Islami Bank depositors’ protest against new chair on 3rd day

Islami Bank depositors protest the appointment of new chairman for the third day on Wednesday

Dhaka, June 3 – Protests against the appointment of Khurshid Alam as chairman of Islami Bank Bangladesh PLC entered a third consecutive day on Wednesday, with hundreds of depositors and  shareholders vowing to prevent him from assuming office and threatening an indefinite blockade of the bank’s headquarters if he attempts to enter.

Under the banner of the 'Sachetan Grahak Forum' (Conscious Customers Forum), hundreds of protesters consisting of depositors, shareholders, and representatives from various professional groups brought out a protest march on Wednesday.

The procession was held in front of the bank’s head office in Dilkusha, Motijheel and culminated in a rally outside the National Press Club.

Speaking at the rally, Conscious Customers Forum Convener Nurun Nabi Manik warned that demonstrators would resist any attempt by Khurshid Alam, a former deputy governor of Bangladesh Bank, to take office as chairman of Islami Bank, saying they were prepared to ‘lay down their lives’ to stop him.

On Monday, law enforcement personnel deployed batons, tear gas, water cannons, and sound grenades to disperse demonstrators, resulting in several injuries.

On Wednesday, the area remained under a tight security blanket with armored personnel carriers (APCs) and water cannons kept on standby.

Protesters allege that a  ‘conspiracy’ orchestrated by the central bank and quarters within the government aims to hand control of the Shariah-based lender back to an opportunistic "looting clique."

Speaking to reporters, Bangladesh Bank Executive Director and Spokesperson Arif Hossain Khan rejected the demands of the agitators, maintaining that the central bank will not reverse its decision.

"The chairman of a bank will not be changed based on street agitations. Bangladesh Bank stands firm on its decision," the spokesperson said, adding that political or group interference in bank management is unacceptable.

Addressing allegations floating against the newly appointed chairman, the central bank spokesperson dismissed them as "baseless."

He clarified that Khurshid Alam holds no personal outstanding loans with First Security Islami Bank, though he acknowledged that a loan registered under his wife's name is currently classified as defaulted. - UNB