A mysterious visit by S Alam to Islami Bank
Tight security was in place. Photography was prohibited. All CCTV cameras were switched off. Then, shortly before noon, he arrived. This is the story of that single day’s visit.
An unusual silence hung over the headquarters of the Islami Bank from early that morning. Senior officials had been instructed the previous day to report to work by 9:30 am in formal office attire, and warned that no photographs were to be taken.
One by one, the bank’s CCTV cameras were shut down. Security measures were strengthened several-fold. Inside the bank, rumours circulated that “he” was coming.
Shortly before midday, a convoy of black vehicles stopped outside Islami Bank’s head office in Motijheel. He stepped out of one of the vehicles, accompanied by his two sons, son-in-law and close aides. Since taking control of the bank in 2017, this was one of the rare occasions on which Saiful Alam Masud personally visited the institution.
Eventually, the son became chairman
In 2017, S Alam Group seized control of Islami Bank with the assistance of the Directorate General of Forces Intelligence (DGFI). On the day of the takeover, former secretary Arastoo Khan was appointed chairman.
After conflicts emerged between him and S Alam, Arastoo Khan resigned roughly 18 months later. In April 2018, Nazmul Hasan, honorary professor of the Institute of Nutrition and Food Science at Dhaka University, was appointed the new chairman.
During this period, the bank faced numerous allegations, including widespread loan irregularities, recruitment without examinations, and money laundering.
On 18 June 2023, Nazmul Hasan was removed and replaced by Ahsanul Alam, son of S Alam Group chairman Saiful Alam. At the time, he became the youngest chairman in Bangladesh’s banking sector, reportedly under the age of 30. Before formally assuming office in person, he had participated in two board meetings online.
The mysterious visit
Although S Alam took control of Islami Bank in 2017, he rarely visited the bank himself. Instead, his personal secretary Akiz Uddin and loyal officials within the bank oversaw operations.
Several senior officials of Islami Bank told Prothom Alo that S Alam visited the bank only three times after the takeover. Before each visit, all CCTV cameras inside the bank were reportedly switched off. Senior officials would receive advance emails reminding them to wear formal office attire. Security arrangements were also intensified to ensure that no photographs could be taken and that S Alam would avoid unnecessary encounters.
One such occasion was 4 July 2023.
That Tuesday, S Alam visited the bank to install his son Ahsanul Alam as chairman. A board meeting had been scheduled for the day. Although Ahsanul had already attended two online meetings, this marked his first physical appearance at the bank.
The previous day, on 3 July, the bank’s head of infrastructure management, Belal Hossain, sent an email informing senior employees that top-level officials connected to the bank’s “new infrastructure” would conduct an inspection. Staff members were instructed to arrive by 9:30 am on 4 July in formal attire. They were also explicitly told that no one would be permitted to take photographs.
Photographs tell the story
Although ordinary employees were barred from taking pictures, officials linked to S Alam Group arranged for a designated cameraman. Armed with a Canon EOS 5D Mark III camera, he documented the visit throughout the day. Some of those photographs later reached Prothom Alo.
The images show S Alam entering the bank shortly after 12:00 pm. Accompanying him were his two sons, Ahsanul Alam and Ashraful Alam, his son-in-law Belal Ahmed, and personal secretary Akiz Uddin.
The bank’s then Managing Director Monirul Moula, Additional Managing Director Mohammad Qaisar Ali, and senior executive JQM Habibullah, among others, welcomed S Alam, his sons and his son-in-law with flowers.
At 12:26 pm, directors and senior officials gathered in the boardroom at the bank’s headquarters to cut a cake celebrating the appointment of the new chairman. Photographs show them posing alongside S Alam and introducing themselves.
At 12:31 pm, S Alam seated Ahsanul Alam in the chairman’s chair as those present applauded. Two minutes later, heads of various divisions and subsidiaries of Islami Bank formally welcomed the new chairman with bouquets.
Then, the board meeting commenced. Sarwar Hossain, who had been appointed administrator by Bangladesh Bank, was also present at that time. The meeting reportedly lasted no more than half an hour.
At around 1:00 pm, Zafar Alam, Managing Director of Social Islami Bank, separately welcomed the new chairman with flowers.
Atmosphere of fear and control
A senior official of the bank told Prothom Alo that security arrangements that day were so stringent that many employees were not even allowed to carry mobile phones. Alongside the bank’s own security personnel, intelligence agency officials were also reportedly present.
According to the official, when S Alam and his family exited the lift, one curious employee took a photograph of him. The employee was immediately transferred outside Dhaka.
For many inside the bank, the visit was deeply uncomfortable.
Although S Alam rarely appeared in person, the bank was effectively operated through loyal officials. More than Tk 1 trillion was withdrawn from the bank through various entities and names. Nearly 10,000 employees were reportedly recruited through patronage networks in his home region.
As a consequence, more than half of the bank’s loans eventually became non-performing, while the institution continues to struggle with a large number of underqualified staff.
The alleged irregularities linked to S Alam and the bank, according to critics, have contributed significantly to broader instability in the country’s financial sector and economy.