Written by The Banking Post
Shareholders and former officials of Social Islami Bank PLC have strongly opposed any merger of the bank with struggling Islamic lenders, cautioning that such a move could undermine customer confidence and investor interests.
At a press conference at the National Press Club in Dhaka on Monday, the bank’s former chairman Dr Major (Retd.) M Rezaul Haque said, “This bank was once occupied at gunpoint. Now there is an initiative to take it into the public sector again. Under no circumstances can our bank be taken away. We have filed a writ petition, which must be resolved first.”
Founding chairman Sultan Mahmud Chowdhury added, “We are businessmen. If businessmen cannot run a bank, how will others manage it? This is our asset. Can the government just take away someone’s property?”
Former director Asaduzzaman noted, “We built this bank with great effort and brought capital from abroad to establish it. Why should it be nationalised now?”
Stakeholders acknowledged that the bank faced financial challenges following management changes after 2017 but insisted that under the guidance of original founders and shareholders, Social Islami Bank could regain stability with Bangladesh Bank’s cooperation. They pledged to focus on microfinance, SME, and micro-enterprise investment.
Social Islami Bank, listed on the stock market since 2000, has historically maintained stability in the banking sector and consistently paid dividends, the stakeholders highlighted. They criticized the new board formed by Bangladesh Bank post-August 5, 2025, for insufficient representation of original founders and shareholders, which they said contributed to declining customer confidence and deposit withdrawals.
