Jamaat MP asks finance ministry not to merge SIBL

Jamaat‑e‑Islami lawmaker Syed Zainul Abedin has urged the government not to merge Social Islami Bank PLC (SIBL) with other troubled lenders and to keep it outside the Bank Resolution Scheme.

In a letter to the finance ministry on April 12, Zainul alleged that SIBL was forcibly taken over by the S Alam Group in 2017 with political backing.

He said the bank had been one of the strongest Islamic banks before the takeover, paying 20 percent dividends for four consecutive years and even securing approval to open a branch in Makkah.

He criticised the Bangladesh Bank for installing independent directors into the SIBL board after the 2024 political changeover.

These directors lacked banking experience, which worsened the bank’s condition despite liquidity support, the MP alleged.     

Zainul argued that placing SIBL under the Bank Resolution Scheme without consulting its “genuine entrepreneurs and shareholders” has caused thousands of small investors to suffer heavy losses.

He insisted the bank could regain confidence if returned to its “genuine entrepreneurs and shareholders” with credible investment and restructuring of the board.

Speaking to The Daily Star, Zainul stressed he had no ownership ties to SIBL, though he had worked there from its early years until retiring in January 2026 as a vice president.

He said several former sponsors and directors remain capable of contributing to the bank’s management and are seeking support from potential investors.

Earlier in February, another Jamaat MP, Mir Ahmad Bin Quasem Arman, expressed interest in bringing fresh investment into the troubled mobile financial services provider Nagad, now under an administrator appointed by the BB.

On February 8, three days before the 13th parliamentary election, he wrote to the BB governor, requesting permission to conduct an audit to assess the company’s position ahead of any potential investment.