STAR BUSINESS REPORT

Several hundred former employees dismissed from six troubled Islamic banks gathered in front of Islami Bank Bangladesh headquarters in Motijheel yesterday morning, demanding reinstatement and the dissolution of the current boards of directors.

Within an hour of the protest, a separate group staged a counter-demonstration under the banner of Islami Bank Customers’ Coordination Council, demanding the arrest of S Alam Group Chairman Mohammed Saiful Alam and the recovery of stolen assets.

The dismissed employees carried banners and festoons identifying themselves as former staff of Islami Bank, First Security Islami Bank, Social Islami Bank, Al-Arafah Islami Bank, Global Islami Bank and Union Bank.

Most of them are reportedly from Chattogram, the home district of Saiful Alam, and were recruited when the banks were under the control of S Alam group.

They were dismissed following the political changeover in August 2024, when allegations surfaced that they were recruited without public job advertisements, competitive examinations or proper verification of academic credentials.

Officials of the banks said the dismissals were carried out in line with the Bangladesh Bank’s advice regarding verification of employees’ academic credentials, followed by assessment tests.

Only those who failed to participate in the evaluation or were found to have submitted forged documents were dismissed, leaving little scope for reinstatement, said the officials.

Meanwhile, the demonstrators under the banner of the Islami Bank Customers’ Coordination Council called for the repeal of a newly added provision to the Bank Resolution Act, alleging that it enables the rehabilitation of “bank looters”.

The provision, Section 18A of the law, allows former shareholders of distressed or merged banks to reclaim ownership under specific conditions.

Nurun Nabi Manik, president of the council, announced a five-point The