New law paves way for S Alam’s return to IBL
Bangladesh Jamaat-e-Islami lawmaker Saiful Alam Khan on Tuesday voiced strong concern that a newly introduced law could create an opportunity for S Alam Group to regain influence over Islami Bank Limited (IBL).
Speaking in Parliament during discussions on the motion of thanks to the President’s speech, he pointed specifically to provisions in the Bank Resolution Act, 2026, which allow former owners to reclaim control of struggling banks under certain conditions.
Referring to recent developments, Saiful Alam said media reports indicated that approximately Tk 705 crore had been withdrawn from Islami Bank in a single day. He added that data on deposits and withdrawals over a three-day period suggested a negative trend, raising further alarm about the bank’s financial stability.
The MP from Dhaka-12 also alleged that multiple private Islamic banks in Bangladesh had been subject to widespread financial irregularities. According to him, these institutions were “looted” by S Alam and associated individuals.
He claimed that, as described by the Finance Minister, the new law effectively creates a “window” that could enable S Alam’s return to the banking sector, particularly Islami Bank.
Emphasizing the importance of the institution, Saiful Alam urged the government to take immediate steps to safeguard Islami Bank. He noted that the bank serves around 12 million customers-the largest client base among private banks in the country-and warned that its collapse would have serious repercussions for the national economy.
Beyond banking concerns, the MP also expressed dissatisfaction over Parliament’s failure to ratify two ordinances: the National Human Rights Commission Ordinance, 2025 and the Prevention and Redress of Disappearances Ordinance, 2025.
He described their non-ratification as a missed opportunity to strengthen human rights protections, cautioning that the move risks reverting to an outdated and ineffective system lacking accountability.
Saiful Alam further raised concerns about the state of judicial independence in Bangladesh.
He pointed to the suspension of the judicial appointment process of the Supreme Court of Bangladesh and issues surrounding the Supreme Court Secretariat Ordinance. According to him, these developments have pushed the judiciary back toward a politically influenced structure reminiscent of past years, where executive interference undermined judicial autonomy.
He also referenced an incident in which a Chief Justice was allegedly forced to resign and leave the country after taking an independent stance, describing it as a significant blow to public confidence in the judiciary.
Saiful Alam called for urgent measures to ensure full judicial independence and to establish a strong, autonomous National Human Rights Commission, stressing that both are essential for restoring public trust in state institutions.
