Dismissed Bank Employees Demand Return of Islami Bank to S Alam

Former employees of several Islamic banks have staged a sit-in protest in Motijheel, demanding the return of control of Islami Bank Bangladesh and four other Islamic banks to the S Alam Group, along with the reinstatement of dismissed workers.

The demonstration took place on Sunday morning in front of Islami Bank’s head office at Dilkusha. Employees from Islami Bank Bangladesh, First Security Islami Bank, Union Bank, Al-Arafah Islami Bank, Global Islami Bank, and Social Islami Bank participated in the protest.

The protesters put forward three main demands:

• Reinstatement of all dismissed employees
• Return of the banks to the S Alam Group
• Dissolution of the current boards of directors

Most of the protesting former employees hail from Satkania and Patiya areas of Chattogram, the same region as S Alam Group Chairman Saiful Alam Masud.

According to sources, the protest gained momentum after the passage of a law allowing previous owners to reclaim banks under the bank resolution process. Over the past two days, thousands of people were brought from Patiya to Dhaka and accommodated in various hotels.

On Sunday morning, the protesters gathered around the banking area and Secretariat in Motijheel. They alleged that they were dismissed without any notice and demanded immediate reinstatement. They also called for handing back the banks to their pre-5 August owners.

The protesters warned that if their demands are not met, they will launch a larger movement within the next 15 days.

Meanwhile, bank sources said no one was suddenly dismissed. The process involved verification of certificates followed by evaluation tests, as advised by Bangladesh Bank. Only those who did not appear for the tests or whose certificates were found to be forged were dismissed, and there is no scope for their reinstatement.

Sources further revealed that Bangladesh Bank has found evidence of approximately Tk 2 lakh crore being siphoned out in the name of or on behalf of the S Alam Group. This led to the dissolution and reconstitution of the boards. Due to the crisis in deposit repayment, First Security Islami Bank, Union Bank, Global Islami Bank, and Social Islami Bank have been merged. Al-Arafah Islami Bank and Islami Bank Bangladesh are currently being run by independent directors appointed by Bangladesh Bank.