The much-anticipated inaugural ceremony of the United Islamic Bank, scheduled for tomorrow at 10:00 a.m. at Dhaka’s InterContinental Hotel, has been abruptly cancelled due to security concerns. The decision comes as authorities and the bank administration seek to avoid potential unrest among depositors and banking officials.
According to sources within the bank and the Ministry of Finance, certain depositors and banking personnel from Chattogram had reportedly planned a demonstration at the event. The information spread rapidly on social media, prompting urgent consultations between Bangladesh Bank Governor Ahsan H. Mansur and Finance Adviser Salehuddin Ahmed regarding security measures. Following these discussions, the bank administration opted for a precautionary cancellation to prevent any untoward incidents.
The ceremony had been set to feature prominent dignitaries. Finance Adviser Salehuddin Ahmed was to attend as the chief guest, with the Secretary of the Financial Institutions Division, Md. Khairuzzaman Majumdar, and Bangladesh Bank Governor Ahsan H. Mansur attending as special guests. The event was to be chaired by United Islamic Bank Chairman Mohammad Ayub Miah, and it was expected that the nation’s leading financial officials and influential figures from the banking sector would be present.
Reports indicate that recent operational challenges, liquidity concerns, and management issues within the bank had triggered dissatisfaction among some depositors and Chattogram-based banking officials. Plans for a demonstration on the inauguration day made the administration cautious, prompting the cancellation decision.
United Islamic Bank represents the merger of five separate banks. Recruitment for top executive positions is ongoing, with appointments for Managing Director, Deputy Managing Director, Chief Financial Officer, and Company Secretary expected to be finalised later this week.
As Bangladesh’s first state-backed Shariah-compliant bank, United Islamic Bank aims to:
Conduct banking operations in accordance with Shariah principles
Promote greater financial inclusion
Ensure active government participation in the Islamic banking sector
A summary of the five merged banks is presented below:
| Bank Name | Founder/Primary Owner | Notes |
|---|---|---|
| First Security Islami Bank | Saiful Alam | Chattogram-based businessman; head of S Alam Group |
| Global Islami Bank | Saiful Alam | Controlled by the same entrepreneur |
| Union Bank | Saiful Alam | Controlled by the same entrepreneur |
| Exim Bank | Nazrul Islam Majumdar | Former BCB chairman and banking entrepreneur |
| Social Islami Bank | Saiful Alam | Controlled by the same entrepreneur |
Notably, both entrepreneurs, Saiful Alam and Nazrul Islam Majumdar, have historically maintained close ties with former Prime Minister Sheikh Hasina, holding shares and benefiting from loans while playing pivotal roles in Bangladesh’s banking landscape.
The launch of United Islamic Bank was poised to mark a new chapter in the country’s Islamic banking sector. However, with the ceremony postponed for security reasons, stakeholders must now await a revised schedule for the full-scale operational commencement.