Hossain Zillur Rahman, former adviser to the caretaker government, said that it will be difficult to prevent the economic collapse unless a sustainable solution is found to the ongoing crisis in the country's banking sector.
He also said that not only economic but also political decisions are necessary to resolve the banking sector crisis.
He made these remarks as chief guest at a seminar titled “The Disaster in the Country's Banking Sector; Perspectives on the Islamic Banking Sector: Its Impact on the National Economy and the Way Out” held at the Cirdap auditorium in the capital on Saturday.
Customers of Islami Bank, economists and people related to the banking sector participated in the seminar organized under the banner of the Bank Customer Forum.
Rahman said the question of why new clauses are being added to the law to bring back those who have created problems in the banking sector must be answered.
He believes that the political influence behind economic decisions is clear and strong political will is needed to deal with this crisis.
According to him, the country's economy has been in a state of disaster, the corrupt policy-making process has further accelerated the crisis, depositors are suffering silently, the economy has stagnated; investment is declining, unemployment is increasing, recent changes in the country have created an opportunity to solve the crisis, and a sustainable solution to the crisis must be made with high standards of morality.
"Many depositors are unable to withdraw their money from banks. Effective initiatives are needed to restore customer confidence and financial stability."
Stressing the autonomy of Bangladesh Bank, he said that the regulatory body must stand in a stronger position in terms of morality and professionalism. He also warned that social unrest may increase if the unemployment problem is not solved.
Badiul Alam Majumder, founder secretary of Shushashoner Jonno Nagorik (Shujan), said: “The banking sector is one of the main driving forces of the economy. The economy is facing a disaster today due to looting in this sector.” He alleged that the incidents of bank takeovers and irregularities are so dramatic that it is possible to make a thriller movie about them.
Some customers and professionals of Islami Bank who spoke at the seminar alleged that Islami Bank Bangladesh PLC and Social Islami Bank PLC were taken over through political decisions. They also claimed that a planned environment was created for this.
They said that the possibility of taking control of a bank with just 2% of the shares is questionable.
The speakers also questioned the role of intelligence agencies in this regard. They warned: “If there is another crisis in Islamic banks, this time the customers will resist.”
