SIBL's chairman, additional MD stepped down
The chairman, Mahbub-Ul-Alam, and additional managing director (MD), Abu Reza Mohammad Yahiya, of Social Islami Bank Limited (SIBL) have stepped down. Several sources of SIBL confirmed the matter to Prothom Alo.
Before his stint at SIBL, Mahbub-Ul-Alam was the MD of Islami Bank Bangladesh. Then he became the adviser of First Security Islami Bank. Mahbub was the group director of Hasan Housing Limited based on Chattogram, the owner of the SIBL.
The ownership of the bank was changed in 2017.
Before joining the private bank, Abu Reza Mohammad Yeahia was the deputy managing director (DMD) of Islami Bank. It is learnt that Mohammad Yeahia is not attending the office while Mahbub-Ul-Alam has left the country after tendering their respective resignation letters.
The cell phones of these two high-ups were found switched off while the bank’s managing director (MD), Jafar Alam, wasn’t available to comment over the issue.
According to the central bank report, the majority of the loans SIBL disbursed without maintaining proper rules and regulations. Loans were given to many clients just against the documents, without any projects, resulting in the default of Tk 50.5 billion fresh loans in the bank.
The bank said the rate of their defaulted loans is 5 per cent. However, the percentage stands more than 23 if it is counted as per the report of Bangladesh Bank’s inspection.
A source of the bank said the two quitted top officials no longer want to take the responsibility of the irregularities taking place in the bank. That’s why the group dropped their names from their favourite list. In such circumstances, they tendered their resignation letters.
It is learnt that the decision over their resignation will be made at the next meeting of the bank.