back to S Alam Group.
Addressing the gathering, Prof Nur Nabi Manik, convener of platform, announced that their movement will continue until all seven demands are fully realised.
He expressed frustration over regulatory inaction, noting that while the central bank governor initially showed a positive inclination after receiving their memorandum, no effective or visible measures have since been implemented by Bangladesh Bank. This, he said, has triggered fresh anxieties among depositors and shareholders.
The forum chief added that comprehensive implementation of the seven-point demand is essential to re-establishing discipline within Islami Bank and overcoming the ongoing confidence crisis among the bank's extensive customer base.