IBBL management reshuffle
No changes in core principles
Says banks new chairman
STAFF REPORTER
Islami Bank Bangladesh Limited (IBBL) will not bring about any changes in its core philosophy and principles on the basis of which it has become the best bank in Bangladesh, the banks newly-appointed chairman, Arastoo Khan, said yesterday.
The massive reshuffle in the banks board of directors and top management has been done only to distance its identity from the image of a particular political group, he said at a press conference at the IBBL Tower in the capital.
The former chairman, Engr Mostafa Anwar, and managing director, Abdul Mannan, have both submitted their resignation letters citing their deteriorating health, he said, adding that no one has been forcibly removed from any position.
In response to journalists queries, Khana former bureaucrat who was elected the chairman of IBBL at Thursdays board meeting at a city hotelsaid the philosophy and principles of the bank have nothing to do with Jamaat-e-Islamis philosophy.
It is a Shariah-based bank and the people of this country have faith in it. It is only due to their trust that the bank has been able to reach this position. The bank itself has no political identity.
Arastoo Khan said that the bank would now focus on small- and medium-sized enterprise (SME) banking. It will provide small- and medium-term loans to 10 lakh new female entrepreneurs.
There has been no female representation on the board or in the top management of the bank. This will change. Also, people from other religions will be appointed in the bank, said the new chairman.
Brushing aside rumours that a huge number of employees will be sacked, the newly appointed vice-chairman, Prof. Ahsanul Alam, said that not a single employee has lost his/her job and that there will be no retrenchment on the basis of political ideology.
There used to be a practice of Islam-based politics here among the employees. Employees from a particular district
used to get preference in the hiring process. We just want to make sure that instead of such practices, people are hired on the basis of their merit, and can work for the benefit of the bank and for the people.
Describing IBBL as a financial engine that contributes 32 per cent of the countrys economy, Prof. Alam said: Dont taint its reputation by saying that it shares the identity of a political party, because it doesnt.
About the questionable financing of terrorist activities, Prof. Alam said the central bank has investigated the matter and found no involvement in terrorist financing on the part of IBBL. We admit that in terms of the spending of some of our corporate social responsibility (CSR) money, we did not carry out a thorough examination. But I can guarantee you that the new management will now meticulously monitor the CSR expenditure.
In response to queries on the relationship of the Chittagong-based business giant S Alam Group with the banks new management, Prof. Alam said that the S Alam Group has no direct relationship with the bank.
In Bangladesh, many large business groups have ownership stakes in many of the commercial banks. This is nothing new. But S Alam Group has no ownership of IBBL.
He said that the bank would spend nearly 10 per cent of a sum of Tk. 80,000 crore to provide banking services to the poor. The bank will do this to stay true to the spirit of Islam, he said.
Regarding the appointment of the new managing director, Prof. Alam said the board has decided to appoint Md Abdul Hamid Miah, former managing director of the Union Bank, as the managing director of IBBL. The appointment, however, is subject to approval from the central bank, he said. Maj. Gen. (retd) Abdul Matin, Md Zillur Rahman and Md Abdul Mabud, who are respectively the new chairpersons of the executive committee, audit committee and risk management committee, were also present at the press conference.
