Khosru vows financial discipline amid Islami Bank debate

Speaking during a discussion on a notice of public importance raised by Opposition Leader Dr Shafiqur Rahman under Rule 68 of the Rules of Procedure, Khosru said the government would not compromise on financial stability and prudent management of the banking sector.

"Bangladesh Nationalist Party believes in financial discipline and will not compromise on it under any circumstances," the finance minister told Parliament.

Responding to concerns over developments at Islami Bank, Khosru said confidence in financial institutions depends on the security of depositors' funds and the overall stability of banks rather than changes in leadership.

"There is no precedent anywhere in the world where depositors withdraw funds simply because of the appointment of a chairman," he said, arguing that customers are primarily concerned about the safety of their deposits.

The minister alleged that organised efforts were being made to create instability around the bank through protests and agitation, warning that such activities could undermine confidence in the broader financial system.

He said the government remains committed to ensuring stability in the banking sector while allowing Bangladesh Bank to carry out its regulatory responsibilities independently and in accordance with the law.

Khosru added that the central bank is working through legal procedures to restore ownership and management structures to their lawful stakeholders and urged all parties to allow the process to continue without disruption.

Highlighting BNP's economic record, he said previous BNP governments had maintained macroeconomic stability and understood the critical role of a sound financial sector in supporting economic growth.

"We want a stable Bangladesh," he said. "The government is committed to restoring economic strength, and that requires a disciplined and credible financial system."

Opposition raises concerns

In his notice, Shafiqur Rahman urged the government to return Islami Bank shares allegedly acquired through coercive means to their original owners and to stop what he described as unjustified interference in the bank's management.

The Jamaat-e-Islami chief claimed the bank had gradually recovered and rebuilt customer confidence following the fall of the previous government. He said the bank's profit had increased from Tk 108 crore to Tk 137 crore within a year.

However, he alleged that attempts were being made to regain control of the bank through the appointment of controversial individuals to key positions and interference in management affairs.

Shafiqur expressed concern that Islami Bank was being portrayed as a Jamaat-controlled institution despite enjoying the trust of millions of depositors and foreign investors.

He also claimed that nearly Tk 2,000 crore in deposits had been withdrawn in a single day, reflecting a crisis of confidence among customers.

Questioning the appointment of a former Bangladesh Bank deputy governor as chairman of Islami Bank, the opposition leader alleged that the official had previously been associated with decisions that harmed the bank during the tenure of the S Alam Group.

Warning that further instability at Islami Bank could affect the entire banking sector, he described the bank as a "pyramid of trust" whose credibility is vital for maintaining public confidence.

Call for investigation

Joining the discussion, Home Minister Salahuddin Ahmed said all allegations related to Islami Bank should be properly investigated.

He referred to reports surrounding a Tk 700 crore loan provided to Nabil Group and said questions regarding the utilisation and recovery of the funds deserved scrutiny.

The home minister also called for investigations into corporate social responsibility expenditures, recruitment practices, loan approvals and allegations of political financing linked to the bank.

He said claims relating to employee dismissals, new recruitments and alleged money laundering, including accusations involving the S Alam Group, would also be examined.

"We will protect the interests of all customers and shareholders. We will establish justice and conduct proper investigations," Salahuddin said.

Addressing criticism over the appointment of the bank's chairman, he said Bangladesh Bank had informed the government that no allegations against the official had been proven.

Deputy Opposition Leader Syed Abdullah Mohammed Taher and Jamaat lawmakers Saiful Alam Khan, Nurun Nesa Siddika and Mardia Mumtaz also participated in the discussion.