Islami Bank Board Meeting Conducted Virtually After Disruptions

A highly anticipated board meeting of Islami Bank Bangladesh PLC, which stalled during the daytime on Monday due to disruptive demonstrations outside its headquarters, was successfully completed virtually later that evening. The online session was presided over by the newly appointed Chairman, Md. Khurshid Alam, according to institutional sources.

The meeting had originally been scheduled to convene at noon on Monday. However, it was postponed following daylong protests by individuals claiming to be customers of the shariah-based commercial bank, which is currently undergoing a series of management changes. An executive from Islami Bank, speaking on the condition of anonymity, confirmed the virtual completion of the board meeting but noted that the specific topics of discussion could not be immediately ascertained.

The executive did reveal, however, that the five-member board accepted the resignation of the immediate-past Managing Director, Omar Faruk, who had previously been placed on forced leave.

Escalation of Demonstrations and Security Response

Tensions intensified from Monday morning as demonstrators, operating under the banner of the “Islami Bank Customers’ Forum”, gathered outside the bank’s Dilkusha headquarters in Dhaka. The crowds chanted slogans demanding the immediate cancellation of the new chairman’s appointment, alleging that the decision was politically motivated and could lead to renewed financial irregularities.

In response to the growing unrest, the government increased security by deploying additional law enforcement personnel to the Motijheel Zone. When protesters defied police orders to clear the thoroughfare to allow the scheduled board meeting to proceed, law enforcement intervened using water cannons and sound grenades. The intervention led to chaotic scenes, and several protesters reportedly sustained injuries, with the majority receiving first aid at nearby medical facilities.

Following these confrontations, some demonstrators managed to enter the bank’s headquarters at approximately 4:45 pm, interrupting a meeting between Acting Managing Director Altaf Hossain, senior bank officials, and law enforcement representatives. A police officer from the Motijheel Zone confirmed their presence on-site, stating that officers visited the Acting Managing Director’s office as part of their daylong duty to maintain order. The demonstrators eventually vacated the area at around 5:45 pm after announcing further protest programmes.

Scheduled Protest Timetable

Central Bank and Political Reactions

Amidst the unrest, Bangladesh Bank (BB), the nation’s central banking regulator, granted the bank’s management explicit approval to transition the board meeting to a virtual format. The regulator firmly dismissed any possibility of reversing the appointment of Mr Khurshid Alam, who was selected following the resignation of the former chairman, M Zubaydur Rahman, just prior to the Eid-ul-Azha holiday.

Bangladesh Bank spokesperson Arief Hossain Khan emphasised that the central bank remains uninfluenced by external pressure or public demonstrations. He clarified that the regulator acts strictly in accordance with institutional interests and statutory provisions, reiterating the Governor’s stance that political interference within the central bank or any commercial bank will not be tolerated.

“If Bangladesh Bank takes a decision today due to a movement, then what will happen if another party later protests against that decision? Bangladesh Bank will continue to act according to its own policies and procedures. There is no possibility of changing the central bank’s decision through the movement,” the spokesperson stated.

In separate developments reported by United News of Bangladesh (UNB), political and professional groups issued statements regarding the day’s events:

• Bangladesh Jamaat-e-Islami: Secretary General Mia Golam Porwar strongly condemned the police intervention, alleging that law enforcement deployed batons, tear gas, water cannons, and gunfire against a peaceful gathering of customers.

• Jatiyatabadi Bankers’ Association, Bangladesh (JBAB): Convener Md Iqbal Hossain and Member Secretary Md Mostafizur Rahman Mostak issued a statement condemning an alleged physical assault and threat directed at Md Omar Faruk, a Principal Officer at Islami Bank and Joint Convener of the association’s central committee, demanding the immediate arrest of those responsible.

Following the evening’s virtual proceedings and the dispersal of the crowds, security around the Islami Bank headquarters remained tightly reinforced by additional police deployments.