In the wake of allegations of militant financing against Shariah-based banks and insurance firms, the government has decided to monitor their expenditures of profits and corporate social responsibility (CSR) funds.
The national committee on militancy resistance and prevention under the Home Ministry made the decision at its meeting yesterday at the secretariat chaired by State Minister for Home Asaduzzaman Khan Kamal.
According to the committee, the major portion of the money spent on militant financing in the country comes from profits and CSR funds of banks and insurance companies operating under Shariah rules.
Asaduzzaman told reporters after the meeting that the committee had also asked the central bank to ensure submission of reports on expenditures of the institutions to the ministry.
“The committee earlier asked Bangladesh Bank to order submission of the reports but only Islami Bank recently submitted its report to the ministry. Intelligence agencies are now scrutinising the report,” he said.
“Violating the central bank’s order, none of the other Shariah-based banks and insurance firms submitted their reports.”
He said the law enforcement agencies and intelligence agencies were ordered to examine the reports as the institutions were suspected of financing militancy.
“We are also keeping an eye on the activities of NGOs, especially those based in Chittagong Hill Tracts. Their financial reports are also being examined to check militant financing,” said the junior home minister.
He said the three militants now on the run would be arrested shortly if they had not yet fled the country.
“It is true that they escaped from the grip of the law enforcers. We have taken steps to arrest them,” said Asaduzzaman.