Protesters continue demo at Islami Bank, demand board resignation, chair's removal

Protesters under the banner of "Islami Bank Sacheton Grahok Forum" continued their demonstration for a second consecutive day in front of Islami Bank's head office in Dhaka's Dilkusha today (2 June), demanding sweeping changes in the bank's leadership and governance.

At a press conference held in front of the bank's headquarters, the protesters placed a fresh 7-point demand, centring on the removal of newly appointed Chairman Md Khurshid Alam and the resignation of the entire board of directors.

The forum demanded the reinstatement of former managing director Omar Faruk Khan and called for the exclusion of any individuals allegedly involved in past irregularities from the bank's board. It also sought the repeal of Section 18(A) of the Bank Resolution Act.

Among its other demands were the sale of assets allegedly owned by S Alam Group to recover what it described as "looted funds", a permanent ban on the group's return to ownership or control of any bank, and legal action against all those involved in banking sector irregularities.

The protesters also criticised remarks made by Bangladesh Bank spokesperson Arief Hossain Khan, describing them as political in nature.

Representatives of the forum alleged that the newly appointed chairman has links with the controversial S Alam Group and warned that his appointment could pave the way for renewed financial irregularities at the bank.

Similar protests were held on Monday when police used water cannons, sound grenades, tear gas shells and batons to disperse demonstrators gathered outside the bank's headquarters. Chases and counter-chases were also reported in the area.

Despite the ongoing protests, Islami Bank held a virtual board meeting on Monday night chaired by Khurshid. Bangladesh Bank Executive Director Arief Hossain Khan said five board members participated in the meeting online.

The unrest began after a leadership change at the country's largest private commercial bank. Former chairman M Zubaidur Rahman resigned on 24 May, shortly before the Eid holidays. Later that night, former Bangladesh Bank deputy governor Khurshid Alam was appointed chairman of the bank.

Khurshid was scheduled to formally assume his duties on Monday. He had earlier resigned from Bangladesh Bank following protests by central bank officials after the political changeover of 5 August 2024.

Human chain in Chattogram 

Islami Bank Sacheton Grahok Forum also staged a human chain in Chattogram yesterday in front of the bank's regional office in the Agrabad commercial area of the port city.

Participants alleged that depositors are losing confidence in the bank's current management. They said the removal of Chairman Khurshid was necessary to protect customers' interests and restore internal governance.

Speakers at the programme said that without ensuring transparency and accountability in one of the country's largest financial institutions, public deposits could face serious risk.

They urged immediate intervention from relevant government authorities and Bangladesh Bank, calling for steps to safeguard depositors' money and protect customer interests.

The protesters warned that if their demands are not addressed promptly, they will announce stricter programmes in the coming days.