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ICB Islamic Bank

ICB Islamic Bank
Company typePrivate
IndustryBanking
Founded1987
HeadquartersDhaka, Bangladesh
Area served
Bangladesh
Key people
[1][2]
ServicesBanking
Financial services
Websitewww.icbislamic-bd.com

ICB Islamic Bank is a second generation commercial Islamic Bank in Bangladesh listed on the Dhaka Stock Exchange.[3] Mr. Md. Mazibur Rahman is the managing director of ICB Islamic Bank Limited.[4]

History

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ICB Islamic Bank was established in 1987 and started operations on 20 May 1987 as Al-Baraka Bank.[5][6] The bank listed on Dhaka Stock Exchange in 1990.[7] By 1994, the bank ran into financial troubles.[6] In 2004, the bank was reorganized and renamed to Oriental Bank.[6]

In 2006, Bangladesh Bank dissolved Oriental Bank's board of directors and auctioned majority of the shares.[6] The ICB Banking Group bought majority of the shares and renamed it ICB Islamic Bank in 2008.[6]

In 2014, Bangladesh Bank rescheduled the payment plan of ICB Islamic Bank to the depositors' of Oriental Bank.[8]

By 2018, ICB Islamic Bank had failed to return 4.44 billion taka to the depositors' of Oriental Bank, a condition set by Bangladesh bank, and sought a change in the repayment plan from the central bank.[6]

In January 2021, seven officers of Oriental Bank were sentenced to jail for embezzlement.[9] ICB Islamic Bank reduced staff salary due to losses.[10] It suffered losses that year and the bottom line remained in the red.[11]

ICB Islamic Bank had an accumulated loss of nearly 20 billion taka in 2022.[7] The bank had been running at a loss for years and had failed to pay dividends to shareholders for the last few years.[12] Bangladesh High Court summoned an investigator of Anti-Corruption Commission, Md Jahangir Alam, after he removed the names of 25 officials of Oriental Bank from a embezzlement case.[13]

Board of directors

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Name Position Reference
Mr. Aklif Bin Amir Chairman [14]
Mr. Tan Seng Chye Director [14]
Lee Ooi Kim Director [14]
Mr. Md. Mazibur Rahman Managing Director & CEO [14]

References

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  1. ^ "Icb Islamic Bank Limited". icbislamic-bd.com. Archived from the original on 5 July 2022. Retrieved 4 July 2022.
  2. ^ "Icb Islamic Bank Limited". icbislamic-bd.com. Archived from the original on 5 July 2022. Retrieved 4 July 2022.
  3. ^ "Islamic banks' market share rises to 28.21pc in Q1". New Age. Retrieved 4 July 2022.
  4. ^ "Mr. Md. Mazibur Rahman, Managing Director of ICB Islamic Bank Limited (ICBIBL) and Forkan Hossain, General Manager of Bangladesh Bank (BB), exchanging document after signing an agreement Automated Challan System (ACS) at BB head office in the capital on Thursday. Ahmed Jamal, Deputy Governor of BB and other executives from both sides were present". The New Nation. Archived from the original on 5 July 2022. Retrieved 4 July 2022.
  5. ^ "Icb Islamic Bank Limited". icbislamic-bd.com. Archived from the original on 5 July 2022. Retrieved 4 July 2022.
  6. ^ a b c d e f Uddin, AKM Zamir (12 March 2018). "ICB Islamic Bank hit by fresh liquidity crisis". The Daily Star. Retrieved 4 July 2022.
  7. ^ a b "ICB Islamic Bank accumulates loss over Tk 19.23 billion". The Financial Express. Retrieved 4 July 2022.
  8. ^ "Bangladesh Bank gives more time to ICB Islamic Bank for repaying Oriental Bank's debt". bdnews24.com. Retrieved 4 July 2022.
  9. ^ "Embezzling Tk 1.61cr: 7 including ex-DMD of ICB Islamic Bank sentenced to 10 years". The Daily Star. 28 January 2021. Retrieved 4 July 2022.
  10. ^ Habib, Ahsan (27 December 2021). "Six banks cut salary costs to safeguard profits". The Daily Star. Retrieved 4 July 2022.
  11. ^ Uddin, AKM Zamir (12 April 2022). "Scams, higher expenses keep 9 banks in the red". The Daily Star. Retrieved 4 July 2022.
  12. ^ "ICB Islami Bank's losses double in 2021". The Business Standard. 27 March 2022. Retrieved 4 July 2022.
  13. ^ "High Court summons ACC official over exemption of all accused in graft case". The Financial Express. Retrieved 4 July 2022.
  14. ^ a b c d "Icb Islamic Bank Limited || Bangladesh". www.icbislamic-bd.com. Archived from the original on 5 July 2022. Retrieved 9 November 2022.