Jubilee Bank () was one of the oldest commercial banks in Bangladesh. It was a non-scheduled bank, one of five in Bangladesh. The others are Ansar-VDP Unnayan Bank,

Grameen Bank Grameen Bank () is a microfinance, specialized community development bank founded in Bangladesh. It provides small loans (known as microcredit or "grameencredit") to the impoverished without requiring collateral. Grameen Bank is a statutory ...

, Karmasangsthan Bank, and

Palli Sanchay Bank Palli Sanchay Bank (), Rural Savings Bank, is a state owned bank in Bangladesh. Md. Akram-Al-Hossain is the chairman of the bank. Khondoker Ataur Rahman is the managing director of the bank. History On 2 July 2014, the Government of Bangladesh p ...

. It was scheduled for liquidation in 2022.

History

Jubilee Bank was founded in 1913 in Khoksa,

Kushtia Kushtia () is a city located on the banks of the Gorai River in Bangladesh. It serves as the headquarters of Kushtia District and is considered the cultural capital of Bangladesh. The city is known for its Tiler Khaja (sesame sweets), kulf ...

as the Khoksha-Janipur Bank. The bank was renamed to Khoksha-Janipur Loan Company in 1964 under the 1962 Banking Companies Ordinance. After the independence of Bangladesh in 1971, owner of Afil Jute Mills Limited, Mohammad, served as the chairman of the bank. In 1987, Khoksha-Janipur Bank was renamed to Jubilee Bank. In 1988 the bank with permission from Bangladesh Bank was transformed into a commercial bank with Mia Abdur Rashid, co-chairman of

Bangladesh Freedom Party The Bangladesh Freedom Party, also known as Freedom Party is a political party founded by Sayed Farooq-ur-Rahman, Khandaker Abdur Rashid, Khandakar Abdur Rashid and Bazlul Huda who were the chief organisers of the assassination of Sheikh Mujibur R ...

, as chairman. The bank gained some notoriety for having shares owned by Colonel

Khandaker Abdur Rashid Khandaker Abdur Rashid is a Bangladeshi fugitive and former officer of the Bangladesh Army, who was a key organizer of the 15 August 1975 coup d'état. Early Life Khandaker Abdur Rashid was born on 21 July 1946 in Comilla of then Bengal Provi ...

, Colonel Syed Farooq Rahman, Major Bazlul Huda. They were the convicted assassins of

Sheikh Mujibur Rahman Sheikh Mujibur Rahman (17 March 1920 – 15 August 1975), also known by the honorific Bangabandhu, was a Bangladeshi politician, revolutionary, statesman and activist who was the founding president of Bangladesh. As the leader of Bangl ...

, President of Bangladesh. Their shares were confiscated by the government of Bangladesh. The bank had no branches and operated from Kushtia headquarters. The bank did not inform the Registrar of Joint Stock Companies And Firms about their ownership as required by law. In 2000, there were ten non-scheduled banks in Bangladesh. MBI Munshi was made the chairman of the bank in 2002. In September 2018,

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 ...

appointed Md Shah Alam, a director of Bangladesh Bank, chairman of the Jubilee Bank. On 27 December 2020, Bangladesh Bank removed the Chairperson of the bank, Md. Shah Alam, and also dissolved the working committee of the bank. Following a High Court verdict by justice Muhammad Khurshid Alam Sarkar, Bangladesh Bank started taking steps to liquidate Jubilee Bank. In June 2021, the government cancelled the registration of Jubilee Bank with a notification on the Bangladesh Gazette. Justice Muhammad Khurshid Alam Sarkar appointed retired justice

AHM Shamsuddin Chowdhury Manik Abul Hossain Mohammed Shamsuddin Chowdhury Manik is a retired judge of the Appellate Division of Bangladesh. He drew controversy after submitting verdicts in cases after his retirement, making questionable remarks on television as well as crimi ...

on 3 February 2022 liquidator of Jubilee Bank. Barrister Faria Huq was appointed an additional liquidator of Jubilee Bank.

References

Banks of Bangladesh Banks established in 1913 Indian companies established in 1913 Organisations based in Kushtia District {{Bangladesh-stub