Social Islami Bank

Social Islami Bank PLC (SIBPLC; Bengali ：সোশ্যাল ইসলামী ব্যাংক পিএলসি） Is A Shariah-based Islamic Bank In Bangladesh. It Was Established On November 22, 1995, Formerly Known As Social Investment Bank Limited. It Later Changed Its Name To Social Islami Bank Limited. As Of October 2021, SIBL Had 172 Branches, Including 22 AD (Authorized Dealer) Branches, 104 Branches And 200 Correspondent Banking Outlets.

History

Social Islami Bank Limited Is A Shariah-compliant Bank In Bangladesh That Commenced Operations On November 22, 1995. [ 5] SIBL Was Founded By MA Mannan, Dr. Hamid Al Gabid, Former Secretary General Of The OIC, Dr. Abdullah Omar Nasseef, And Ahmed M. Salah Jamjoom, Former Minister Of Commerce Of The Kingdom Of Saudi Arabia. It Is A Public Limited Company Registered Under The Companies Act 1994 And Regulated By The Banking Companies Act 1991. The Bank Is An Islamic Bank Based On Sharia Law, Which Prohibits Usury.

In 2009, The Bank Changed Its Name From Social Investment Bank Limited To Social Islami Bank Limited.

In July 2012, The Senate Permanent Subcommittee On Investigations Of The United States Congress Found Evidence Of Terrorist Financing After Reviewing Bank Documents. They Also Found Evidence Of Wrongdoing Against Mamannan, The Bank's Founder And First Chairperson. They Identified International Islamic Relief And Islamic Charity Society (Lajnat-al-Birr-al-Islam) As Shareholders Of The Bank With Links To Terrorist Groups. The Bank Denied All Allegations Of Terrorist Financing And Claimed They Were Trying To Get Two Controversial Saudi Companies To Sell Their Shares In The Bank. After The Report Came Out, The Bank Filed A Lawsuit In The Local Court To Remove The Shareholders' Status Of The Two Organizations.

The Bank Participates In Corporate Social Responsibility Through Donations. SIBL Apologized To Bangladesh Bank In 2015 For Financial Irregularities. According To The International Consortium Of Investigative Journalists, The Bank Had Suspicious Transactions Between 2014 And 2016.

In November 2017, Seven Directors Of Social Islami Bank Limited Resigned Following A Board Meeting At The Westin Hotel In Dhaka. The Bangladesh Bank Did Not Follow Its Own Rules, So It Was Able To Quickly Accept The Resignation Letter From The Bank's Chairperson, Md Rezaul Haque. Two Days Later, The Number Of Directors Who Resigned Increased To Nine. Seven New Independent Directors And Two Holding Directors Were Appointed To Replace Them. The Changes Came After S Alam Group Acquired A 50% Stake In The Bank. The Successor Has Ties To S. Alam Group. The Group Bought The Shares Through 19 Subsidies In Violation Of The Banking Companies Act 1991. Mohammed Saiful Alam, Chairperson Of S. Alam Group, Also Owns Other Banks In Bangladesh, Including Al-Arafah Islami Bank, Bangladesh Commerce Bank, First Security Islami Bank, Islami Bank Bangladesh, NRB Global Bank And Al-Arafah Islami Bank. Anwarul Azim Arif Has Been Appointed Chairperson Of The Bank's New Board. Quazi Osman Ali, Managing Director Of First Security Islami Bank, Has Been Appointed As Managing Director Of Social Islami Bank Limited. Salehuddin Ahmed, Former Governor Of Bangladesh Bank, Said The Situation Was Worrying Since S. Alam Group Took Control Of A Large Number Of Banks.

In 2019, The Bank Rescheduled A Record Amount Of 29.50 Billion Bangladesh Taka Loans, Which Accounted For 50% Of All Rescheduled Loans In Bangladesh That Year.

In 2022, It Was Reported That S. Alam Group Acquired Banks Including Social Islami Bank Limited With Bank Loans. In November, 1.64 Billion Dollars Were Stolen From The Bank Via Letter Of Credit. [21] The Bank Protested The Report, While The Bdnews.com Defended Their Report Based On The Bangladesh Financial Intelligence Service Report. On 4 December, The High Court Ordered The Bangladeshi Government To Investigate Loan Fraud By Social Islami Bank Limited, First Security Islami Bank Limited And Islami Bank Bangladesh Limited. According To Ahsan H Mansur, Director Of The Bangladesh Policy Institute, S. Alam Group Took 800 Billion Bangladeshi Taka From Banks It Owned. In December, The Bangladesh Securities And Exchange Commission Allowed Social Islami Bank Limited And Islami Bank Bangladesh Limited To Raise Funds By Issuing Bonds. Bangladesh Bank Appointed Observers For First Security Islami Bank Limited And Islami Bank Bangladesh Limited. S. Alam Group Filed A Digital Security Act Against An Insurance Agent Who Posted Posters Claiming That The Group Had Stolen Funds From Social Islami Bank And Six Other Banks.

In January 2023, Bangladesh Bank Approved An Emergency Loan Worth 67 Billion Bangladeshi Taka To Social Islami Bank Limited, First Security Islami Bank, Global Islami Bank And Union Bank.

Shareholding

Subsidiary

01. SIBLSL

02. SIBL Investment Limited (SIBLIL)

Banking Products And Services

• Investment Products
• Deposit Products
• Card Products