High Court orders freeze on 81.92% Islami Bank shares held by S Alam

The High Court has ordered the freezing of 81.92% of Islami Bank shares held by S Alam Group and its affiliated companies.

The order was issued by a bench led by Justice KM Kamrul Kader following a writ petition filed by the Islamic Economic Research Bureau.

Senior lawyer Shishir Manir said the court issued the order after hearing the petition on August 30, while the written copy was released on Thursday (September 3).

According to Shishir, the court directed Bangladesh Bank to freeze the shares and other assets held by S Alam and its 24 affiliated companies to prevent their transfer until disposal of the rule.

The writ petition said the law prohibits any individual, group or family from holding more than 10% of a bank’s shares. However, 24 companies linked to S Alam became institutional shareholders of Islami Bank, allegedly increasing their combined stake to 81.92% through irregularities.

The companies include JMC Builders, BTA Finance, Paradise International, ABC Ventures, Excel Dyeing and Printing, Platinum Endeavours, Excelsior Impex Company, Grand Business, Lion Head Business Resources, BLU International, Armada Spinning Mills, Kingsway Endeavours, Uniglow Business Resources, Solid Insurance PCC, Holistic International, High Class Business Enterprise, Carolina Business Enterprise, Brilliant Business Company, Broadway Impex Company, Peaks Business Enterprise, Evergreen Shipping, Marathon Trade International, Kingston Flower Mills and Percepta Endeavours.

Earlier, the High Court had ordered the freezing of bank accounts linked to 24 institutional shareholders associated with S Alam and certain individuals in connection with Islami Bank. It also barred the shareholder-directors from leaving the country without court permission.

Following a writ petition filed by Islami Bank, A bench comprising Justice Ashraful Kamal and Justice Waliul Islam issued three directives and a rule on March 11, 2025.

The court also directed the Bangladesh Financial Intelligence Unit (BFIU) to submit a report on the matter. The BFIU subsequently submitted its report on October 29, 2025. However, no hearing was held on the matter for a long time.

Barrister Md Abdul Qayyum represented Islami Bank, while Senior Advocate Barrister Shamim Khaled Ahmed represented Bangladesh Bank. Shishir Monir appeared for the Islamic Economic Research Bureau.

Shishir told that Islami Bank had transferred 81.92% of its shares to 24 companies linked to JMC Builders. He further said that Md Sahabuddin was involved in the alleged share fraud from 2017 until he became president in 2023, when he had served as JMC Builders’ representative director at Islami Bank and approved the share transactions.

“Our demand in the writ petition is that the shares allegedly taken over by S Alam be returned to their original entrepreneur shareholders or rightful owners,” Shishir said. “Those accused of loan and share fraud must also be brought to justice, regardless of who they are.”