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block market at three times the price.

“Around 81 percent of current shareholding appeared concentrated within one group. Measures will be taken to return ownership to the genuine shareholders. Let the percentage of shareholding be published,” he said.

The minister also referred to Islami Bank’s Rural Development Scheme (RDS), alleging that Tk 22,000 crore had been distributed through the project -- Tk 11,000 crore before and another Tk 11,000 crore after the August 5 political changeover -- “to help a certain group cross the election river”.

He further alleged that after the Awami League’s fall, Nabil Group received Tk 700 crore in loans against letters of credit from the bank and did not repay after selling imported goods.

“Some say that the money went into a party’s election fund. They set up a TV channel, and we know which side that channel plays for.”

Salahuddin said Nabil Group’s total liability stood at Tk 16,000 crore and questioned why no investigation had followed.

He also called for inquiries into loans, including Tk 40 crore allegedly disbursed before the election without head office approval, and expenditures such as Dhaka-Cox’s Bazar air tickets purchased under corporate social responsibility programmes.

The home minister alleged that after the bank was “seized”, 9,000 employees were dismissed unlawfully and replaced with 6,000 politically aligned recruits.

He said allegations of large-scale money laundering against S Alam Group, which took over the bank under the AL regime, and others should be investigated under Bangladesh Bank’s supervision. In response, Shafiqur challenged the minister to substantiate any allegation linking Jamaat to election financing.

“I want to know clearly whether the minister meant Jamaat by this. If he did, I am taking this absolute challenge. If he can prove it, I will personally award him a medal,” he said.

Addressing allegations related to the RDS project, Shafiqur said, “Who took it? Me? My colleagues? If even a single taka went into party funds, I say, searchlights should be used ….”

He alleged that shareholders had faced intense pressure from a special agency and were compelled to transfer their shares.

Shafiqur also claimed that thousands of employees had been recruited without following procedures or publishing advertisements.

Calling it “a hallmark of fascist times”, he said that after the August 5 changeover, those recruits had been invited to sit for examinations to regularise their positions but none appeared.

He accused former prime minister Sheikh Hasina of destroying Islami Bank through S Alam and warned that the group was now being allowed to return.

As an example, he criticised the appointment of Md Khurshid Alam to lead the bank, alleging there was evidence of irregularities against him.

“That man has now been brought back to head a ruined bank,” he said. “He is dishonest. Putting him in charge of a devastated bank is unacceptable.”

Shafiqur argued that banks must change for the sake of customers, owners and the institution itself.

“The government will run everything. Credit or discredit will go to them. But public perception of this bank must be considered. If incompetent people are again put in charge, whatever remains will vanish.”

He urged the prime minister to reconsider the matter. “I urge the prime minister to think seriously, not with prejudice but with reality, to save this bank. We believe that if the Islami Bank is restored, public confidence in the banking system will return.”

Responding to criticism over Khurshid’s appointment, Salahuddin cited Bangladesh Bank’s position that no allegations had been proven against him and no investigation was underway. “If new allegations arise, they will be investigated,” he said.

Finance Minister Amir Khosru Mahmud Chowdhury, delivering the concluding remarks, said concerns had emerged because many people observed unusually high election spending in constituencies during the last polls.

On Islami Bank’s chairman, he said Bangladesh Bank had clearly stated that no wrongdoing had been found and noted that there was no precedent anywhere in the world of depositors withdrawing funds merely because of a chairman’s appointment.

He argued that withdrawals were driven instead by agitation inside and outside the bank. “Those withdrawing funds seem intent on putting Islami Bank in danger. There is a hidden hand behind this. They want to make the bank fail and reap political benefits.”

“During the fascist regime, when the Islami Bank was taken over, did depositors withdraw their money? No, they did not,” he said.

The finance minister further alleged that there was a connection between deposit withdrawals, unrest surrounding the bank, and those who initiated the parliamentary discussion.

“It seems to me the entire matter is being used to create political instability. This is not limited to Islami Bank. There is a connection between those withdrawing money, those creating disorder inside and outside the bank, and those who brought the proposal in parliament.” He concluded, “You can rest assured that Islami Bank’s future is very safe in BNP’s hands. Absolutely safe.”

After nearly one and a half hours of debate, Deputy Leader of the Opposition Syed Abdullah Mohammed Taher raised a point of order and proposed forming a parliamentary committee to investigate the bank in light of differences between the treasury and opposition benches.

Speaker Hafiz Uddin Ahmad rejected the proposal, ruling that the “motion has been talked out”.