Founding Shareholders Resist SIBL Aggregate

Social Islami Bank PLC (SIBL) stakeholders have strongly opposed move to amalgamate the bank with financially troubled Islamic banks both will be harmful for depositors and investors. In a letter to the Bangladesh Bank governor and the Finance Division secretary on Tuesday, they urged the authorities to consult with the genuine entrepreneurs and adopt alternative measures to revive the bank.

Founding shareholder and current director of SIBL, along with nine other shareholders, signed the letter. They highlighted that , along with several general investors, played a key role in establishing the bank in 1995 and were actively involved in its management until 2017.
As stated with, after the change of government, the bank’s board was restructured but included only one sponsor director and four independent directors.Moreover leaving several experienced founding members for decision making.

They also accused Bangladesh  Bank officials of planning to merge SIBL with other ailing Islamic banks linked to S Alam without consulting genuine entrepreneurs or considering long term risks.bring in new shareholders to strengthen SIBL’s financial position and ensure a sustainable revival
Apart this , the founding shareholders urged the central bank to hold discussions with authentic investors and, if necessary,