Social Islami Bank founder director Rezaul Haque resigns, blaming merger move
For all latest news, follow The Daily Star's Google News channel. - SIBL sponsor director resigns over merger
- Haque cites dissatisfaction, questions BB decision
- Merger fuels uncertainty for bank stakeholders
Major (retd) Md Rezaul Haque, a founder and sponsor director of Social Islami Bank PLC (SIBL), resigned from the bank's board today, citing 'dissatisfaction' over the merger decision by the Bangladesh Bank (BB).
The development comes three days after the advisory council of the interim government approved the merger proposal of five troubled Islamic banks, including SIBL, into a new state-run Islamic lender named Sammilito Islami Bank Ltd, owing to their deteriorated financial condition.
Haque sent his resignation letter to the chairman of SIBL today.
He was the only sponsor director in the five-member board at SIBL, formed by the BB by dissolving the previous board, dominated by family members of controversial businessman S Alam, following the fall of the Sheikh Hasina government on August 5, last year.
In the letter, Haque said that he had served as SIBL's chairman from June 30, 2013 to October 30, 2017, during which he worked with honesty and efficiency for the bank's overall development.
He claimed that he was forced to resign from his position as chairman on October 30, 2017.
Haque said SIBL suffered from corruption and mismanagement in the subsequent years until the political changeover in August 2024, leaving the bank on the brink of collapse.
He termed the appointment of independent directors by the BB as an "ineffective decision." Citing the uncertain future of depositors, shareholders, and employees, Haque, in his resignation, said he was "compelled, with deep sorrow," to resign from the board of directors of SIBL.
Earlier, SIBL's founding shareholders, including Haque, had urged the BB and the finance ministry not to include SIBL for merger with ailing banks.
Contacted, SIBL Managing Director Shafiuzzaman said he was unaware of Haque's resignation. "There is a scheduled board meeting at 2:30 pm today, and the issue is likely to be discussed there," he added.