Despite consecutive structural changes and compensatory financial measures introduced by Islami Bank Bangladesh PLC, depositors and stakeholders continue to express deep anxiety and mistrust regarding the bank's stability and governance.
This persistent uncertainty has prompted grassroots action, leading to a major protest and the submission of a formal memorandum to the Governor of Bangladesh Bank.
On Tuesday, June 16, the platform "Islami Bank Conscious Depositors' Forum" organized a rally in front of the Islami Bank Tower in Dilkusha, Dhaka.
Following the demonstration, the forum presented a 7-point charter of demands to the central bank governor, urging rapid intervention to secure public savings, restore corporate governance, and hold corporate looters accountable.
The forum's leaders emphasized that Islami Bank, the nation’s largest Shariah-based financial institution, is facing an unprecedented crisis of faith due to recent controversies.
Their demands highlight critical systemic challenges, including formulating a full-fledged Board of Directors comprising qualified, honest, and professional experts, as well as restoring shares to the original shareholders who were forcibly stripped of their ownership during the previous regime. Furthermore, they call for establishing a dedicated tribunal to prosecute financial fraudsters—specifically naming S Alam Group—and ceasing controversial government and central bank policies that fuel panic within Islamic banking sectors. To address financial recovery, the demands include launching a specialized task force to repatriate laundered money to settle Islami Bank's existing liabilities, repealing Section 18-A of the Bank Resolution Act to prevent future financial looters from regaining control of banking assets, and retracting the Home Minister's recent statements regarding Islami Bank made in the National Parliament.
This public outcry directly follows a damage-control initiative launched by Islami Bank authorities on June 15.
Acknowledging a massive wave of panic-selling, the bank issued a special notice targeting depositors who prematurely liquidated their savings schemes (such as MTDRA, MSB, MMPDS, and MSSA) between June 1 and June 15, 2026.
To win back public confidence and mitigate the financial damage suffered by panicked clients, Islami Bank announced a special 7-day window.
Under this policy, affected clients can reinstate their prematured accounts without facing regular exit penalties or operational charges. Reopened accounts will retain their original maturity timelines and historical benefits, rather than being treated as new accounts.
While industry insiders view the bank's waiver program as a positive step toward safeguarding depositor interests, the simultaneous protests demonstrate that financial incentives alone are insufficient.
Depositors are demanding fundamental structural reforms, transparency, and legal accountability to truly rebuild trust in the shattered Shariah-based banking sector.