First Security Islami Bank PLC. () is a public limited bank in
Bangladesh
Bangladesh, officially the People's Republic of Bangladesh, is a country in South Asia. It is the List of countries and dependencies by population, eighth-most populous country in the world and among the List of countries and dependencies by ...
which was founded on 29 August 1999 and provides sharia-compliant banking. Mohammed Saiful Alam, chairman of S. Alam Group of Industries, was the chairman of First Security Islami Bank Limited. The bank experienced a cash crunch in 2022 after proving large unsecured loans. The Bangladesh Bank on September 1, 2024, dissolved the board of First Security Islami Bank PLC, which was under the control of controversial S Alam Group, and appointed independent directors to the bank board.
History
First Security Islami Bank Limited was incorporated on 29 August 1999 as a commercial bank.
It started operations on 25 October 1999 with an authorized capital of 1 billion taka.
From 2009, the bank started
sharia banking.
(BSPA) in 2014 awarded the bank best sponsor. The Bank sponsored the National School Hockey Tournament.
The Bank saw profits decline in 2018 along with other listed banks on the Dhaka Stock Exchange.
In September 2021, First Security Islami Bank Limited issued shares to raise its paid up capital. It declared a 10 per cent dividend that year.
On 4 December 2022,
Bangladesh High Court
The High Court Division, Supreme Court of Bangladesh (), popularly known as High Court, is one of the two divisions of the Supreme Court of Bangladesh, the other division being the Appellate Division. It consists of the Chief Justice of Bangla ...
ordered
Criminal Investigation Department
The Criminal Investigation Department (CID) is the branch of a police force to which most plainclothes criminal investigation, detectives belong in the United Kingdom and many Commonwealth of Nations, Commonwealth nations. A force's CID is disti ...
,
Bangladesh Financial Intelligence Unit
The Bangladesh Financial Intelligence Unit is a government agency of Bangladesh responsible for investigating money laundering, suspicious transactions, and cash transaction reports. The unit works under Bangladesh Bank. A F M Shahinul Islam is t ...
,
Bangladesh Bank
Bangladesh Bank (BB; ) is the central bank of Bangladesh and is a member of the Asian Clearing Union. It is fully owned by the Bangladesh, Government of Bangladesh.
The bank is active in developing green banking. and financial inclusion poli ...
, and
Anti-Corruption Commission to investigate
Social Islami Bank Limited,
Islami Bank Bangladesh Limited
Islami Bank PLC. (), abbreviated as IBBPLC, more commonly known as Islami Bank, is an Islamic banking company based in Bangladesh. It became incorporated on 13 March 1983 as a public limited company under the Companies Act 1913, and started opera ...
, and First Security Islami Bank Limited.
The chairman of
S. Alam Group, Mohammed Saiful Alam, is chairman of the First Security Islami Bank Limited while his group controls Social Islami Bank Limited, and Islami Bank Bangladesh Limited.
According to
Ahsan H Mansur
Ahsan H. Mansur is a Bangladeshi economist and the 13th governor of Bangladesh Bank. He was the director of Policy Research Institute of Bangladesh. He was also the chairman of BRAC Bank and an independent director of Walton.
Early life
Mans ...
, director of Policy Research Institute of Bangladesh, told
The Daily Star that S. Alam Group had taken 800 billion BDT from Banks controlled by S. Alam Group.
On 13 December, Bangladesh Bank appointed observers at Islami Bank Bangladesh and First Security Islami Bank. On 29 December, Social Islami Bank Limited,
Global Islami Bank
Global Islami Bank PLC, formerly known as NRB Global Bank, is a fourth generation Bangladeshi sharia compliant private bank. Nizam Chowdhury is the chairperson of the Bank. Syed Habib Hasnat is the managing director of Global Islami Bank.
Histor ...
, First Security Islami Bank Limited, and
Union Bank took loans of 67 billion BDT from Bangladesh Bank in emergency cash infusion.
Before them, Islamic Bank Bangladesh took 80 billion BDT in emergency loans from Bangladesh Bank.
Bangladesh Bank imposed restricts on the five banks providing major loans. S. Alam Group filed a
Digital Security Act
The Digital Security Act, 2018, was a digital security law in Bangladesh. This act was passed with the aim of preventing the spread of racism, sectarianism, extremism, terrorist propaganda, and hatred against religious or ethnic minorities throug ...
case against an executive of
Golden Life Insurance
Golden means made of, or relating to gold.
Golden may also refer to:
Places United Kingdom
*Golden, in the parish of Probus, Cornwall
*Golden Cap, Dorset
*Golden Square, Soho, London
*Golden Valley, a valley on the River Frome in Gloucestershir ...
who posted posters and social media posts accusing the group of embezzling money from their own banks including First Security Islami Bank Limited.
Charity
The bank provides scholarships for meritorious students through its
corporate social responsibility
Corporate social responsibility (CSR) or corporate social impact is a form of international private business industry self-regulation, self-regulation which aims to contribute to societal goals of a philanthropy, philanthropic, activist, or chari ...
. The bank has established a charity hospital and school.
Subsidiaries
* First Security Islami Capital and Investment Limited
References
External links
Company Overview of First Security Islami Bank LimitedRIGHTS SHARE OFFER DOCUMENTDhaka Stock Exchange
{{Banks in Bangladesh
Banks of Bangladesh
Banks established in 1999
Islamic banks of Bangladesh
1999 establishments in Bangladesh