Meanwhile, Bangladesh Bank on Sunday provided a special loan of Tk 25 billion to Islami Bank to ease the liquidity crisis. According to sources at both institutions, the money was deposited into the central bank’s current account, allowing cheque-clearing operations to return to normal. Speaking to reporters after an emergency meeting with Bangladesh Bank, Acting […]
It said the appointment also aims to protect the interests of the bank, its depositors and the wider public while enhancing transparency, accountability and good governance within the institution. Section 49(1)(gh)(aa) of the Act empowers a supervisor to closely monitor the overall operations and governance framework of banks. The Bangladesh Bank statement said Alam Islami […]
Without naming S Alam, Shafiqur Rehman alleged, “One person took Rs 82,000 crore (820 billion) from this bank in his name alone. He acquired 82 per cent stake in the bank through shares worth only Rs 12,000 crore (120 billion). In other words, he looted all the money from the banks.” Questioning how the shares […]
Government will fight arbitration case Meanwhile, Saiful Alam filed a case in an international arbitration tribunal last October challenging some of the measures taken during the tenure of the interim government. The present government has decided to fight the case on behalf of Bangladesh. A hearing is scheduled in the United States for June 22, […]
According to the Finance Minister’s presentation, 11 of the top 20 defaulting companies are controlled by Chattogram-based S. Made by Alam Group. Its owner, Mohammad Saiful Alam (S Alam), acquired control of Islami Bank and Social Islami Bank as well as five other banks during the previous Awami League government. Collectively, they withdrew more than […]
For this reason, the Debt Management Department made several recommendations. These include making necessary arrangements in the electronic system of Bangladesh Bank for placing the bonds as collateral; To adjust the funds from the current accounts of the banks by releasing the lien of the collateral bonds on maturity and depositing those funds in the […]
Bangladesh Bank (BB) has admitted to sending letters to five Shariah-based banks facing liquidity crisis to stop all their transactions. The central bank has described this move as part of the routine activity of its Motijheel branch. However, a final decision in this regard is yet to be taken. BB will take a decision after […]
According to the rules, all banks of the country have to maintain a current account in Bangladesh Bank Motijheel office. Bangladesh Bank settles all transactions from this account. CRR funds are also kept in this account. Bangladesh Bank’s letter sent to these five banks said that various transactions, such as check clearing service (BACPS), online […]
Some officials of the Islamic bank, speaking on the condition of anonymity, said that S Alam Group has started the process of buying some companies of Enontex. For this reason the loan was distributed in a hurry. But according to the rules of Bangladesh Bank, there is no legal provision to repay the loan of […]