New Islami Bank management to get over negative impression - Share market analysis of dhaka stock exchange, Bangladesh

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09 January, 2017 10:43 AM Source: Dhaka Tribune

The new management of Islami Bank Bangladesh Limited will combat its perennial negative impression that the largest private bank in the country is run by the Jamaat-e-Islami ideology.

The top officials of the bank came up with the speech at a press conference held yesterday at the bank headquarters after a major shakeup of its board of directors on January 5.

Terming the sudden reformation to the board of management very common the new Chairman, Arastoo Khan, said there was no political move about changing the directors. Though the change has occurred in the management of the bank, there will be no change to its basic principals.

The bank will be operated following Shariah Law as well.

The new management met with the media to explain major change to the board as the sudden reformation to the management spread out a huge rumour in the market.

Syed Ahsanul Alam, the newly elected vice-chairman, said there was an anti-public impression about the bank since it has ties with a certain political party. He claimed that the earlier management had practiced political Islam.

They did business with Islam and their mindset was negative about women employees and that is why there is no woman employee in the top management even on the board, added the top brass.

A new leadership was needed to build a real practice of Islamic banking business, Ahsanul said, adding that the new management will appoint more women to the bank and bring changes to its recruitment policy to ensure merit-based appointment.

Major General (Retd) Engineer Abdul Matin, newly elected chairman of the Executive Committee, said the bank will go on massive recruitment soon, but assured that thee management will not fire any existing employees.

At the same time promotion will be made in all levels of the bank, added the official.

He said already four executive vice-presidents have been promoted to the posts of deputy managing director. The proposal of promotion was sent to the central bank for final approval.

The promoted Deputy Managing Directors are Mohammed Monirul Moula, Mohd Mohon Miah, Mohammad Ali and Abu Reza Mohd Yeahia.

Currently, the bank has four deputy managing directors. Of them, Mahbub-ul-Alam remains as the managing director till appointment of a new one is made.

In response to a question that the Chittagong-based S Alam Group is playing a big role behind scene, Ahsanul Alam said the group has no share with the Islami Bank.

But Mohammad Saiful Alam, chairman of S Alam Group, was seen at the Islami Bank premises in the morning when Arastoo Khan took the post of chairman officially yesterday.

Ahsanul Alam admitted that “Saiful Alam came with his gang at Islami Bank, just not as a client, but as a chairman of another bank.”

He said former chairman Mustafa Anwar and managing director Mohammad Abdul Mannan were not forced to resign. Both of them resigned on the physical grounds.

Major reformation to the bank management came at the board meeting held on January 5 where Arastoo Khan was elected as chairman.

He represents Armada Spinning Mills Limited as the director of the bank, holding 2% share.

Yousif Abdullah Al Rajhi was re-elected and Syed Ahsanul Alam was elected as vice-chairmen.

Besides, executive committee, audit committee and risk management committee of the bank have been reformed with major general (rtd) Engineer Abdul Matin, Zillur Rahman and Abdul Mabud as chairmen respectively.

Of the new directors, Matin represents Paradise International Limited, Qazi Shahidul Alam Platinum Endeavors, Syful Islam BLU International Limited, Joynal Abedin ABC Ventures Limited, Mizanur Rahmana Grand Business Limited and Sirajul Karim Excel Dyeing and Printing.

All the new directors bought 2% share from the market from the year 2015. The reformation came on the back of government, said a senior executive of the central bank.

He said the procedure of removing Jamaat-linked people from Islami bank started from the year 2015 with removing its deputy managing director Nurul Islam. 

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