HC asks govt to stop FIF functions

12 April 2010, 18:00 PM

Staff Correspondent

The High Court (HC) yesterday directed the government to stop all functions of Faisal Investment Foundation (FIF), an organisation set up in Panthapath area in Dhaka, which is allegedly running illegal banking business in the name of Islami Shariah. The court also issued a rule upon the government to explain within three weeks why it should not be directed to declare that the banking activities of FIF are illegal. The HC bench of Justice AHM Shamsuddin Chowdhury Manik and Justice Md Delwar Hossain came up with the order following a writ petition. Finance secretary, commerce secretary, governor of Bangladesh Bank and its general manager have been made respondents to the rule. Md Abdul Halim, a depositor and former employee to the FIF, filed the writ petition with the HC on April 7 this year, stating that former Islami Bank chairman M Ataur Rahman runs FIF as its chairman. The FIF has been doing banking business in the name of social service without taking permission from any appropriate authority of the government, it said. The petition said FIF has been collecting crores of taka as fixed deposits from the people by alluring them of giving maximum profits. It said the Bangladesh Bank earlier in 2008 and 2009 submitted separate enquiry reports to the ministry of finance, saying that FIF has been collecting fixed deposits from the people in the name of Islami Shariah although the organisation has no Shariah board or council. Advocate Abdul Baset Majumder assisted by advocate Abdul Halim appeared for the petitioner.