The robbing of Islami Bank
**Rewritten Version:**
**The Islami Bank Scandal**
For the first time, we hear directly from the former managing director of Islami Bank, who claims he was forced to resign after being held hostage by members of a security force. While there have been rumors about such events, his testimony confirms these suspicions. Given that the appointment of a bank's managing director requires approval from Bangladesh Bank, how could this situation have occurred?
Allegations now suggest that S Alam Group—a private conglomerate—used two state mechanisms to achieve this: a security agency to coerce the former MD into resigning at gunpoint and Bangladesh Bank to legitimize their takeover, a move akin to a heist. The former MD also claims that several top officials from Bangladesh Bank worked late into the night to accept his resignation. Why did none of these officials challenge this blatant irregularity within their regulatory body?
Does the central bank lack an internal oversight mechanism to prevent such abuses? How could all banking laws be bypassed, allowing a private entity to effectively seize control of a bank under the direct supervision of Bangladesh Bank? Similar concerns should be raised about the security agency involved. Why did it allow itself to be misused in this unethical manner? As an organization responsible for national security, why was it being used as if it were an agency for hire?
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Following the takeover of Islami Bank, S Alam Group proceeded to acquire several other banks across the country. Why were these acquisitions not stopped, and were the same or different state mechanisms involved? These are pressing questions that require answers. Moreover, there is a need for urgent reforms to prevent such incidents from occurring again in the future.
This is a critical moment for our security agencies to ensure they are never misused in this way again. For the sake of national interest, they must take decisive action. Safeguards must be established to prevent political manipulation from turning security agencies into tools of the ruling establishment, ensuring their primary role remains the protection of national security.
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Furthermore, systems must be implemented to ensure Bangladesh Bank is not merely a rubber stamp for such abuses but can effectively perform its regulatory duties to protect depositors and maintain the health of the financial sector. Future banking reforms must address the loopholes that allowed for the exploitation of central bank independence by powerful interest groups, leading to significant financial irregularities and harming our economy and national interests.
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